Chapter 93: A Tenfold Offer

“Thank you for the prompt decision, Professor.”

“Not at all. This is an opportunity I can’t afford to miss. I’m the one who should be grateful for this chance.”

Professor Shashua arrived after dinner. Despite the late hour, his eagerness was palpable, as if even a single night’s delay was too much to bear.

Given the late hour, most hotel guests were enjoying drinks at the bar, leaving the lobby lounge quiet.

“I’m curious about your response to my proposal.”

Professor Shashua pulled a neatly folded piece of paper from his suit pocket.

“This outlines the initial start-up costs, along with a brief note on the proposed equity structure.”

A laugh almost escaped me as I quickly scanned the numbers on the paper.

The figures were a clear indication of CogniTens’ size in 1995.

The stark differences compared to Korean venture companies were also apparent.

While Korean ventures often showed frantic efforts to secure as much funding as possible, this single sheet reflected careful consideration of cost-saving measures.

He had proposed the bare minimum, an amount so small it made me want to chuckle.

I folded the paper and quietly placed it on the table.

“Professor, may I talk about something more important than money?”

“Of course.”

“Are you confident that your research will become a reality?”

“I am.”

Professor Shashua nodded, radiating confidence. His demeanor seemed genuinely devoid of pretense.

He had faith in himself. He had the essentials, so it was time to move to the next stage.

“What form will the technology center collaboration take? It mentions giving 3.7% equity to the university’s tech center… ?”

“Ah, that typically covers the costs associated with the equipment and labs provided by the university. It also includes miscellaneous items like library resources.”

Professor Shashua elaborated on the university’s involvement, sensing my concern about the equity.

“Our university is very supportive of startups. Even for research with uncertain outcomes, we’ve already provided over $200,000 worth of equipment. 3.7% is by no means excessive.”

“Ah, please don’t misunderstand. I’m not criticizing the university. I simply wanted to understand the extent of their support.”

Of course, that wasn’t the whole story.

“The initial funding needed until you achieve meaningful results is $700,000, and the second round for commercialization is $1.5 million. Is that correct?”

“Yes.”

Professor Shashua seemed slightly anxious, watching my reaction, perhaps wondering if I found the amounts too high.

“And Miracle’s share is 35%.”

“Is that insufficient?”

“No, it’s reasonable. I’m serious.”

Professor Shashua relaxed, a bright smile spreading across his face. He believed the deal was sealed.

But it’s always best to reject the first offer, whether it’s reasonable or not.

“Professor.”

“Yes?”

“Now, let me share my thoughts. They might seem irrational, but would you hear me out?”

“Ah, yes.”

I spoke slowly, watching his smile fade.

“I’ll give the university’s tech center $400,000. And the equipment the university has already provided can remain their property. Since we won’t owe them anything, there’s no need to give up the 3.7% equity, right? Or should we offer more?”

He could only shake his head, speechless. The second offer needed to be drastically different to make an impact, just like the shock Professor Shashua was experiencing.

“And I’ll increase the first round of funding to $7 million. Acquire all the necessary equipment, the most advanced available, and hire as many people as you need. Even MIT PhDs are welcome.”

“Mr. Jin!”

People often stammer when hit with a second wave of shock before the first one subsides.

“We’ll decide on the second round of funding for commercialization later. Don’t misunderstand; it’s not that I won’t provide the $1.5 million you mentioned. It’s just that we might need $15 million, or even more, so I’m holding off on a fixed amount.”

He might think I’m crazy. He might also think this investment is a fool’s errand.

Ten times the requested amount. And that wasn’t the end of it. He probably sensed my willingness to throw in ten, maybe even a hundred times more.

There was only one reason for such an offer.

Either the market had already validated its potential for success, or it was the right moment to scale up an already successful business.

But Professor Shashua was only at the first line of Chapter 1 in his story. No one knew if he would finish the novel, let alone if it would be a bestseller.

However, I wasn’t crazy.

If Professor Shashua started this venture, a discerning Russian investor would soon appear, injecting ten million dollars and securing a significant stake.

By making my move first, I would eliminate any chance of others joining the feast late.

“Mr. Jin, to be honest, this proposal is hard to believe. I did budget conservatively, but a tenfold increase…”

“My story isn’t over yet.”

Professor Shashua looked like he wanted to say something, but I cut him off.

“In return, I’d like Miracle’s equity to be 60%.”

Professor’s face contorted the moment he heard “60%,” but I hadn’t finished my offer.

“We will only hold the shares. All voting rights will belong to you, and we won’t interfere with management in any way. We won’t even send the usual auditors, so you won’t need to provide separate reports on how the investment is used. Just focus on the success of the business.”

I interlaced my fingers as I finished speaking. Now it was Professor Shashua’s turn to answer.

But he remained silent, his eyes blinking as he stared at my face.

“Professor?”

“Oh, goodness. I apologize. It’s just the most outlandish investment terms I’ve ever heard… Isn’t this practically gambling?”

The disbelief in his eyes showed he was utterly bewildered.

“If the first card is an ace, you can afford to go all-in when you have plenty of chips.”

Whether he was being cautious or overly suspicious, he still couldn’t quite accept it.

“Oh, and I’m also considering investing in CogniTens. Would around $1 million be sufficient? The equity would match the current capitalization ratio.”

I decided to stop with the lengthy explanations and changed the subject.

“$1 million would mean 80% of CogniTens’ equity. That’s a bit difficult to accept.”

“Then how about 50, no, 49%? The other conditions remain the same as what I’ve already mentioned.”

I placed my coffee cup back on the table. There was nothing more to say.

“You’ll need more time to consider. If you accept my terms, I’ll have the investment contract drawn up by tomorrow. Review it, sign it, and we’ll deposit the full investment amount into the designated account immediately.”

Sensing that our conversation was over, Professor Shashua also put down his cup and stood up.

“Thank you for the extraordinary proposal. I never imagined I’d be contemplating such generous terms. It’s surreal.”

“Winning the lottery can feel unbelievable. Especially with a big jackpot.”

I extended my hand for a handshake.

“I have no doubt your research will be my lottery ticket. Haha.”

* * *

Having amassed a fortune, Oh Se-hyun didn’t pry into the details.

He simply commented, “Anything under ten million dollars is a win.”

I gave him the broad strokes of the investment terms and ended the call.

Once Miracle drafted and emailed the contract, my work here would be done.

This was truly a long-term investment. My hope was that Professor Shashua’s Advanced Driver Assistance System (ADAS) would increase Ajin Automobile’s market share in Korea and prevent it from falling behind in the global market due to a lack of advanced technology.

Like anyone who dislikes winning the lottery, Professor Shashua arrived at the hotel the next morning.

“God told me I couldn’t miss this miraculous opportunity.”

Being Jewish, he mentioned divine intervention. I chuckled and teased him.

“Did God really tell you that? Or was it the result of cold, rational calculation?”

“Actually, as a scientist, precise calculations come first. Haha.”

I handed him the investment contract as he beamed.

“Here’s the draft contract.”

Professor Shashua’s face remained bright as he carefully read the contract.

“It’s concise, which I appreciate. However, I’d like my lawyer to review it as well.”

“Of course, you should. And I’ve left the company name blank for you to fill in.”

“Ah, I’ve already thought about the company name. I’ve decided on Mobileye. What do you think?”

So far, nothing had changed.

The name was the same.

“It’s perfect. I understand exactly what you aim to achieve.”

I smiled broadly with genuine delight and shook his hand.

I had secured an insurance policy worth over $10 billion.

Whether I would reap a large sum at maturity or break the policy early for other purposes remained to be seen.

* * *

Back in Korea, the person waiting for me wasn’t Oh Se-hyun.

He was busy merging Dae-ah Construction with HW Group and had no interest in what I had been doing in Israel.

The first place I went after leaving the airport was my grandfather’s study.

“You idiot. Why did you go to such a dangerous place?”

Worry and anger filled my grandfather’s eyes.

“It’s fine these days. It’s not like it’s in a constant state of war.”

My grandfather sighed in relief at seeing me unharmed.

“I forced myself not to call. I didn’t want to interrupt your work.”

“You could have called. I just went to get some fresh air.”

“You go halfway around the world for fresh air? Don’t give me that nonsense. I won’t ask what you were doing.”

My grandfather chuckled, returning to his usual self.

“The reason I urgently wanted to see you isn’t about that.”

Just then, my aunt and uncle opened the study door and peeked inside.

“Oh, Do-jun’s here too?”

My aunt smiled brightly and patted my shoulder.

“Everyone, sit down. I have something to tell you all.”

The fact that my grandfather had summoned us all likely had to do with the upcoming local elections.

“Husband Choi.”

“Yes, Father-in-law.”

“Your nomination for Seoul mayor is secure, isn’t it?”

“Yes, it is. Our party is now the opposition, and the previous administration’s popularity has plummeted, so no one else is challenging me. It’s going smoothly.”

Having secured the first step towards becoming the Seoul mayor, the couple’s expressions were naturally pleased.

“Not to pour cold water on your enthusiasm, but you need to be aware of something. The Democratic Justice Party seems to have nominated Go Kyung-yeol as their candidate for Seoul mayor.”

I was the only one in the room who didn’t look surprised.

Go Kyung-yeol, the Democratic Justice Party candidate who won the Seoul mayoral election in the 2nd National Simultaneous Local Elections. Ah, of course, that happened in my previous life.

He was a bureaucrat with no party affiliation. A highly respected administrator. The ruling party had recruited someone free from the political leanings of either side, making him a formidable opponent for the opposition.

My uncle’s face had already turned ashen, and my aunt bit her lip.

“Hehe, Do-jun, looks like you wasted your money?”

“Rather than that, Grandfather, how did you know? It doesn’t seem to be in the news yet.”

“How did I know? Go Kyung-yeol called this morning to pay his respects. And he asked what he should do since the ruling party was trying to recruit him.”

“What? Why would he ask your permission?”

“That fellow climbed to that position with my money. Of course, he needs my permission if he’s going to go head-to-head with my son-in-law. He also wanted to hear my answer that I wouldn’t interfere. Hehe.”

That laugh.

My grandfather was enjoying this situation.