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A Study on Investment Decision Factors of Accelerator  

Byun, Jung Wook (Depart, Management of Technology Sungkyunkwan University)
Kim, Yun Bae (Depart, Management of Technology Sungkyunkwan University)
Lee, Byoung Chul (National Assembly Budget Office)
Publication Information
Asia-Pacific Journal of Business Venturing and Entrepreneurship / v.17, no.4, 2022 , pp. 45-55 More about this Journal
Abstract
Accelerator is a private investment institution that provides startups with comprehensive solutions to solve various difficulties such as startup facilities, funds, commercialization, securing a market etc. In addition to the role of an investor as a new startup support model, accelerators have contributed much to improvement of business ability of startups through intensive mentoring. Considering that previous studies gave weight to the determinants of investment from the perspective of investors, this study made a comparative analysis on the relative importance of determinants of investment in startups among accelerators, investors and entrepreneurs through the method of AHP. Results show that accelerators and investors regard "managerial characteristics" of startups as of the highest importance, whereas entrepreneurs think that "market characteristics" of startups are the most important. The result stems from an empirical judgment from the perspective of investors that success of startups depends on the ability of entrepreneur, and it is considered that investors evaluated marketability of startups as the most important factor in consideration of investment payback period. The result is similar to the result of previous studies on the determinants of investment determinants of angel investors and venture capitals. This paper is expected to make a contribution to the advancement of investment decision-making model for accelerators to discover startups with high possibility to grow and achieve more in incubation and investment.
Keywords
Venture-Investment; Accelerator; Startup; Investment Decision Factors; AHP;
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