• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.43-47
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• 2021

2020년 8월 중소벤처기업부는 '20년 상반기 벤처기업 및 벤처투자 받은 기업의 일자리 동향, 벤처투자 및 펀드결성 동향 등을 분석한 결과 '20년 상반기 혁신 벤처·스타트업의 투자는 줄었지만, 일자리는 늘어난 것으로 분석됐다. 이는 전년 동월대비 1.3%(35.2만명) 감소한 것을 고려하면 괄목할 만한 성장으로, 코로나19로 인해 어려운 상황에서도 경제협력개발기구(OECD) 국가 중에서 경제성장률 감소폭이 적었던 것은 창업기업이 우리 경제의 버팀목 역할을 하고 있기 때문으로 풀이된다(중소벤처깅업부, 2020). 예비 창업기업 및 초기 창업기업을 위한 전문보육 및 투자를 맞춤형 패키지로 지원하는 엑셀러레이터의 역할은 대중화된 창업생태계 속에서 기대효과가 크다(김선우, 2015). 2020년 8월에 개정된 벤처투자총진법 시행은 액셀러레이터의 제도가 구체화 되고 초기 창업기업에 대한 투자가 보다 활발해져 실질적인 지원이 가능해 질 것을 기대된다. 이러한 액셀러레이터에 대한 관심은 선행연구에서도 나타나고 있다. 국내의 엑셀러레이터는 빠른 확산에도 불구하고 아직까지 그 효과가 검증되지 않은 상황이며, 엑셀러레이터의 지원성과를 객관적으로 평가할 수 있는 체계가 요구되고 있다(김용재, 2014). 액셀러레이터 지원 및 역량과 초기창업기업 성과 간의 연관성을 연구할 필요한 연관성이 있다고 제시한다. 이에 본 연구에서는 최근 3년 이내 스타트업 액셀러레이터로부터 보육 및 투자지원을 받은 초기창업기업 관계자를 대상으로 초기 창업기업 성과와 액셀러레이터 지원간에 관계에서 액셀러레이터 역량이 어떤 역할을 하는지에 대해 분석하고 자 한다.

• Korean small business review
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• v.38 no.3
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• pp.165-184
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• 2016

This paper aims at analysing the effects of venture business finance supporting programs on efficiency and productivity of the venture firms, on the basis of the data envelope analysis (DEA) using data of 406 firms in the 2013 Venture Business Detailed Survey of Small and Medium Business Administration. The conclusions are summarized as follows. First of all, the efficiency of government finance supported venture firms is higher than that other venture firms. The increase of productivity in venture firms enjoying government supporting programs is higher than that in venture business without government supporting programs, especially in the technical progress rather than in efficiency improvement. Also the R&D supporting programs for venture firms lead to an increase in productivity. Taking the above results into consideration, government's venture supporting programs are evaluated to be effective in terms of an increase of productivity and the proper scope for fragile venture firms.

• Journal of Digital Convergence
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• v.9 no.6
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• pp.295-311
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• 2011

The government is working out the development of a venture enterprise through a venture certification system. The broad effects of its policies are anticipated by the government and revealed in the 'The Survey on Actual Condition of Venture Enterprises 2010'. These benefits include the revitalization of start-up, promotion of technological innovation, progress in marketing ability, improvement in corporate image, financing and investment, and benefit from tax reduction & exemption. However, with the estimation of production function and sales function, which both uses capital and labor as a basic elements, it was found that only 'financing and ease of investment' produces a statistically significant effect on production and sales. An addition, this study looks into whether venture-supporting system are helpful to the eradication of technical inefficiency. The policies brought about positive changes in reduction of technical inefficiencies except with regard to the ease of start-up where it was found that an increase in inefficiencies was the result.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.153-161
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• 2021

This study analyzed the ripple effect of the demand-side support for start-up venture companies on the macro economy using Dynamic General Equilibrium model. In the model, start-up venture companies were expressed in a manner that distinguished between workers and entrepreneurs by applying the span of control in the Lucas(1978). As a result of the analysis, when the share of public procurement of start-up venture companies was increased from 5.7% to 10%, the actual production of start-up venture companies increased by about 46.17% and the number of venture companies increased by about 150%. In addition, it was analyzed that the number of jobs through venture companies increased by about 61.56%. In addition, it was found that the economic effect was greatly reduced when the start-up venture company was supported as a subsidy for the supply sector with the same amount as the public procurement support. This is interpreted as the fact that if the government implements the supply-side support policy, the expansion of supply causes the price of start-up venture companies to fall, reducing the effect of the support policy in half. Therefore, when supporting start-up venture companies, the government should make efforts to maximize the policy effect by expanding the demand-side support through public procurement and reducing the payment of simple subsidies to start-up venture companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.31-46
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• 2019

As the importance of venture firms has increased as a new growth engine, the South Korea government makes various efforts to establish healthy ecosystems for ventures and start-ups. Especially in order to foster the competitiveness of venture firms, various support policies such as financial and R&D expenses are being expanded and promoted. In this study, the author analyzed the impact of government funding on venture firms' internal competencies and management performance by using the resource-based theory. Moreover, this study tested the moderation effect of firm's growth stages. Unlike previous studies, this study focused on qualitative rather than quantitative aspects of internal competencies and the financial and non-financial performance are used to measure the management performance of the ventures to examine the effects of government funding for venture firms in more details. For the purpose of verifying the hypothesis of this research, "The Research On The Precision Status Of Venture Firms" in 2017 from the Ministry of Small and Medium Business was utilized, which has been compiled since 1999. According to the results of this study, the government funding experience did not significantly affect the company's internal competencies and financial performance, but had a significant impact on the non-financial performance, which in turn seemed to have a significant effect on the financial performance. In addition, it was found that the technology, price, design, and quality competencies affected non-financial performance, while the organizational management and marketing competencies did not. However, the price, design, organizational management, and marketing competencies affected financial performance, while the technology competency was not. Finally, there were no differences in the effectiveness of government funding, depending on the growth stages.

• Journal of Technology Innovation
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• v.29 no.3
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• pp.63-90
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• 2021

Today, venture companies are increasingly important in that they play a key role in national economic growth. However, ICT venture companies are having great difficulties in securing a sustainable competitive advantage due to rapid environmental changes, and as one of the ways to solve this problem, they rely on the government's support policy. Accordingly, this study analyzed the effect of government support on management performance of ICT venture companies. For empirical analysis, the data from the 2016 ICT venture panel survey was collected, and 687 and 538 companies were selected to analyze the effect of funding and R&D support, respectively. Then, through propensity score matching, companies that received government support and companies with similar characteristics (control group) were compared and analyzed. As a result of the analysis, it was found that funding support had a significant effect on the growth potential of ICT venture companies, and R&D support had a significant effect on the stability of ICT venture companies. This means that there is a difference in management performance of ICT venture companies depending on the type of government support. Through this study, it was possible to confirm the effect of government's policies, and various support policies for specific purposes should be pursued to foster ICT venture companies. In addition, for the continued growth of ICT venture companies in the future, it will be necessary to consider package (technology, management, commercialization, etc.) support rather than individual funding support or R&D support.

• 한국벤처창업학회:학술대회논문집
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• 2020.11a
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• pp.55-59
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• 2020

정부는 고용 없는 성장이 이어지는 현재의 경제구조에서 국가 경제의 활력을 위한 실마리를 찾고자 한다. 새로운 일자리를 창출하고 기업 활동에 새로운 혁신을 도입하여 국가 경제의 성장과 발전에 기여할 수 있는 방안으로 창업을 활성화하는 정책개발과 지원에 적극적인 노력을 기울이고 있다. 많은 국가들이 창업을 촉진하여 일자리를 제공하고 있으며 우리나라 역시 창업을 활성화하기 위하여 정부 차원에서 창업 지원정책을 확대해 나가고 있다. 창업 활성화를 위해서는 창업을 기회로 인식하거나 지지하는 문화가 성숙하는 개인의 창업에 대한 인식 개선과 더불어 창업의지 함양 등이 필요하다. 이들 요인에 영향을 주는 요인으로 개인적 특성, 심리적 특성, 기업가정신, 창업 교육, 멘토링, 창업지원 프로그램 등의 요인에 대하여 개별적으로 많은 연구가 수행되어 왔다. 이들 개별적인 요인들과 창업 의지와의 관계를 잘 확인하기 위해서 자기효능감, 위험감수성, 실패부담감, 환경적 요인 등을 확인하는 연구가 다수 시도되었다. 본 연구에서는 예비창업자의 창업의지에 미치는 창업지원정책과 창업가 역량을 중심으로 실증연구를 진행하고자 한다. 또한 창업지원정책과 창업가 역량과 창업의지의 관계에서 멘토링의 조절효과를 검증하고자 한다.

• Journal of Korea Technology Innovation Society
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• v.21 no.2
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• pp.636-662
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• 2018

Recently, the Moon administration established the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups, as part of its national strategy for start-up and innovation growth led by small and medium-sized venture companies. In a slowing economy, as venture companies with excellent internal competencies are seen to be favorable to growth, the government funding for technology development is becoming increasingly important. Previous studies examine the internal competence factors that can strengthen competitiveness through self-efforts and the influence structure of growth stage, which is an important factor in industrial environment, on business performance. As the government support for venture firms has been strengthened, the effect of government funding on the management performance and technological innovation performance of venture firms have been recently discussed in various ways. However, there is a lack of precedent research on the moderating effect of the utilization of government funding on the existing influence structure in which firm's internal competence and growth stages affects business performance. Therefore, this study examined whether the internal competencies of the venture firms and the stage of growth have direct effects on business performance and analyzed the moderating effect in connection with government funding utilization under these influence structures. The results of the study are as follows. First, the utilization of government funding in the venture firms whose R&D personnel ratio is relatively low, not to have own brands and showed an increase of employees has a significantly positive influence on business performance. Second, the moderating effects of the government funding utilization at the high growth stage of the venture firms are shown significantly. These results suggest that the venture policy linked to the job creation of the present government requires not only the support considering R&D personnel but also the necessity of supporting human resources policy to a greater extent and further study on the effectiveness of venture firms in the high growth stage.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.191-198
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• 2019

This paper attempts to understand the factors that affect the social and economic performance of social venture and thereby obtain practical and useful implications. We analyze how such factors as social entrepreneurship, management competency, and organizational culture affect economic and social performance of 185 social venture in korea. In addition, we examine how government support may moderate the relationship of each variable. We find that innovativeness, proactiveness, risk-taking and social value orientation positively affect economic performance, whereas innovativeness, proactiveness and social value orientation can enhance social performance. We also learn that social entrepreneur's competency can have a direct effect on the enterprise's profitability, while organizational culture seems to affect performance of the companies only slightly. Government support is shown moderate effect of social entrepreneurship, competency, and organizational culture on the company's performance. Interestingly, our findings indicate that raising competency of social enterprise can be more effective than government support for enhancing performance of companies. Lastly, social venture's economic performance is shown to affect its social performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.39-50
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• 2022

Based on the signaling theory, this study examined whether startups are more likely to attract venture investment when receiving government R&D subsidies. First, we reviewed previous studies of the investment decision-making process of venture capitalists and understood the conditions that influence investment decisions. Based on previous studies on the signal effect of government subsidies, particularly government R&D grants, on inducing private fund investment, this study revealed a mechanism to induce venture investment by startups. In addition, in order to verify whether government R&D subsidies have the effect of inducing venture investment, an empirical analysis was conducted based on data from startups under seven years and certified as a venture companies in 2021. This paper used PSM(Propensity Score Matching) method and DID(Difference In Difference) analysis for an empirical study to analyze the average treatment effect on the treated group(beneficiary startups of government R&D grants). As a result of empirical analysis, companies that receive more government R&D subsidies after starting a business are more likely to attract venture investment. From two to three years after conducting the first government R&D project, startups that received government R&D grants attracted more venture investment than those that did not. The results of this paper demonstrate that government R&D projects can also affect the venture investment ecosystem, giving policy implications to government R&D projects targeting startups. It is also expected to suggest strategic implications to startups that need new funding.