'Rice Magnate' Lee Neung-goo's Inspiring Journey: From $8 to a $73 Million Empire Built on Patents
EBS's 'Neighbor Millionaire' hosted by Seo Jang-hoon featured Lee Neung-goo, a self-made 'Rice Magnate,' whose extraordinary life story resonated deeply with viewers.
Born into a poor farming family in the 1940s and now in his 80s, Lee has dedicated 50 years to the rice product industry. His achievements have been recognized with numerous awards, commendations, and two presidential medals.
His daughter, who works as an accountant in the US and now supports her father's company, proudly shared, "My father loves developing products so much that new items appear every time he wakes up." Notably, Lee developed groundbreaking patents including a sujebi (Korean hand-pulled dough soup) maker that preserves texture, a steaming machine that boosts garaetteok (rice cake) production from 60kg daily to 60kg in just three minutes, and the 'alcohol soaking method' which significantly extends the shelf life of rice cakes.
Remarkably, he made these game-changing patents available to the market. Furthermore, in 1986, responding to the government's call, he developed Korea's first rice noodles using surplus rice. Products touched by Lee's innovation, numbering over 400 types, now grace Korean dining tables.
However, Lee's path was far from smooth. At 28, he lost his first child to meningitis and moved to Seoul with only 8,000 won, the price of a rice sack. After spending it all on transportation, he started selling rice cakes while working as a deliveryman. He recalled his desperate days searching for customers on the streets, "I'd break out in a cold sweat even in -20 degrees Celsius, my hands would crack and bleed."
The turning point came when he successfully penetrated the market of a supermarket in the affluent 'Gangnam' apartment complex, which was under development at the time. "People want to eat good and delicious food; it was true then, and it's true now," Lee explained his business philosophy.
Crisis struck again after his success. At 57, while calculating his wife's 800,000 won hospital bill following a traffic accident, he suffered a stroke. "The doctor gave me only three years to live. My mouth drooped, and I couldn't stop drooling..." he recounted.
Overcoming this hurdle, Lee now operates factories spanning 2,000 pyeong (approx. 1.6 acres) in Paju, Gyeonggi Province, and 30,000 pyeong (approx. 24 acres) in Cheongyang, Chungnam, producing enough for 400,000 people daily. Despite his success, his home remains remarkably modest. A milk pouch hanging by the door, a $2 bill symbolizing good fortune, and walls adorned with family photos reflect his life's philosophy.
"Money should be used where it's needed. Becoming complacent just because you have it isn't our style," he emphasized. When Seo Jang-hoon asked about acquisition offers, Lee responded, "We have no debt, and in the food business, one should not be greedy," showcasing his firm beliefs and pride.
Netizens praised Lee's incredible journey, commenting, 'Truly an amazing person,' 'From 8,000 won to 97 billion won in sales, his effort and wisdom are astounding,' and 'I respect his honest business practices.' Many expressed deep inspiration from his success story.