Smart Media Journal (스마트미디어저널)

THE KOREAN INSTITUTE OF SMART MEDIA (한국스마트미디어학회)
권호 표지
DOI QR코드

DOI QR Code

From Invisible to Irresistible: Intellectual Property and Digital Media & Entertainment Ventures in Korea

지적재산권 관리가 국내 디지털 미디어 콘텐츠 업체 VC 투자 유치에 미치는 영향

  • Received : 2023.01.25
  • Accepted : 2023.04.10
  • Published : 2023.04.30
Download PDF
⟨ Previous Next ⟩

Abstract

In this paper, we investigate the relationship between a company's Intellectual Property (IP) portfolio strength and its success in obtaining venture funding in the Korean digital media & entertainment industry. Using data from 685 Korean digital media & entertainment companies registered in Crunchbase, a global database provider of venture funding information, we found that a strong IP portfolio is positively associated with funding success. Furthermore, our study revealed that the effect of IP portfolio strength on funding success is stronger for younger companies, suggesting that IP portfolio is more critical for firms that have less reputation and track record.

본 연구는 디지털 미디어 콘텐츠 산업에서 기업의 지적재산권(IP) 포트폴리오가 벤처캐피털(VC) 조달 성공에 미치는 영향을 분석한다. 스타트업체와 VC 펀딩 정보를 제공하는 Crunchbase에 등록된 685개 국내 디지털미디어 콘텐츠 기업들을 대상으로 분석한 결과, IP 포트폴리오가 우수한 기업일수록 VC 펀딩에 더 유리하다는 점을 발견하였으며, 이는 특히 신생 기업에게서 더 강하게 나타났다. 본 연구 결과는 아직 평판과 실적이 충분하게 형성되지 않은 기업일수록 IP 포트폴리오를 더 철저하게 관리하는 것이 중요하다는 시사점을 준다.

Keywords

Acknowledgement

이 논문은 2022년도 정부(교육과학기술부)의 재원으로 한국연구재단의 지원을 받아 수행된 연구임 (No. NRF-2020R1G1A1007299).

References

  1. R.J. Mann and T.W. Sager, "Patents, venture capital, and software start-ups," Research Policy, vol. 36, no. 2, pp. 193-208, 2007
  2. C. Helmers and M. Rogers, "Does patenting help high-tech start-ups?," Research Policy, vol. 40, no. 7, pp. 1016-1027, 2011 https://doi.org/10.1016/j.respol.2011.05.003
  3. L. Zhang, Y. Guo and G. Sun, "How patent signals affect venture capital: The evidence of bio-pharmaceutical start-ups in China," Technological Forecasting and Social Change, 145(1), pp.93-104, 2019 https://doi.org/10.1016/j.techfore.2019.05.013
  4. S.J. Graham and T.S. Sichelman, "Intellectual property and technology startups: what entrepreneurs tell us," In Technological Innovation: Generating Economic Results, vol. 26, pp. 163-199, Emerald Group Publishing Limited., 2016
  5. M. Reitzig and P. Puranam, "Value appropriation as an organizational capability: The case of IP protection through patents," Strategic Management Journal, vol. 30, no. 7, pp. 765-789, 2009
  6. R. Belderbos, B. Cassiman, D., Faems, B. Leten and B. Van Looy, "Co-ownership of intellectual property: Exploring the value-appropriation and value-creation implications of co-patenting with different partners," Research Policy, vol. 43, no. 5, pp. 841-852, 2014 https://doi.org/10.1016/j.respol.2013.08.013
  7. B. Power and G.C. Reid, "The impact of intellectual property types on the performance of business start-ups in the United States," International Small Business Journal, vol. 39, no. 4, pp. 372-400, 2021 https://doi.org/10.1177/0266242620967009
  8. D. Suh and J. Hwang, "An analysis of the effect of software intellectual property rights on the performance of software firms in South Korea," Technovation, vol. 30, no. 5, pp. 376-385, 2010 https://doi.org/10.1016/j.technovation.2009.08.005
  9. I. De Leon, J.F. Donoso and I. de Len, Innovation, Startups and Intellectual Property Management, Springer, 2017
  10. G.B. Halt, J.C. Donch, A.R. Stiles and R. Fesnak, Intellectual property and financing strategies for technology startups, Springer, 2017
  11. F. Ferrati and M., Muffatto, "Using Crunchbase for research in Entrepreneurship: data content and structure," In 19th European Conference on Research Methodology for Business and Management Studies (ECRM), pp. 342-351, Aveiro, Portugal, Jun. 2020
  12. K. Zbikowski and P. Antosiuk, "A machine learning, bias-free approach for predicting business success using Crunchbase data," Information Processing & Management, vol. 58, no. 4, p. 102555, 2021
  13. Y.E. Liang and S.T.D., Yuan, "Predicting investor funding behavior using crunchbase social network features," Internet Research, 2016
  14. F. Batista and J.P. Carvalho, "Text based classification of companies in CrunchBase," In 2015 IEEE International Conference on Fuzzy Systems (FUZZ-IEEE), pp. 1-7, IEEE, Aug. 2015
  15. S. Golkowsky, ed., Intellectual Property Strategies for Start-ups: A Practical Guide, Edward Elgar Publishing, 2022
  16. W.C. Lee, J. Ha, C.K. Lee, "A Study on the Factors Affecting the Success of Crowdfunding for Game Development Projects," Smart Media Journal, vol. 6, no. 4, pp. 94-100, 2017
  17. W.J. Hyun, "Terrestrial UHD activation strategy to strengthen global competitiveness," Smart Media Journal, vol. 12, no. 1, pp. 92-101, Feb. 2023