Browse > Article

A Study on the Core Management Competencies of Ventures Formed by Entrepreneur's Incubator Organizations and Startup Experience: Focusing on the Biomedical Industry in Korea  

Kim, Doyeon (Technology Management Economics and Policy Program(TEMEP), Seoul National University)
Kim, Yeonbae (Technology Management Economics and Policy Program(TEMEP) & Graduate School of Engineering Practice, Seoul National University)
Song, Changhyeon (Technology Management Economics and Policy Program(TEMEP), Seoul National University)
Publication Information
Asia-Pacific Journal of Business Venturing and Entrepreneurship / v.15, no.1, 2020 , pp. 269-284 More about this Journal
Abstract
This study explored the core management competencies of ventures formed by the entrepreneur's incubator organization and startup experience in the biomedical industry in Korea. An in-depth interview was conducted with 13 entrepreneurs of biomedical ventures. Based on the previous literature, the core management competencies of the ventures, which are influenced by the incubator organization and startup experience, are classified into 'technical competency', 'organization management competency', 'network competency' and 'market pioneering competency'. Analysis of the in-depth interview has revealed 18 factors influencing the formation of the core management competencies of ventures. Qualitative factors that were not addressed by the previous empirical studies were identified in this study. These include 'confidence in technology development', 'way of performing R&D', 'organizational culture' etc. This study is characterized by its scarcity as a qualitative study that deals with the entrepreneurs' prior experience. In addition, this study categorize the core management competencies which are formed by entrepreneurs' incubator organization and startup experience as four factors. This result is expected to be useful in future research.
Keywords
Entrepreneurial Human Capital; Incubator Organizations; Startup Experience; Core Management Competencies; Bio-medicine Industry; In-depth Interview;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
연도 인용수 순위
1 Kirschenhofer, F., & Lechner, C.(2012). Performance Drivers of Serial Entrepreneurs: Entrepreneurial and Team Experience. International Journal of Entrepreneurial Behavior & Research, 18(3), 305-329.   DOI
2 Lee, J., Oh, S., & Kim, M.(2017). Whom should you start a company with?: Exploring the Component of Deep-Level Diversity in Start-up Co-founding Teams. Korean Journal of Industrial and Organizational Psychology, 30(1), 49-76.   DOI
3 Lincoln, Y. S., & Guba, E. G.(1985). Naturalistic Inquiry. Beverly Hills, California: Sage Publications.
4 Ng, S. C., Pearson, A. W., & Ball, D. F.(1992). Strategies of Biotechnology Companies. Technology Analysis and Strategic Management, 4(4), 351-361.   DOI
5 Oh, J., Lee, D., & Kang, J.(2015). An Empirical Study on Influence of Venture Preparation on Business Performance of Initial Venture Foundation: Focused on the Effect of Controlling The Period of Venture Preparation. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 10(4), 67-80.   DOI
6 Park, S., & Lee, M.(2019). Success and Failure of Entrepreneurial Experience and New Venture Performance: Moderating Effect of Firm Age. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 14(4), 51-62.   DOI
7 Phelps, C., Heidl, R., & Wadhwa, A.(2012). Knowledge, Networks and Knowledge Networks: A Review and Research Agenda. Journal of Management, 38(4), 1115-1166.   DOI
8 Roure, J., & Keeley, R.(1990). Predictors of success in new technology based ventures. Journal of Business Venturing, 5(4), 201-220.   DOI
9 Shane, S.(2000). Prior Knowledge and the Discovery of Entrepreneurial Opportunities. Organization Science, 11(4), 448-469.   DOI
10 Simon, C., & Sullivan, M.(1993). The Measurement and Determinants of Brand Equity: A Financial Approach. Marketing Science, 12(1), 28-52.   DOI
11 Song, J.(2011). Internal and External Factors Affecting Success Confidence of Youth Start-up: Focused on the Youth Entrepreneurship Program of the Small and Medium Business Corporation. Master's Thesis, Graduate School of Global Entrepreneurship, Hoseo University.
12 Sutton, R. I., & Callahan, A. L.(1987). The Stigma of Bankruptcy: Spoiled Organizational Image and its Management. Academy of Management Journal, 30(3), 405-436.   DOI
13 Westhead, P., Ucbasaran, D., & Wright, M.(2003). Differences between Private Firms Owned by Novice, Serial and Portfolio Entrepreneurs: Implications for Policy Makers and Practitioners. Regional Studies, 37(2), 187-200.   DOI
14 Yang, H.(2017). Current Status of Entrepreneurship Policy and Plans for Efficiency. iKIET Report on Industrial Economic Issues, Sejong: Korea Institute for Industrial Economics & Trade.
15 Yoon, B., & Park, J.(2007). A Study on the Relationship Between the Performance of Venture Business and CEO's Characteristics. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 2(3), 145-168.   DOI
16 Zahra, S. A.(1996). Technology Strategy and New Venture Performance: A Study of Corporate-sponsored and Independent Biotechnology Ventures. Journal of Business Venturing, 11(4), 289-321.   DOI
17 Zhang, J.(2011). The Advantage of Experienced Start-up Founders in Venture Capital Acquisition: Evidence from Serial Entrepreneurs. Small Business Economics, 36(2), 187-208.   DOI
18 Baron, R. A., & Ensley, M. D.(2006). Opportunity Recognition as the Detection of Meaningful Patterns: Evidence from Comparisons of Novice and Experienced Entrepreneurs. Management Science, 52(9), 1331-1344.   DOI
19 Bae, Y.(2014). Performance Drivers of Entrepreneurial Restarts. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 9(3), 13-22.   DOI
20 Bang, H., & Jeon, I.(2015). A Study on the Effect of Mentoring Skills and Mentoring Functions on Initial Start-up Performance and Satisfaction. The Journal of the Korea Contents Association, 15(5), 444-454.   DOI
21 Baum, J. A. C., & Silverman, B. S.(2004). Picking Winners or Building Them? Alliance, Intellectual, and Human Capital as Selection Criteria in Venture Financing and Performance of Biotechnology Startups. Journal of Business Venturing, 19(3), 411-436.   DOI
22 Benard, H. R.(1995). Research Methods in Anthropology. London: Sage Publications.
23 Bierly, P., Damanpour, F., & Santoro, M.(2009). The Application of External Knowledge: Organizational Conditions for Exploration and Exploitation. Journal of Management Studies, 46(3), 481-509.   DOI
24 Cooper, A. C.(1985). The Role of Incubator Organizations in the Founding of Growth-Oriented Firms. Journal of Business Venturing, 1(1), 75-86.   DOI
25 Burton, M. D., Sorensen, J. B., & Becnman, C. M.(2001). Coming From Good Stock: Career Histories and New Venture Formation, In Lounsbury, M. & Ventresca. M. J.(Eds.), Research in the Sociology of Organizations, 19, 229-262.
26 Chang, S., Scotte, C., & Lee, S.(2008). Failure of High-Tech Venture Firms: Integrating Age-Dependence and Resource-Based Perspectives. Advancing Small Enterprise Innovation Research, 11(2), 41-63.
27 Chatterji, A. K.(2009). Spawned with a silver spoon? Entrepreneurial performance and innovation in the medical device industry. Strategic Management Journal, 30(2), 185-206.   DOI
28 Chung, J., Cha, M., & Bae, Z.(2002). Effects of the Characteristics of Incubating Organizations and Entrepreneurs on New Venture Creation Processes. Advancing Small Enterprise Innovation Research, 5(2), 61.
29 Colaizzi, P. F.(1978). Psychological Research as the Phenomenologist views it, In Valle, R. S., & King, M. (Eds.). Existential-Phenomenological Alternatives for Psychology, New York: Oxford University Press.
30 Cooper, S. Y., & Park, J. S.(2008). The Impact of Incubator Organizations on Opportunity Recognition and Technology Innovation in New, Entrepreneurial High-technology Ventures. International Small Business Journal, 26(1), 27-56.   DOI
31 Creswell, J. W., & Miller, D. L.(2000). Determining Validity in Qualitative Inquiry. Theory into Practice, 39(3), 124-130.   DOI
32 Delmar, F., & Shane, S.(2006). Does Experience Matter? The Effect of Founding Team Experience on the Survival and Sales of Newly Founded Ventures. Strategic Organization, 4(3), 215-247.   DOI
33 Kang, Y., & Ha, K.(2012). Characteristics of Small Business Start-up and Effect of Preparation of Small Busienss Start-up on Business Performance: Focusing on Mediating Effect of Self-Efficacy. The Journal of Digital Policy & Management, 10(9), 239-251.
34 Fichman, M., & Levinthal, D. A.(1991). Honeymoons and the Liability of Adolescence: A New Perspective on Duration Dependence in Social and Organizational Relationships. The Academy of Management Review, 16(2), 442-468.   DOI
35 Galletta, A.(2013). Mastering the Semi-Structured Interview and Beyond: From Research Design to Analysis and Publication. New York: New York University Press.
36 Granot, E., Brashear, T., & Motta, P.(2012). A Structural Guide to In-depth Interviewing in Business and Industrial Marketing Research. Journal of Business & Industrial Marketing, 27(7), 574-553.
37 Jeong, H.(2016). Reflection on the Definitions and Research Tasks for the Startup Studies. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 11(3), 77-85.   DOI
38 Jo, Y.(2016). The Differences in Strategic Behaviors and Economic Performances Between Serial and Novice Entrepreneurs. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 11(3), 17-25.   DOI
39 Kim, D.(2018). The Impact of Entrepreneurs Incubator Organizations and Startup Experience on Core Management Competencies of Ventures: Focusing on the Biomedicine Industry in Korea. Master's Thesis, Graduate School of Seoul National University.
40 Kim, S.(2013). 20 Years of Korean Biotech Venture: Past, Present and Challenges for Future. Policy Research 13-29, Sejong: Science and Technology Policy Institute.
41 Edward, K., & Welch, T.(2011). The Extension of Colaizzi's Method of Phenomenological Enquiry. Contemporary Nurse, 39(2), 163-171.   DOI
42 Kim, Y., & Song, Y.(2014). A Study on the Obstacle Factors and Development Strategy for Air Logistics Industry of Korea Using In-depth Interview Method. Journal of the Aviation Management Society of Korea, 12(6), 23-41.