‘Did I get the time wrong...?’
Springdale, Arkansas.
Professor Park Huibong had been waiting for the CTO of Tyson Foods for an hour, lost in that thought.
As expected, living as a foreigner in a strange land was no easy thing. Especially when that foreigner was in the position of asking for investment.
‘...Humiliating.’
Professor Park rose from his seat and looked out the car window.
He wanted to storm out, but seeing the scale of this company made him shrink back once more.
Tyson Foods was one of the three largest meat companies in the United States—indeed, it would be no exaggeration to call it one of the three largest in the world. Before coming here, he had been able to tour their production process, and after seeing it, he understood all too clearly why American beef was cheaper than Korean beef.
With so much land, they could raise cattle like chickens, and nearly every process from breeding to slaughter was automated, keeping labor costs low as well.
He became certain all over again.
The only way Korea could survive against companies like this was cultivated meat.
“Oh dear. I’m terribly sorry. Something suddenly came up this morning.”
When the appointed time had passed not just by one hour, but was nearing two, CTO Jeffrey finally arrived.
“Have you been waiting long?”
“No. Thanks to that, I was able to hear more about the factory.”
“Is that so? That’s a relief. Haha.”
The man was nearly two hours late, yet he did not look particularly apologetic.
Anger surged up, but Park Huibong put on a salesman’s smile. CTO Jeffrey, who was in charge of all technological development at Tyson. It was no exaggeration to say that the fate of Park Huibong’s research team currently rested in his hands. If they failed to secure an investment promise from him, the cultivated meat research team would be disbanded.
“In that case, may I hear your impressions? How did you find our Tyson factory?”
“I learned how you’re able to distribute such good quality at such a price. I hope an automated system that runs from breeding to slaughter can be implemented in Korea as well.”
“Haha. You saw it properly. But our quality doesn’t come only from that automated system. Our R&D team is constantly working on breed development. We’re still researching tastier meat. That is the secret to meat that is both cheap and delicious.”
CTO Jeffrey spoke with confidence, revealing his pride in their technology.
“The small talk has gone on too long. Shall we get to the main subject?”
Professor Park swallowed hard.
“Yes.”
“First, I thoroughly reviewed the research materials you sent. To start with the conclusion, they were excellent. You’ve nearly succeeded in recreating meat quality and texture, yes?”
“That’s correct. The cultivated meat our research team has successfully developed currently shows no significant difference in quality from the cultivated meat distributed in the United States.”
At present, the United States permitted commercial distribution only for chicken. Park Huibong’s research team had gone one step further and succeeded in recreating the meat quality of beef and pork as well.
“If nothing else, our product can be used immediately in canned goods such as Spam and meatballs.”
“Oh? It can be distributed immediately in the processed meat market?”
“Yes.”
“Then only the most important issue remains.”
Jeffrey fluttered his fingers.
“The unit cost?”
The confident expression on Professor Park’s face stiffened slightly.
“Approximately four dollars per one hundred grams...”
“Oh dear. Still about three times too expensive.”
“But if we continue the research...”
“That’s something every other cultivated meat research team says. In fact, most research teams have succeeded in recreating meat quality and texture too. The problem is that none of them can meet the unit cost.”
Cold sweat broke out on Park Huibong’s back.
He had heard that in English, what came after “but” was what Americans truly wanted to say. Jeffrey had showered him with praise earlier, but in the end, was he saying investment was impossible?
“However. Compared to other research teams, you do seem to have achieved clearly better results in expressing texture and mouthfeel. Seeing as you’ve succeeded in recreating the texture of beef, pork, and lamb, you are certainly one step above the others.”
“Then...”
“We’ll invest. Eight million dollars over five years. What do you think?”
Professor Park almost sprang to his feet.
Eight million dollars was roughly ten billion won in Korean currency, an offer he had never received even during his time at KAIST.
Jeffrey’s rudeness and overbearing attitude throughout the meeting were forgiven in an instant.
“However, there is a condition.”
“P-please tell me.”
“We would like all of your research team’s results to be shared with Tyson. In other words, the patents must be jointly owned.”
“That is only natural. Very well.”
“There is one more thing. As soon as the contract is signed, please give us shares in your company. The stake we want is 50 percent plus one share.”
Park Huibong hesitated for a moment.
“...Are you saying you want management rights?”
“Rather than that, let’s just call it a safeguard. Of course, I’m sure you would never do such a thing, Professor, but there are many scoundrels in this world who take investment and then steal away with the research results. They develop with our money, then sell the results to our competitors. Utterly shameless people.”
“But the shares...”
“Of course, I understand that handing over shares is an uncomfortable matter. But think carefully, Professor. For the next five years, who would readily invest eight million dollars into R&D that can only run at a loss?”
Professor Park smiled bitterly.
Abuse of power did not exist only in Korea. If anything, it was worse in America, not better. The big tech dinosaurs currently gripping the global market had grown by making acquisitions and mergers as casually as eating meals.
In that process, it was common for them to swallow only a subcontractor’s patents and then wash their hands of them, and if someone seemed like a competitor, they would simply carry out a hostile takeover. That was the secret behind big tech’s market share.
50 percent plus one share. Handing over management rights to a company meant exactly that.
If the research and development succeeded, Tyson Foods might push aside the existing research team and parachute in their own people.
“...Very well. Let’s do that.”
But right now, he was in no position to weigh every consequence.
As Professor Park nodded with a bitter smile, Jeffrey clapped his hands.
“I like that decisiveness very much. Haha. Then let’s draw up the MOU today and proceed with the full contract process next week.”
“Yes, let’s do that.”
Once the uncomfortable subject was over, Jeffrey lowered his guard as well and asked a personal question.
“By the way, Professor Park. I heard you conducted research for a long time at the best university in Korea?”
“Yes, well.”
“How strange. Even from a businessman’s perspective, your research results were remarkable. So why does the Korean government fail to recognize this technology?”
Professor Park smiled bitterly.
“...Because it wasn’t semiconductors.”
“Pardon?”
“I’m not sure either. Looking at our food self-sufficiency rate, it ought to be developed as a national strategic resource... but it never quite turned out the way I hoped. It seems I wasn’t considered a talent in Korea.”
“Oh dear... In that case, welcome to America, the land of opportunity.”
He spoke as if offering consolation.
“Here, even if you are not American, you can become one of the richest people like Mustin. Even if you are not white, you can succeed like Jackson Hwang.”
“...”
“Welcome. Tyson will always be with you in your new beginning, Professor Park!”
The man fluttered his fingers again.
“With an enormous amount of money? Haha.”
He probably meant it as a joke, but to Professor Park’s ears, everything about him sounded offensive. As if being two hours late were not enough, he had acted overbearing throughout the entire meeting.
‘You’re not American, and you’re not white. Without our help, you won’t be able to do anything.’
To Professor Park’s ears, Jeffrey’s joke sounded exactly like that.
*
Due to the aftermath of high interest rates originating in the United States, stock markets around the world were currently trembling with anxiety, but they were probably not as anxious as Korean scientists.
On the way back to the lab after the investment meeting, Professor Park was lost in such thoughts.
He had achieved the great feat of securing a ten-billion-won investment, yet anger only surged inside him instead.
The fact that Korea’s best cultivated meat team had fled here as if driven out was because of the Ministry of Science and ICT... At present, countries around the world had entered forced austerity due to the side effects of the fiscal spending released during COVID, but Korea had entered austerity through the model of burning books and burying scholars.
Faced with an unprecedented fiscal crisis, the Korean government had massively cut R&D, which it had protected even during the IMF crisis, and as a result, an unprecedented cold wave of restructuring had struck academia.
Professor Park’s research team could not remain safe in the face of that bloodstorm.
He had been firmly convinced that the cultivated meat business was Korea’s food sovereignty and a future strategic asset, but in the aftermath of the R&D cuts, every bit of their research budget had been eliminated.
But he could not abandon research that was on the verge of commercialization. In the end, he had put down the stable position of KAIST professor, brought his research team with him, and headed to America. And now he had received a fairly good investment offer, albeit a somewhat humiliating one.
Whether it was the fault of the government that had spent public finances as it pleased, or the fault of the government that had cut R&D... none of that mattered anymore. From today on, Professor Park decided to consider America his homeland.
When he arrived at the lab late, he saw his students looking only at him like baby birds.
He spoke bluntly.
“I told you to eat something good, so why are you eating sandwiches again? Aren’t you tired of those weeds?”
“P-Professor.”
“We got the investment. Ten billion won. They said they’ll provide us with a separate lab, too.”
“R-really?!”
“Yes. For the time being, let’s focus only on research.”
The research team burst into cheers.
It was only natural. For the past year, they had lived like ronin. No salary, nowhere that welcomed them—unemployed in every sense of the word. But with a ten-billion-won investment, they had jobs again, so they were happy enough to burst into tears.
“How far along is it?”
“We signed the MOU today, and we’re going to conclude the main contract next week. And if necessary, they said they’ll even establish a company under our research team’s name and help us list on NASDAQ.”
“No... the conditions are too good, aren’t they? What did they want from us?”
“They asked for shares. 50 percent plus one share.”
“M-management rights? That’s a little...”
“It’s fine. If they bought 50 percent of the shares for ten billion won, that also means my remaining stake is worth ten billion won. In effect, we received a twenty-billion-won investment today.”
Professor Park was confident. Even after the commercialization of cultivated meat was completed, Tyson would not be able to cast him aside recklessly.
In any case, this field was one where you had to constantly prove your own worth. He would devote himself to research ceaselessly, so that they would have no choice but to keep him.
“Everyone, change clothes and gather. Today, let’s try the most expensive steak in America.”
“Um, Professor. That person I told you about back then says he’ll be arriving here soon.”
“Who?”
“That person from the National Pension Service.”
“Ah, that guy? What was he, some associate or petty functionary?”
“Yes. He’s supposed to arrive any minute now...”
“I’m not interested. I made an appointment with them because I was thinking of using them as Plan B in case today’s contract didn’t go well. I don’t want to meet anyone from Korea for the time being. Tell him to go back.”
Just then, an unfamiliar young man entered from outside the lab.
“I’m sorry. The door was open.”
He carefully stepped in through the open doorway, immediately recognized Professor Park, and bowed his head.
“You are Professor Park Huibong, correct?”
“I am, but who might you be?”
“Hello! I’m Associate Lee Sejun of the Pension Fund Overseas Equities Team. I contacted you previously. There is something urgent I need to discuss with you... Could you spare me a moment?”