액셀러레이터 투자자와 창업자의 스타트업 투자결정요인 중요도 평가에 관한 연구

A Study on Investment Decision Factors of Accelerator

  • 변정욱 (성균관대학교 기술경영학과) ;
  • 김윤배 (성균관대학교 기술경영학과) ;
  • 이병철 (국회예산정책처)
  • 투고 : 2022.05.11
  • 심사 : 2022.08.26
  • 발행 : 2022.08.30

초록

액셀러레이터는 스타트업에게 창업지원시설, 자금, 사업화, 판로확보 등의 다양한 애로사항을 종합적으로 지원하는 민간투자기관이다. 액셀러레이터가 새로운 창업지원 모델로 투자자 역할 외에 집중적인 멘토링을 통해 스타트업의 사업능력 향상에 많은 기여를 하고 있다. 본 연구는 기존 선행연구들이 투자자관점의 투자결정요인에 치중한다는 점을 고려하여, 액셀러레이터 투자자 창업자 간의 스타트업 투자결정 요인에 대한 상대적 중용도를 AHP방법을 통해 비교 분석하였다. 그 결과, 액셀러레이터 투자자는 스타트업의 "경영자 특성"을 스타트업 창업자는 스타트업의 "시장 특성"을 상대적으로 가장 중요하게 평가하였다. 이러한 결과는 투자자 관점에서 스타트업의 성공이 창업자의 역량에 좌우한다는 경험적 판단에 기인한 것이며, 창업자는 투자자가 투자회수기간을 고려하여 스타트업의 시장성을 중요하게 평가한 것으로 보인다. 이러한 결과는 엔젤투자자, 벤처캐피탈의 투자결정요인에 대한 기존 연구결과와 유사하였다. 본 논문은 액셀러레이터가 성장가능성 높은 스타트업을 발굴하고 인큐베이팅과 투자에 더 많은 성과를 내기 위한 투자결정모형의 고도화에 기여할 수 있을 것이다.

Accelerator is a private investment institution that provides startups with comprehensive solutions to solve various difficulties such as startup facilities, funds, commercialization, securing a market etc. In addition to the role of an investor as a new startup support model, accelerators have contributed much to improvement of business ability of startups through intensive mentoring. Considering that previous studies gave weight to the determinants of investment from the perspective of investors, this study made a comparative analysis on the relative importance of determinants of investment in startups among accelerators, investors and entrepreneurs through the method of AHP. Results show that accelerators and investors regard "managerial characteristics" of startups as of the highest importance, whereas entrepreneurs think that "market characteristics" of startups are the most important. The result stems from an empirical judgment from the perspective of investors that success of startups depends on the ability of entrepreneur, and it is considered that investors evaluated marketability of startups as the most important factor in consideration of investment payback period. The result is similar to the result of previous studies on the determinants of investment determinants of angel investors and venture capitals. This paper is expected to make a contribution to the advancement of investment decision-making model for accelerators to discover startups with high possibility to grow and achieve more in incubation and investment.

키워드

참고문헌

  1. Bahn, S. S., Andrew Z., & Song, K. M.(2002). Evaluation Models for Venture Capitalist's Investment Decision. THE KOREAN JOURNAL OF FINANCIAL MANAGEMENT, 19(2), 271-297.
  2. Bradford, J.(2014.03.14.). Corporate-Run Startup Accelerators: The Good, the Bad, and the Plain Ugly, tech.eu, Retrieved from https://tech.eu/2014/03/14/corporate-run-startup-accelerators-good-bad-plain-ugly/.
  3. Choi, J. B.(2019). A Study on the Effect of Relational Benefits of Accelerators on Relationship Quality and Long-term Orientation. Doctoral Dissertation, Graduate School of Inha University.
  4. Choi, Y. S., & Kim, D. H.(2016). A Comparative Study of the Accelerator and Venture Capital through Investment Behavior. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 11(4), 22-36.
  5. Dhochak, M., & Sharma, A. K.(2016). Using interpretive structural modeling in venture capitalists' decision-making process. Decision, 43(1), 53-65. https://doi.org/10.1007/s40622-015-0106-0
  6. Fehder, D. C., & Hochberg, Y. V.(2014). Accelerators and the regional supply of venture capital investment. SSRN, Retrieved from https://ssrn.com/abstract=2518668.
  7. Franke, N., Gruber, M., Harhoff, D., & Henkel, J.(2006). What you are is what you like-Similarity biases in venture capitalists' evaluations of start-up teams. Journal of Business Venturing, 21, 802-826. https://doi.org/10.1016/j.jbusvent.2005.07.001
  8. Fu, H., Yang, J., & An, Y.(2019). Made for each other: Perfect matching in venture capital markets. Journal of Banking &Finance, 100, 346-358. https://doi.org/10.1016/j.jbankfin.2018.05.015
  9. Goh, B. K.(2020). The influence of Accelerator's Relation Benefits on Start-up Performance. Master's Thesis, Graduate School of Chung-Ang University.
  10. Hall, J., & Hofer, C. W.(1993). Venture capitalists' decision criteria in new venture evaluation. Journal of Business Venturing, 8(1), 25-42. https://doi.org/10.1016/0883-9026(93)90009-T
  11. Han, J. H.(2019). A Study on the Factors affecting Accelerators' Investment Decision on Startup. Master's Thesis, Graduate School of Kookmin University.
  12. Heo, J. Y.(2020). A Study on the Determinants of Investment in Startup Accelerators. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 15(5), 13-35. https://doi.org/10.16972/APJBVE.15.5.202010.13
  13. Hisrich, R. D., & Jankowicz, A. D.(1990). Intuition in venture capital decisions: an exploratory study using a new technique. Journal of Business Venturing, 5(1), 49-62. https://doi.org/10.1016/0883-9026(90)90026-P
  14. Hochberg, Y. V.(2016). Accelerating entrepreneurs and ecosystems: The seed accelerator model. Innovation Policy and the Economy, 16(1), 25-51. https://doi.org/10.1086/684985
  15. Jo, S. K.(2019). An Empirical Study on Investment Decision Factors of Corporate Venture Capital: Focusing on investment in NTBVs. Doctoral Dissertation, Graduate School of Chung-Ang University.
  16. Kim, G. W., & Moon, S. W.(2019). Current Landscape of Accelerators in Korea. Journal of Entrepreneurship and Venture Studies, 22(4), 1-22.
  17. Koo, J. H., Kim, Y. J., Lee, S. Y., Kim, D. H., & Baek, J. Y.(2019). A Study on the Factors Affecting Investment Decision of Korean Venture Capitalist. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 14(4), 1-18. https://doi.org/10.16972/APJBVE.14.4.201908.1
  18. Kim, J. S., Bae, T. J., & Lee S. M.(2021). Key elements that affect selection of the venture capital by a startup. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 16(2), 1-17. https://doi.org/10.16972/APJBVE.16.2.202104.1
  19. Kim, K. S.(2019). A study on the Moderating Effect of Entrepreneur's Competence on the Relationship between Accelerator's Mentoring and Entrepreneurial Performance: Focusing on Korea Credit Guarantee Fund's Accelerating Program Participating Company. Master's Thesis, Graduate School of Global Entrepreneurship Hoseo University.
  20. Kim, S. C., & Kim, H. G.(2019). An Empirical Study on Investment Decision-making Factors of Personal Investment Associations: Focused on Investment Decision-Making Factors of Venture Firms. Korean journal of business administration, 32(11), 2051-2084.
  21. Konczal, J.(2012.08.08). Evaluating the Effects of Accelerators? Not So Fast, Forbes, Retrieved from https://www.forbes.com/sites/kauffman/2012/08/08/evaluating-the-effects-of-accelerators-not-so-fast/?sh=778b5ee96aa1.
  22. Kong, S. H.(2014). A exploratory study on the investment consideration factors of the angel investors in Korea. Master's Thesis, Graduate School of Korea University of Technology Education.
  23. Koo, K, C.(2008). Derivation of the Venture Capital's Investment Decision Making Model Using AHP and Feasibility Analysis. Doctoral Dissertation, Graduate School of Konkuk University.
  24. Korea Institute of Startup & Entrepreneurship Development(2022). Accelerator registration status. Retrieved (2022.8.22.) from https://www.kised.or.kr/prePubDetail/index.es?mid=a10103010000&prePubId=9.
  25. Lee, D. H.(2012). A Study on Factors that affect Investment Decision-Making of Domestic Venture Capital in IT Venture Business: Focused on the Mediated Effect of Encashment Possibility. Doctoral Dissertation, Graduate School of Kookmin University.
  26. MacMillan, I. C., Zemann, L., & Subbanarasimha, P. N.(1987). Criteria distinguishing successful from unsuccessful ventures in the venture screening process. Journal of business venturing, 2(2), 123-137. https://doi.org/10.1016/0883-9026(87)90003-6
  27. Maxwell, A. L., Jeffrey, S. A., & Levesque, M.(2011). Business angel early stage decision making. Journal of Business Venturing, 26(2), 212-225. https://doi.org/10.1016/j.jbusvent.2009.09.002
  28. Ministry of Science and ICT(2020). General guidelines for conducting preliminary feasibility studies for national R&D projects. Retrieved(2022.8.22.) from https://www.law.go.kr.
  29. Ministry of SMEs and Startups(2022). Accelerator investment status, Retrieved(2022.6.1.) from https://www.mss.go.kr/site/smba/main.do.
  30. Park, D. I., Yang, Y. S., & Kim M. S.(2021). A Study on Investors Determinants Addressed by Startup Entrepreneurs: In the Center of Startups in Water Industry. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 16(1), 1-19. https://doi.org/10.16972/APJBVE.16.1.202102.1
  31. Radojevich-Kelley, N., & Hoffman, D. L.(2012). Analysis of accelerator companies: an exploratory case study of their programs, processes, and early results. Small Business Institute Journal, 8(2), 54-70.
  32. Smith, S. W., & Hannigan, T. J.(2015). Swinging for the fences: How do top accelerators impact the trajectories of new ventures?. DRUID, 15, 15-17.
  33. Trotter, A.(2013.08.). Six Lessons for Corporations Building Innovation Accelerators, INNOSIGHT, Retrieved from https://www.innosight.com/insight/six-lessons-for-corporations-building-innovation-accelerators/.
  34. Tyebjee, T. T., & Bruno, A. V.(1984). A Model of Venture Capitalist Investment Activity. Management Science, 30(9), 1051-1066. https://doi.org/10.1287/mnsc.30.9.1051
  35. Yin, B., & Luo, J.(2018). How Do Accelerators Select Startups? Shifting Decision Criteria Across Stages. IEEE Transactions on Engineering Management, 65(4), 574-589. https://doi.org/10.1109/TEM.2018.2791501
  36. Yun, Y., S., & Hwangbo, Y.(2014). Entrepreneurial Characteristics Affecting on Angel Investors's Decision making. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 9(3), 47-61. https://doi.org/10.16972/APJBVE.9.3.201406.47
  37. Zacharakis, A. L., & Meyer, G. D.(1998). A lack of insight: do venture capitalists really understand their own decision process?. Journal of business venturing, 13(1), 57-76. https://doi.org/10.1016/S0883-9026(97)00004-9