Differences in KSFs, Environments, CEO Roles, and the External Linkages Among Korean Ventures at Different Growth Stages

우리나라 벤처기업의 성장단계에 대한 실증조사 : 핵심성공요인, 환경특성, 최고경영자 역할과 외부자원 활용

This study empirically examined the relationships between the growth stage of ventures and their business characteristics such as KSFs, environmental attributes, CEO roles, and utilization of external resources, based on data from 2,515 Korean ventures. ANOVA results of this study revealed that 1) Key success factors appeared different across the different growth stage of Korean ventures. Financial resources were most critical in the early stage of growth, while the foreign technology licensing appeared to be most important for the success of ventures at later growth stage; 2) As the Korean ventures grew, their environments became more dynamic and hostile; 3) Strategic and external activity roles of top management were critical in younger ventures, while roles for marketing and production were important in older ventures; and 4) Utilization of external resources were more frequent at the later stage of ventures than at the early stage of growth. Based on the research, this study offered several managerial, theoretical, and policy implications.