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

  • 제15권2호
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  • Pages.97-110
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  • 2020
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  • 1975-7557(pISSN)
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  • 2671-9509(eISSN)
한국벤처창업학회 (The Korean Society of Business Venturing)
권호 표지

스타트업관련 정책의 현황분석과 정책제안: 창업, 성장, 회수 등 단계별 시사점을 중심으로

Analysis and Proposal of Startup Policy: Focusing on step-by-step Implications such as Startup, Growth, and Recovery

  • 조병문 (연세대학교 경영대학 경영학과) ;
  • 신현한 (연세대학교 경영대학 경영학과)
  • 투고 : 2020.03.11
  • 심사 : 2020.04.23
  • 발행 : 2020.04.30
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초록

본 자료는 벤처생태계에 대한 정책적 제안을 중심으로 작성되었다. 첫째, 미국 벤처생태계의 3대 비밀 중 하나가 50:50의 법칙이다. 벤처 캐피털 투자와 대등하게 엔젤캐피털 투자가 뒷받침 되어야 한다. 엔젤캐피털에 해당하는 전문엔젤투자자와 엑셀러레이터가 벤처 생태계에서 차지하는 비중이 VC에 비해 낮지 않음에도 불구하고 정책적 배려에서 소외되어 있다. 관련 법령의 개정이 시급한 것으로 생각한다. 둘째, 미국 대기업은 내부 R&D보다 M&A에 더 많이 투자한다. 따라서 엑셀러레이터·전문엔젤투자자들은 창업 기업에 투자한 후 효과적으로 투자금 회수를 하게 된다. 즉 중간회수시장의 발달 없이는 엔젤캐피털이 들어오지 않는다. 엔젤캐피털과 중간회수시장은 벤처생태계를 갖추기 위한 양대 축이라고 생각한다. 이를 활성화시키기 위해서는 정부의 역할만으로는 어렵다. 민간이 들어와야 하며, 기업주도형 벤처캐피털(CVC)을 도입해야 하는 이유이다. 셋째, 국가 경제 성장을 위한 정책방향을 기존 스타트업에서 스케일업까지 확대해야 한다고 생각한다. 기업의 매출액과 고용창출은 5년 후부터 본격화되기 때문이다. 기존 연구가 자금 공급, 즉 벤처금융에 초점을 맞췄다면, 본 연구는 벤처기업 또는 벤처투자의 수명 주기라 할 수 있는 창업, 성장, 회수의 세 단계를 균형 있게 전부 다루고자 했다. 특히 실무적 완성도를 높이기 위해 챕터별 구체적인 정책을 제시했다.

This paper is on the policy proposal for venture ecosystem. First, one of the three secrets of the US venture ecosystem is the law of 50:50. Angel capital investment is as important as venture capital investment. Although professional angel investors and accelerators account for as much as VC in the venture ecosystem, they are ignored from policy considerations. We argue that the revision of related law is urgent. Second, large US firms invest more in M&As than in internal R&D. Therefore, accelerators and professional angel investors could make effective investment recovery after investing in a startup company. In other words, angel capital does not come in without secondary market development. Angel capital and secondary markets are the two pillars of the venture ecosystem. The government alone is difficult to develop a secondary market. This is why the private sector should come in and introduce corporate venture capital (CVC). Third, we believe the policy direction for national economic growth should be extended from the startup to scale-up. This is because the startup's sales and job creation will start in five years. While the previous study focused on funding (venture financing), this paper aims to balance all three stages of a venture: startup, growth, and recovery, which are the life cycle of a venture company or venture investment. In particular, we propose specific policies in each chapter to improve practical application.

키워드

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