Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
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A Case Study on The CVC's Investment Motivations and Investment Decision Factors

CVC의 투자동기 및 투자 결정요인에 대한 사례연구: CVC 9개사(社)의 투자 사례를 중심으로

  • Received : 2018.11.11
  • Accepted : 2018.12.25
  • Published : 2018.12.31
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Abstract

The purpose of this study is to find out common investment decision factors for CVC's invested technology-based startups and analyze them. We examined 17 CVCs that invested in technology startups for three years and six months from 2015 to June 2018. As a result, the final 9 CVCs that can be used in this study were confirmed and 188 companies were analyzed. This study was conducted as a case study to propose and demonstrate CVC investment objectives and investment decision factors analysis model. The results of this study are as follows. First, CVC focused on strengthening investment. Second, In 2015, Invested in an average of 19 months of technology-based startups. In recent years, we invested in 36 months of proven technology-based startups. Thirdly, ICT service was the main business type of the invested startups. Fourth, the investors were concentrated on the stage of Series A~B. It is observed that CVC investment determinants have a significant impact on product or service and parent company relations. In addition, it was found that factors such as innovation, business planning competency, enterprising, strategic competency, leadership, and opportunity recognition competency were influential factors for the startups of invested companies and it was found that these factors are important for CVC investment decision. Understanding of CVC investment determinants presented in this study is based on the establishment of the investment process of the investee, entrepreneurship and management education program. The results of this study can be applied to the selection of excellent startups, entrepreneurship education programs, mentoring, development of coaching guidelines, and establishment of investment process of other investment institutions when investing in CVC.

본 연구의 목적은 CVC(Corporate Venture Capital)가 투자했던 기술창업기업에게 공통으로 보이는 투자동기와 투자 결정요인을 찾고 이를 분석하는데 있다. 2015년 부터 2018년 상반기까지 3년 6개월 동안 기술창업기업에 투자했던 17개 CVC를 대상으로 조사하였다. 그 결과, 본 연구에서 활용할 수 있는 최종적인 9개 CVC를 확정하였고 피투자기업 188개를 대상으로 확인하였다. 본 연구는 CVC 투자동기와 투자 결정요인을 확인하기 위해 사례연구로 진행하였다. 연구 결과, CVC의 투자동기로 4가지가 확인되었는데, 첫째, CVC는 강화형 투자에 집중하였으며, 둘째, 피투자기업의 업력으로는 초기에는 평균 19개월의 기술창업기업에게 투자하다가 최근에는 36개월의 검증된 기술 창업기업에 투자하였으며, 셋째, 피투자기업의 업종으로는 ICT서비스가 주를 이루었고, 넷째, 피투자기업의 단계로는 Series A~B의 단계에 집중되었다. CVC의 투자 결정요인에서는 제품/서비스와 모기업 연관성이 큰 영향을 미친다는 사실이 관찰되었다. 피투자기업의 창업선행요인으로는 혁신성, 기술 기능적 역량, 사업계획 수립 역량 등의 요인들이 크게 영향을 미쳤음이 확인되었고, 이러한 요인들이 CVC 투자 결정에 중요함을 알 수 있었다. 본 연구에서 살펴본 CVC의 투자동기와 투자 결정요인의 이해는 피투자자 대상의 창업 및 경영 교육프로그램, CVC의 투자 프로세스 수립에 근거를 제시한다. 본 연구의 결과는 CVC의 창업기업 투자 시 우수기업 선별, 창업교육 프로그램, 멘토링, 코칭 가이드라인 개발, 기타 투자기관의 투자 프로세스 수립에 활용될 수 있다.

Keywords

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