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

The Korean Society of Business Venturing (한국벤처창업학회)
권호 표지

Institutional Resources and Systems Affecting Professor Startups and Their Performances: A Panel Data Analysis

대학의 자원과 제도가 교수창업 성과에 미치는 영향에 관한 연구: 패널 데이터 분석

  • 김종운 (한남대학교 글로벌비즈니스전공)
  • Received : 2023.05.01
  • Accepted : 2023.06.28
  • Published : 2023.06.30
Download PDF
⟨ Previous Next ⟩

Abstract

The paper employs a resource-based approach to analyze the relationship between institutional resources and faculty-led startup formation and performance in South Korean four-year universities from 2017 to 2021. The author proposes nine hypotheses to explain how institutional resources or systems affect the number of faculty startups, their employee numbers and the revenue of faculty-led startups, and compare four different groups of university resources for cross-college variation. The findings suggest that institutional factors impacting faculty-led startup performance differ from those impacting other categories of startups. Universities should provide a more favorable environment, including flexible personnel policies and accompanying startup support infrastructure, to encourage faculty-led startups. In contrast, it is more effective for better performance of faculty startups, in terms of their job creation and revenue, to have more financial resources and good paper publications. The results also suggest that university technology-holding companies are crucial for increasing the number of professor startups and their performance. These findings have implications for both university and government policymakers, who aim to facilitate greater participation of professors in startup formation and commercialization of technology.

본 연구는 대학의 자원과 제도가 교수의 창업과 그 성과에 어떤 영향을 미치는지 분석하기 위하여 한국의 134개 4년제 대학의 2017년 부터 2021년까지의 패널 자료를 분석하여, 창업생태계의 중요한 요소로 자리매김하고 있는 대학이 그 소속 교수의 창업과 창업기업의 경영성과에 미치는 영향을 도출하였다. 본 분석에서는 종속변수로 교수창업기업 수, 교수창업기업의 근로자 수, 그리고 교수창업기업의 매출액을 사용하였고, 독립변수로는 연구 및 사업화 자원의 규모, 창업휴직 허용기간, 기술지주회사 및 창업지원조직의 존재와 규모, 그리고 연구 논문 및 특허 실적을 활용하였다. 분석 결과는 교수들의 창업 활동을 개시하는 데 영향을 미치는 요인과 그 창업기업의 경영성과에 미치는 요인에는 다소 차이가 있다는 점을 보여주었다. 교수창업기업수에 유의하게 영향을 미치는 요인들은 창업지원조직 규모와 기술지주회사 보유 여부, 그리고 창업휴직 허용기간이었고, 교수창업기업의 고용에 유의하게 영향을 미치는 요인들은 사업화 자금의 규모 및 기술지주회사 보유 여부였다. 한편, 교수 창업기업의 매출액에 유의하게 영향을 미치는 요인들은 해외유명저널 게재 논문건 수와 사업화 자금의 규모 및 기술지주회사 보유 여부였다. 본 연구의 시사점으로는, 교수의 창업을 촉진하기 위하여 대학의 인사제도와 지원체제를 갖추면 교수의 창업 활동이 늘어나지만, 교수 창업기업들의 고용이나 매출의 확대를 통한 성장을 위하여는 창업 아이템의 근원이 되는 우수연구의 장려와 함께 사업화 자금의 확대가 필요하다는 것이다. 또한, 교수들의 창업이나 경영 활동에 있어서 기술지주회사의 역할이 중요하다는 점도 검증되었다. 따라서 교수창업 활성화를 위하여 대학의 제도나 인프라도 중요하지만 창업기업의 활발한 성장을 위하여는 우수한 연구 활동이 기반이 되어야 한다는 것이다.

Keywords

References

  1. Ahlstrom, D., & Bruton, G. D.(2006). Venture Capital in Emerging Economies: Networks and Institutional Change. Entrepreneurship Theory and Practice, 30(2), 299-320.  https://doi.org/10.1111/j.1540-6520.2006.00122.x
  2. Association of University Technology Managers(2023). AUTM 2021 Licensing Activity Survey, Retrieved on February 10, 2023 from www.autm.net. 
  3. Cho, H. J.(2012). A Study on the Performance Factors of TechnologyCommercialization of Universities in Korea in Terms ofthe Resources-based View. The Journal of Intellectual Property. 7(3), 217-245.  https://doi.org/10.34122/jip.2012.09.7.3.217
  4. Choi, D. S., Sung, C. S., & Park, J. Y.(2020). How Does Technology Startups Increase Innovative Performance? The Study of Technology Startups on Innovation Focusing on Employment Change in Korea, Sustainability, 12(2), 551. 
  5. Chukumba, C., & Jensen, R.(2005). University Invention, Entrepreneurship, and Start-ups. www.nber.org 
  6. Dahl, M. S., & Sorenson, O.(2013). The Who, Why, and How of Spinoffs. Industrial and Corporate Change, 23(3), 661-688.  https://doi.org/10.1093/icc/dtt032
  7. Di Gregorio, D., & Shane, S.(2003). Why Do Some Universities Generate More Start-ups Than Others?. Research policy, 32(2), 209-227.  https://doi.org/10.1016/S0048-7333(02)00097-5
  8. Etzkowitz, H.(1998). The Norms of Entrepreneurial Science: Cognitive Effects of the New University-industry fFriedmandLinkages. Research Policy, 27(8), 823-833.  https://doi.org/10.1016/S0048-7333(98)00093-6
  9. Goldfarb, B., Henrekson, M., & Rosenberg, N.(2001). Demand vs. Supply Driven Innovations: US and Swedish Experiences in Academic Entrepreneurship. SSE/EFI Working Paper Series in Economics and Finance. 
  10. Grimaldi, R., Kenney, M., Siegel, D. S., & Wright, M.(2011). 30 Years After Bayh-Dole: Reassessing Academic Entrepreneurship. Research policy, 40(8), 1045-1057.  https://doi.org/10.1016/j.respol.2011.04.005
  11. Henrekson, M., & Rosenberg, N.(2001). Designing Efficient Institutions for Science-based Entrepreneurship: Lesson from the US and Sweden. The Journal of Technology Transfer, 26(3), 207-231.  https://doi.org/10.1023/A:1011153922906
  12. Johnson, D. K., & Acrinee, K. M.(2009). Challenges to Technology Transfer. A Literature Review of the Constraints on Environmental Technology Dissemination. Colorado College Working Paper No. 2009-07. 
  13. Khurana, R., & Shane, S.(2000). Career Experiences and Firm Foundings. Available at SSRN 172513. 
  14. Kim, H.(2012). The Entrepreneurial Factors and Entrepreneurial Intention on Student. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 7(1), 263-271.  https://doi.org/10.16972/APJBVE.7.1.201203.263
  15. Kim, H. J., Kim, H C., & Jang J. S.(2012). A Study on the Effects of Competency Characteristics of BI Manager of Business Incubator on the Firm's Performance, Management Consulting Research, 12(4), 35-54. 
  16. Kim, J. W.(2017). An Analysis on the Effects of University Capacity and Resources on the Professor Startups' Performance. Journal of Korea Technology Innovation Society, 20(3), 642-663. 
  17. Kim, Y. J., & Shin, S. W.(2016). A Study on Patented Technology and New Firm Formation from Korean Universities. The Journal of Intellectual Property. 11(1), 163-196.  https://doi.org/10.34122/jip.2016.03.11.1.163
  18. Korea Statistics Service(2023). Statistics on University Startups, Retrieved on February 20. 2023 from stat.kosis.kr. 
  19. Levin, S. G., & Stephan, P. E.(1991). Research Productivity Over the Life Cycle: Evidence for Academic Scientists. The American Economic Review, 114-132. 
  20. Lockett, A., & Wright, M.(2005). Resources, Capabilities, Risk Capital and the Creation of University Spin-out Companies. Research Policy, 34(7), 1043-1057.  https://doi.org/10.1016/j.respol.2005.05.006
  21. Lockett, A., Thompson, S., & Morgenstern, U.(2009). The Development of the Resource-based View of the Firm: A Critical Appraisal. International Journal of Management Reviews, 11(1), 9-28.  https://doi.org/10.1111/j.1468-2370.2008.00252.x
  22. Lowe, R. A.(2006). Who Develops a University Invention? The Impact of Tacit Knowledge and Licensing Policies. Journal of Technology Transfer, 31(4), 415-429.  https://doi.org/10.1007/s10961-006-0003-y
  23. Ministry of Education of the Korean Government(2019). Report on University-Industry Collaborations. Retrieved(2023.01.15.), from www.moe.go.kr. 
  24. Ministry of Education of the Korean Government(2020). Policies on University Commercialization and Professor Startups, Retrived(2023.05.10.), from www.moe.go.kr 
  25. Ministry of Education of the Korean Government(2023). Information on Universities, Retrieved(2022.12.22.), from www.academyinfo.go.kr. 
  26. Newbert, S. L.(2007). Empirical Research on the Resource- based View of the Firm: An Assessment and Suggestions for Future Research. Strategic Management Journal, 28(2), 121-146.  https://doi.org/10.1002/smj.573
  27. O'shea, R. P., Allen, T. J., Chevalier, A., & Roche, F.(2005). Entrepreneurial Orientation, Technology Transfer and Spinoff Performance of US Universities. Research policy, 34(7), 994-1009.  https://doi.org/10.1016/j.respol.2005.05.011
  28. Quacquarelli Symonds(2023). QS World University Rankings. Retrieved(2023.03.10.), from www.qs.com. 
  29. Roberts, E. B.(1991). Entrepreneurs in High Technology: Lessons from MIT and Beyond. Oxford University Press. 
  30. Shane, S.(2001). Technological Opportunities and New Firm Creation. Management Science, 47(2), 205-220.  https://doi.org/10.1287/mnsc.47.2.205.9837
  31. Showalter, D., & Jensen, R.(2019). University Startup Intensity and Faculty Quality. Economic Inquiry, 57(2), 855-875.  https://doi.org/10.1111/ecin.12752
  32. University News Network(2021). On Professor Startups. Retrieved(2023.05.10.), from news.unn.net 
  33. Wernerfelt, B.(1984). A Resource-based View of the Firm. Strategic Management Journal, 5(2), 171-180.  https://doi.org/10.1002/smj.4250050207
  34. Zucker, L. G., Darby, M. R., & Armstrong, J.(1998). Geographically Localized Knowledge: Spillovers or Markets?. Economic Inquiry, 36(1), 65-86. https://doi.org/10.1111/j.1465-7295.1998.tb01696.x