Grace Okafor: Global Startup
Beauficial Inc. with Yongsan
Please introduce yourself briefly.
My name is Grace Okafor. A Nigerian who graduated from Kangwon National University in Chuncheon with a Master Degree in International Trade and Business. I’m the founder of Beauficial Inc. and Dr. GIO Cosmetics.
Would you explain more details about your companies?
Even though I said that I’m the founder of both companies, you could say it's one company because Beauficial is the owner of Dr. GIO Cosmetics which is currently the first brand under Beauficial Inc. Beauficial is an e-commerce platform that connects Korean beauty SMEs to directly to Africans. We built a bridge to make Africans purchase K-beauty products easily while giving Korean beauty brands easy access to Africa's emerging market and Data needed to make inclusive skincare products for Africa. While Dr. GIO Cosmetics is the first black-owned K-beauty brand made solely for dark skin tones and people of colour.
I wonder how and why you established your company in Korea.
Before I came to Korea, I was thinking of coming to do my master degree in Asia. At first, I considered Japan as the nation to go to but I was also worried about the frequent earthquakes. Then I met a friend, who recommended South Korea for my Master Degree. Fortunately, there was a Korean cultural centre in Abuja, Nigeria. I visited the centre and got introduced to South Korea and the Korean culture. The story of South Korea which has developed from a poor country to a highly developed country within a short period was motivating to me. The story was so interesting enough to make me learn Korean so as to better understand the Culture and People. When I was learning Korean in the centre in 2013, they gave me some K-beauty mask sheets. I had never seen anything like that before. It was really nice. I wanted to buy more but I couldn’t. It was very difficult for me to buy the products at that time. I had to search a lot of online retail sites. There was only one Korean brand I could find but I didn’t believe that the brand is not the only one of many K-beauty brands. I thought if China, which is next door to Korea, had a lot of beauty products in Nigeria, it’s possible that Korean beauty brands would come to Africa including Nigeria. With that thought, I decided to do my master degree in international trade and business with the aim of building a bridge to connect the Korean beauty industry and Africa. That was the beginning of Beauficial.
Would you introduce the product of Dr. GIO Cosmetics?
It was launched into the market on the 14th of November 2020 as a pre-introduction only for 50 black women living in Korea. Finally, we created a website where anyone could buy Dr. GIO Cosmetics on the 1st of January 2021. Currently, we have one product which is the K-beauty foundation cushion. Although that is currently what we have, we do have a goal to expand the line up to a full make-up look. Actually, the Korean cushion item is very unique in the global beauty industry. That is the reason why we started with the item.
I am also curious about the reaction of your consumers to the new products.
It’s been nice feedback. We’re getting a lot of good feedback and reviews from black women and people of colour all over the world. Because Dr. GIO Cosmetics is not only an inclusive K-beauty brand but also the first black-owned K-beauty brand which is of precious value in the beauty industry as the global beauty industry has been demanding inclusivity and diversity.
Are there any other companies that have made similar attempts to create products for black women?
To the best of my knowledge, I know a big Korean beauty company has dark skin shading but I think it's not available now in Korea. The last time I checked that they didn't have cushion and foundation items like Dr. GIO Cosmetics. Because the number of black women and people in Korea is quite small and Korean beauty companies don’t know much about the characteristics of dark skin tones. I can tell you that, as a black woman, there are more than 100 diverse skin tones in our community. That's the reason why Dr. GIO Cosmetics dedicated to making inclusive the first black-owned cosmetic brand in South Korea.
As you mentioned, K-beauty is influential all over the world. What do you think is the reason?
We all know Korean beauty products include a lot of natural ingredients. K-beauty the importance of skincare. Before K-beauty became a thing, most western brands were just for custom covering using makeup. The K-beauty, however, came up with skincare which makes people recognize the importance of having good skin with natural ingredients. They’ve also created innovative items like mask sheets. Korea has changed the global beauty industry. Today, western companies are really refraining from using chemicals to make their products. This is because many customers demand natural ingredients.
In the same context, how do you imagine the near future of K-beauty?
I think Korean companies have been doing well. In spite of several conditions, I think they are effectively competing with French and US beauty brands. They’ve been leading their beauty trend with K-pop or K-drama so far. But they also have a long way to go in terms of inclusivity and diversity because we have so many diverse ethnicities in the world. We have a lot of different skin tones. They need more consideration on this.
In conclusion, how do you define the meaning of beauty?
I think beauty is a relative term. It means that each different culture has a different definition of beauty. My definition of beauty is not about outside but inner beauty. The way you define beauty can’t be the way I define beauty. You are you and I am Me. What you have to consider is respect for culture and humanity in your definition of beauty.
Let's move on to the topic of where you work. You are currently in Seoul Global Startup Center(SGSC), Yongsan. I want to know why you chose this place.
I chose SGSC because it is only one foreign startup centre in Seoul that provides Seed funds and flexible office hours for foreign startups. You don't have any other startup centre doing what SGSC is doing. They provide free offices and invest seed money which is very important for all foreign startup companies. Because I started from an idea, I couldn’t find a place where I can start my company without their support. Yongsan where the centre is located is quite in the centre point of Seoul. You can access other places easily just using public transportation. It’s convenient for me to commute from my home to the office here.
As a foreign entrepreneur, what do you think of the Korean infrastructure for startup companies?
I think it is limited. As I mentioned, there is only one startup centre for foreigners in Seoul while there are a lot of accelerating offices for Koreans. It might be difficult for a foreigner who cannot speak Korean to get into the centres. But the whole Korean startup ecosystem is really growing as we all know Korea is becoming the technology capital of the world.
Furthermore, I’m always focusing on not only tech but also trade due to my major. I think Korean startup companies have to look into emerging markets in the world. Export and overseas expansion can create many opportunities for startups. China already has a lot of resources and companies in Africa. I want them to broaden their horizons to the wider world market.
Do you have any materials to recommend for those who want to look around the concept of Business?
Honestly speaking, I don’t have any. I’ve been doing mine with my experience so far. My dad was a businessman and his skill is where I got my business skill from. I also had worked as a business manager previously. I didn't get my business ability from books. I think what is written in books is different from experience. But I do watch a lot of movies excluding business movies for my peace of mind and mental strength.
What do you think is the most important expertise or skills for entrepreneurs?
I think the number one is that you have to be passionate about what you do. If you are doing your work only for money, you might drop it quickly. If you are passionate about what you are doing and why you are doing it now, you won't give up easily when you face harsh times. Especially if you're working in an environment to create something new that people don't know, you might tend to be rejected many times. That’s the reason why you need to have patience too.
Would you give some advice for those who want to start a business in Korea as a foreigner?
First of all, you need to understand what you want to do and why you want to do it. You need to consider every angle, the society you aim at, the language barrier and so on. With this context, I have a clear reason which is the K-beauty to do my business in Korea as I mentioned previously.
Then this time, I’d like to ask for your advice for those who want to be experts in the beauty industry.
It’s going to be similar advice to the previous answer. You need to know why you want to be in the beauty industry and to find what makes you happy. There is one more important thing. I wouldn’t advise you to copy anybody. Try to create your own path.
What value do you think you're giving to society through your job?
I’d like to talk about inclusivity and diversity again. Both are very important and needed. I think the ‘lack of inclusivity and diversity in the global beauty industry ’ is a big problem. It’s considered an important issue not only in Korea but also in the USA, Europe and etc where people of colour are asking to be included in the beauty industry. This is the foundation of what we do. We are providing inclusive K-beauty cosmetics with different shades made specifically for dark skin tones which match their skin tones. What we are doing isn’t just for making money but to spread joy and love for K-beauty among our community ultimately.
The final question is about the final goal of you and your company.
To be the biggest inclusive beauty company for dark skin tones and people of colour in the world irrespective of the region. There are dark skin tones in India, Indonesia, Middle East, Europe, North America, Latin America, Africa and so on. We plan to continue our attempts to meet their needs.
