Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
권호 표지
DOI QR코드

DOI QR Code

A Comparative Study on Successful Cases of Technology Commercialization of Domestic Companies : Focusing on External Fund Raising Strategy in the early stage of commercialization

국내기업 기술사업화 성공 사례 비교 연구 : 사업화 초기 외부자금 조달 방안을 중심으로

  • Kim, Dong-Chul (Department of Advanced Industry Fusion, Konkuk University) ;
  • Lee, Cheol-Gyu (Department of Advanced Industry Fusion, Konkuk University)
  • 김동철 (건국대학교 신산업융합학과) ;
  • 이철규 (건국대학교 신산업융합학과)
  • Received : 2020.04.07
  • Accepted : 2020.07.20
  • Published : 2020.07.28
Download PDF
⟨ Previous Next ⟩

Abstract

Even after successful technology development, there are many cases where commercialization fails due to difficulties in financing in the early stages of commercialization. The purpose of this study is to give practical implications to technology-based founders. At the beginning of commercialization, 7 companies that succeeded in procuring different types of external funds were selected to conduct case analysis. The results are as follow. First, it was confirmed that the excellence of technology is the most important. Second, it was confirmed that they were majors in the relevant technology field or have worked in related fields, and concluded that greater synergy effect can be created by adding the founder's business will and active attitude. Third, even if the company's internal capabilities were insufficient, it was possible to succeed in financing by identifying and utilizing external financial information. Fourth, it is necessary to utilize a linked financial system that receives both loans and investments. Fifth, systematic IR (Investor Relation) should be continued.

기술개발에 성공하고도 사업화초기에 자금조달의 어려움으로 사업화에 실패하는 경우가 적지 않게 발생하고 있다. 본 연구의 목적은 주로 이공계 출신의 기술기반 창업자에게 실무적 시사점을 주고자 함이다. 사업화 초기에 각기 다른 유형의 외부자금 조달에 성공한 7개 기업을 선정하여 사례분석을 수행하였다. 그 결과는 다음과 같다. 첫째, 기술의 우수성이 가장 중요하다는 사실을 확인하였다. 둘째, 해당 기술 분야 전공자였거나 관련 분야 근무 경력자였음을 확인하였고, 창업자의 사업의지와 적극적 태도가 더해지면 보다 큰 시너지 효과 창출이 가능하다는 결론을 얻었다. 셋째, 기업 내부역량이 미흡하더라도 정책금융 정보, 금융기관 제공정보 등 외부금융정보를 잘 파악하여 활용하면 자금조달에 성공할 수 있었다. 넷째, 융자와 투자를 모두 받는 연계금융제도의 활용이 필요하다는 점이다. 다섯째, 체계적 IR(Investor Relation)은 계속되어야 한다는 점이다. 정보비대칭을 줄일 수 있는 IR이 계속되는 경우 자금조달에 성공하는 사례가 존재한다는 점 또한 확인할 수 있었다.

Keywords

References

  1. Ministry of SMEs and Startups et al. (2017). Innovation startup ecosystem creation plan, Related ministries joint press release(2017.11.02.). http://www.mss.go.kr
  2. Korea Institute of Intellectual Property.(2018). The Survey on Intellectual Property-Related Activities in Korea 2018. Daejeon : Korean Intellectual Property Office. DOI : 10.978.896199/1940
  3. J. B. Park, Y. A. Cho, S. K, Lee, Y. Y. Seong & Y. K. Kwon. (2011). Promoting technology commercialization in the Korean private sector. Research Reports 2011-603, Seoul : Korea Institute for Industrial Economics and Trade. DOI : 10.978.895992/3953
  4. M. H. Lee.(2013). Technology start-up and creative economy. Science Technology Policy, (191), 4-8.
  5. Neil Lee, H. Sameen & M. Cowling. (2015). Access to finance for innovative SMEs since the financial crisis, Research Policy, 44(2), 370-380. DOI : 10.1016/j.respol.2014.09.008
  6. KIES. (2013). Standardization of definition and scope of technology start-up. Daejeon: Korea Institute of Startup & Entrepreneurship Development.
  7. Tony Bailetti. (2012). Technology Entrepreneurship: Overview, Definition, and Distinctive Aspects. Technology Innovation Management Review, 2(2), 5-12. DOI : 10.22215/timreview/520
  8. William B. Gartner. (1985). A conceptual framework for describing the phenomenon of new venture creation. Academy of Management Review, 10(4), 696-706. DOI : 10.5465/amr.1985.4279094
  9. A. C. Cooper & A. V. Bruno. (1977), Success among high-technology firms. Business Horizons, 20(2), 16-22. DOI : 10.1016/0007-6813(77)90096-9
  10. R. L. Butchart. (1987). A New UK Definition of the High Technology Industries. Economic Trends, (400), 82-88.
  11. D.J. Storey & B.S. Tether. (1998). New technology-based firms in the European union: an introduction. Research Policy, 26(9), 933-946. DOI : 10.1016/S0048-7333(97)00052-8
  12. K. Hindle & J. Yencken. (2004). Public research commercialisation, entrepreneurship & new technology based firms: an integrated model. Technovation, 24(10), 793-803. DOI : 10.1016/S0166-4972(03)00023-3
  13. P. Sharma & J. J. Chrisman. (1999). Toward a Reconciliation of the Definitional Issues in the Field of Corporate Entrepreneurship. Entrepreneurship Theory and Practice, 23(3), 11-28. DOI : 10.1177/104225879902300302
  14. K. Wilson & F. Silva. (2013). "Policies for Seed and Early Stage Finance: Findings from the 2012 OECD Financing Questionnaire", OECD Science, Technology and Industry Policy Papers, (9), OECD Publishing, 10-11. DOI : 10.1787/5k3xqsf00j33-en
  15. Allen N. Berger & Gregory F. Udell. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance. 22, 613-673. DOI : 10.2139/ssrn.137991
  16. D. K. Lee. (2018). Current Status and Development Plan of Technology Finance in the Banking Sector. Financial Brief of Korea Institute of Finance, 27(23), 10-11.
  17. S. H. Son. (2015). Domestic Technology Finance Challenges and Improvements. KIF Policy Report 2015-06, Seoul : Korea Institute of Finance. DOI : 10.978.89503/06335
  18. H. J. Lim. (2013). Technology Finance Status and Activation Plan. Seminar presetation(2013.11.12.) of Korea Institute of Finance.
  19. Tashiko Inoue. (2015). Why Case Study. Seoul : Acrossbook. DOI : 10.978.8997379/637
  20. S. H. Choi. (2018). Current Status and Implications of Domestic Innovation Financing. VIP Report 18-06 of Hyundai Research Institute, (721), 1-12.
  21. W. G. Gil, Y. H. Shim & S. K. Kim. (2014). Literature study to derive the factors for success in technology startup. Conference Presentation Papers of Korea Technology Innovation Society, 2014(5), 252-260.
  22. K. H. Kim & J. H. Woo. (2008). Innovation Financing Activation Plan : Focusing on Innovation Financing Goods. Seoul : Korea Small Business Institute. DOI : 10.978.896179/0925
  23. S. C. Park & D. W. Yang. (2010). The Empirical Study on Relationship between SMEs' Technology Evaluation Index and Technology Commercialization Performance. Korea Journal of Business Administration, 23(1), 41-63.
  24. J. E. Koh.. (2007). Financing Strategy for Venture company at the startup perio : Enerland Case, Technology Commercialization Magazine, 2007(Spring).
  25. B. H. Lee, W. J. Kang & H. I. Jeon. (2008). An Exploratory Case Study on the Growth process and Success Factors in the research Based Spin-off Ventures : i-SENS, Conference Presentation Papers of Korea Society of Business Venturing, 2008(4).
  26. Korean Intellectual Property Office.(2013). Patent Office Commercialization is actively supported by the Korean Intellectual Property Office. Press release(2013.01.16).
  27. J. Y. Kim. (2015). IP Financing Case and Development Plan : Focusing on KDB Techcno Banking, (2015. 8), Korea Development Bank.
  28. Industrial Bank of Korea.(2015). Innovation Financing for the Revitalization of Creative Finance. Seminar presentation papers, 2015(5).
  29. Korea Credit Guarantee Fund. (2015). First Penguin Company Born in the University's Start-up Care Center, Creative Financing Best Practice Case Reports(2015.06).
  30. Ministry of SMEs. & KISED(Korea Istitute of Startup & Entrepreneurship Development). (2014). Startup Success Stories. Seoul : VCom.
  31. J. W. Lee. (2018). A Study on Applicability of Technology Grade to the Venture Certification System, Journal of the Korea Management Engineers Society, 23(4), 105-123. https://doi.org/10.35373/KMES.23.4.7
  32. K. C. Park & C. H. Lee. (2019). A Study on Obstacles and Promotion of Faculty Technology Entrepreneurship, Journal of Digital Convergence, 17(8), 81-88. DOI :10.14400/JDC.2019.17.8.081
  33. J. M. Han, Y. D. Lee & S. S. Nam. (2017). An Analysis of Influencing Factors for Promoting the Technology Commercialization of R&D Outcomes using a Structural Equation Model, Journal of the Korea Management Engineers Society, 22(2), 41-55. https://doi.org/10.35373/KMES.22.2.4
  34. C. H. Kim, C. R. Ko. & S. S. Seol. (2012). Case Studies on the failure of Commercialization of Technology. Journal of Korea technology innovation society, 15(1), 203-223.
  35. J .K. Shin & K. S. Ha. (2013). Determinants and pattern of entrepreneurial failure. Journal of Digital Convergence, 11(5), 257-265. DOI : 10.14400/JDPM.2013.11.5.257
  36. Y.S. Shin. & K.S. Ha. (2012). A Study on the Effects of the Technology Management Capability on the Success of Technology Commercialization. Journal of Digital Convergence, 10(8), 97-110. DOI : 10.14400/JDPM.2012.10.8.097