• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.9 no.6
• /
• pp.23-35
• /
• 2014

In developing countries where many of these institutions exist in relatively weak form, the investment pattern of VCs in developing countries may differ from one of VCs in developed countries. Given this situation, the research question of this study is how venture capitals invest new technology based ventures in developing countries. To address the research question, our study employs insight from signaling theory and examines two ways. First, what are the internal value of new technology based ventures and the identity of endorsing organization signaling to venture capitals' investment in developing countries? Second, Do venture capitals play a pivotal role for the growth of new technology based ventures in developing countries? This study then tests these hypotheses using the new technology based ventures in Korea which is regarded as an example of developing countries in Northeas tern Asia. Entrepreneur's prior work experience in a related industry in the human capital variables and collaboration with business groups and certification of venture company in the endorsement variables result in obtaining venture capital's investment and superior new technology based venture's growth whereas entrepreneur's educational level has no effect on venture capital's investment and firm's growth.

• Journal of Korea Technology Innovation Society
• /
• v.12 no.4
• /
• pp.840-864
• /
• 2009

At the time of so-called localization, the start-up and successful management of NTVs (New technology ventures) might be a key factor of regional economic development. The research investigated the factors influencing the performance of NTVs South-western Area. According to the research result, the capability of CEO and R&D cooperation, supply chain integratim, information searching activities, market orientation are the factors which have positive correlation with the performance of NTVs in a statistically significant way in this region.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1999.04a
• /
• pp.108-110
• /
• 1999

• Korea Trade Review
• /
• v.48 no.1
• /
• pp.83-126
• /
• 2023

The revenue histogram of venture businesses is shifting from bell-shaped normal distribution to power-law distribution, which implies that the fitness landscape of the venture businesses ecosystem is changing to be more rugged terrain. We argue that the firm should adopt both exploitation (fast follower) and exploration (or first mover) strategies not to get stuck in local maxima in the rugged fitness landscape from the complex system perspective. By designing and performing agent-based modeling simulation experiments which consist of three types of agents (new technologies, entrepreneurs, and consumers), we demonstrated that the ambidexterity strategy showed the highest performance score in three of four different environment except 'Fast Widening' case where the exploitation strategy showed the highest performance score under low technology appropriation and fast disruptive technology development speed. By investigating the financial and other statistics of 617 top venture businesses who have earned 100B won or higher annual revenue, we concluded that 82% and 9% of firms are bent on the exploitation and exploration strategy.

• 한국벤처창업학회:학술대회논문집
• /
• 2008.04a
• /
• pp.143-178
• /
• 2008

This study is to look into the spin-off ventures which was incorporated based on the technology developed by public research institute, but underwent difficulties confronted during the development stages focused on the growth process and the factors contributed to their success. The case study was conducted with i-Sense Co., Ltd. which is a ventures organized by professors as a form of research based spin-off venture. i-Sense Co., Ltd. is a new-technology based ventures to produce self-tester for blood sugar level which was incorporated by Prof. Cha, Keun-sik and Prof. Nam, Hak-hyun of Department of Chemistry in Kwangwoon University along with the graduate course students of the Research Laboratory of the University. The two professors operated the Chemical Sensor Research Center at the Kwangwoon University where they produced many preliminary research outputs related with bio-sensors. They also executed the service works at the specialized company they established for research development to make research fund. They established i-Sense Co., Ltd. with the aim to carry out the research they want to. But contrary to the initial intention of the founders of the company, i-Sense Co., Ltd. has grown up as manufacturing company which produces and sells the self-tester for blood sugar level and is expected to be listed by Initial Public Offering (IPO) on the KOSDAQ in 2008. This study is to analyze the foundation and the growth process of i-Sense Co., Ltd. as successful research based spin-off ventures, to find out the factors contributed to their success by enabling them to overcome the difficulties experienced during the growth process, and eventually to provide with suggestive meanings in policy and practical point of view that leaded the research based spin-off ventures to success.

• Journal of Digital Convergence
• /
• v.17 no.2
• /
• pp.31-36
• /
• 2019

New technologies are being created and resulted as new types of fusion complex as the barrier between technology and industries are being broken and convergence is becoming more activated in the global economy of the era of fourth industrial revolution. Korea government is trying to foster innovative technologies for new technologies and new services to prepare for the fourth industrial revolution and gain global competitiveness, but many regulations make it difficult to verify and commercialize them. In response, the Korea government is pushing for the introduction of a regulation-free special zone system in which sandboxes are applied so that new technology and new service-based innovation projects can be freely commercialized through experiment and demonstration. This study aims to examine the limitations of the special zones for regional specialization development applied to the zones that are applied uniformly throughout the country and suggest ways for the deregulation special zone to be fostered as an empirical test bed based on new technologies and as a base for regional innovation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.2 no.2
• /
• pp.93-120
• /
• 2007

To promote the commercialization of high technology based start-up company, it is essential to activate technology trading for the Innovative Small & Medium companies which eager to acquire technology competitiveness through technology trading and facilitate financial system which provide Small & Medium companies with technology commercialization money. This study focus on enhancing credibility of technology valuation solutions through the improvement of the existing technology valuation solutions. The existing technology valuation solutions in practice have deficiency in reasonable valuation because of subjective technology factor's calculation. And the commercialization risk of high technology based start-up companies cannot be fully reflected in the existing valuation solutions. The high risk of technology commercialization acts as a hurdle in the facilitation of providing money for the start-up companies. The improved new model will have more acceptable objectivity and reasonably reflect the commercialization risk of start-up companies. The new model has two distinctive features compared to existing solutions. The new model newly adopts commercialization success factor which reflects the risk of high technology based start-up company. And the new model excludes technology factor which is controversial among interested parties. The exclusion of technology factor will improve the objectivity of technology valuation and the adoption of commercialization success factor will solicit investor and capitalist who concern the high risk of technology based start-up companies. In conclusion, the improved new model is expected to activate technology trading and facilitate the money market through which high technology based start-up companies raise commercialization money.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.10 no.4
• /
• pp.27-37
• /
• 2015

Start up a company is critical to the regional economy and job creation and so get support from government and other organizations, but there are still exist of high rate of failure and CEO's stressful fear of failure. New firms are of utmost importance for the vitality of national economic driving forces but for those failed firms, they caused social and economic problems directly and indirectly, and brought frustration to the founders. The many education and research programs about entrepreneurship and venture creation were undertaken by the country and organizations, but the education and research about the vigilance of failed to start up company were almost ignored. If the attention can be put into the research about failed companies and the research can make the founders and pre-CEOs aware the failure of establishing a company, that would be very valuable as scenarios to see the company risks. This case study shows the finding the reasons which caused the failure of small venture companies and it's implications in the filed of establishing companies. The technology based venture company which had run 10 years in Daedeok's IT field was selected as the research object. The results show that the important factors such as entrepreneur characteristics(lack of communication and management knowledge), business management(lack of business expertise) and technology(loss of unique feature of product and lack of product extension) were the root cause of failures.

• 한국벤처창업학회:학술대회논문집
• /
• 2008.04a
• /
• pp.33-59
• /
• 2008

Since the late 20th century, due to the globalization of markets and the rapid developments of information and communication technologies, the world has entered into the age of fierce competition. With their abundant low-cost labor, former communist countries such as China, Russia and East Europe and low-developed countries such as India and Brazil have received investments from major industrial companies. There are no other alternatives for Korea and OECD countries to move the industrial economy to the knowledge based innovation system. In knowledge based innovation system, economic development and employment of a region and nation depend solely on the number of its companies and their competitiveness. In this research, after reviewing the current state of technological innovation small companies in korea, we provide a theoretical framework to promote the level of technological innovative entrepreneurship. The framework is based on a value system model that consist of supply factors, demand factors, and supporting institutions. In order to create more innovative small businesses, we insist on the followings. First, more R&D activities related with promising new technologies should be performed. Second, more R&D funds for technological innovation small companies should be provided from governments. Third, more M&A transactions and technology transactions should be marketed freely and competitively. Fourth, more business incubating services and venture capital services should be provided. Fifth, entrepreneurship and innovation culture should be popular and institutionized among people.

• Knowledge Management Research
• /
• v.25 no.1
• /
• pp.21-41
• /
• 2024

The global Industry has been shaped by start-ups that originated with knowledge-based innovative strategies or technologies in the 21st century. Specifically, laboratory start-ups that rely on research papers or patents for new technology development are recognized for their high survival rate and the creation of employment opportunities. Our study concentrated on 'I-Corps', which also introduced in Korea, standing for innovation corps is a laboratory startup program launched in 2011 by the NSF(National Research Foundation) to commercialize R&D results and foster entrepreneurship as part of the policy to build a start-up system at the national innovation level. In this study, we proposed and empirically tested a research model focusing on teams participating in the I-Corps program to determine how startup team diversity, among the team characteristics of laboratory startups, affected patent performance. As a result of the analysis, among the proposed variables, age diversity, educational background diversity, and value diversity had a significant impact on patent performance. The results of this study are expected to further strengthen the theoretical and practical foundations of researchers or practitioners of the I-Corps program, as well as related areas involving technology & laboratory startups, intellectual property and knowledge management fields in the future.