• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.1-20
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• 2023

This study attempted to identify the relationship between the investment determinants of accelerators and investment performance through empirical analysis. Through literature review, four dimensions and 12 measurement items were extracted for investment determinants, which are independent variables, and investment performance was adjusted to the cumulative amount of subsequent investment based on previous studies. Performance data from 594 companies selected by TIPS from 2017 to 2019, which are relatively reliable and easy to secure data, were collected, and the subsequent investment cumulative attraction amount, which is a dependent variable, was hypothesized through multiple regression analysis three years after the investment. As a result of the study, 'industrial experience years' in the characteristics of founders, 'market size', 'market growth', 'competitive strength', and 'number of patents' in the characteristics of products and services had a significant positive (+) effect. The impact of independent variables on dependent variables was most influenced by the competitive strength of market characteristics, followed by the number of years of industrial experience, the number of patents, the size of the market, and market growth. This was different from the results of previous studies conducted mainly on qualitative research methods, and in most previous studies, the characteristics of founders were the most important, but the empirical analysis results were market characteristics. As a sub-factor, the intensity of competition, which was the subordinate to the importance of previous studies, had the greatest influence in empirical analysis. The academic significance of this study is that it presented a specific methodology to collect and build 594 empirical samples in the absence of empirical research on accelerator investment determinants, and created an opportunity to expand the theoretical discussion of investment determinants through causal research. In practice, the information asymmetry and uncertainty of startups that accelerators have can help them make effective investment decisions by establishing a systematic model of experience-dependent investment determinants.

• Korean small business review
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• v.43 no.1
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• pp.187-219
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• 2021

Startup accelerators, a new type of investment entity, have emerged as a way to solve the difficulties of early startups and existing investment methods with high risk. With the visible performances of these startup accelerators on the success of startups, medium and large accelerator companies have emerged, along with the increasing size of seed money they invest in. In addition, differences between small and medium&large accelerator companies are emerging. Therefore, startups need informations on what factors to prepare for attracting startup accelerators' investment. Accelerators also need determinant criteria to select startups as the amount of investment grows. However, the study on this subject is not currently being conducted. Therefore, we conducted the study through dividing the average amount of seed money into small and medium & large-sized investment groups and examined the differences in major investment determinants, investment purposes, and major accelerating programs. As the results of this study, small investment groups could be subdivided into 'consulting-oriented accelerators' and medium- and large-sized investment groups into 'investment-oriented accelerators'. In addition, major services and investment purposes and investment decision criteria vary depending on the size of the investment. I think these findings will be good standards for accelerator companies, startups in need of their help, and follow-up researchers.

• 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.15 no.1
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• pp.31-44
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• 2020

Accelerators that invest in early startups, as well as nursery and overall management, have recently emerged as "key players" in the startup ecosystem. This can be proved by the case where the number of domestic accelerators registered in the Korean Ministry of SMEs and Startups has recently reached 208. Accelerators provide the necessary education for early-stage companies, including guidance for a certain period of time, and support startups in ways such as demo days to attract subsequent investment after the seed investment. There is not much research in academia about what factors impact on these accelerators when making investment decisions at the time of seed investment. In this study, we checked the meaning and function of the accelerator and tried to analyze what factors affect on accelerators when making a decision to invest in startups. The research method is based on a literature survey of previous studies on investment decision-making factors of venture capital and angel investors, and a lens model and judgment analysis method through empirical research targeting 43 accelerator investment decision-makers. Empirical analysis shows that accelerators have three of the key factors to consider when choosing the first startup to invest and educate; entrepreneurs' entrepreneurial traits, their product and service expertise and a potential return on success. This will provide an opportunity for early startups to gain strategic access to accelerators when they need money or need a structured educational program. Also, the results obtained through this research will be a kind of guideline for startups to attract accelerators' investment. The significance of this study is that discriminatory evidence was presented on the accelerator determinants of investment, and it would be highly suggestive to startups and related public institutions.

• 한국벤처창업학회:학술대회논문집
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• 2020.06a
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• pp.45-50
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• 2020

최근 계획된 행동이론을 바탕으로 국내 증권형 크라우드펀딩 투자자의 참여의도와 무리행동에 관한 연구를 수행하였다. 연구 결과 계획된 행동이론의 주요변인 중 태도와 주관적 규범은 증권형 크라우드펀딩 투자자의 참여의도에 정(+)의 영향을 미치는 것으로 확인되었다. 그리고 간접효과 분석 결과 참여의도는 태도, 주관적 규범과 무리행동 사이에서 매개적 역할을 하는 것으로 확인되었다. 그러나 계획된 행동이론에서 행동의도의 주요 변인으로 제시된 지각된 행동통제는 참여의도에 미치는 영향이 통계적으로 비유의적인 것으로 나타났다. 대신 무리행동에는 직접적으로 정(+)의 영향을 미치는 것으로 확인되었다. 한편 국내 증권형 크라우드펀딩 투자자는 실제 투자행동을 할 때 플랫폼에서 제공되는 펀딩 진행정보를 일종의 신호로 보고 다수의 다른 투자자를 모방하여 무리행동을 한다는 것을 실증적으로 확인하였다. 본 연구는 종전 연구의 후속연구로서 국내 증권형 크라우드펀딩 투자자의 손실보전기대가 참여의도 및 무리행동에 조절적 역할을 하는지 여부를 연구해 보고자 한다. 손실보전기대는 증권형 크라우드펀딩 투자로 인해 투자자가 받게 되는 각종 혜택이나 투자조건에 따라 크라우드펀딩 투자로 인한 손실 일부 또는 전부를 보전하거나 손실 발생 가능성을 낮출 수 있다고 믿는 정도를 말한다. 본 연구를 통해 국내 증권형 크라우드펀딩 투자와 관련한 각종 혜택 및 투자조건 등이 투자자의 손실보전기대를 유발하여 투자자의 참여의도와 무리행동에 조절적 영향을 미치는지 여부를 실증적으로 확인함으로써 향후 크라우드펀딩 관계 당사자들의 동 제도 활성화 및 투자자 보호를 위한 각종 정책 및 사업계획 수립 등에 유의미한 결과로 활용될 수 있을 것이다.

• JOURNAL OF ELECTRICAL WORLD
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• no.6 s.5
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• pp.32-37
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• 1975

원자력 발전 계획에 채택은 현대적인 경영 및 산업상의 개념에서 얻을 수 있는 이점을 누릴 기회가 되는 것이므로 이러한 개념들은 발전소의 계획설계 제 허가 및 건설공사의 제반 과정에서 적용시킬 수가 있는 것이다. 따라서 이러한 현대적 개념의 적용 대상인 원자력발전소와 다른 공업제품에서 이 두가지 사이의 중요한 차이점은 1. 각 계통간에 복잡한 상호 관련성이 있다는 것. 2. 안전계통과 그의 해석에 고도의 신뢰성이 요구된다는 것. 그리고 3. 고가의 투자액이 소요된다는 것에 있다. 이러한 개념은 일단 채택 소화된 후에야 원자력발전소 후속기업무와 기타의 산업분야 및 산업경영에 까지 광범위하게 유익하도록 적용할 수가 있으며 이들의 적용은 생산성의 구체적인 증가를 유도함으로써 시간과 자본의 투자보상이 개선된다. 여기서는 주어진 시간이 제한되어 있으므로 이러한 개념중이 일부만을 골라서 개진한다.

• The Journal of Small Business Innovation
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• v.19 no.1
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• pp.37-58
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• 2016

Despite the growing importance of corporate venture capital (CVC) in the venture capital market, little scholarly attention has been devoted to cross-border CVC investment. Venture firms perceive higher risks of technology leakage in cross-border CVC investment than they do in domestic CVC investment due to geographical and cultural disparity. Given that venture firms would not receive CVC investment in the presence of the partner uncertainty, we argue that the likelihood of cross-border CVC investment increases with the strength of intellectual property protection (IPP) regime, the investment timing (i.e. funding round number), and the industry unrelatedness with the corporate investor. Additionally, we investigate how the venture firm's complementary resource need interact with the partner uncertainty in decisions for cross-border CVC investment. By examining 2,873 CVC investment transactions in the period 1994-2009, we found supporting evidence for the strength of IPP regime and the industry unrelatedness in mitigating the partner uncertainty of foreign corporate investors. However, the effectiveness of these factors is moderated by the type of resources that the venture firms need from the foreign corporate investors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.21-35
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• 2023

Expectations surrounding generative AI technology and its profound ramifications are sweeping across various industrial domains. Given the anticipated pivotal role of the startup ecosystem in the utilization and advancement of generative AI technology, it is imperative to cultivate a deeper comprehension of the present state and distinctive attributes characterizing venture capital (VC) investments within this domain. The current investigation delves into South Korea's landscape of VC investment deals and prognosticates the projected VC investments by juxtaposing these against the United States, the frontrunner in the generative AI industry and its associated ecosystem. For analytical purposes, a compilation of 286 investment deals originating from 117 U.S. generative AI startups spanning the period from 2008 to 2023, as well as 144 investment deals from 42 South Korean generative AI startups covering the years 2011 to 2023, was amassed to construct new datasets. The outcomes of this endeavor reveal an upward trajectory in the count of VC investment deals within both the U.S. and South Korea during recent years. Predominantly, these deals have been concentrated within the early-stage investment realm. Noteworthy disparities between the two nations have also come to light. Specifically, in the U.S., in contrast to South Korea, the quantum of recent VC deals has escalated, marking an augmentation ranging from 285% to 488% in the corresponding developmental stage. While the interval between disparate investment stages demonstrated a slight elongation in South Korea relative to the U.S., this discrepancy did not achieve statistical significance. Furthermore, the proportion of VC investments channeled into generative AI enterprises, relative to the aggregate number of deals, exhibited a higher quotient in South Korea compared to the U.S. Upon a comprehensive sectoral breakdown of generative AI, it was discerned that within the U.S., 59.2% of total deals were concentrated in the text and model sectors, whereas in South Korea, 61.9% of deals centered around the video, image, and chat sectors. Through forecasting, the anticipated VC investments in South Korea from 2023 to 2029 were derived via four distinct models, culminating in an estimated average requirement of 3.4 trillion Korean won (ranging from at least 2.408 trillion won to a maximum of 5.919 trillion won). This research bears pragmatic significance as it methodically dissects VC investments within the generative AI domain across both the U.S. and South Korea, culminating in the presentation of an estimated VC investment projection for the latter. Furthermore, its academic significance lies in laying the groundwork for prospective scholarly inquiries by dissecting the current landscape of generative AI VC investments, a sphere that has hitherto remained void of rigorous academic investigation supported by empirical data. Additionally, the study introduces two innovative methodologies for the prediction of VC investment sums. Upon broader integration, application, and refinement of these methodologies within diverse academic explorations, they stand poised to enhance the prognosticative capacity pertaining to VC investment costs.

• 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.

• Journal of Industrial Convergence
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• v.20 no.12
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• pp.87-96
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• 2022

The Ministry of Land, Infrastructure and Transport has also been promoting the commercialization of land transport technology to commercialize the technologies owned by small and medium-sized venture companies, and to support the transfer and commercialization of public technologies. At this point, in order to improve the investment effect of subsequent new projects and to select excellent research institutes, it is necessary to establish a valid evaluation index system suitable for the purpose of the project. The evaluation index system for subsequent new projects should be linked to the project objectives and goals of the preceding project, and should be selected in consideration of existing evaluation indicators to prevent interruption of research results. Therefore, this thesis sets the evaluation index system into multiple scenarios through hierarchical cluster analysis using the evaluation result data for each evaluation committee for small and medium venture companies participating in the land transportation technology commercialization support project, and then analyzes the structural equation model. As a result of scenario analysis, considering the measurement effect of each path representing the causal relationship between evaluation indicators and the effect of each evaluation index on evaluation items, the scenario with the highest impact on the evaluation result was selected as an improvement plan.