• 한국벤처창업학회:학술대회논문집
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• 2016.04a
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• pp.65-66
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• 2016

본 연구는 국내 창업초기투자생태계의 현황을 진단하고 향후 진화의 방향과제를 도출하는 것이 목적이다. 2013년 정부의 투자중심 창업지원 생태계 구축정책에 힘입어 국내 창업초기 투자생태계는 보다 세분화되고 활성화 되고 있다. 종전의 엔젤투자와 VC 투자자로 양분되었던 벤처투자시장에, 특히 창업초기단계 개인엔젤투자조합, 전문엔젤, TIPS, 엑셀러레이터와 창업초기 전용VC 펀드인 인큐베이팅펀드와 청년창업전용투자펀드등에서 최근 마이크로VC펀드에 이르기까지 다양한 창업초기 VC 펀드가 창출되며 다양한 그룹의 투자자들이 생성 진화중이다. 이렇게 창업초기 다양한 투자자그룹이 생성되고 성장하고 있는 이면에는 정부의 매칭투자와 투자연계 R&D 자금이 큰 역할을 하고 있어 투자자들에게는 창업기업에게 Valuation과 투자 위험 관리에 큰 도움을 주고, 창업기업에게는 과도한 지분의 희석 없이 투자자금이 가진 장점의 혜택을 극대화하고 있다. 그러나 본 연구의 국내창업초기 투자생태계 진단결과, 국내 창업투자생태계는 다양한 투자자그룹이 생성되고 성장하고 있지만 서로 다른 투자자 그룹 간 공동투자나 후속투자 연계 등의 협업적 활동 및 회수네트워크 연계 등 활동은 아직 미흡하다. 또한 투자분야 자체가 모바일 및 인터넷서비스 분야에 집중되고 있어, 상대적으로 긴 시간의 보육과 성장검증기간 및 규모 있는 투자를 필요로하는 제조분야는 비중이 약한 편이어서 투자 대상 사업 분야의 다변화 필요하다. 뿐만 아니라 국내 창업초기투자생태계는 창업의 글로벌 사업성과를 내기 위한 글로벌 투자자들과의 연계구조는 미흡한 상황이어 이를 촉진할 방안이 요구된다고 할 수 있다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.4
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• pp.39-47
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• 2015

"Series A Crunch"problem has become worse off as funding gap between angel seed investment and traditional VC Series A investment is getting the larger due to big boom over early startup investment both in Korea and US. The strong needs for new concept of fund alternative such as bridge fund is outstanding to fill up the funding gap in the early stage of venture investment. This research is brought to define the concept of 'Series A Crunch' problem and to diagnose its causes, eventually, popping up 'the concept of Micro VC Fund' to come up with this problem in Korea. Also, this paper suggests the policy alternatives to introduce Mivro VC Fund and accommodate its successful performance.

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

• 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.

• The Journal of the Korea Contents Association
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• v.18 no.9
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• pp.584-593
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• 2018

The startup, which is a common noun to start a small business, has been recently one of main targets for policymakers due to its important role for job creation and considerable potential for sustainability of an economy. However, technological entrepreneurship decreased by 5.0% p from 2013 to 2016. The revitalization of entrepreneurial investment promoted by the government is mainly supported in fruitable venture companies at grow stage or 2~3 years before IPO through venture capital firms and angel funds. It is far from an investment at start-up. It is therefore necessary to motivate private investment to be active in the private start-up sector. In addition, the start-up investment requires institutional support and government support to meet the expectations of investors about the possibility of payback and profitability of private investment invested in the founding period. As a small entrepreneur at a comparably early stage in the lifecycle of business, investments for the startup are generally made by informal investors such as family, friends and fools, and their decision making processes are relatively non-programmed compared with ones for listed corporales such as venture capital and angel fund agency. This study focuses on analyzing decision making factors in investment, and verifying an impact of such factors, specifically the possibility of investment payback and investment profitability, in a decision-making process for the startup especially at the very early stage.

• Science & Technology Policy
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• v.25 no.7
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• pp.34-37
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• 2015

2013년 8월 출시된 버드뷰의 '화해(화장품을 해석하다)' 서비스는 화장품 성분의 분석 결과를 제공하여 유해 성분을 피하고 건강한 화장품을 소비하려는 많은 여성들의 폭발적인 지지를 얻고 있다. 2014년 11월, 본엔젤스, 사이버에이전트벤처스 등으로부터 6억원을 투자받고, 출시 1년 8개월만에 다운로드 120만건, 회원 110만명, 월 방문자수 34만명을 달성한 버드뷰의 이웅 대표를 만나 국내 화장품 시장의 새로운 구매 패턴을 만들어 영향력 있는 모바일 화장품 커머스 기업으로 도약하려는 그의 포부를 들어본다.

• The Journal of the Korea Contents Association
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• v.21 no.12
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• pp.76-83
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• 2021

According to the rise of the 4th Industrial Revolution, the need for innovation networks through cooperation between participants is increasing to respond to rapidly changing technologies and corporate environments. Especially, cooperation is essential to solve and innovate problems faced SMEs lacking human and material resources. We conducted a study to revitalize the regional cooperation network by analyzing the current status and problems of the existing SME support network. As a result, We derived a strategy to create a foundation for a regional cooperation network through reorganization of existing cooperation networks, the establishment of customized policies for SMEs, and linkage of support projects. And we derived a strategy for establishing a specialized network for regional innovation as a result of research through Establishing a network for regional bases, strategies for fostering companies by growth stage, and utilizing local data. We expect that it will help establish a policy to support SMEs by preparing an organic cooperation system between local businesses and local networks.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.3
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• pp.366-376
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• 2019

Youth unemployment reached a record high in 2017, and business revitalization is emerging as a means of overcoming this situation. The number of venture companies and amounts of new venture investments are increasing year on year, and the government has upgraded Small and Medium Business Administration to the Ministry of SMEs and Startups. However, the success rate of startups is relatively poor. Over the past three years only 39.1% of Korean startups survived and 90% of companies failed in the Valley of Death phase. Survival this phase is critical for early startups, and thus, the amount and timing of investments are critical. Current models for establishing business startups do not effectively attract investments because they lack practical, corporate evaluation variables. In this paper, we develop a mixed process that incorporates the factors and business models focused on by venture capital investors. In addition, we compared our Death Valley Venture (DVV) process with current methods and provide an example of its application.

• Journal of the Korean Society of Systems Engineering
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• v.20 no.spc1
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• pp.45-55
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• 2024

Amidst the challenges of the global economy, this paper examines the investment tendencies of professional angel investors, who provide venture capital and management consulting, and explores strategies to revitalize angel investment. According to the research findings, professional angel investors are generally older and more educated than regular angel investors, and they are concentrated in the metropolitan region. Additionally, their investment performance before and after registration remains similar, with investment amounts concentrated between 50 million and 100 million won. Their investment portfolios focus on ICT services, bio/medical, and distribution/service sectors. Based on these findings, policy and institutional support measures are required to revitalize angel investment, including easing registration requirements for professional angel investors, expanding tax benefits related to angel investment, strengthening the provision of information and education related to angel investment, and enhancing angel investment networking. This study is expected to contribute to the revitalization of the venture startup ecosystem and economic growth through the revitalization of angel investment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.63-73
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• 2016

In these days startup became one of the most hot issue in business world. The problem is many startup couldn't overcome the valley of death. For this reason many startup want to funded by venture capital. However startup's business is trade secret itself, so they have to make strategic approach to venture capital. The purpose of study is to find the way to make strategic decision for startup. By analyzing the relation between startup's characteristic and venture capital's investment portfolio. Four famous venture capital(Sequoia capital, Lightspeed venture, Firstround and Khosla venture) and their seed invested startup Dropbox, Airbnb, Snapchat, Uber and Instacart was selected for this study. As a result, each venture capital has their own invest category characteristic and their seed funding belong to their category. Moreover, between seed funded startup and 36,4% of 244 past invented company shown vertical relationship, beside 0.5% of past 244 invested company shown horizontal relationship. This result shown the importance of the relation between startup's characteristic and venture capital's portfolio. Startup have to check the venture capital's portfolio for the strategic approach for funding and venture capital have to make mutual positive portfolio for decreasing the risk.