• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.47-65
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• 2020

With the era of the Fourth Industrial Revolution in sight, innovative business models utilizing new technologies are emerging, and startups are enjoying an abundance of opportunities based on the agility to respond to disruptive innovations and the opening to new technologies. However, what is most important in creating a sustainable start-up ecosystem is not the start-up itself, but the process of research-start-investment-investment-the leap to listing and big business-in order to build a virtuous circle of startups that leads to re-investment. To this end, the environment created in the hub area where start-ups were conducted is important, and these material and non-material environmental factors are described as being inclusive by the word "entrepreneurial ecosystem." This study aims to provide implications for Korea's entrepreneurial ecosystem through the study of the interaction of the elements that make up the start-up ecosystem and the relationship of ecosystem participants in Singapore. Singapore has been consistently mentioned as the top two Asian countries in assessing the start-up environment and business environment. In this process, six elements of the entrepreneurial ecosystem presented by Isenberg(2010)-policies, finance, culture, support, human resources, and market-are the best frameworks for analyzing entrepreneurial ecosystems in terms of well encompassing prior studies related to entrepreneurial ecosystem elements, and a model of regional transformation is formed focusing on some elements to suit Singapore, the target area of study. By considering that Singapore's political nature would inevitably have a huge impact on finance, Smart Nation policy was having an impact on university education related to entrepreneurship, and that the entrepreneurial networks and global connectivity formed within Singapore's start-up infrastructure had a significant impact on Singapore's start-up's performance, researches needed to look more at the factors of policy, culture and market. In addition, qualitative research of participants in the entrepreneurial ecosystem was essential to understand the internal interaction of the elements of the start-up ecosystem, so the semi-structured survey was conducted by visiting the site. As such, this study examined the status of the local entrepreneurial ecosystem based on qualitative research focused on policies, culture and market elements of Singapore's start-up ecosystem, and intended to provide implications for regulations related to start-ups, the role of universities and start-up infrastructure through comparison with Korea. This could contribute not only to the future research of the start-up ecosystem, but also to the creation of a start-up infrastructure, boosting the start-up ecosystem, and the establishment of the orientation of the start-up education in universities.

• Journal of Venture Innovation
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• v.6 no.3
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• pp.43-60
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• 2023

Although the importance of starting a business is being emphasized, it is not easy for a start-up to survive. Therefore, it is necessary to come up with a plan to strengthen startup satisfaction and improve the survival rate of startup companies. In this study, we examined the impact of start-up motivation, start-up capabilities, and start-up passion of start-up companies on start-up satisfaction, as well as the moderating effect according to the founding type of general start-up companies and startups. Entrepreneurship motivation was divided into self-actualization motivation and pro-social motivation. Entrepreneurship capabilities were divided into marketing capabilities and experience capabilities. Entrepreneurship passion was divided into harmonious passion and obsessive passion. Empirical analysis was conducted by receiving surveys from 361 managers of general and startup companies within 7 years of founding their businesses online and offline. As a result, self-actualization motivation, pro-social motivation, marketing competency, experiential competency, and harmonious passion had a significant positive (+) effect on startup satisfaction. However, obsessive passion did not have a significant effect. In addition, the magnitude of influence on startup satisfaction appeared in the following order: harmonious passion, marketing competency, self-actualization motivation, pro-social motivation, and experiential competency. The moderating effect according to the type of founding of general start-ups and startups was found in pro-social motivation, experience competency, and passion for harmony. However, there was no significant moderating effect between self-actualization motivation, marketing competency, obsessive passion, and entrepreneurship satisfaction. This study presented academic implications that harmonious passion and marketing capabilities are important factors in improving startup satisfaction. In addition, practical and policy implications were presented, including the need for programs to support the psychological stability of startup business owners, strengthening startup capabilities through experts, and strengthening startup education programs that can foster self-actualization motivation and pro-social motivation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.23-33
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• 2014

This paper aims at delivering significant implications to high-tech startups by visualizing the implementation process of leading KOSDAQ listed companies's business model. This paper founded two meaningful outcomes; first, hish-tech starts-up make a clear direction of implementing intangible business model in real business, second, targeting the role model of benchmarking business model among leading companies, by linking common feature between high-tech starts-up and leading KOSDAQ listed venutures sharing one of Key performance indexes falls on viable business model. The research results of visualizing the implementation of leading KOSDAQ listed ventures' business model shows three major implications. First, business model indicates not just simple logic of creating and delivering values, but more shows CEO leading management vehicle. Second, business model represents the multi-dimension process itself of integrating in and out company's core assets and competencies initiated by CEO. Third, financial outcomes of business model is automatic result of implementing on setting target customer, creating value, and delivering it rather than planned strategically. Fourth, the focal points of implementing business model falls on collecting real information from business sites.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.19-34
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• 2021

The government budget for promoting startup have been skyrocketed as catching up with increasing demands for high-tech startup by disruptive innovation resulted from rapid technology change. However, major trend of startup have still fallen on self-employed type of startup due to the lack of expertise and fund in spite of desperate government policy efforts. In reality, the access to high-tech startup has been very limited and too high huddle to would-be entrepreneur. This paper implement empirical analysis on the effects of entrepreneur competency and satisfaction level to government support, considering these as the KSF for the growth and success of high-tech startup, to the performance of the company. In particular, it focus on defining unique characteristics of high-tech startup through differential proving by the backgrounds of entrepreneur such as major, R&D experience, patent possession, CTO possession. This research carry out survey to 217 entrepreneurs in high-tech company in Daejon and Daegue at R&D Special Innopolis Zone. Research results are as follow. First, entrepreneurial achievement competencies, conceptualization competencies, network competencies and market recognition competencies positively affect the financial and non-financial performance and organizational and technical competencies, while organizational and technological competencies only positively impact on non-financial performance. Second, the satisfaction level of government support showed a positive moderating effect on entrepreneurial achievement competencies and financial performance, while no significant effect in other competencies. Third, positive differential effect by the technological background of entrepreneur such as Major, R&D experience, patent possession, CTO possession) have been confirmed. This paper deliver several significant implications and contributions, First, it propose classified and systematized entrepreneur competency through the domestic and foreign literature reviews. Second, it proves the need for the wider spread of team based startup culture rather then sole startup. Third, it also proves the important role of technological background of entrepreneur among the characteristics of high-tech startup.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.6
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• pp.15-26
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• 2015

The purpose of this study was to examine the area, theme and method of domestic articles on the successful establishment of venture companies, which were presented between 1998 and 2014, according to related basic classification criteria in an effort to shed light on the characteristics of these studies. It's basically meant to make a contribution to the development of research on the success of venture business and to be of practical use for the success of venture companies in our country. After related earlier studies were analyzed, 164 articles were collected, and 64 articles were selected from among them. The articles that were overlapped, not presented or not registered were excluded. The related studies had been conducted by different learned societies that were interested in the same research themes, and the studies were primarily led by the Korean Society of Business Venturing as of 2014, especially by Asia-Pacific Journal of Business Venturing and Entrepreneurship that was a journal published by this society. This society seemed to have taken the initiative in this field. There was a tendency that the related studies increased in number due to the shifts of modern industrial society and the changing policies of the government, as the number of the studies has been on the steady rise since 2012. In terms of method, quantitative research methods, especially descriptive studies, were prevailing. To step up the development of research into this field, a wide variety of research methods should be utilized in the future. As for the sphere of research, the characteristics of founders, strategic characteristics and environmental characteristics were mainly covered as the success factors of venture business. More diverse variables should be explored as well to make more advanced, extended research in the years to come. The findings of the study are expected to provide both theoretical and practical information on the establishment and success of venture business to make a contribution to the development of research.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.5
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• pp.185-196
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• 2015

In a study of the existing Collaboration, U-I Collaboration linkage(LINK) has a width of the various channels through continuous mutual cooperation by the path-dependency. U-I Collaboration linkage(LINK) through the various channels is more powerful, whereas this increase trade-related barriers. In other words, It has been discussed in many literatures about the U-I Collaboration linkage(LINK). However, relatively a study on the factor of the barrier about U-I Collaboration linkage(LINK) is a minority. Given the importance of policies to establish an association of industry-university cooperation and support system, the lack of research on the obstacles to U-I Collaboration linkage(LINK) will be a serious obstacle for designing effective policies. This paper examines the existing literature about the width of mutual cooperation and the barrier of U-I Collaboration, analyze to lower the barrier of U-I cooperation through POB(Positive Organization Behavior) of university administration. In conclusion, we would like to suggest the policy implications.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.163-174
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• 2016

The object of this study identifies the weights of SWOT factors in hidden champion. And the other purpose of the study is to test the differences of weight between Korea hidden champion group and Germany theirs group. The survey research is employed for the hidden champion CEOs of two countries. This research is employed the AHP(Analytic Hierarchy Process) for the weight of SWOT factors in hidden champion based on an empirical survey done to 61 firms which are to be fostered as Korean type hidden champion and 40 firms which are to be fostered as Germany type hidden champion. And then the t-test assesses whether the weight means of two groups are statistically different from each other. The weights of SWOT factors of hidden champion have been identified. There are the differences of weight between Korea group and Germany group. The order of Korea group's weight is following by the strength (0.3062), the opportunities (0.2344), the threat (0.1804), and the weakness (0.1157). The order of Germany group's weight is following by the strength (0.2603), the opportunities (0.2286), the threat (0.1604), and the weakness (0.1432). The technology capability of strength, the lack of knowledge on overseas market of weakness and the market uncertainty of thereat have statistically differences between two groups. However, the sub-factors of opportunities statistically have no differences.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.6
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• pp.85-105
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• 2021

In this study, a case study was conducted on Advanced Nano Products Co.,Ltd, a company that was established in 2000 and has the core technology to produce and commercialize nano materials and ultrafine nano powders based on nano technology. Deviating from the general case study, a case study analysis frame was set based on the theory of technology management and industry-university cooperation theory, and cases were analyzed. In this case study, Advanced Nano Products Co.,Ltd. was analyzed from two analytical perspectives: the establishment of a Management Of Technology system within the company and the Industry-Academic Cooperation activity. Based on this theoretical-based analysis framework, company visit interviews and related data research and analysis were conducted. As a result of the study of the case company, it was possible to derive how the technology management and industry-university cooperation affect the growth stage of the company as follows. First, the strategic use of technology management is an important factor in strengthening the competitive advantage and core competencies of venture companies, and for survival and growth of startups in the early stages. Second, strategic use of technology management and patents and establishment of a patent management system are a part of business strategy and play a pivotal role in corporate performance. Third, the human and material infrastructure of universities affects the growth of companies in the early stage of start-up, and the high utilization of industry-university cooperation promotes the growth of companies. Fourth, continuous industry-academic cooperation activities in the growth and maturity stages of a company's growth stage are the basis for activating external exchanges and building networks. Lastly, technology management and industry-university cooperation were found to be growth factors for each growth stage of a company. In order for a company to develop continuously from the start-up to the growth and maturity stages, it is necessary to establish a technology management system from the beginning and promote strategic technology management activities. In addition, it can be said that it is important to carry out various industry-academic cooperation activities outside the company. As a result of the case analysis, it was found that Advanced Nano Products Co.,Ltd, which performed these two major activities well, overcame the crisis step by step and continued to grow until now. This study shows how the use of technology management and industry-academic cooperation creates value in each growth stage of technology-based venture companies. In addition, its active use will play a big role in the growth of other venture companies. The results of this case study can be a valid reference for growth research of technology start-up venture companies and related field application and utilization.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.63-73
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• 2019

Recently, as young and senior entrepreneurs are getting interested in starting a business, the domestic startup rate is gradually increasing. However, the survival rate of start-ups is so low. In this regard, this study empirically examines how the entrepreneurial intention affects both financial and non-financial start-up performances through the intermediation effects of experiential competence, financing competency, marketing competence and differentiated competitive advantage. In doing so, the purpose of this study is to find out the key elements to successful start-ups. To this end, the survey results of 200 start-ups in Pohang from January 21 to February 1, 2019 were used to test the research hypotheses. The results of the study are summarized as follows. First, it is shown that the entrepreneurial intention have a positive effect on the experiential competence, financing competence and marketing competence. Second, it is found that both experiential competence and marketing competence have significant positive effects on the differentiated competitive advantage. On the other hand, the financing competence has not been shown to have a significant effect on the differentiated competitive advantage, which might result from the characteristic of the data that most of the respondents are from new businesses. Third, it is shown that the differentiated competitive advantage has a positive effect on both financial and non-financial performances. In conclusion, the results of this study suggest a theoretical basis for the successful start-up performance. Namely, it is necessary for the founders of start-ups to secure differentiated competitive advantage through the entrepreneurial intention and the entrepreneurial competences such as financing competence and marketing competence because the differentiated competitive advantage leads to the successful financial and non-financial start-up performances. In addition, the results of this study suggest to both entrepreneurs and managers that for the successful business performance, it is important for them to make continuous efforts to come up with new ideas and to reinforce financing and marketing activities in order to achieve the differentiated competitive advantage.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.3
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• pp.209-220
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• 2016

This study was carried out to analyze the effect of psychological burnout, work-family conflict, business-related anxiety on counseling requirement for small business owners. To achieve the research purpose, a survey was executed on small 100 business owners doing business in Chung-nam Province including whole and retail sellers, food and lodging establishments, service providers and manufacturers for five weeks from Jan. 1, 2016 through Jan. 312, 2016. All the questionnaires distributed were used for final analysis using SPSS V22. Study findings are as follows: first, most small business owners were found to have had counseling experience; second, no difference was shown in psychological burnout in terms of general characteristics of survey respondents; third, it is found that small business owners with shorter operation career want more counseling opportunity; fourth, it was analyzed that for any counseling service for small business owners, publicity efforts on the availability of counseling service must be precedented; fifth, it was also analyzed that to support small business owners counseling service should be provided in various areas including inter-psychological elements like emotion, conflict with spouse and children. Such findings may lead to a possible conclusion that counseling service can contribute to the success and survival of small business owners both at home and work place.