Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
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The Effects of Entrepreneurial Experience, Business Model Innovation and Financing on the Performance of New Ventures

벤처기업 창업자의 창업경험, 비즈니스 모델 혁신 및 자금조달이 초기 성과에 미치는 영향

  • Jongseon Lee (Department of International Business and Trade, Myongji University) ;
  • Sangmoon Park (Division of Business Administration & Accounting, Kangwon National University)
  • 이종선 (명지대학교 국제통상학과) ;
  • 박상문 (강원대학교 경영회계학부)
  • Received : 2024.02.29
  • Accepted : 2024.03.24
  • Published : 2024.03.31
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Abstract

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

Keywords

Acknowledgement

이 논문은 2022년도 강원대학교 대학회계의 지원을 받아 수행한 연구임

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