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

  • 제18권1호
  • /
  • Pages.253-270
  • /
  • 2023
  • /
  • 1975-7557(pISSN)
  • /
  • 2671-9509(eISSN)
한국벤처창업학회 (The Korean Society of Business Venturing)
권호 표지

비즈니스 모델 혁신 프레임워크 기반의 액셀러레이터 투자결정요인 실증 분석

Empirical Analysis of Accelerator Investment Determinants Based on Business Model Innovation Framework

  • Jung, Mun-Su (Graduate School of Business Administration, Chonnam National University) ;
  • Kim, Eun-Hee (College of Business Administration, Chonnam National University)
  • 투고 : 2023.01.13
  • 심사 : 2023.02.21
  • 발행 : 2023.02.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

스타트업에게 전문보육과 투자를 동시에 제공함으로써 스타트업의 생존율을 크게 개선하여 주목을 받고 있는 액셀러레이터의 투자결정요인에 대한 연구는 점점 확대되고 있다. 그러나 선행 연구들은 초기 단계로 투자결정요인 개발 시 이론적 기반을 갖추지 못한 상황으로 유사 투자자인 엔젤투자자나 벤처캐피탈의 투자결정요인을 사용하고 있으며 실증연구를 통해 중요도와 우선순위를 분석하는 단계에 머물고있다. 따라서 본 연구는 선행연구에서 비즈니스 모델 혁신 프레임워크를 기반으로 개발된 액셀러레이터 투자결정요인을 사용하여 투자결정요인의 변별력과 유효성을 국내 최초로 실증 검증하였다. 이를 위해 먼저 액셀러레이터의 스타트업 투자 성공과 실패의 판단 기준을 스케일업 이론을 기반으로 설정한 후 국내 14개 액셀러레이터의 22명의 투자전문가를 대상으로 설문조사를 시행한 결과 액셀러레이터의 스타트업 투자 후 스케일업에 성공한 스타트업 52개사, 스케일업에 실패한 스타트업 45개사 등의 총 97개 스타트업의 유효한 자료를 확보하였으며 이 두 그룹 간의 액셀러레이터 투자결정요인별 평균 차이를 검증하기 위해 독립표본 t-검정을 실시하였다 분석 결과 총 21개의 투자결정요인 중 9개(43%) 요인에서 평균 차이를 확인함으로써 비즈니스 모델 혁신 프레임워크 기반의 액셀러레이터의 투자결정요인이 실무적으로 액셀러레이터가 성공 가능한 스타트업을 발굴하고 투자의사결정을 하는데 상당한 변별력을 보유한 것으로 확인하였다. 또한 스타트업의 업종별 혁신의 특성을 고려하여 연구 대상 스타트업 표본을 제조업 분야 스타트업과 서비스업 분야 스타트업으로 구분하여 분석한 결과 제조업 분야 스타트업에서는 비즈니스 모델, 전략, 동적역량 요인에서 평균 차이가 발생한 반면 서비스업 분야 스타트업은 동적역량 요인에서만 평균 차이가 발생하였다. 본 연구는 비즈니스 모델 혁신 프레임워크를 기반으로 도출한 액셀러레이터 투자결정요인의 실무적 유효성을 실증연구를 통해 국내 최초로 검증하였다는 점에서 학문적 시사점이 크며, 액셀러레이터에게 투자의사결정을 위한 이론적 근거와 세부 투자결정요인에 대한 구체적인 정보를 제공함으로써 효과적인 투자를 할 수 있게 한다는 점에서 실무적 가치가 높다.

Research on investment determinants of accelerators, which are attracting attention by greatly improving the survival rate of startups by providing professional incubation and investment to startups at the same time, is gradually expanding. However, previous studies do not have a theoretical basis in developing investment determinants in the early stages, and they use factors of angel investors or venture capital, which are similar investors, and are still in the stage of analyzing importance and priority through empirical research. Therefore, this study verified for the first time in Korea the discrimination and effectiveness of investment determinants using accelerator investment determinants developed based on the business model innovation framework in previous studies. To this end, we first set the criteria for success and failure of startup investment based on scale-up theory and conducted a survey of 22 investment experts from 14 accelerators in Korea, and secured valid data on a total of 97 startups, including 52 successful scale-up startups and 45 failed scale-up startups, were obtained and an independent sample t-test was conducted to verify the mean difference between these two groups by accelerator investment determinants. As a result of the analysis, it was confirmed that the investment determinants of accelerators based on business model innovation framework have considerable discrimination in finding successful startups and making investment decisions. In addition, as a result of analyzing manufacturing-related startups and service-related startups considering the characteristics of innovation by industry, manufacturing-related startups differed in business model, strategy, and dynamic capability factors, while service-related startups differed in dynamic capabilities. This study has great academic implications in that it verified the practical effectiveness of accelerator investment determinants derived based on business model innovation framework for the first time in Korea, and it has high practical value in that it can make effective investments by providing theoretical grounds and detailed information for investment decisions.

키워드

참고문헌

  1. Achtenhagen, L., Naldi, L., & Melin, L.(2010). "Business growth"-Do practitioners and scholars really talk about the same thing?. Entrepreneurship theory and practice, 34(2), 289-316. https://doi.org/10.1111/j.1540-6520.2010.00376.x
  2. Afuah, A.(2004). Business models: A strategic management approach. New York: McGraw-Hill/Irwin.
  3. Andreini, D., Bettinelli, C., Foss, N. J., & Mismetti, M.(2021). Business model innovation: a review of the process-based literature. Journal of Management and Governance, 1-33.
  4. Ardichvili, A., Cardozo, R., & Ray, S.(2003). A theory of entrepreneurial opportunity identification and development. Journal of Business Venturing, 18(1), 105-123. https://doi.org/10.1016/S0883-9026(01)00068-4
  5. Bahn, S. S., & Song, K. M.(2004). Evaluation Model and Factors for Investment Decision Making of Korean Venture Capitalists. Korean Jouranl of Business Administration, 42, 267-291.
  6. Barney, J.(1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
  7. Blank, S., & Dorf, B.(2020). The startup owner's manual: The step-by-step guide for building a great company. New Jersey: John Wiley & Sons.
  8. Byun, J. W.(2022). A Study on the Determinants of Startup Investment in Accelerators. Doctoral Dissertation, Sungkyunkwan University.
  9. Casadesus-Masanell, R., & Ricart, J. E.(2010). From Strategy to Business Models and onto Tactics. Long Range Planning, 43(2-3), 195-215. https://doi.org/10.1016/j.lrp.2010.01.004
  10. 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), 27-36.
  11. Clauss, T.(2017). Measuring business model innovation: conceptualization, scale development, and proof of performance. R&d Management, 47(3), 385-403. https://doi.org/10.1111/radm.12186
  12. Cohen, S., & Hochberg, Y. V.(2014). Accelerating Startups: The Seed Accelerator Phenomenon, SSRN Electronic Journal. Retrieved from https://ssrn.com/abstract=2418000.
  13. Cohen, S. L., Binghan, C. B., & Hallen, B. L.(2019). The role of accelerator designs in mitigating bounded rationality in new ventures. Administrative Science Quarterly, 64(4), 810-854. https://doi.org/10.1177/0001839218782131
  14. Coutu, S.(2014). The Scale-up Report. UK Economic Growth: UK.
  15. Crisan, E. L., Salanta, I. I., Beleiu, I. N., Bordean, O. N., & Bunduchi, R.(2019). A systematic literature review on accelerators. The Journal of Technology Transfer, 46(1), 62-89.
  16. Cucculelli, M., & Bettinelli, C.(2015). Business models, intangibles and firm performance: evidence on corporate entrepreneurship from Italian manufacturing SMEs. Small Business Economics, 45(2), 329-350. https://doi.org/10.1007/s11187-015-9631-7
  17. Davidsson, P., & Wiklund, J.(2006). Conceptual and empirical challenges in the study of firm growth. Entrepreneurship and the Growth of Firms, 1(1), 39-61.
  18. Demil, B., & Lecocq, X.(2010). Business model evolution: in search of dynamic consistency. Long Range Planning, 43(2-3), 227-246. https://doi.org/10.1016/j.lrp.2010.02.004
  19. Drori, I., & Wright, M.(2018). Accelerators: Characteristics, trends and the new entrepreneurial ecosystem. Cheltenham: Edward Elgar Publishing.
  20. Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., & Dushnitsky, G.(2017). A Review and Road Map of Entrepreneurial Equity Financing Research: Venture Capital, Corporate Venture Capital, Angel Investment, Crowd funding, and Accelerators. Journal of Management, 43(6), 1820-1853.
  21. Evangelista, R., & Vezzani, A.(2010). The economic impact of technological and organizational innovations. A firm-level analysis. Research Policy, 39(10), 1253-1263. https://doi.org/10.1016/j.respol.2010.08.004
  22. Foss, N. J., & Saebi, T.(2017). Fifteen Years of Research on Business Model Innovation: How Far Have We Come, and Where Should We Go?. Journal of Management, 43(1), 200-227. https://doi.org/10.1177/0149206316675927
  23. Futterer, F., Schmidt, J., & Heidenreich, S.(2018). Effectuation or causation as the key to corporate venture success? Investigating effects of entrepreneurial behaviors on business model innovation and venture performance. Long Range Planning, 51(1), 64-81. https://doi.org/10.1016/j.lrp.2017.06.008
  24. Gadrey, J., Gallouj, F., & Weinstein, O.(1995). New Modes of Innovation: How Services Benefit Industry. International Journal of Service Industry Management, 6(3), 4-16. https://doi.org/10.1108/09564239510091321
  25. Gassmann, O., Frankenberger, K., & Sauer, R.(2016). Exploring the field of business model innovation: New theoretical perspectives. California: Springer.
  26. George, G., & Bock, A. J.(2011). The Business Model in Practice and its Implications for Entrepreneurship Research. Entrepreneurship theory and practice. 35(1), 83-111. https://doi.org/10.1111/j.1540-6520.2010.00424.x
  27. Hamel, G., & Prahalad, C. K.(2000). Leading the Revolution. Boston: Harvard Business School Press.
  28. Han, J. H., & Hwangbo, Y.(2020). Determinants of Accelerators' Investment. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 15(1), 31-44. https://doi.org/10.16972/apjbve.15.1.202002.31
  29. Han, J. U., Kim, B. G., & Kim, W. G.(2016). A Study on Practical Valuation Assessment Indexing and Interpretation for Venture Company Investment. Journal of Technology Innovation, 24(3), 1-28.
  30. Heo, J. R.(2022). A Study on the Determinants of Accelerator Investment. Master Thesis, Hansung University.
  31. 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.
  32. Howells, J.(2001). The nature of innovation in services. Innovation and Productivity in Services. Paris: OECD Publishing.
  33. Jo, Y. H.(2013). Business model ZEN. Seoul: Visionarena. 
  34. Jung, M. S., & Kim, E. H.(2022a). A Study of Accelerator Investment Determinants Based on Business Model Innovation Framework. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 17(2), 65-80.
  35. Jung, M. S., & Kim, E. H.(2022b). An Analysis of Investment Determinants of Korean Accelerators: From the Perspective of Business Model Innovation. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 17(5), 1-16.
  36. Kang, Y. R.(2014). Trends: Current Status of Startup Support Systems in Major European Countries: Focusing on Accelerators. ICT & Media Policy , 26(4), 44-52.
  37. Kaplan, R. S., & Norton, D. P.(2004). Strategy Maps: Converting Intangible Assets into Tangible Outcomes. Boston: Harvard Business School Press.
  38. Kim, S. U., Kim. Y. H., Lee, J. U. Mo, M. R.(2018). Regional Small and Medium-Sized Urban Innovation through Scale-Up. STEPI Insight, 225, 1-44.
  39. Klang, D., Wallnofer, M., & Hacklin, F.(2014). The business model paradox: A systematic review and exploration of antecedents. International Journal of Management Reviews, 16(4), 454-478.
  40. 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.
  41. Koo, K. C., Lee, C. G & Yoo, W. J.(2008). Derivation of the Korean Venture Capital's Investment Decision Making Model and Feasibility Analysis. Advancing Small Enterprise Innovation Research, 11(4), 1-20.
  42. Krishnan, S. N., Ganesh, L. S., & Rajendran, C.(2020). Characterizing and distinguishing 'innovative start-ups' among micro, small and medium enterprises (MSME). Journal of New Business Ventures, 1(1-2), 125-156. https://doi.org/10.1177/2632962X20964418
  43. Lee, H. H., Hwangbo, Y., & Gong, C. H.(2017). A Study on the Factors Determining Startup's Initial Success. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(1), 1-13.
  44. Lee, J. W.(2016). Accelerator, a leading role in popularization of start-ups. Entrepreneurship Korea, 1, 7-10.
  45. Lee, Y. J.(2013). A plan to revitalize start-ups in the era of creative economy(191). Seoul: Science and technology policy.
  46. Massa, L., Tucci, C. L., & Afuah, A.(2016). A Critical Assessment of Business Model Research. Academy of Management Annals, 11(1), 73-104.
  47. MacMillan, I. C., Siegel, R., & Narasimha, P. S.(1985). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1(1), 119-128. https://doi.org/10.1016/0883-9026(85)90011-4
  48. McKelvie, A., & Wiklund, J.(2010). Advancing firm growth research: A focus on growth mode instead of growth rate. Entrepreneurship theory and practice, 34(2), 261-288. https://doi.org/10.1111/j.1540-6520.2010.00375.x
  49. Ministry of SMEs and Startups.(2020). Registered as a Accelerator, more than 300 companies. Retrieved(2022.1.20.) from https://mss.go.kr/site/smba/ex/bbs/View.do?cbIdx=86&bcIdx=1022587.
  50. Muzyka, D., Birley, S., & Leleux, B.(1996). Trade-offs in the investment decisons of European venture capitalists. Journal of Business Venturing, 11(4), 273-287. https://doi.org/10.1016/0883-9026(95)00126-3
  51. Osterwalder, A., & Pigneur, Y.(2010). Business model generation: a handbook forvisionaries, game changers, and challengers. New Jersey: John Wiley & Sons.
  52. Porter, M. E.(1997). Competitive strategy. Measuring Business Excellence, 1(2), 12-17. https://doi.org/10.1108/eb025476
  53. Rivkin, J. W.(2000). Imitation of complex strategies. Management Science, 46(6), 824-844. https://doi.org/10.1287/mnsc.46.6.824.11940
  54. Shafer, S. M., Smith, H. J., & Linder, J. C.(2005). The power of business models. Business horizons, 48(3), 199-207. https://doi.org/10.1016/j.bushor.2004.10.014
  55. Selznick, P.(1948). Foundations of the theory of organization. American sociological review, 13(1), 25-35. https://doi.org/10.2307/2086752
  56. Sirmon, D. G., Hitt, M. A., & Ireland, R. D.(2007). Managing firm resources in dynamic environments to create value: Looking inside the black box. Academy of management review, 32(1), 273-292.
  57. Son, K. N.(2019). Scale-Up Support Policy and Implications of Major Countries. ICT & Media Policy, 31(2), 1-16.
  58. Sosna, M., Trevinyo-Rodriguez, R. N., & Velamuri, S. R.(2010). Business model innovation through trial-and-error learning: The Naturhouse case. Long Range Planning, 43(2-3), 383-407.
  59. Tasic, I., Montoro-Sanchez, A., & Cano, M. D.(2015). Startup accelerators: an overview of the current state of the acceleration phenomenon. Cartagena: In XVIII Congresso AECA.
  60. Teece, D. J.(2007). Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319-1350. https://doi.org/10.1002/smj.640
  61. Teece, D. J.(2010). Business Models, Business Strategy and Innovation. Long Range Planning, 43(2-3), 172-194. https://doi.org/10.1016/j.lrp.2009.07.003
  62. Teece, D. J.(2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40-49. https://doi.org/10.1016/j.lrp.2017.06.007
  63. Tether, B. S.(2005). Do Services Innovate (Differently)? Insights from the European Innobarometer Survey. Industry and Innovation, 12(2), 153-184. https://doi.org/10.1080/13662710500087891
  64. Winter, S. G.(2003). Understanding dynamic capabilities. Strategic Management Journal, 24(10), 991-995. https://doi.org/10.1002/smj.318
  65. Yip, G. S.(2004). Using strategy to change your business model. Business Strategy Review, 15(2), 17-24. https://doi.org/10.1111/j.0955-6419.2004.00308.x
  66. Zali, M. R., Faghih, N., Ghotbi, S., & Rajaie, S.(2013). The effect of necessity and opportunity driven entrepreneurship on business growth. International Research Journal of Applied and Basic Sciences, 7(2), 100-108.
  67. Zott, C., & Amit, R.(2010). Business model design: An activity system perspective. Long Range Planning, 43(2-3), 216-226. https://doi.org/10.1016/j.lrp.2009.07.004
  68. Zott, C., Amit, R., & Massa, L.(2011). The Business Model: Recent Developments and Future Research. Journal of management, 37(4), 1019-1042.