• Journal of Digital Convergence
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• v.19 no.4
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• pp.89-101
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• 2021

Scale-up of ICT startups is not easy because of limited capabilities, lack of resources, and immature networks for the business. Therefore, this research selected a representative startup succeeded in scale-up and applied the ERIS model in analyzing their scale-up process in the initial stages of scale-up. Analysis of qualitative data collected revealed that the entrepreneurs' experience, convergence of knowledge between diverse industries, participation in public-sector-led R&D, management of communication channels between customers and businesses, and utilization of project-oriented campaigns are found to be critical success factors in scaling up ICT startups. Academically, this study validates the utility of ERIS model in analyzing the scale-up process. For practitioners, this study will be used as a reference for strategic development in seucring the competitiveness of the initial market of ICT startups and scale-up.

• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.43-47
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• 2021

2020년 8월 중소벤처기업부는 '20년 상반기 벤처기업 및 벤처투자 받은 기업의 일자리 동향, 벤처투자 및 펀드결성 동향 등을 분석한 결과 '20년 상반기 혁신 벤처·스타트업의 투자는 줄었지만, 일자리는 늘어난 것으로 분석됐다. 이는 전년 동월대비 1.3%(35.2만명) 감소한 것을 고려하면 괄목할 만한 성장으로, 코로나19로 인해 어려운 상황에서도 경제협력개발기구(OECD) 국가 중에서 경제성장률 감소폭이 적었던 것은 창업기업이 우리 경제의 버팀목 역할을 하고 있기 때문으로 풀이된다(중소벤처깅업부, 2020). 예비 창업기업 및 초기 창업기업을 위한 전문보육 및 투자를 맞춤형 패키지로 지원하는 엑셀러레이터의 역할은 대중화된 창업생태계 속에서 기대효과가 크다(김선우, 2015). 2020년 8월에 개정된 벤처투자총진법 시행은 액셀러레이터의 제도가 구체화 되고 초기 창업기업에 대한 투자가 보다 활발해져 실질적인 지원이 가능해 질 것을 기대된다. 이러한 액셀러레이터에 대한 관심은 선행연구에서도 나타나고 있다. 국내의 엑셀러레이터는 빠른 확산에도 불구하고 아직까지 그 효과가 검증되지 않은 상황이며, 엑셀러레이터의 지원성과를 객관적으로 평가할 수 있는 체계가 요구되고 있다(김용재, 2014). 액셀러레이터 지원 및 역량과 초기창업기업 성과 간의 연관성을 연구할 필요한 연관성이 있다고 제시한다. 이에 본 연구에서는 최근 3년 이내 스타트업 액셀러레이터로부터 보육 및 투자지원을 받은 초기창업기업 관계자를 대상으로 초기 창업기업 성과와 액셀러레이터 지원간에 관계에서 액셀러레이터 역량이 어떤 역할을 하는지에 대해 분석하고 자 한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.1-11
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• 2024

In the midst of the current turbulent global economy, traditional investment metrics are undergoing a metamorphosis, signaling the onset of what's often referred to as an "Investment cold season". Early-stage startups, despite their boundless potential, grapple with immediate revenue constraints, intensifying their pursuit of critical investments. While financial indicators once took center stage in investment evaluations, a notable paradigm shift is underway. Organizational culture, once relegated to the sidelines, has now emerged as a linchpin in forecasting a startup's resilience and enduring trajectory. Our comprehensive research, integrating insights from CVF and OCAI, unveils the intricate relationship between organizational culture and its magnetic appeal to investors. The results indicate that startups with a pronounced external focus, expertly balanced with flexibility and stability, hold particular allure for investment consideration. Furthermore, the study underscores the pivotal role of adhocracy and market-driven mindsets in shaping investment desirability. A significant observation emerges from the study: startups, whether they secured investment or failed to do so, consistently display strong clan culture, highlighting the widespread importance of nurturing a positive employee environment. Leadership deeply anchored in market culture, combined with an unwavering commitment to innovation and harmonious organizational practices, emerges as a potent recipe for attracting investor attention. Our model, with an impressive 88.3% predictive accuracy, serves as a guiding light for startups and astute investors, illuminating the intricate interplay of culture and investment success in today's economic landscape.

• 한국벤처창업학회:학술대회논문집
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• 2024.04a
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• pp.111-117
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• 2024

본 연구는 스타트업이라 구분되는 기업의 구성원을 대상으로 그들의 혁신행동에 미치는 영향 요소를 파악하고자 하였다. 이를 위해 긍정심리학에서 중요한 변수로 다뤄지는 그릿(Grit)과 스타트업에서 특히 중요시 여겨지는 실책관리문화 변수를 중심으로 혁신행동에 미치는 영향을 살펴보았다. 그릿은 스타트업 구성원의 인내에 대한 노력, 조화열정, 상황적응력의 세 변수로 정의하였으며 실책관리문화와 더불어 스타트업 구성원의 혁신행동에 미치는 영향을 살펴보았다. 본 연구를 위해 기술창업 기반 7년 이내 스타트업 재직자를 대상으로 2023년 12월부터 2024년 1월까지 설문조사를 진행해 유효한 305개의 샘플을 확보하였다. 연구모델 분석을 위해 SPSS 24 통계 패키지를 활용하여 그릿과 혁신행동과의 관계 및 실책관리문화와 혁신행동 관계를 분석하였다. 분석결과 그릿의 3가지 변수인 인내에 대한 노력, 조화열정, 상황적응력은 스타트업 구성원의 혁신행동에 정(+)의 영향을 미쳤으며 실책관리문화 또한 스타트업 구성원의 혁신행동에 정(+)의 효과를 나타냈다. 하지만 통제변수로 활용된 성별과 연령은 혁신행동에 유의미한 영향을 미치지 않았다. 본 연구는 스타트업에게 매우 중요한 혁신행동에 영향을 미치는 변수들을 규명하고, 스타트업 구성원의 개인적 특성과 문화적 특성이 혁신에 어떤 영향을 미치는지 파악한데 의의가 있다고 하겠다. 본 연구 결과의 의의는 스타트업 혁신행동에 미치는 새로운 변수들을 규명했다는데 있다. 하지만 7년 이내 초기 창업 기업을 대상으로 305명이라는 제한된 표본으로 연구를 진행했다는 점이 향후 스타트업 범주 및 표본 확대를 보완하여 후속 연구의 확장이 필요하다고 판단된다. 또한, 그릿과 실책관리문화 외에 혁신행동에 대한 영향 변수의 규명이 필요할 것으로 사료된다.

• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.181-184
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• 2021

본 연구는 국내에 벤처 창업 자금이 많이 제공되나 실제로 스타트업이 투자 유치에 어려움을 겪고 있는 초기투자의 딜레마 문제를 연구하였다. 기술기반 스타트업은 새로운 제품과 서비스를 제공하는 신규 시장을 형성하면서 일자리와 고부가가치를 창출한다는 점에서 국민경제에서 역할이 매우 중요하다. 하지만 주요 선진국에 비해 국내에서는 초기 스타트업이 기술이전 후 창업으로 연계되지 못하는 경우가 많은 실정이다. 특히 최근에 국내 벤처창업 생태계에 정부 자금의 공급이 넘쳐나고 있음에도 불구하고 초기 단계 기업들은 자금 투자의 필요성을 역설하고 다수가 자기자본으로 시작하고 있는 것이 현실이다. 이에 본 연구에서는 국내 창업벤처 및 육성 지원책을 고찰하고, 국내 벤처캐피털 투자현황을 분석하여, 초기 단계 벤처기업에 대한 투자 활성화를 위해 투자 방식의 개선, 투자 주체의 확대, 그리고 투자 유형의 다변화를 제시하고자 하였다. 또한 벤처생태계의 초기투자 활성화를 위한 정책 수립에 필요한 조사와 방안을 제시하였다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.119-130
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• 2019

Although a well-established line of research has addressed the funding decision, the activities of investee startups to receive funding have been overlooked because prior research has been conduced from investor's point of view. In addition, funding does not result from one off decisions but from decision process with many stages. Moreover, the emphasis placed on specific investment criteria varies by different stages during the process. Therefore, understanding the initial funding of startups requires to analyze the strategic behaviors of startups throughout the entire funding decision process from first meeting with investors to funding success. This study investigates the initial funding process of startups, and the analysis is based on a case study of LetinAR one of the successful startups founded by students in South Korea. This study investigates how early start-ups were able to receive funding from startup's point of view, and the analysis is based on a case study of LetinAR, an augmented reality(AR) startup using Pin mirror technology. By adding "legitimacy building" stage that had not been addressed previously, we divided funding process into four stages: 1) legitimacy building, 2) familiarization, 3) screening, and 4) bargaining phase. We did not only analyze major criteria, but also strategic activities of startup at each stage. This study makes a contribution by helping us understand complicated process of funding and the successful strategic behavior of investor backed startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.33-46
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• 2019

Even though Korea is strengthening the support for startups due to the limitations of growth policies focusing on large companies, the survival rate of startups is very low, so that there should be more efforts to increase the survival rate of startups. As the existing startup support institutions have provided only fragmentary supports to startups, it would be necessary to have the comprehensive support institutions. As an alternative, the accelerator providing the comprehensive support such as spatial support, education, mentoring, networking, seed investment, and connection for follow-up investment to the initial startups was legalized in Korea of 2016, based on the registration system. Currently, within less than two year from then, there have been much interest in it enough to have about 136 registered accelerators. In the United States, the accelerator was introduced more than ten years ago. In Korea, however, it is still in the initial stage, so that the researches or social consensus on the accelerator are not sufficient. Thus, this study aims to suggest the measures for the development of accelerator and the consensus on the decision making for the selection of accelerator of startups, by researching which parts are considered when startups in the accelerator stage select the accelerator. As a result of the empirical analysis, the factor that has the greatest influence on decision making factors when startup chooses an accelerator was the subsequent investment attraction. This can be explained to the accelerator as desired, considering the factor that the startup of the initial stage places the most importance on growth as investment. We hope that these research results will be sustainable in future research related to accelerators, in hopes that it will be useful for establishing accelerator policies for domestic startups and direction for revitalizing related industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.41-53
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• 2014

There has been lots of discussions and new policies to encourage people to start new businesses. However, they key issue such as how to raise the success rate of new start-ups still needs to be resolved. Many believe that the success of policies and discussions for promoting entrepreneurship in Korea highly depends on how to lower the risks with which early stage start-ups encounter. In this backdrop, this study aims at providing an emerging approaches in entrepreneurship, 'lean start-up', which can work as an effective method with which early stage entrepreneurs can minimize challenges they face. Even though lean start-up is a widely accepted concept among practitioners and recognized as a useful tool for entrepreneurship and education, but has not got deserved attention from the academic world. This paper offers basic framework and key principles of lean start-ups, furthermore, shows Korean cases of step-by-step application methods of its concepts. It also suggest key issues in adopting lean start-up strategy. This study has implications and contributions for entrepreneurs, educators and researchers through providing comprehensive perspectives on process of the lean start-up strategy.

• 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.15 no.6
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• pp.27-42
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• 2020

Startup accelerators have emerged as new investment entities that help early startups, which are not easy to survive continuously due to lack of funds, commercialization capabilities, and experiences. As their positive performance on early startups and the ecosystem has been proven, the number of early startups which want to receive their investment is also increasing. However, they are vaguely preparing to attract accelerators' investment because they do not have any information on what factors the accelerators consider important. In addition, researches on startup accelerators are also at an early level, so there are no remarkable prior studies on factors that decide on investment. Therefore, this study aims to help startups prepare for investment attraction by looking at what factors are important for accelerators to invest, and to provide meaningful implications to academia. In the preceding study, we derived five upper level categories, 26 lower level accelerators' investment determinants through the qualitative meta-synthesis method, secondary data analysis, observation on US accelerators and in-depth interviews. In this study, we want to derive important implications by deriving priorities of the accelerators' investment determinants. Therefore, we used AHP that are evaluated as the suitable methodology for deriving importance and priority. The analysis results show that accelerators value market-related factors most. This means that startups that are subject to investment by accelerators are early-stage startups, and many companies have not fully developed their products or services. Therefore, market-related factors that can be evaluated objectively seem to be more important than products (or services) that are still ambiguous. Next, it was found that the factors related to the internal workforce of startups are more important. Since accelerators want to develop their businesses together with start-ups and team members through mentoring, ease of collaboration with them is very important, which seems to be important. The overall priority analysis results of the 26 investment determinants show that 'customer needs' and 'founders and team members' understanding of customers and markets' (0.62) are important and high priority factors. The results also show that startup accelerators consider the customer-centered perspective very important. And among the factors related to startups, the most prominent factor was the founder's openness and execution ability. Therefore, it can be confirmed that accelerators consider the ease of collaboration with these startups very important.