• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.85-96
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• 2013

Entrepreneurship courses and programs in Korean universities tend to increase steadily but seem to have some limitations. They are usually recognized as another domain of Business Administration. Entrepreneurship program is practical like Business Administration but should be much more interdisciplinary than that. Because Korean Entrepreneurship programs are in the early stage, they must be reinforced with factors such as education culture, faculties, curriculum and relationships with communities. This study aims to get some implications from Entrepreneurship programs have been run by universities in America in order to facilitate Entrepreneurship program in Korean universities. Based on 11 success factors found by our case universities' Entrepreneurship programs and Kauffman Campus, this study has drawn implications of critical success factors of Entrepreneurship programs as follow. First of all, because Entrepreneurship programs should focus on Entrepreneurship mind sets such as innovative idea generation and courage to overcome risk, it is more desirable that Entrepreneurship programs are introduced in all departments of universities such as Arts, Science and Engineering. These programs also need to take interdisciplinary approach and required to be opened from liberal arts course. In order to be sustained during all their academic careers, vision, mission and strategy for Entrepreneurship programs should be based on strong leadership and support of top leaders. Entrepreneurship culture of each university is also one of the most important success factors. Entrepreneurship programs not only as major programs but also as specific Entrepreneurship minors designed for departments such as Arts, Science and Engineering could be considered according to each university's situation. This study also suggest to make a motivation system for Entrepreneurship faculties, Ph d. programs for Entrepreneurship, communication network for Entrepreneurship programs and mentor system in community. To begin Entrepreneurship programs, it also needs to develop good education contents as many as possible. When it concerned with teaching method, project based 4 year program can be suggested to be effective and efficient. To introduce project based program that should be consistent till participants' graduation, university must prepare regulations to support team teaching, mentor and interdisciplinary cooperation. To dissipate the concept that Entrepreneurship is another version of management, this study support the idea that Entrepreneurship programs should be designed and run by independent and central-focused governance system, Entrepreneurship education center.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.31-47
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• 2022

The TIPS, a representative public-private cooperative project to revitalize the start-up ecosystem, is a government supported policy that promotes successful commercialization through various start-up support for technology-based startups. The purpose of this study is to analyze the investment decision factors of the TIPS program and to derive priorities. In order to achieve the research purpose, first, the investment decision factors were derived through literature analysis, a Delphi surveys were conducted on investors and experts participating in the evaluation of the TIPS program, and an AHP analysis was conducted on 20 VCs to empirically analyze the priority of factors on investment decisions. As a result of the analysis, the importance of critical factors was confirmed in the order of entrepreneurs(team) > market > product/service > finance > network. The importance of detailed factors was found in the order of entrepreneur's reliability and authenticity > market growth and scalability > team members' expertise and capabilities > adequacy of current market size > new market creation. This study presented the capabilities of technology-based startups preparing to participate in the TIPS program by deriving factors that influence investment decisions from an investor's perspective and comparing and analyzing the importance. It is also meaningful that basic data on determinants of private-led investment decision-making were presented to stake-holders such as venture capital, accelerator, and start-up support institutions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.15-24
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• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.1-15
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• 2023

Impact investment involves investing in companies that pursue both social value and financial returns. It focuses on addressing various social problems through innovative solutions while generating profits. The domestic impact investment ecosystem has experienced significant growth with the support of the government and public institutions. In 2021, it witnessed a 3.5-fold increase over three years, reaching a total of 700 billion won in operating assets. In order to foster qualitative growth alongside this quantitative expansion, it is crucial to conduct research specifically on impact investment, which sets it apart from conventional venture investment. This study aims to empirically analyze the unique factors that influence impact investment decisions. Firstly, the factors affecting investment decisions were identified through a literature analysis. Then, a consultation and Delphi survey involving 11 representatives and evaluators from impact investment companies was conducted to determine the major investment determinants. Subsequently, an AHP (Analytic Hierarchy Process) survey was carried out with 10 impact investment evaluators to ascertain the relative importance of these factors. The analysis revealed the following order of importance for the top factors: market>entrepreneur(team)>product/service>finance. Furthermore, the importance of specific factors was identified in the following order: market competition and entry barriers>new market creation>market growth and potential expansion>team expertise and capabilities. Unlike previous studies that primarily focus on general startup investment factors, this research demonstrates that impact investment places greater emphasis on market-related factors and considers the sustainability and profitability of the business model to be more important than the social impact of social ventures.

• The Journal of Society for e-Business Studies
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• v.13 no.4
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• pp.145-159
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• 2008

The purpose of this study is to identify the determinants of new venture performance in the view of integrated research framework and to investigate key determinants of superior and inferior ventures. We propose the integrated new ventures performance model which is composed of entrepreneur, organization/resources, industrial environment, strategy/foundation process and availability of supporting systems as corresponding variables to new ventures performance. The superior venture performance is affected mainly by entrepreneur's managerial ability and industry expertise, but the inferior by resources and management strategy. Though this study has limitation of small sample, limited questionnaire and performance measure, it has contribution of identifying key determinants of new venture performance with the integrated frame of study.

• 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.

• 한국벤처창업학회:학술대회논문집
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• 2018.04a
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• pp.177-180
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• 2018

최근 4차 산업혁명 시대라 하여 새로운 기술들이 등장하고 기술들이 융합되면서 새롭고 혁신적인 산업과 서비스가 창출되고 있다. 이러한 시대에 청소년들의 새로운 아이디어와 기술은 4차 산업혁명에 맞는 새로운 성장 동력을 확보할 수 있을 것이라고 여겨진다. 4차 산업의 혁명이 요청되는 이 시기에 산업을 견인할 수 있는 길은 창업의 길이다. 따라서 창업을 통해 4차 산업혁명을 이끌어갈 수 있는 인재가 무엇보다도 필요하다. 청소년들은 학교 프로그램을 통해 다양한 창업교육을 접하고 있으며, 공공기관의 대표적인 창업교육은 중소벤처기업부(구 중소기업청)가 주관하고 있는 BizCool이 있다. 교육부에서 중학생들에게 자유학기제를 2016년 1월 1일부터 실시하고 있으며 BizCool 교육을 통한 창업, 진학, 취업의 우수 사례들이 등장하면서 2017년 현재 대한민국 약 500여개의 학교에서 중소벤처기업부의 지원을 받아 BizCool 교육이 진행 되고 있다. BizCool은 청소년들의 기업가정신 함양 및 모의 창업 교육을 통해 확고한 경제관념을 형성하고 꿈 끼 도전정신 진취성을 갖춘 '융합형 창의인재' 양성을 목적으로 한다. 본 논문은 중학교 자유학기제를 통한 창업교육이 학생들에게 긍정적 사고와 학습성취도에 미치는 관계에 대해 연구하는데 목적을 두었다. 이 목적을 달성하기 위하여 대전광역시교육청에서 자유학기제 BizCool 교육을 받는 3개 학교를 선정하였고 갑천중, 도안중, 문정중 3개 학교의 창업교육 담당교사의 도움을 받아 창업교육 참가 학생을 대상으로 설문조사를 실시하여 연구결과를 분석하였다. 실증분석결과, 첫째, 창업교육은 학생들의 긍정적 사고에 양의 영향을 미친다는 것을 확인하였다. 둘째, 창업교육은 학생들의 학습성취도에 양의 영향을 미친다는 것을 제시하였다. 셋째, 창업교육은 학생들의 학습성취도에 긍정적 사고가 매개효과를 미친다는 것을 분석하였다. 본 연구에서 시사하는 바는 다음과 같다. 첫째, 연구결과 자유학기제 창업교육은 학생들에게 학습성취도를 높여 주었다. 따라서 학생들에게 도움이 되는 BizCool 교육을 전국 초, 중, 고등학교 11,733개교에 확산시켜 체계적으로 습득 할 수 있는 환경이 조성되어야 할 것이다. 둘째, 연구결과 창업교육은 긍정적 사고에 영향을 미쳤다. 전기숙(2016)에 따르면 청소년의 행복에 있어서 긍정적인 대인관계가 가장 중요한 요인이 된다고 하였다. BizCool 교육을 통해 사람과 팀의 소중함을 깨달으며 소통하는 법을 노력한다면 바른 인성을 갖춘 창의성 높은 학생들로 성장할 것이다. 셋째, 연구결과 창업교육의 학습성취도는 긍정적 사고를 가지고 있는 학생들에게 더욱 높게 나타났다. 긍정적 사고를 가지고 자신감 있게 매사 행동해 나간다면 학생들은 성취로 인한 만족감을 느끼며 행복한 학교생활을 해나갈 수 있고 BizCool 교육과 함께 멋진 미래를 만들어 갈 것이다. 본 연구에서 한계점은 다음과 같다. 첫째, 특정 지역, 특정 학교를 대상으로 실시하였기 때문에 표본의 수가 제한적이므로 전체를 대표하기에는 제약이 있다. 둘째, 긍정적 사고는 학생들의 환경과 상황에 따라 달라질 수 있으므로 연구 대상자의 조건 면에서 한계가 있다. 셋째, 중학교 자유학기제 창업교육의 체계화가 미비하다. 학교에서 창업교육을 하는 담당 교사는 창업 경험이 풍부하지 않기 때문에 창업교육 전문가가 필요하며 국가기관과 기업 등이 연계한 학습 형태를 구축하여 더 활발하고 현장감 있는 창업교육이 실시되기를 바란다.

• Journal of the International Relations & Interdisciplinary Education
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• v.3 no.1
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• pp.29-50
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• 2023

This study selected college students in Anhui Province as the research subjects and used a questionnaire survey method to understand the current implementation status of the integration of innovation and entrepreneurship education and professional education. The survey results indicate that college students have insufficient awareness of innovation and entrepreneurship; Poor integration of curriculum construction. This study analyzes the reasons for the problems from four aspects: the government, enterprises, and universities, as well as the subjective will of students. Based on qualitative and quantitative research, the following countermeasures and suggestions are proposed: firstly, strengthen top-level design; Secondly, promote the integration of curriculum construction; Thirdly, expand the teaching staff; Fourthly, a practical platform for school enterprise co creation; Fifth, cultivate students' innovative awareness and guide innovative practice.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.127-139
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• 2023

During the process of preparing for and initiating a startup, startup entrepreneurs allocate a significant amount of time to developing a business plan. Within this process, the documented business plan serves not only as a roadmap for the venture but also as a communication tool for capital acquisition and internal team collaboration. However, is the business plan, meticulously crafted by entrepreneurs, actually effective in generating startup performance? To answer this question, this study empirically analyzed the impact of a business plan on startup performance. Additionally, it examined how the relationship between the business plan and performance changes based on the satisfaction levels of entrepreneurs regarding the business plan. Through the analysis, the study validated the influence of the completeness of the business plan and entrepreneurial satisfaction on startup performance, and derived implications. To conduct the empirical analysis, a survey was conducted among 150 entrepreneurs. Regression analysis was performed to examine the relationship between the completeness of the business plan and performance, and the sample was further divided into two groups: startups with less than three years of operation and startups with three or more years of operation, for secondary analysis. The analysis results revealed that the completeness of the startup's business plan has a positive impact on both financial and non-financial performance. Furthermore, it is observed that the entrepreneur's satisfaction with the business plan had a moderating effect on the relationship between the business plan and financial performance. Moreover, for startups that are less than three years old, the entrepreneur's satisfaction with the business plan exhibits a moderating effect on the relationship between the completeness of the business plan and non-financial performance. This study holds significance as it reaffirms the importance of business plan development as a means to achieve sustainable growth for early-stage startups and empirically validates its significance. It is expected that this study will provide valuable insights for future startup entrepreneurs to better understand the importance of business planning and contribute to reducing the failure rate of early-stage startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.127-142
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• 2022

According to social change, entrepreneurship education at university is drawing attention as a means to cultivate convergent creative competency required by the times. Currently, the number of entrepreneurship education at university is increasing every year, and quantitative expansion is taking place, but quality advancement of education remains a task. In this context, this study conducted an action research with the aim of revitalizing entrepreneurship education and upgrading quality, and developing a entrepreneurship education program suitable for general elective courses operated by universities. In the process of the study, first, through literature analysis related to entrepreneurship education at university, educational contents and teaching methods of entrepreneurship education were confirmed. Based on this, the IPA analysis was used to analyze the educational needs of students for entrepreneurship education contents and design a program that reflects this. The designed program was applied and operated to the entrepreneurship education of A University, and improvements were derived and improved by analyzing the opinions of learners in the action research process. The entrepreneurship education program developed through this study was composed as follows. The necessity of entrepreneurship education at the beginning of the lecture is sufficiently presented, and the knowledge necessary for start-up, including idea discovery and business model design, is delivered through theoretical lectures by teacher-centered method. In the second half of the lecture, students with similar interests are gathered into teams and learner-centered practical activities are operated. The contents of the activities include information on idea discovery, business model design, business plan and pitching. Practical activities for each team are conducted during class hours, and the professor advice on difficulties for each team.