• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.141-156
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• 2023

The advancement of Information and Communication Technology (ICT), along with the expansion of government and private investment in startup discovery and funding, has led to the emergence of startups seeking to generate outstanding results based on innovative ideas. As successful startups serve as role models, the number of aspiring entrepreneurs preparing to launch their own startups continues to increase. However, unlike entrepreneurs who challenge themselves with serial entrepreneurship after experiencing success, early-stage startups face various challenges such as team building, technology development, and fundraising. Accelerators play a dual role of mentor and investor by providing education, mentoring, consulting, network connection, and initial investment activities to help startups overcome various challenges they face and facilitate their growth. This study investigated whether there is a correlation between the characteristics of startups and their entrepreneurial performance, and analyzed whether accelerators mediate the relationship between startup characteristics and entrepreneurial performance. A total of 11 hypotheses were proposed, and a survey was conducted on 302 startup founders and employees located across the country, including the metropolitan area, for empirical research. SPSS 23.0 and Amos 23.0 were used for statistical analysis. Through this study, it was found that factors such as innovation, organizational culture, financial characteristics, and learning orientation among the characteristics of startups, rather than having a direct impact on entrepreneurial performance, are linked to entrepreneurial performance through the role of accelerators. By analyzing the impact factors of startup characteristics on entrepreneurial performance, this study presents research on the role of accelerators and provides institutional improvements. It is expected to contribute to the expansion of investment and differentiated acceleration programs, enabling startups to seize the market and grow stably in the market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.19-31
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• 2022

Currently, the role of public accelerators in the domestic accelerator market is gradually expanding. Accordingly, in order to establish relevant policies properly, it is necessary to check the effect and validity of public accelerators' investment. However, there is no quantitative research conducted on domestic accelerators, using their financial data, as domestic accelerators have a short history and quantitative data on them are not disclosed. Therefore, this study conducted an empirical analysis with financial data of the startups that received equity investments from public accelerators to confirm the effect of public accelerators'investment in startups. A regression analysis was conducted with financial data from 112 startups that acquired investments from public accelerators in the period of 2016~2020. And the findings are as follows: First, it was found that the initial investment of public accelerators had an effect on the growth and profitability of startups. Specifically, it was confirmed that the initial investment of public accelerators had a positive (+) effect on sales growth rates and total asset growth rates, which are growth indicators. Second, it was found that the joint investment of public accelerators had a significant positive (+) effect on profit margin, an indicator of profitability, rather than on growth. Therefore, it is deemed that it will be a great force for growth if investment in the early-stage startups that showed significant investment results in this study is continuously expanded in combination with support projects, which are a strength of public accelerators. Since this study has confirmed the investment effect of public accelerators, it is deemed necessary to actively promote policies that direct public accelerators' projects toward improving the performance of startups through joint investment with the private sector and supplementing private accelerators' deficiencies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.33-46
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• 2019

Even though Korea is strengthening the support for startups due to the limitations of growth policies focusing on large companies, the survival rate of startups is very low, so that there should be more efforts to increase the survival rate of startups. As the existing startup support institutions have provided only fragmentary supports to startups, it would be necessary to have the comprehensive support institutions. As an alternative, the accelerator providing the comprehensive support such as spatial support, education, mentoring, networking, seed investment, and connection for follow-up investment to the initial startups was legalized in Korea of 2016, based on the registration system. Currently, within less than two year from then, there have been much interest in it enough to have about 136 registered accelerators. In the United States, the accelerator was introduced more than ten years ago. In Korea, however, it is still in the initial stage, so that the researches or social consensus on the accelerator are not sufficient. Thus, this study aims to suggest the measures for the development of accelerator and the consensus on the decision making for the selection of accelerator of startups, by researching which parts are considered when startups in the accelerator stage select the accelerator. As a result of the empirical analysis, the factor that has the greatest influence on decision making factors when startup chooses an accelerator was the subsequent investment attraction. This can be explained to the accelerator as desired, considering the factor that the startup of the initial stage places the most importance on growth as investment. We hope that these research results will be sustainable in future research related to accelerators, in hopes that it will be useful for establishing accelerator policies for domestic startups and direction for revitalizing related industries.

• 한국벤처창업학회:학술대회논문집
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• 2018.11a
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• pp.283-288
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• 2018

스타트업의 자금조달 능력은 초기 스타트업 생존에 가장 직결되는 문제이다. 스타트업은 정부 지원금을 비롯하여 엔젤투자자, 벤처캐피탈 등으로부터 자금을 지원받고 있지만 초기기업 회수시장의 불확실성으로 인해 투자 규모는 작은 편이다. 이에 따라 초기기업에 투자함과 동시에 경영 및 기술 멘토링, 교육, 관리 등을 체계적으로 지원하는 '액셀러레이터'가 최근 창업생태계의 핵심으로 떠오르고 있다. 액셀러레이터는 단순하게 인큐베이팅 시스템을 제공하는 것이 아니다. 초기기업의 팀빌딩부터 성장 과정을 함께하는 '공동 창업자'와 같은 역할을 하면서 이들이 성장해나갈 수 있도록 집중적인 멘토링과 교육 등의 프로그램을 제공한다. 이러한 시스템을 거친 스타트업은 생존 기간이 상대적으로 높고, 벤처캐피탈도 이렇게 성장한 스타트업 투자에 보다 더 적극적으로 참여하는 경향이 있다. 하지만 액셀러레이터 설립의 역사가 오래되지 않아, 관련 연구는 비교적 다양하지 않은 편이다. 이에 본 연구에서는 엔젤투자자, 벤처캐피탈과 다른 액셀러레이터의 특징이 무엇인지 분석하고, 특히 액셀러레이터가 스타트업 투자의사결정시 영향을 미치는 요인에는 어떤 것들이 있는지 렌즈모델을 통해 알아보고자 한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.31-44
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• 2020

Accelerators that invest in early startups, as well as nursery and overall management, have recently emerged as "key players" in the startup ecosystem. This can be proved by the case where the number of domestic accelerators registered in the Korean Ministry of SMEs and Startups has recently reached 208. Accelerators provide the necessary education for early-stage companies, including guidance for a certain period of time, and support startups in ways such as demo days to attract subsequent investment after the seed investment. There is not much research in academia about what factors impact on these accelerators when making investment decisions at the time of seed investment. In this study, we checked the meaning and function of the accelerator and tried to analyze what factors affect on accelerators when making a decision to invest in startups. The research method is based on a literature survey of previous studies on investment decision-making factors of venture capital and angel investors, and a lens model and judgment analysis method through empirical research targeting 43 accelerator investment decision-makers. Empirical analysis shows that accelerators have three of the key factors to consider when choosing the first startup to invest and educate; entrepreneurs' entrepreneurial traits, their product and service expertise and a potential return on success. This will provide an opportunity for early startups to gain strategic access to accelerators when they need money or need a structured educational program. Also, the results obtained through this research will be a kind of guideline for startups to attract accelerators' investment. The significance of this study is that discriminatory evidence was presented on the accelerator determinants of investment, and it would be highly suggestive to startups and related public institutions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.85-99
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• 2019

Startups need proper external supports to survive and build strong foundations for growth in their early stage. Accelerators help such startups by providing tangible and intangible resources. Accordingly, accelerators are creating a social environment that can effectively support the startups in the early stage, distinct from other institutions that fund or help the startups. However, the actual impact of accelerators on startups has not been yet fully scrutinized thoroughly, especially with the lack of theoretical lenses to comprehend accelerators. This paper aims to build a theoretical foundation to understand the role of accelerator, focusing on the network-based perspective. We briefly overview the concept of accelerator and the current status of the accelerator industry. Subsequently, focusing on the network that accelerators and startups create, this paper examines how the characteristics of the network relationships affect the growth and survival of the early-stage startups. Thus, by offering systematic analysis of the underlying mechanisms of the effects of the accelerators under network-based approach, this paper suggests a direction for the future empirical research on the topic of startup accelerator.

• Korean small business review
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• v.43 no.4
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• pp.173-209
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• 2021

Start-up accelerators are a new type of investor that provide mentoring, education and seed capital to start-ups for a fixed duration and receive a certain stake in them in return. They help start-ups achieve successful commercialization. With increase in performance visibility, the number of private and public sector accelerators rose across domestic and international markets. Private sector accelerators are established and operated by private entities while public sector accelerators are established and operated by the government. Both play complementary roles that are becoming increasingly important to start-ups. Therefore, this study aims to examine the differences in major operational goals and investment determinants between private and public sectors and to understand their implications. The results show that the private sector prioritizes profit generation through the investment, while the public sector aims to contribute to the development of high-growth start-ups, and create region-specific and technology-specific start-up ecosystems. Additionally, both groups consider customer needs the most important determinant. Public groups are more conservative in investments and tend to place importance on objective indicators such as patents, partners, mentors, and co-founders. Conversely, private groups value the capabilities of founders and their ease of collaboration with accelerators. These findings can help start-ups get support from public or private accelerators more easily. It will also help public and private accelerators refine the criteria for selecting start-ups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.65-80
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• 2022

Despite the uncertainty and risky factors of startups, the special and critical role of accelerators in carrying out professional nurturing and investment for them is becoming increasingly significant in the startup social-system. However, academic research on investment determinants that have a profound impact on the survival of accelerators is lacking, and there are only a few empirical studies on the classification and importance of factors, and they do not enjoy the benefits of theoretical studies. This study proposes a business model innovation framework based on the business model innovation theory that reflects the nature and properties of startups that are investment targets of accelerators and derives 12 investment decision factors. The framework defines that the target, direction, and performable force of startup innovation are a business model, strategy, and dynamic capability. Besides, the framework analyzes the investment decision factors of the existing accelerators based on the business model innovation framework to verify the suitability and sufficiency of the composition. As a result of the analysis, first, most of the items were faithfully composed from a static point of view of business model innovation, but it was found that the factors related to the core activities to evaluate the activity and customer relationship were insufficient. Second, from the strategic point of view, the necessity of developing factors that can encompass the definition and content of core resources, which are internal strategic factors, was raised. Third, from the dynamic point of view, it was found that many of the investment determinants of accelerators were concentrated on the lower level of dynamic competencies. This can be judged as a result of reflecting the characteristics of a startup that needs to develop a solution with few resources and a small number of team members. In addition, the roles and interrelationships between each factor are not clear, thus it was found as a limiting point for startups to view and evaluate the direction and process in which startups dynamically innovate their business models. This study is considerably differentiated in that it provides a business model innovation framework and offers a theoretical basis for investment determinants by deriving the investment determinants of accelerators based on the framework and design the foundation for subsequent research. The business model innovation framework presented in this study has great implications in that it contributes to the achievement of startups, accelerators, and startup support organizations.

• Korea Trade Review
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• v.47 no.1
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• pp.79-97
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• 2022

This study aims to analyze the effects of the characteristics of startups and the role of accelerators on internationalization performance. To achieve this purpose, we collected data from the management of 180 startups promoting overseas expansion. As a result of empirical analysis, it was confirmed that among the characteristics of startups, innovativeness, learning orientation, and global orientation had a significant effect on internationalization performance. In addition, it was confirmed that the role of the accelerator has a positive effect on the internationalization performance.