• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.6
• /
• pp.147-157
• /
• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• Proceedings of the Safety Management and Science Conference
• /
• 2013.11a
• /
• pp.383-386
• /
• 2013

자금 조달은 창업자에게 매우 큰 과제이다. 본 연구는 창업 및 초기 단계의 회사에서 자금 조달의 상태, 엔젤투자와 창업 초기 단계 회사의 상관관계를 분석하였다. 지난 10년 동안의 데이터를 이용하여 분석한 결과, 엔젤투자와 창업 초기 단계 회사의 창업과는 관련이 없는 것으로 나타났다.

• The Optical Journal
• /
• s.96
• /
• pp.28-30
• /
• 2005

1998년 설립되어 아기들의 촬영의상과 소품을 전문으로 생산해온 엔젤피아(대표·김성동)는 점차 특화되고 세분화되어가는 사진시장에서 고급스럽고 다양한 아기촬영 의상을 주력제품으로 국내 시장은 물론 2000년부터 일본에 수출을 시작, 까다롭기로 소문난 일본시장에서도 인정을 받고 있다. 지난해는 독일 포토키나 전시회에 처음 참가하면서 유럽시장 공략에도 나서는등 최근에는 해외시장 개척에 박차를 가하고 있다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.2
• /
• pp.97-110
• /
• 2020

This paper is on the policy proposal for venture ecosystem. First, one of the three secrets of the US venture ecosystem is the law of 50:50. Angel capital investment is as important as venture capital investment. Although professional angel investors and accelerators account for as much as VC in the venture ecosystem, they are ignored from policy considerations. We argue that the revision of related law is urgent. Second, large US firms invest more in M&As than in internal R&D. Therefore, accelerators and professional angel investors could make effective investment recovery after investing in a startup company. In other words, angel capital does not come in without secondary market development. Angel capital and secondary markets are the two pillars of the venture ecosystem. The government alone is difficult to develop a secondary market. This is why the private sector should come in and introduce corporate venture capital (CVC). Third, we believe the policy direction for national economic growth should be extended from the startup to scale-up. This is because the startup's sales and job creation will start in five years. While the previous study focused on funding (venture financing), this paper aims to balance all three stages of a venture: startup, growth, and recovery, which are the life cycle of a venture company or venture investment. In particular, we propose specific policies in each chapter to improve practical application.

• Korean Journal of Food Science and Technology
• /
• v.41 no.2
• /
• pp.167-172
• /
• 2009

The principal objective of this study was to determine the optimum manufacturing conditions of egg white with high foaming property for the production of angel food cakes. The egg whites were desugarized and powdered at predetermined pHs and drying temperatures. The physicochemical properties of the produced cakes were measured and sensory evaluations were conducted on a 9-point scale. The volume and textural properties of cakes produced from spray-dried egg whites did not differ from those of the cakes prepared from the control egg whites. The pH of batter and the specific gravity of foam and batter with egg white powder at pH 6.74/66.5$^{\circ}C$ did not differ from those of the control, whereas the one prepared with commercial powder lost the characteristics of cake to a significant degree. The overall acceptance scores of egg white powder of pH 6.74/66.5$^{\circ}C$ and commercial powder were 6.25 and 2.33 as compared to the control (6.42). These results indicate that the egg white powder that was desugarized, pH-adjusted to 6.74, and dried at 66.5$^{\circ}C$ might be utilized to prepare angel food cakes with the desirable physicochemical and sensory attributes.

• Microbiology and Biotechnology Letters
• /
• v.49 no.3
• /
• pp.403-412
• /
• 2021

This study aimed to identify plant growth-promoting activity, phytopathogenic fungi growth inhibitory activity, mineral solubilization ability, and extracellular enzyme activity of the genus Bacillus in soil and the rhizosphere. With regards to antifungal activity against phytopathogenic fungi, DDP257 showed antifungal activity against all 10 pathogenic fungi tested. ANG20 showed the highest ability to produce indole-3-acetic acid, a plant growth-promoting factor (70.97 ㎍/ml). In addition, 10 species were identified to have 1-aminocyclopropane-1-carboxylate deaminase production ability, and most isolates showed nitrogen fixation and siderophore production abilities. Thereafter, the isolated strains' ability to solubilize minerals such as phosphate, calcite, and zinc was identified. With extracellular enzyme activity, the activity appeared in most enzymes. In particular, all the strains showed similar abilities for alkaline phosphatase, esterase (C4), acid phosphatase, and naphtol-AS-BI-phosphohydrolase production. This result was observed because the genus Bacillus secreted various organic substances, antibiotics, and extracellular enzymes. Therefore, through the results of this study, we suggest the possibility of using strains contributing to the improvement of the soil environment as microbial agents.

• Journal of Life Science
• /
• v.31 no.7
• /
• pp.641-653
• /
• 2021

The purpose of this study was to confirm the antifungal activity, plant growth-promoting activity, and mineral solubilizing activity of 18 types of bacteria isolated purely from rhizosphere soil. The potential of isolates of the genus Bacillus and Pseudomonas as biocontrol agents was confirmed through the antifungal activity of these isolates. This activity has been determined to be due to various hydrolytic enzymes on the cell wall of plant pathogenic fungi and the production of siderophores in isolates. In addition, most of the isolates have been found to have aminocyclopropane-1-carboxylate deaminase production activity, indole-3-acetic acid production activity, and nitrogen fixation activity. These characteristics are believed to have a positive effect on root development, growth, and the productivity of crops via a reduction in the concentration of ethylene under conditions of environmental stress, to which plants are commonly exposed. In addition, on testing for the solubilizing activity of the isolates for phosphoric acid, silicon, calcium carbonate, and zinc, some isolates were found to have mineral solubilizing activities. Inoculation of these isolates during plant growth is expected to assist plant growth by converting nutrients necessary for growth into usable forms that can be absorbed by plants. The 18 isolated strains can be used as biocontrol agents due to their antifungal activity, plant growthpromoting activity, and mineral solubilizing activity.

• Microbiology and Biotechnology Letters
• /
• v.47 no.3
• /
• pp.390-400
• /
• 2019

In this study, strains isolated from soil samples collected from Busan, Changwon, and Jeju Island were examined to verify their abilities of phosphate solubilization and nitrogen fixation, production of indole-3-acetic acid (IAA), siderophore, and 1-aminocylopropane-1-carboxylyic acid (ACC) deaminase in order to select strains that promote plant growth and play a role in biocontrol of pests or pathogens. According to the results of this study, most of the isolated strains were found to have ability of phosphate solubilization, nitrogen fixation, IAA production, siderophore production, and production of ACC deaminase. These isolated strains might help plant growth by directly improving absorption of nutrients essential for phosphate solubilization and nitrogen fixation. In addition, they can promote plant growth and control resistance to plant diseases through extracellular enzyme activity and antifungal activity. In addition, most of the selected strains were found to survive in various environmental conditions such as temperature, salinity, and pH. Therefore, Pseudomonas plecoglossicida ANG14, Pseudarthrobacter equi ANG28, Beijerinckia fluminensis ANG34, and Acinetobacter calcoaceticus ANG35 were finally selected through a comparative advantage analysis to suggest their potential as novel biological agents. Further studies are necessary in order to prove their efficacy as novel biological agents through formulation and optimization of effective microorganisms, their preservation period, and crop cultivation tests.

• Korean Journal of Food Science and Technology
• /
• v.51 no.4
• /
• pp.369-378
• /
• 2019

This study aimed to compare the quality characteristics of carrot juice based on different extraction methods such as centrifugation, single gear, and twin gear methods. Juice quality was evaluated based on extraction yield, nutritional components, and cloud stability. Twin gear extraction resulted in the highest extraction yield, and the highest mineral content. In addtion, ${\beta}$-carotene level higher than the recommended daily intake was obtained only in the carrot juice prepared using twin gear extraction of 100 g carrots. The minimum particle size was observed in twin gear extraction, followed by single gear extraction and centrifugation method. Therefore, twin gear extraction was selected as the optimal method, and changes in the antioxidant and metabolic activity of carrot juice were investigated using this method. Consequently, the carrot juice showed a higher lipid peroxidation inhibition rate than ${\alpha}$-tocopherol (1 mg/mL), and angiotensin I-converting enzyme (ACE) inhibitory activity was increased upon digestion.

• Microbiology and Biotechnology Letters
• /
• v.49 no.4
• /
• pp.576-586
• /
• 2021

The purpose of this study was to evaluate the antifungal activity, plant-growth-promoting activity, and mineral solubilization ability of 10 species of phytopathogenic fungi to select a Bacillus sp. from rhizosphere soils and roots that can be used as a microbial agent. The antifungal activity for phytopathogenic fungi varied based on the Bacillus sp. Among the selected strains, DDP4, DDP16, DDP148, SN56, and SN95 exhibited antifungal activity for nine or more species of phytopathogenic fungi. Regarding nitrogen-fixation ability, all Bacillus sp. showed similar levels of activity, and siderophore production ability was relatively high in ANG42 and DDP427. The indole-3-acetic acid production abilities were in the range of 1.83-67.91 ㎍/ml, with variations in activity based on the Bacillus sp. One strain with a high activity was selected from each species, and their mineral solubilization abilities were examined. Most Bacillus sp. could solubilize phosphoric acid and calcium carbonate, and DDP148 and SN56 could solubilize silicon and zinc, respectively. These results suggested that Bacillus sp. can be considered potential multi-purpose microbial agents for plant growth promotion and disease prevention.