• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.17-30
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• 2022

The purpose of this study is to analyze the impact of the characteristics of start-up CEOs on the performance of investment attraction from the perspective of Series A investment. The results of the study are as follows. First, when the educational level of start-up CEOs was high and startup CEOs had start-up experience and investment attraction experience, venture investors such as venture capital had a significantly positive (+) effect on the investment for start-ups. This was systematically significantly positive even when control variables were introduced. When start-up CEOs had work experiences, there was no significantly positive effect on the total investment amount for start-ups but a significantly positive (+) effect on the average investment amount. Second, the standardization coefficient of total investment amount was larger in the case of start-up experience than that in the case of investment attraction experience while the standardization coefficient of average investment amount was larger in the case of investment attraction experience than that in the case of start-up experience. This suggests that the start-up experience is important for the total investment amount while the investment attraction experience is important for the average investment amount. Third, when the sales of start-ups were high at the time of Series A investment, the total investment amount and the average investment amount were also significantly high. Even if early start-ups are less profitable or have losses, the start-ups with a certain level of sales seem to be attractive investment targets for venture capital. The results of this study are useful for the investment decisions of venture capital and the financing strategies of start-ups. The implications for pre-CEOs preparing for start-ups art that the total amount of investment will increase if they have expertise through degree acquisition, challenge start-ups, gain start-up experience and implement investment attraction. Even if CEOs of start-ups do not have start-up experience, the average amount of investment for start-ups can increase if they have work experience in related industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.109-124
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• 2024

The value of platform companies is rapidly increasing, exerting significant influence across industries. Identifying and fostering promising platform companies is crucial for enhancing national competitiveness. Consequently, tailored evaluation standards are necessary for such companies. This study derived investment decision factors specific to platform companies and compared the importance of each factor using Analytic Hierarchy Process (AHP) analysis. Key factors included platform characteristics, finance, entrepreneur (team), market, and product/service attributes. The findings revealed that platform characteristics were deemed the most crucial factor for investors. Specifically, factors such as platform size, ease of value fixation, core participant group, and data value were identified as pertinent for evaluating platform companies. Moreover, analysis distinguished between investors with prior platform investment experience and those without. Significantly, investors with platform investment experience placed greater emphasis on the value of data secured by platform Furthermore, it was observed that investors prioritized future value and growth potential over current value when investing in platform. Notably, founder/team characteristics, typically highly regarded in previous studies, ranked lower in importance in this study, highlighting a shift in focus. The discrepancy between this study's results and prior research on investment decision factors is attributed to the specificity of the questions posed. By focusing on investment decision factors for platform startups rather than generic startup inquiries, investor responses aligned more closely with platform-focused considerations. Given the burgeoning venture investment landscape, there's a growing need for detailed research on startups within specific sectors like IT, travel, and biotech. This approach can replace extensive research covering all startup types to identify investment decision factors suited to the characteristics of each individual industry.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.45-55
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• 2022

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.

• Journal of Digital Convergence
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• v.20 no.2
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• pp.127-140
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• 2022

Recently, accelerators are attracting attention as a new startup incubator. This study empirically analyzed the relative importance and priority of decision-making factors when a startup selects an accelerator using the AHP technique. As a result, startup founders recognized the importance of decision-making factors in the order of funding factors, program factors, and accelerator characteristic factors. there was a difference in the relative importance of detailed factors between startup founders and accelerator workers, depending on the location of the business site and the presence or absence of sales performance. This suggests that accelerators need to strengthen the financial support capabilities and improve customized services to meet the needs of startups. This study can be used as a decision-making criterion when a startup selects an accelerator, and can be used as basic data for additional research on the accelerator program.

• 한국벤처창업학회:학술대회논문집
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• 2022.04a
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• pp.197-204
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• 2022

국가차원의 창업장려책으로 인해 제2의 벤처붐이라고 부를 만큼 스타트업 및 벤처 창업이 활성화되면서, 데스밸리를 극복하고 창업의 성공률을 높이기 위한 노력의 중요성이 대두되고 있다. 기업이 생존율을 높이고 성장으로 나아가기 위해서는 죽음의 계곡에 직면하는 가장 큰 부분인 자금 조달 및 투자유치에 대한 고민과 대책이 필요하다. 창업의 활성화는 창업초기의 높은 실패율을 낮출 수 있는지의 여부가 그 성패를 좌우하는 중요한 요인이다. 기업의 생존은 기업의 내적 요인뿐만 아니라 기업의 외적요인인 시장이나 산업의 상황에 의해서 영향을 받는다. 본 연구에서는 혁신 부서를 보유한 기업의 전략적 지향성과 외부지식활용 능력인 흡수역량이 스타트업의 데스밸리 극복에 미치는 영향을 살펴보고자 한다. 또한 스타트업 생태계 특징인 개방형혁신과 벤처캐피탈 지원의 조절효과를 분석하고자 한다. 종속변수는 기업이 손익분기점을 달성 한 후의 매출액, 순이익, 시장점유율, 종업원 수의 증가를 봄으로써 데스밸리 극복의 기준으로 삼고자 한다. 분석결과 전략적 지향성은 데스밸리 극복에 정(+)의 영향을 주는 것을 밝혀졌다. 흡수역량과 개방형혁신, 벤처캐피탈의 지원의 조절효과는 표본수가 적고 결측값 있으므로 유의미한 영향을 확인하지 못하였지만 추후 표본수를 늘려 다시 측정한 후 그 결과를 보고자 한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.189-201
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• 2023

The purpose of this study is to analyze the ICT startup investment status in Korea and examine the relationship between startups and venture capitals by network analysis. In this study, the Gephi was used to analyze network attribute values and to compare the results of each centrality. As a result of the analysis, IMM investment, Altos Ventures, and Smilegate Investment were located in the top ranks in each centrality. It can present that venture capital companies ranked high in betweenness centrality, closeness centrality, eigenvector centrality have continuously invested in growing startups into unicorns from 2014 to 2019. These results can be used as data for startups want to receive funding from venture capital in the future in consider to the relation of startup and invest industry. This study provides information to develop strategies for the sustainable venture investment environment in Korea of stakeholders such as startups, venture capital, consumers, and the government; as a result, it can help various follow-up studies in the field of startups and venture capital.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.85-106
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• 2023

This study reviewed and derived the success factors of overseas agricultural startups and studied their integrated research model. Agricultural startups and general startups have in common that poor resources and infrastructure exist from a resource-based perspective after startup, but a differentiated approach from general startups is required due to the nature of the primary industry of agriculture. In this study, we approach the company internal factors (human resources/vision/distribution network capacity/capital capacity/cultivated crops/physical resources/farming technology, etc.) and external factors (agricultural infrastructure/laws/regulations/relationship with surrounding society, etc.) We tried to build a research model that can be integrated by focusing on various existing research models, success factors, and entrepreneurship. Through this, it is intended to present an integrated model that is practically helpful to business performance to entrepreneurs, business-related persons, and researchers who need an integrated understanding of agricultural startups at home and abroad. made for purpose In this paper, a standard model was established through three types (existing agricultural startup, small and medium-sized business startup, multinational company, and comprehensive approach) according to size and characteristics for modeling agricultural startup success factors. Through this, a total of 9 success factors (agricultural management, external environment, manager/founder characteristics, corporate identity, business management, organizational culture, infrastructure, commercialization capability, and sustainable growth) were derived. The implication of this study is that the success factors of agricultural startups were comprehensively presented based on 'entrepreneurship' for various domestic and foreign agricultural startup cases. By confirming the systematic categorization, a standard model for future agricultural startup success factors was presented, and as a result, a foundation was presented for systematic research and practical effectiveness of related research in the future.

• The Journal of the Korea Contents Association
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• v.19 no.5
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• pp.644-657
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• 2019

This study examines the types of strategic alliances formed between terrestrial broadcasters and content start-ups, their resource inter-dependence and the dynamic evolution of their relationship through a case study of KBS Labs, a strategic alliance between KBS and content start-ups. Mergers, acquisitions and strategic alliances sought by large media companies or strategic alliances made only between disparate providers in broadcasting and telecommunications industries are now actively pursued by traditional media and start-ups. The alliances between traditional media and start-ups are beneficial to both parties: traditional media can quickly implement start-ups' innovative ideas and business models and start-ups can tap into not only vast amounts of content being created by or in the archives of traditional media but also their capital, office space and reputation. Therefore, the case study of KBS Labs will help draw out important implications for motivating strategic alliances between traditional media and start-ups. To this end, the resource-based view and the evolutionary theory of the firm are adopted to explore the characteristics and development process of the KBS Labs business.

• Journal of the Korea Convergence Society
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• v.8 no.9
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• pp.311-318
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• 2017

This study aims to converge the analysis of institution based view and knowledge based perspectives. Based on the literature review, this study proposed six hypotheses including the moderating effect of institutional characteristics. Hypothesis testing was conducted using PLS(Partial Least Square), which is a structural equation model for 101 start-ups sample. In empirical analysis, all external knowledge characteristics have a positive effect on the knowledge codification capacity. It also positively influenced the performance. The institutional characteristics showed a moderating effects with the novelty of external knowledge and knowledge codification capacity. This study contributes to integrating and analyzing the moderating effects of institution based characteristics with the factor of knowledge based view. Future research needs to analyze the institutional characteristics in a formal and informal way.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.127-135
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• 2020

The purpose of this paper is to classify individual startups by growth stage based on data-based quantitative criteria. This is to provide a basis for systematic support for government startups based on accurate statistics on the startup growth process. This startups were the TIPS (Tech Incubator Program for Startup) support company, which used a relatively reliable startup. We found seed money to complete MVP (Minimum Viable Product) within 1.5 years after establishment, verified PMF (Product-Market Fit) within 1 year, attracted Series A investment within 2.5 years after establishment, and successfully commercialized it. It attracted Series B investment for stable growth within 1.5 years (Series B investment within 4 years from start-up). The results of the study, the division of government programs that support stage-based startup commercialization, that is, within three years and within seven years of establishment, is significant to date. Three directions are suggested for future research. First, develop indicators for monitoring startup growth stages. Second, it continuously updates the annual changes and tracks the growth stages of individual startups. Third, we discover the successful growth law of technology-based startups by applying in-depth case analysis of successful startups to the model.