• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.141-158
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• 2023

From the perspective of an entrepreneur, one of the most important factors for understanding the inherent limitations of a startup, reducing the risk of failure, and succeeding is the composition of the talent, that is, the founding team. Therefore, a common concern experienced by entrepreneurs in the pre-entrepreneurship stage or the early stage of startup is the choice between independent startups and co-founding start-up. Nonetheless, in Korea, the share of independent entrepreneurship is significantly higher than that of co-founding start-up. On the other hand, focusing on the fact that many successful global innovative companies are in the form of co-founding start-up, the success factors of co-founding start-up were examined. Most of the related preceding studies are studies that identify the capabilities and characteristics of individual entrepreneurs as factors influencing the survival and success of entrepreneurship, and there is a lack of research on partnerships, that is, co-founding start-up, which are common in the field of entrepreneurship ecosystems. Therefore, this study attempted a multi-case study through in-depth interviews, collection of relevant data, analysis of contextual information, and consideration of previous studies targeting co-founders of domestic startups that succeeded in opportunistic startups. Through this, a model for deriving the phased characteristics and key success factors of co-founding start-up was proposed. As a result of the study, the key element of the preliminary start-up stage was 'opportunity', and the success factors were 'opportunity recognition through entrepreneur's experience' and 'idea development'. The key element in the early stages of start-up is "start-up team," and the success factor is "trust and complement of start-up team," and synergy is shown when "diversity and homogeneity of start-up team" are harmonized. In addition, conflicts between co-founders may occur in the early stages of start-ups, which has a large impact on the survival of start-ups. The conflict between the start-up team could be overcome through constant "mutual understanding and respect through communication" and "clear division of work and role sharing." It was confirmed that the core element of the start-up growth stage was 'resources', and 'securing excellent talent' and 'raising external funds' were important factors for success. These results are expected to overcome the limitations of start-up companies, such as limited resources, lack of experience, and risk of failure, in entrepreneurship studies, and prospective entrepreneurs preparing for a start-up in a situation where the form of co-founding start-up is attracting attention as one of the alternatives to increase the success rate. It has implications for various stakeholders in the entrepreneurial ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.37-50
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• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.91-107
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• 2023

Lean startup is a concept that combines the words "lean," meaning an efficient way of running a business, and "startup," meaning a new business. It is often cited as a strategy for minimizing failure in early-stage businesses, especially in software-based startups. By scrutinizing the case of a startup L, this study suggests that lean startup methodology(LSM) can be useful for hardware and manufacturing companies and identifies ways for early startups to successfully implement LSM. To this end, the study explained the core of LSM including the concepts of hypothesis-driven approach, BML feedback loop, minimum viable product(MVP), and pivot. Five criteria to evaluate the successful implementation of LSM were derived from the core concepts and applied to evaluate the case of startup L . The early startup L pivoted its main business model from defecation alert system for patients with limited mobility to one for infants or toddlers, and finally to a smart bottle for infants. In developing the former two products, analyzed from LSM's perspective, company L neither established a specific customer value proposition for its startup idea and nor verified it through MVP experiment, thus failed to create a BML feedback loop. However, through two rounds of pivots, startup L discovered new target customers and customer needs, and was able to establish a successful business model by repeatedly experimenting with MVPs with minimal effort and time. In other words, Company L's case shows that it is essential to go through the customer-market validation stage at the beginning of the business, and that it should be done through an MVP method that does not waste the startup's time and resources. It also shows that it is necessary to abandon and pivot a product or service that customers do not want, even if it is technically superior and functionally complete. Lastly, the study proves that the lean startup methodology is not limited to the software industry, but can also be applied to technology-based hardware industry. The findings of this study can be used as guidelines and methodologies for early-stage companies to minimize failures and to accelerate the process of establishing a business model, scaling up, and going global.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.33-51
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• 2022

This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.133-150
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• 2022

The purpose of this study was to develop a female entrepreneurial competency model. For the purpose, two Focus Group Interviews (FGI) were conducted with seven outstanding female entrepreneurs, and three expert reviews were conducted. In addition, in order to verify the validity of the provisional female entrepreneur competency model derived from the FGI and competency modeling expert review, the female entrepreneur competency model was finally confirmed through a survey of 442 female entrepreneurs. The results were as follows. First, a female entrepreneur competency model consisting of 6 competency groups and 25 competencies of entrepreneurship, emotion, business management, relationship management, strategic management, and multitasking, and 75 behavioral indicators describing each competency was developed. Second, sensibility and multitasking are competencies that reflect the characteristics of female entrepreneurs. In particular, 'social sense', which is the ability to be considerate of others in the emotional competency group and the ability to respond well to subtle nuances, and the multitasking competency group's unique strengths are women's ability to perform various tasks at the same time. The 'work-family control ability' of a female entrepreneur who maintains a balance between 'multi-tasking' and work and family is a representative competency of only female entrepreneurs. Third, the developed female entrepreneurship competency model is meaningful in that it not only increases female entrepreneurial competency so that prospective female entrepreneurs can successfully run a business through entrepreneurship education, but it also makes it easy for existing female entrepreneurs to reflect and improve their competencies. If we provide appropriate training programs to female entrepreneurs based on their competency, it will be possible to effectively enhance the entrepreneurial competency, which is the key to strengthening the competitiveness of female entrepreneurs. The female entrepreneur competency model developed through this study can provide a basis for future research on competency diagnosis and education needs analysis.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.12 no.4
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• pp.380-389
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• 2007

Stable carbon and nitrogen isotopes were analyzed in suspended particulate organic matter, macroalgae and macrobenthic invertebrates in order to determine the importance of primary organic matter sources in supporting food webs of rocky subtidal and intertidal macroalgal beds in the Korean coasts. Investigations were conducted at the inter tidal sites within Gwangyang bay, a semi-enclosed and eutrophicated bay, and the subtidal sites of the east coast, a relatively oligotrophic and open environment, in May and June 2005. Water-column suspension feeders showed more negative $\delta^{13}C$ values than those of the other feeding guilds, indicating trophic linkage with phytoplankton and thereby association with pelagic food chains. In contrast, animals of the other feeding guilds, including interface suspension feeders, herbivores, deposit feeders, omnivores and predators, displayed relatively less negative $\delta^{13}C$ values than those of the water-column suspension feeders and similar with that of macroalgae, indicating exclusive use of macroalgae-derived organic matter and association with benthic food chains. Most the macrobenthic species were considered to form strong trophic links with benthic food chains. In addition, the distribution of higher $\delta^{15}N$ values in macrobenthic consumers and macroalgae at the intertidal sites of Gwangyang Bay than those at the subtidal sites of the east coast suggests that anthropogenic nutrients may enhance the macroalgal production at the intertidal sites and in turn be incorporated into the particular littoral food web in Gwangyag Bay. These results confirm the dominant role of macroalgae in supporting rocky subtidal and intertidal food webs in the Korean coasts.

• Journal of Service Research and Studies
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• v.14 no.2
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• pp.1-17
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• 2024

One of the most important decisions for managers in the online banner advertising industry, is to choose the best banner alternative for exposure to customers. Since it is difficult to know the click probability of each banner alternative in advance, managers must experiment with multiple alternatives, estimate the click probability of each alternative based on customer clicks, and find the optimal alternative. In this reinforcement learning process, the main decision problem is to find the optimal balance between the level of exploitation strategy that utilizes the accumulated estimated click probability information and exploration strategy that tries new alternatives to find potentially better options. In this study we analyze the impact of word-of-mouth effects and the number of alternatives on the optimal exploration-exploitation strategies. More specifically, we focus on the word-of-mouth effect, where the click-through rate of the banner increases as customers promote the related product to those around them after clicking the exposed banner, and add it to the overall reinforcement learning process. We analyze our problem by employing the Multi-Armed Bandit model, and the analysis results show that the larger the word-of-mouth effect and the fewer the number of banner alternatives, the higher the optimal exploration level of advertising reinforcement learning. We find that as the probability of customers clicking on the banner increases due to the word-of-mouth effect, the value of the previously accumulated estimated click-through rate knowledge decreases, and therefore the value of exploring new alternatives increases. Additionally, when the number of advertising alternatives is small, a larger increase in the optimal exploration level was observed as the magnitude of the word-of-mouth effect increased. This study provides meaningful academic and managerial implications at a time when online word-of-mouth and its impact on society and business is becoming more important.

• Clean Technology
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• v.30 no.2
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• pp.134-144
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• 2024

In this study, the mechanical stability of red mud was improved for its commercial use as a catalyst to effectively decompose HFC-134a, one of the seven major greenhouse gases. Red mud is an industrial waste discharged from aluminum production, but it can be used for the decomposition of HFC-134a. Red mud can be manufactured into a catalyst via the crushing-preparative-compression molding-firing process, and it is possible to improve the catalyst performance and secure mechanical stability through calcination. In order to determine the optimal heat treatment conditions, pellet-shaped compressed red mud samples were calcined at 300, 600, 800 ℃ using a muffle furnace for 5 hours. The mechanical stability was confirmed by the weight loss rate before and after ultra-sonication after the catalyst was immersed in distilled water. The catalyst calcined at 800 ℃ (RM 800) was found to have the best mechanical stability as well as the most catalytic activity. The catalyst performance and durability tests that were performed for 100 hours using the RM 800 catalyst showed thatmore than 99% of 1 mol% HFC-134a was degraded at 650 ℃, and no degradation in catalytic activity was observed. XRD analysis showed tri-calcium aluminate and gehlenite crystalline phases, which enhance mechanical strength and catalytic activity due to the interaction of Ca, Si, and Al after heat treatment at 800 ℃. SEM/EDS analysis of the durability tested catalysts showed no losses in active substances or shape changes due to HFC-134a abasement. Through this research, it is expected that red mud can be commercialized as a catalyst for waste refrigerant treatment due to its high economic feasibility, high decomposition efficiency and mechanical stability.

• Korean Journal of Plant Resources
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• v.37 no.1
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• pp.87-92
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• 2024

'Miha' is a new strawberry (Fragaria x ananassa Duch.) cultivar, which was released by the Highland Agriculture Research Institute in 2019. The 'Miha' cultivar originates from a 2014 cross between 'Monterey' and 'Saebong No. 3', both of which exhibited excellent ever-bearing characteristics, including continuous flowering and large fruits under long-day and high temperature conditions. This new cultivar was initially named 'Saebong No. 12' after examining its characteristics and productivity during summer cultivation between 2015 and 2019. After regional adaptability tests, 'Miha' was selected from 'Saebong No. 12' as an elite cultivar. The general characteristics of 'Miha' include intermediate, elliptic leaves, and strong growth. The fruits are conical and of a dark-red color. The number of leaves of 'Miha' was 21.9, which was 6.2 fewer than that of the control cultivar, 'Goha' with 28.1. The number of flower clusters of 'Miha' was similar to that of 'Goha'. The average fruit weight of 'Miha' was 13.4 g, which was 4.3 g heavier than that of 'Goha'. The fruit hardness of 'Miha' was 36.2 g·mm^-2, which was 10.1 g·mm^-2 harder than that of 'Goha'. The marketable yield of 'Miha' was 37,393 kg·ha^-1, 156% more than that of 'Goha' with 23,970 kg·ha^-1. Therefore, the new cultivar of ever-bearing strawberry 'Miha' is expected to be very popular in the export or bakery market because it is hard.

• The Journal of the Acoustical Society of Korea
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• v.28 no.6
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• pp.534-541
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• 2009

Word recognition test (WRT) for the children can be useful for diagnosing the degree of communication disability, prescribing hearing instruments, planning aural rehabilitation and speech therapy, and determination of site of lesions. The Korean standard monosyllabic word lists for preschoolers (KS-MWL-P) were developed considering the criteria given by the literatures. However, the authors of KS-MWL-P suggested more children should be included to verify homogeneity of the lists using psychometric function curve since only 8 children participated in the developing process. The purpose of this study was to explore the homogeneity of KS-MWL-P for supplementing the limitations of the lists employing psychometric analysis. To 23 preschoolers who have normal-hearing, 100 monosyllabic KS-MWL-P words were examined with the pictures. Psychometric function curve with linear slopes of 20% and 80%'s correct rates through accounting recognition scores of each monosyllabic word at variable intensities from -10 to 40 dBHL was obtained and analyzed. As a result, s-shaped psychometric function curve was presented with increasing correct rate depending on intensity and showed no statistical significant differences among each word and list. The congruous graph shapes among lists also indicated good homogeneity and the list 1,2,3,4's average slopes were 4.48, 3.86, 4.65, 4.50. It was verified that the homogeneity was suitable because the analysis of variance showed no statistical significance among lists (p>0.05). However, KS-MWL-P's order of slope according to the order of the number of items, $1{\sim}10$, $1{\sim}20$, $1{\sim}25$ showed no difference with the p-value of 0.93, 0.59, 0.91, 0.70 for the lists 1,2,3, and 4, respectively. Although KS-MWL-P was assumed that the lower-numbered items were easy for testing younger ages, this study's results could not agree with the author's conclusion. Considering this matter, rearranging of the number of items should be performed according to the analysis of slope suggested by this study for testing younger children with easier items. Other than this, in conclusion, KS-MWL-P was proved to be useful for clinical and rehabilitative evaluating and training tools for preschoolers.