• Korean small business review
• /
• v.41 no.3
• /
• pp.129-150
• /
• 2019

It is very meaningful to research on how people's perception on equality and psychology on class movement can have effect on the entrepreneurial intention at the present time when the Korean Government persuades people to create new businesses and the polarization between the rich and the poor gets severe. Accordingly, in this study, an empirical analysis was conducted to find out how the proportional equality acceptance level can affect the entrepreneurial intention via the upward mobility expectation by considering the proportionate equality acceptance level as independent variable, upward mobility expectation as a medium variable and the entrepreneurial intention as a dependent variable and then the hypothesis was tested through regression analysis. The results are as follows. First, it was found that the proportional equality acceptance level over the results makes a positive (+) effect on the entrepreneurial intention and the upward mobility expectation. On the other hand, it was found that proportional equality acceptance level over opportunity does not make any significant effect on each of entrepreneurial intention and upward mobility expectation. Second, it was found that the upward mobility expectation makes the positive (+) effect on the entrepreneurial intention. Third, it was found that the proportional equality acceptance level over opportunity and equality acceptance level over the results makes a positive (+) effect on the entrepreneurial intention through upward mobility expectation as a medium, thus showing the partial effect. This study has critical implications as it is an empirical analysis for finding out how the individual's level of perceiving equality makes an effect on entrepreneurial intention and testing the upward mobility expectation's mediating effect, thus reflecting the current society's situation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.10 no.4
• /
• pp.27-37
• /
• 2015

Start up a company is critical to the regional economy and job creation and so get support from government and other organizations, but there are still exist of high rate of failure and CEO's stressful fear of failure. New firms are of utmost importance for the vitality of national economic driving forces but for those failed firms, they caused social and economic problems directly and indirectly, and brought frustration to the founders. The many education and research programs about entrepreneurship and venture creation were undertaken by the country and organizations, but the education and research about the vigilance of failed to start up company were almost ignored. If the attention can be put into the research about failed companies and the research can make the founders and pre-CEOs aware the failure of establishing a company, that would be very valuable as scenarios to see the company risks. This case study shows the finding the reasons which caused the failure of small venture companies and it's implications in the filed of establishing companies. The technology based venture company which had run 10 years in Daedeok's IT field was selected as the research object. The results show that the important factors such as entrepreneur characteristics(lack of communication and management knowledge), business management(lack of business expertise) and technology(loss of unique feature of product and lack of product extension) were the root cause of failures.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.2
• /
• pp.75-87
• /
• 2016

This study examines the impact of government funds to venture capital on investment in early-stage firms. We provide novel explanations about this relationship focusing on mechanisms by which government funds influence the perceived uncertainty, decision about investment priority, scale economy of investment, information asymmetry in investment decision, and capital expense. We argue that venture capital's investment in early-stage firms increases as government funds increase and as government funds are explicitly directed for early-stage firms. However, we further claim that the impact of government funds on early-stage investment will be decreasing as their size increases and finally be reverted to negative impact beyond a certain amount of funds to show inverse-U relationship. Our empirical examination using data from 105 Korean venture firms active as of 2013 consistently supports the claims. This study contributes to the venture capital literature by providing novel arguments about mechanisms and effects of policy intervention in venture capital. In practice, we expect our results will provide an opportunity for relevant policy makers to review their venture support policy based on empirical evidences for policy effects.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.2
• /
• pp.137-151
• /
• 2020

Since the global financial crisis, the employment rate of young people worldwide has been declining, and the situation in Korea has worsened. Recently, the employment rate has been restored to a small extent due to the implementation of various government policies on youth employment and entrepreneurship, and many young entrepreneurs have been produced. In addition, various types of youth farming enterprises are emerging as the system for encouraging home farmers and villagers and fostering young farmers has been expanded. In this regard, this study examines the influence of CEO's personal characteristics and government's support policies on corporate performance in starting and managing youth rural enterprises. The purpose of this study was to analyze the effect on the performance of rural enterprises. Through this study, it will be able to know what are the important factors for young people to achieve results in starting a rural enterprise. The results of this study suggest three implications. The first is that the personal characteristics of the CEO are important for the performance of youth start-up rural enterprises. Second, in support policy, educational support affects performance, but funding policy does not have a significant effect. Third, since ICT's environmental characteristics do not affect the CEO's personal characteristics and support policies and corporate performance, it is more important to find ways to utilize them directly in the field than to develop ICT's environmental characteristics.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.6
• /
• pp.173-189
• /
• 2023

As supreme technologies continue to be developed, industries such as artificial intelligence, biotechnology, robots, aerospace, electric vehicles, and solar energy are created, and the macro business environment is rapidly changing. Due to these large-scale changes and increased complexity, it is necessary to pay attention to the effect of social capital, which can create new value by utilizing capital increasing the importance of relationships rather than technology or asset ownership itself at the level of start-up strategy. Social capital is a concept first proposed by Hanifan in 1916, and refers to the overall sum of capabilities or resources that are latent or available for use in mutual, continuous, organic relationships or accumulated human relationship networks between individuals or social members. In addition, the diversity of start-up teams with diverse backgrounds, characteristics, and capabilities, rather than one exceptional founder, has been emphasized. Founding team diversity refers to the diversity of in-depth factors such as demographic factors, beliefs, and values of the founding team. In addition, changes in the macro environment are emphasizing the importance of technology start-ups and laboratory start-ups that lead industrial innovation and create the nation's core growth engines. This study focused on the I-Corps' program. I-Corps, which means innovation corps, is a laboratory startup program launched by the National Research Foundation (NSF) in 2011 to encourage entrepreneurship and commercialization of research results. It focuses on forming a startup team involving professors, researchers and market discovery activities. Taking these characteristics into account, this study empirically verified the impact of social capital from a network perspective and founding team diversity on I-Corps start-up performance. As a result of the analysis, the educational diversity of the founding team had a negative (-) effect on the financial performance of the founding team. On the other side, the gender diversity and the cognitive dimension of social capital had a positive (+) effect on the financial performance of the founding team. This study is expected to provide more useful theoretical and practical implications regarding the diversity, social capital, and performance interpretation of the I-Corps Lab startup team.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.6
• /
• pp.185-194
• /
• 2016

Recently, as the popularization of the mobile and the internet, the need of big data technology using a vast amount of data which contains the information has emerged. Big data technology has been used in various fields but use of the public sector is still insufficient. So, this study applies them. This study explores factors influencing silver industry as keywords, graving has effect on the present as well as future society. Results, five variables are 'silver Industry', 'senior citizen who lives alone', 'aging', 'birth' and 'retirement' were searched, and it was confirmed that they are correlated with one another. Results of analyzing the influence of the other four parameters on "Silver Industry", they have an effect significantly. In addition, it proposed the need of the 'providing living space of senior citizen who lives alone', 'childbirth support policy', 'support to vitalize silver startup senior manpower of technology' as an alternative to develop the silver industry. This study provided the theoretical implications that is exploring factors through a quantitative approach using big data and the practical implication is to suggest an alternative.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.1
• /
• pp.101-116
• /
• 2019

Technology-based start-up is important in that it encourages innovation, facilitates the development of new products and services, and contributes to job creation. Technology-based start-up activates entrepreneurship when appropriate support is provided within the ecosystem. Thus, understanding the technology-based start-up ecosystem is crucial. The purpose of this study is as follows. First, in Herrmann et al.'s(2015) study, we compare and analyze the ecosystem of each country by selecting representative regions such as Silicon Valley, Tel Aviv, London and Singapore which have the highest ranking in the start-up ecosystem. Second, we try to deeply understand the start-up ecosystem based on in-depth interviews with various stakeholders such as VC investors, start-ups, support organizations, and professors related to the Korean start-up ecosystem. Finally, based on the results of the study, we suggest development and activation of Korean technology-based start-up ecosystem. As a result, the Seoul start-up ecosystem showed a positive evaluation of government support compared to other advanced countries. In addition, it was confirmed that the ratio of tele-work and start-up company working experience of employees was higher than other countries. On the other hand, in Seoul, It was confirmed that overseas market performance, human resource diversity, attracting investment, hiring technological engineers, and the ratio of female entrepreneurs were lower than those of overseas advanced countries. In addition, according to the results of the interview analysis, Seoul was able to find that start-up ecosystems such as individual angel investors, accelerators, support institution, and media are developing thanks to the government's market-oriented policy support. However, in order for this development to continue, it is necessary to improve the continuous investment system, expansion of diversity, investment return system, and accessibility to the global market. A discussion on this issue is presented.

• Journal of Venture Innovation
• /
• v.1 no.1
• /
• pp.49-65
• /
• 2018

For a long time the German economy was primarily defined by large corporations and thriving small and medium-sized enterprises. Since about 2005 a second strand has started to emerge and it is one which is becoming increasingly important and is creating jobs - start-ups in the digital sector. This start-up activity is taking an important role in Germany's economic development: Start-up companies spawn innovations and create jobs, thus promoting the concept of competition. In general "start-up" refers to digitally-driven companies that are not more than five years old. Germany's start-up policy consists of three main parts. First of all, Germany has the characteristics of technology-based start-ups. The Hartz reform since 2002 has shown its focus on technology-based start-ups. In particular, it is the most appropriate for a start-up company to take the role of a new technology company to respond to changes in the global industrial structure. Second, it is approaching from a long-term perspective. In this regard, the small business policy, including Germany's new business policy, is seen as a tradition that can be consistent and can make policy decisions based on the basics rather than following the times. Third, the government is implementing policies centered on demand. Germany's start-up policy is summarized as a technology-based policy and new job creation. The policy response is that the government seeks the best combination of policies by adapting them to the times from the broad trend of employment market policies. What is important here is that policies are made based on consumers, not suppliers, in the process of policy making and implementation. With the Digital Agenda 2020 the Federal government has likewise committed itself to preparing the digital economy for international competition and making Germany the "No. 1 digital growth country in Europe". Ever since 1998 the Federal Ministry for Economic Affairs and Energy (BMWi) has awarded the "EXIST" start-up scholarship to students and graduates. The Ministry also invests in the High Tech start-up fund. Together with Kreditanstalt für Wiederaufbau (KfW) and 18 other investors from the world of business the seed investor promotes young technology companies. Germany offers start-ups a good infrastructure and lots of funding opportunities. Berlin is regarded as Europe's start-up capital and also attracts lots of international young entrepreneurs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.1
• /
• pp.17-29
• /
• 2020

In recent years, universities, with their intellectual properties and human resources, become main drivers for technology transfer. Universities in Korea have various organizations to support the technology transfer and commercialization. Among them, a technology holding company plays the critical role to successfully implement the task. Nonetheless, the performance of the technology holding company is well below the expectation of industry, government and universities themselves. The lack of expertises and experience together with the ill-suited government policies could be attributable to the observed under performance. More recently, however, the technology holding company acts as an accelerator or venture capital to search and fund promising start-ups. The university venture capital thus transforms a traditional university into an entrepreneurial university. Focusing on the role of the technology holding company as an accelerator or venture capital, the paper analyzes the characteristics of the university venture capital and the invested start-ups. The performance of the university venture capital is measured and the determinants of the performance are empirically tested. The results show that the co-investment of outside investors and the support of government program, known as Tech Incubator Program for Startup Korea, yields the highest performance. The result indicates that the coordination of the university venture capital, industry and government is the key to the success of early start-ups. The paper is the first to analyze the performance of the university venture capitals in Korea and thus contributes to the literature.

• Proceedings of the KAIS Fall Conference
• /
• 2010.05b
• /
• pp.803-806
• /
• 2010

저고용을 통한 고효율로 기업생산성을 추구하는 결과, 야기되는 고용의 불균형을 타개하기 위해 2007년 정부는 사회적 기업 육성법을 통해 사회적 기업을 장려하고 있다. 뿐 만 아니라 전 세계적 으로도 사회적 기업에 관련된 연구를 미국의 로버츠 재단, 영국의 Social Firms, EMES European Research Network 등이 중심이 되어 사회적 기업의 생존 전략과 사회적 자본 활용을 통한 발전방법을 모색하고 있다. 본 연구는 이러한 세계적인 추세에 발맞추어 사회적 기업 발전에 필요한 기업생존, 고용증대, 매출증대, 권한위임을 종속변수로 Granovetter Mark, Burt Ronald, Coleman James, Peter Witt, Andreas Schroeter, Christin Merz, Helen Haugh 등의 연구를 참고하여 독립변수인 네트워크다양성과 강도가 어떻게 작용하는지를 먼저 실증 분석하고 나아가 네트워크의 효율적인 운영을 통하여 사회적 기업 발전을 극대화시키는데 연구목적이 있다. 그리고 본연구의 대상은 2009년 현재 국내의 295개 사회적 기업 가운데 전문가의 추천을 받은 25개 회사로 이루어졌으며 SPSS 12.0으로 요인분석, 타당성, 신뢰성, 상관관계 등의 분석을 거쳐 다중회귀분석을 통하여 가설을 검증하였다. 검증의 결과 기업생존, 고용증대, 매출증대, 권한위임 전 과정에 네트워크가 필요하며 특히, 기업생존을 위해서는 네트워크강도에 관련된 요인을 매출증대를 위해서는 네트워크다양성에 관련된 요인을 잘 관리하고 유지 발전시켜야 함을 알 수 있었다. 끝으로 본 연구의 결과가 사회적 기업 창업을 준비 중인 국내의 많은 회사나 비영리법인, 사회단체가 계속기업으로 발전해 가기위한 사회적 자본 활용 전략에 많은 도움을 줄 수 있을 것으로 생각한다.