• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.1
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• pp.21-35
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• 2021

Based on social capital theory, this study investigated the influence of the start-up founder's social competence on the start-up's access to funding sources and performance through the mediating role of the type of social network. This study aimed to examine two types of social networks empirically (i.e., personal networks and business networks) as social capital in analyzing the effect of the founder's social competence and social capital on the method of accessing funding sources. A self-report questionnaire was administered to 252 South Korean start-up founders whose businesses are based in South Korea. Path analysis and mediation effect analysis were performed by structural equation modeling(SEM) using STATA 16.1. This study examined the full mediating effect of the founder's social competence on his/her personal and business networks, respectively, and how the effect leads to different methods to approach funding sources. This is the first study in South Korea to analyze empirically how social competence has contrasting effects on personal and business networks as well as how each type of network varies in its influence on the method founders use to attract investment. This study is also significant in that it proposed a new methodology by utilizing the position generator as the measure of personal and business networks to analyze social networks in detail. The analyses of 252 survey data collected over a period of six months will be a valuable resource that may provide researchers, founders, investors, and other stakeholders in the start-up ecosystem with meaningful implications.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.1-21
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• 2024

Recently, venture capital investment has been shrinking globally due to high interest rates and economic slowdown. Korea is no exception. Due to the downturn in the M&A and public markets, increasing economic uncertainty, and the aftermath of corporate bankruptcies, venture capitalists are facing many difficulties in raising funds. In the changed economic environment, the investment decision factors of venture capitalists have also changed. However, studies on VCs' investment decisions have focused on the general economic environment. This study examines how VCs' investment decision-making factors change during economic recessions and booms. To this end, we interviewed active investors who have experienced both economic recessions and booms to compare how VCs' investment decision factors change: 1) personal characteristics of founders, 2) experience of founders, 3) product/service, 4) market, 5) financial situation, 6) contract terms and 7) venture capital co-investment. The results showed that founder's personal characteristics, experience, and product/service were more important during the economic recession. Market is slightly more important during economic booms. The importance of financial situation and investment conditions increased sharply during the recession compared to the boom. Finally, venture capital co-investment did not differ significantly between recessions and booms. By understanding the investment decision-making factors of venture capitalists in the recent difficult venture investment environment, this study aims to help startups raise funds and survive in a difficult market.

• 한국벤처창업학회:학술대회논문집
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• 2022.04a
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• pp.89-97
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• 2022

본 연구에서는 창업 성장단계별 특허분석 요인들의 중요도와 우선순위를 제시하였고, 구체적으로 창업준비기, 창업기, 성장기, 성숙기 창업 성장단계 기준으로 구분하여 가장 먼저 선행되어야 할 특허분석 요인을 AHP기법을 활용하여 분석하였다. 분석결과, 상위요인의 중요도는 창업준비기(.633), 창업기(.231), 성장기/성숙기(0.136) 순으로 나타났다. 상위요인인 창업준비기의 하위요인 중요도는 환경분석(.593), 특허조사(.236), 특허분석(.171) 순으로 분석되었다. 창업기의 하위요인 중요도는 사업화전략(.415), R&D전략(.333), 보완출원전략(.138), 보유특허분석(.114) 순이고, 성장기/성숙기 하위요인 중요도는 후속IP창출(.337), 핵심특허 대응전략(.260), 후속R&D방향제시(.183), 특허인프라구축(.137), 라이센싱(매입)전략(.083) 순으로 나타났다. 전체 복합신뢰도 상위권 중요도 순위로는 1위 환경분석, 2위 특허조사, 3위 특허분석, 4위 사업화전략, 5위 R&D전략, 6위 후속 IP창출 순으로 나타났다. 이러한 연구 결과를 통해 창업을 준비하는 창업자에게 특허와 관련하여 단계별 집중해야 하는 요인의 중요도와 우선순위를 제시하고 더 생산적이고 효율적인 일들에 집중할 수 있는 가이드가 되기를 바란다.

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

• Knowledge Management Research
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• v.24 no.2
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• pp.87-115
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• 2023

This study aims to examine the causal relationships between sales and employment for public technology-based startups. Although there is a limit to statistical generalization due to the poor understanding of the actual conditions of public technology start-up companies, these companies were analyzed by classifying them into high-growth companise, potential growth companies, and other companies. In order to understand the causal relationship, and to estimate the time required to be effective, panel vector autoregression was applied. As a result, the performance creation mechanism was identified as government supoort and private investment was mutually causal with employment, sales did not cause employment, and employment caused sales. In other words, it was found that employment plays an mediator role in public technology based startups' performance mechanism. In addition, private investment had the effect of improving employment and sales in the short time than governments support, and showed that firms with high employment can attract government support and private investment. This study are academically meaningful in that they empirically revealed the process of performance creation, whereas previous studies had only shown whether there was an effect on performance. It also has a policy contribution by suggesting the need for effective policy promotion by considering the 'employment' factor, such as human resource support, as more important.

• Journal of Digital Convergence
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• v.17 no.8
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• pp.81-88
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• 2019

This study suggests the ways to promote the technology startups founded by professor, who differs from student or researcher in social status, risk-taking tendency, and motivation. Literatures were reviewed to understand the advantage of faculty's tech start-up, foreign cases, and related researches. In addition, key stakeholders were interviewed. The study shows that domestic faculty entrepreneurship is currently in infant stage while facing obstacles in institutional, financial and practical aspects. In order to promote faculty entrepreneurship, the study suggests that university and professor set up the benefit sharing structure in advance, that the public sector establishes a holding company or investment fund dedicated to support a faculty startup, that proactive effort be made to attract passive professors to the startup world, and that private companies join faculty startups in the process of concept proofing and product commercialization. The study is expected to provide government, university, and industry with practical implication in promoting faculty startup.

• 한국벤처창업학회:학술대회논문집
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• 2023.04a
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• pp.29-38
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• 2023

그간 Venture Debt은 벤처기업의 스케일업을 촉진하는 수단으로 인식되어 왔으나, 경기하강 국면에서는 투자유치가 여의치 않은 벤처기업에 유동성을 제공하는 자금공급수단으로서의 중요성이 부각된다. 한편, 2023년 3월 SVB의 파산으로 Venture Debt 취급기관의 지속가능성에 대한 우려가 부각되었다. 이에 본 연구에서는 대출재원의 지속가능성을 염두에 두고, 경기침체기 대안적 자금 공급수단으로서 Venture Debt 활성화방안을 연구하였다. 선행연구들은 주로 전통적 Venture Debt을 분석대상으로 하였으나, 본 연구에서는 벤처생태계의 성장과 경기사이클 변화에 따라 다양해지고 있는 Venture Debt을 유형별로 분석하였다. Venture Debt 유형을 전통적, Growth형, 유동성 지원형으로 구분하고, 각각 SVB, EIB(유럽투자은행), 해외 벤처유동성 지원사례를 중심으로 구조적 특징과 차이점을 분석하였고, 직접대출방식과 BDC 등 간접대출방식을 비교 분석하였다. 이와 함께, 경제성, 시장성, 대출재원 확보가능성 차원에서 국내 도입환경에 대한 실무적·법률적 검토를 병행하였다. 본 연구에서는 국내 활성화방안으로 채권형 BDC 활성화를 통한 민간재원 활용, 벤처전용 유동성지원 프로그램 마련, 제2데스밸리 극복을 위한 Growth형 벤처대출 도입, 독립형 워런트 발행을 위한 법적 근거 마련 등을 제안한다.

• 한국벤처창업학회:학술대회논문집
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• 2017.04a
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• pp.43-43
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• 2017

본 연구는 창업보육센터 입주기업을 대상으로 지원서비스가 성장단계별로 차이가 있을 것이라는 가정과 입주기업이 느끼는 만족도와 그에 따른 경영성과에 영향을 미칠 것이라는 가정 하에 입주기업의 니즈(needs)를 반영한 성장단계별 차별화된 효과적 지원서비스로 입주기업의 만족도와 경영성과를 높임으로써 창업성공률을 제고하기 위한 이론적 기여와 정책적 시사점을 제시하는 데 목적이 있다. 본 연구의 검증을 위하여 가설1 성장단계별 지원서비스는 정(+)의 유의한 차이가 있을 것이다, 가설2 성장단계별 만족도는 정(+)의 유의한 차이가 있을 것이다, 가설3 성장단계별 경영성과는 정(+)의 유의한 차이가 있을 것이다를 ANOVA 분석을 실시하였고, 가설4 지원서비스가 경영성과에 정(+)의 영향을 미칠 것이다, 가설5 지원서비스가 만족도에 정(+)의 영향을 미칠 것이다, 가설6 만족도가 경영성과에 정(+)의 영향을 미칠 것이다는 회귀분석을 실시하였다. 분석결과, 선행연구와 같이 지원서비스는 입주기업의 경영성과와 만족도에 영향을 미치는 것으로 나타났다. 본 연구는 창업보육센터의 성장단계별 지원서비스가 서비스의 만족도와 경영성과에 어떠한 영향을 미치고 있는지를 중소기업청 지정 창업보육센터 입주기업 174개를 표본으로 SPSS 22.0을 이용하여 검증하였다. 본 연구에서 실증분석을 통하여 얻은 연구 결과를 요약하면 다음과 같다. 첫째 성장단계별 지원서비스의 차이에 대한 차이분석 결과 정(+)의 유의한 차이가 있는 것으로 나타났다. 둘째, 성장단계별 만족도의 차이는 차이가 없는 것으로 나타났으며 성장단계별 경영성과의 차이 중 투자유치는 정(+)의 유의한 차이가 있는 것으로 나타났다. 셋째, 창업보육센터에서 제공하는 지원서비스가 입주기업의 경영성과와 만족도에 정(+)의 영향을 미치는 것으로 나타났다. 마지막으로 입주기업의 만족도도 경영성과에 정(+)의 영향을 미치는 것으로 나타났다. 결과를 종합해보면 창업보육센터의 지원서비스가 아직도 행정지원과 자금지원 등에만 국한되어 지원되고 있는 것으로 나타나 입주기업의 성장단계에 적합한 다양한 서비스의 제공이 필요함을 주지시켜 주고 있다. 또한, 성장단계별 입주기업의 만족도는 매출증가와 고용증가로 이어졌지만 아직 투자유치에는 크게 영향을 미치지 못하고 있음을 알 수 있다. 따라서 모든 입주기업에게 획일적인 지원서비스가 아닌 차별화된 지원서비스가 필요하며, 이를 위하여 창업보육센터 매니저들이 엑셀러레이터로서의 역할을 하기 위한 창업보육역량 고도화가 필요하고, 창업보육사업은 기업의 성장단계와 관련이 있으므로 입주기업의 성장단계 및 창업보육센터의 지원하는 역할과 기능에 따른 창업보육모델의 진화를 고려한 3세대, 4세대 보육모델로서의 발전된 운영정책 수립이 요구된다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.3
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• pp.39-54
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• 2009

As of July, 2009, Chungnam Province get DI (Direct Investment) of 2,502 corporations as the amount of 31 billion US dollars only for 3 years. Especially, Chungnam provincial governor make a excessive performance of 2.5 times comparing to the target number, 1,000 of inviting capital, that is public promise in the election. Now, the amount of inviting foreign capital is 1.2 billion dollars, at the end of this year it might be 1.4 billion dollars just in case of making a success on going negotiations. This outstanding performance comes from governor's leadership and aggressive strategies of well-trained subordinates. Chungnam Province has nation-wide multiple targets focused on interdisciplinary industries including strategic industries of display, auto-parts, steel, and oil-chemistry. Also, it has organic network system based on the very descriptive and accurate informations managing the task force team consisted of 35 competent members. In conclusion, the core competence of inviting foreign capital in a regional government is governor's strong leadership, activated organization consisted of specially well trained subordinates, and predominant differentiated strategies in details.