• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.263-275
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• 2020

In the vortex of change, commonly referred to as the Fourth Industrial Revolution, Korea has a national task of changing the paradigm of economic growth from a chase-type economic structure to a leading one. The era has come when all resources of the country, as well as the government and businesses, must join in innovation and growth in order to maintain the pace of sustained economic development, and significantly advanced countries are stimulating members' innovation activities with various policies and systems as they enter the 21st century. South Korea is also making efforts to create an open creative space referred to as Makerspace or Fab Lab, to create an innovative voluntary environment for its citizens. This study explored factors that Makerspace, which is proliferating in Korea, should consider to secure development and sustainability as an innovation (start-up) space. Through prior research, openness and expertise were derived from the characteristics of Makerspace, and expert interviews confirmed that the capabilities lacking in Makerspace and the capabilities to be secured in the future are openness and professionalism. Also, specific components of openness and professionalism were presented through prior research, and implications for each subject's Makerspace were presented, such as openness, professionalism, and commercialization.

• The Journal of Small Business Innovation
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• v.20 no.2
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• pp.51-66
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• 2017

Online and wireless communications have dramatically changed the contents industry marketplace. Content transactions are now instantaneous as distribution channels move from the 'mart' to smart platforms, creating opportunities for content creators large and small. Yet with opportunity comes the threat of imbalance in the industry ecosystem. In order to ensure the health and diversity of an industry that relies so heavily on the welfare of small creative enterprises, it is essential to establish rules for the fair transaction of content rights. Several structural forces may work against such rules: first, the industry consists of a large number of small distributor intermediary businesses (e.g. major publishers); second, end distributors (e. g. platforms) maintain a superior, monopsony position; and third, economic valuation of content is difficult. In terms of acquisition business model, rights transactions can be classified into three general models: (1) license model, (2) original acquisition model, and (3) monopsony model. This study explores the publishing industry in detail, considering key statutes and their operation across the models. From analysis of Korea and the US statutes and case law, and decisions of the Fair Trade Commission (FTC) of Korea, we offer evaluation criteria for discerning between fair and unfair content rights transactions. We further recommend industry practice that may enhance the likelihood for fair content rights transactions, and thus a thriving publishing ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.2 no.3
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• pp.145-168
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• 2007

Current researches have been proceed on CEO's Characteristics of venture business because the CEO has considered as one of the important factors for the success of venture business. But prior research on the performance of venture business has produced inconsistently in terms of CEO's characteristics. The purpose of this study is to develop a comprehensive model for the relation between the performance and a type of CEO's characteristics by a growth process of venture business, which is the main subject of analysis in venture business. Also, this study analyzes various CEO's characteristics and the effects for performance of venture business which are in the Daedeok valley. To achieve the purpose of this research, an empirical study by using research model and hypotheses including the general characteristics of venture business and CEO's demographic characteristics has been presented as a research method for relation analysis. The principal findings of the research and its significance are summarized as follows: First, it was found that there is a significant different in the performance of CEO's behavioral characteristics by the scale, type and growing step of organization for venture business. Second, it was found that there is not a significant between an academic career, management experience, foundation experience for business and related working experience of venture CEO and the performance, but there os a partially significant difference in CEO's behavioral characteristics. Third, it was found that there is a partially significant difference between CEO's behavioral characteristics of venture business and the performance by the general characteristics of organization for venture business and demographic characteristics. In conclusion, in spite of the insufficient research for venture business in Daedeok, the implications of theses findings and contributions made by this research is to confirm the characteristics factor of CEO for venture business and general characteristics of organization for venture business by multidisciplinary side. In addition, the findings provide the basis for the analyzing of managerial strong point and weak point referred to supporting system for venture business. Finally, the findings of this study suggest that the results should be a useful data for groping a solution for upbringing plans in terms of a long-term point of view.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.87-100
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• 2022

Early start-up companies have an inherent limitation of lack of resources. Despite these limitations, in order to survive, the entrepreneur's personal ability to efficiently use limited resources is required. In the marketing field, various studies are needed to reduce the business failure rate through establishing growth strategies and innovation. Accordingly, it is necessary to apply the concept of entrepreneurial marketing, which has been researched and developed overseas for 30 years, to fit the domestic reality. According to the flow of this study, an empirical study should be preceded to clarify the influence relationship between entrepreneurial marketing orientation, marketing competency, and management performance, along with a theoretical theorem on entrepreneurial marketing that is suitable for early start-ups and small and medium-sized enterprises(SMEs) and can respond innovatively to changes. The establishment of entrepreneurial marketing orientation and the processes from which this concept leads to business performance through the organization's marketing capabilities and its effects will be empirically verified. For an empirical survey, a survey was conducted on founders of 220 companies, and path analysis using structural equations was used for hypothesis verification. The findings are as follows. First, it was found that the entrepreneurial marketing orientation had a positive effect on both the organization's marketing capabilities and management performance. Second, it was found that the organization's marketing capabilities also had a positive effect on management performance. Third, as a result of empirical analysis of the mediating effect of the organization's marketing capabilities on the relationship between entrepreneurial marketing orientation and management performance, it was found that marketing capabilities showed a greater mediating effect on non-financial performance than financial performance. On the other hand, it was confirmed that marketing performance had a stronger mediating effect on financial performance than non-financial performance. By confirming and presenting the concept and constituent factors of entrepreneurial marketing orientation of domestic start-ups, which were academic gaps for the purpose of this paper, the academic research is differentiated in that they were verified as six components of entrepreneurial marketing. The practical implications of the research results will be that the entrepreneurial marketing-oriented mindset of small and medium-sized companies will optimize market analysis capabilities, network with various stakeholders, and increase the organization's ability to demonstrate marketing capabilities.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.247-254
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• 2014

This study explored how early stage entrepreneurs think about key success factors of startup and its impact factors. Previous research on key success factors of startup focused on high technology industry or explored retrospectively main reason of their startup success. However, preparatory entrepreneur who lacks career and social experience has different point of view of startup success, because of their situation which they overcome various problem of entrepreneurial process. This research surveyed key success factors and impact factors of entrepreneurial success based on 905 preparatory entrepreneur. We witnessed that preparatory entrepreneur recognizes various key success factors and found different key success factors according to the attribute of preparatory entrepreneur. We found that man, team startup and non technology related startup in 20s age emphasized procuring superior manpower. But solitary startup and previous career related busienss and long preparation term in 30s age recognized importantly about the entrepreneur's ability. Also, preparatory entrepreneur who considered importantly sales promotion and thorough preparation has different attribute. We can find a unique point that Funding capability was not significant attribute. Finally we suggested implication and further research agenda to foster young entrepreneur based on major findings.

• The Journal of Small Business Innovation
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• v.21 no.1
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• pp.15-26
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• 2018

SMEs need a strategy to respond to rapid changes in the global business environment of the Fourth Industrial Revolution. In order to overcome such a business environment, SMEs must concentrate on the core competency. Because of the structural characteristics of SMEs, government support is very important, as it is difficult for SMEs to carry out the entire supply chain role. The support of GRIs is very important for ensuring competitiveness through technological innovation of SMEs. Recently, the construction of SMEs network for business expansion is demanded. SMEs can form networks to induce synergistic effects. In order to secure the competitiveness of SMEs by utilizing the advantages of mutually cooperating networks, the necessity of cooperation of SMEs is increasing. The government has proposed various support programs to support network cooperation. In this research, in order to derive an effective strategy of the SME support program, we analyzed the difference in necessity and satisfaction of the GRIs support program. We analyze the differences between government policies and perceptions for SMEs and to derive strategies for supporting SMEs in a systematic approach for the development of SMEs. In a situation where research to revitalize SMEs is insufficient, in consideration of the market demand of SMEs, we grasp the problems of the current system and try to guide improvement strategies. Also, we suggest policies that can derive and utilize support strategies for SMEs. From a long-term perspective, research related SMEs must be conducted and a sustainable support program for SMEs must be developed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.129-139
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• 2013

This paper is targeted on proposing ameliorating alternative to performance assessment method of GSEM through evaluating the current one, which is initiated by SMBA to induce fair competition among 5 GSEM across the country and accommodate the quality improvement of entrepreneurship education since 2005 after beginning the SMBA support, from the perspective of BSC(Balanced Scorecard) tool. Ultimately, it complements the policy defects of SMBA over GSEM, in particular, in the process of performance assessment and management. This paper carries out two studies as follow. First, throughout reviewing the previous studies relating to BSC applications to non-profit organization, it set out the direction of introducing BSC in assessing performance of GSEM in order to enhance its effectiveness. Second, it evaluate the rationality of performance assessing tools apllied to GSEM by SMBA on the basis of BSC application over non-profit organization, especially in education institution. Research results shows the following implications. First, the current evaluation system over GSEM is just merely assessment itself and not much contributions for the post performance management. Second, The annual evaluation just remains to check up whether the policy goals are met or not. Third, the current evaluation puts much emphasis just on financial inputs and hardware infra, not considering human resources and utilization of government policy and institution. Fourth, the policy goals are unilaterally focused on entrepreneurs. Fifth, the current evaluation systems do not contain any indexes relating to learning and growth perspectives for concerning sustainable and independent growing up. However, lack of empirical testing require this paper to need the further study in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.85-96
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• 2013

Entrepreneurship courses and programs in Korean universities tend to increase steadily but seem to have some limitations. They are usually recognized as another domain of Business Administration. Entrepreneurship program is practical like Business Administration but should be much more interdisciplinary than that. Because Korean Entrepreneurship programs are in the early stage, they must be reinforced with factors such as education culture, faculties, curriculum and relationships with communities. This study aims to get some implications from Entrepreneurship programs have been run by universities in America in order to facilitate Entrepreneurship program in Korean universities. Based on 11 success factors found by our case universities' Entrepreneurship programs and Kauffman Campus, this study has drawn implications of critical success factors of Entrepreneurship programs as follow. First of all, because Entrepreneurship programs should focus on Entrepreneurship mind sets such as innovative idea generation and courage to overcome risk, it is more desirable that Entrepreneurship programs are introduced in all departments of universities such as Arts, Science and Engineering. These programs also need to take interdisciplinary approach and required to be opened from liberal arts course. In order to be sustained during all their academic careers, vision, mission and strategy for Entrepreneurship programs should be based on strong leadership and support of top leaders. Entrepreneurship culture of each university is also one of the most important success factors. Entrepreneurship programs not only as major programs but also as specific Entrepreneurship minors designed for departments such as Arts, Science and Engineering could be considered according to each university's situation. This study also suggest to make a motivation system for Entrepreneurship faculties, Ph d. programs for Entrepreneurship, communication network for Entrepreneurship programs and mentor system in community. To begin Entrepreneurship programs, it also needs to develop good education contents as many as possible. When it concerned with teaching method, project based 4 year program can be suggested to be effective and efficient. To introduce project based program that should be consistent till participants' graduation, university must prepare regulations to support team teaching, mentor and interdisciplinary cooperation. To dissipate the concept that Entrepreneurship is another version of management, this study support the idea that Entrepreneurship programs should be designed and run by independent and central-focused governance system, Entrepreneurship education center.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.2
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• pp.51-61
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• 2018

As Korean society becomes more matured, more people consider trust valuable, as a social capital. Researchers introduced trust literatures focusing on public policy, sociology than business. In this paper, it is empirically analyzed how Organizational Justice, Shared Values, Organizational Trust, 3 dimensions of social capital explained by Nahapiet & Ghoshall, together with Job Satisfaction and Innovative Behavior, as a proxy of performance at the organizational level. The results of this study are as below. Firstly Organizational Justice, consisted of 4 sub-variables of Distributional Justice, Procedural Justice, Interpersonal Justice and Informational Justice, classified by Colquitt, affects Job Satisfaction positively. Secondly Shared Values, consisted of 2 sub-variables of CEO's Core Value and Organizational Culture, availing Competing Value Model of Cameron & Quinn, affect Job Satisfaction positively. Thirdly Job Satisfaction, consisted of 2 sub-variables of economical satisfaction and self-efficacy, affects Innovative Behavior positively. Lastly Organizational Trust has mediating effect on the relationship between Job Satisfaction and Innovative Behavior. However, while the direct effect of Job Satisfaction on Innovative Behavior shows 69%, the indirect effect of Organizational Trust on Innovative Behavior shows 31%, which may not be ignorable. Furthermore in case of smaller organization with less than 30 members, the indirect effect of Organizational Trust shows 64%, comparing to 36% of direct effect of Job Satisfaction. This study was able to confirm that organizations need to maintain Organizational Trust as much as they strive to increase Job Satisfaction through securing Organizational Justice and Shared Values in order to effectively increase Innovative Behavior. For small organizations with less than 30 members, they can never achieve Innovative Behavior without Organizational Trust. Conclusively it is acknowledged that Organizational Trust is the most important prior condition for innovation and long-term survival of SME ventures.

• The Journal of Small Business Innovation
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• v.20 no.2
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• pp.35-50
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• 2017

The aims of this study is to analyze the effectiveness of firms financial status quo and the scale of financial support on SMEs overall performance. We have gathered the financial guarantee data from 1998 to 2013, provided by Korea Credit Guarantee Fund (KODIT), to analyze the effectiveness of Financial policy. To classify both financial status quo and scale of financial support, we utilized the following variables; Interest Coverage Ratio (ICR) and newly guaranteed amount ratio. To take the measurement of the overall performance, we employed profitability, growth ratio and activity index. To minimize the effect of repeated financial support (redundancy benefits), firms were selected based on the following criteria: firms that receive no financial support prior to implementing such policy over the last 3 years and no new financial support over the last 2 years. Results suggest that firms with higher ICR and large newly guaranteed amount influence on financial performance in terms of profitability index. Firms with lower ICR and large scale financial support showed a better performance compare to firms with small-scale financial support. Firms with large-scale financial support, irrespective of ICR inclined to have better performance to those of small-scale financial support in terms of growth index. For activity index, however, firms with large scale support led to higher performance in the short term. In turn, our analysis presents objective perspective with respect to the effectiveness of financial policy through credit guarantee on overall performance of SMEs. This study, therefore, implies that well-balanced SMEs supporting policy may lead to better directions.