• Venture DIGEST
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• s.136
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• pp.4-5
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• 2009

• Venture DIGEST
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• s.135
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• pp.12-13
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• 2009

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.6
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• pp.23-35
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• 2014

In developing countries where many of these institutions exist in relatively weak form, the investment pattern of VCs in developing countries may differ from one of VCs in developed countries. Given this situation, the research question of this study is how venture capitals invest new technology based ventures in developing countries. To address the research question, our study employs insight from signaling theory and examines two ways. First, what are the internal value of new technology based ventures and the identity of endorsing organization signaling to venture capitals' investment in developing countries? Second, Do venture capitals play a pivotal role for the growth of new technology based ventures in developing countries? This study then tests these hypotheses using the new technology based ventures in Korea which is regarded as an example of developing countries in Northeas tern Asia. Entrepreneur's prior work experience in a related industry in the human capital variables and collaboration with business groups and certification of venture company in the endorsement variables result in obtaining venture capital's investment and superior new technology based venture's growth whereas entrepreneur's educational level has no effect on venture capital's investment and firm's growth.

• IE interfaces
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• v.17 no.spc
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• pp.11-19
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• 2004

The purpose of this study is to identify the determinants of new venture performance according to years of operation in the view of integrated research framework. 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 determinants of new venture performance according to years of operation are identified through the multi-variate statistical analysis such as moderating regression analysis with the data gathered from 110 executives of venture companies. For internal variables, entrepreneur's managerial ability and technical expertise and employee's ability affect venture's performance increasingly as years of operation increases but resource procurement ability affects decreasingly. Related to external variables, years of operation plays positive moderating role on market size growth and supporting system availability, but negative role on government venture policy for venture performances. Though this study has limitation of small sample, limited questionnaire and performance measure, it has managerial contribution of identifying determinants of new venture performance according to years of operation.

• The Journal of Industrial Distribution & Business
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• v.15 no.7
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• pp.19-28
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• 2024

Purpose: The objective of this research was to investigate how blockchain ventures can optimize their wealth through Initial Coin Offerings (ICOs). Drawing upon signal theory, this study examined the impact of technological capabilities on the performance of ICOs in blockchain ventures. Given the highly technical nature of companies involved in ICOs, the technical proficiency of venture companies can have a significant influence on the success of ICOs. Specifically, three potential indicators of technological capability - patents, white papers, and source code - were analyzed. Research design, data and methodology: To accomplish this, a database was constructed by coding the relevant variables from various sources for 514 companies that launched ICOs. This study conducted hierarchical regression analysis for the hypotheses test. Results: The results indicated that a blockchain venture with a patent had a positive effect on the performance of the ICO. Additionally, publishing source code had a positive impact on ICO performance. Conclusions: This study identifies crucial factors for ICO success, emphasizing the importance of technological capabilities. Companies should enhance these to boost investor confidence, transparency, and outcomes. This research offers valuable insights for businesses and policymakers in the evolving cryptocurrency market, aiming to maximize ICO performance and success.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.25-34
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• 2022

Established and new companies face similar business challenges in achieving performance and competitiveness. Furthermore, several empirical studies using competitive advantage resource-based view theory show that established companies achieve performance and competitiveness with breakthrough innovations. Similarly, new business ventures with limited resources must incorporate breakthrough innovations to achieve performance and competitiveness. Therefore, this study aimed to examine the impact of ambidextrous innovation on new venture performance and competitiveness. It used an online survey to collect data from 178 newly established shipping agency companies in 22 provinces in Indonesia. Data was analyzed using multivariate analysis with WarpPLS 7.0, where the analysis unit was an organization represented by a director. The results showed that ambidextrous innovation positively and significantly affects firm performance and new venture competitiveness. This means that ambidextrous innovation that emphasizes adaptation and development improves the firm's internal business processes, even with limited resources. Moreover, it increases new ventures' competitiveness in responding to threats and taking advantage of market opportunities. These results contribute to the competitive advantage resource-based view theory, specifically for new venture empirical examination. Also, they contribute to practical implications in the transportation business, demonstrating that exploitative breakthrough innovation can improve new venture competitiveness and performance.

• Proceedings of the Technology Innovation Conference
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• 1999.12a
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• pp.123-158
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• 1999

This study examines the differences in the various characteristics of the firms along their growth stage based on the survey data of 2,515 Korean ventures. Venture characteristics include KSFs(Key Success Factors), environment attributes of their product markets, CEO roles, the use of OPR(Other Peoples Resource). Growth stage of the ventures are classified by their dominant management problems: foundation, the market launch of the first proprietary product or service, The Outset of second generation product or service, and the Initial Public Offering (IPO) and stabilization. The results of this study show substantial differences in many aspects among firms at different growth stages. Although common KSFs exist, KSFs are changing as the venture evolves. Differences in KSFs and environmental attributes along growth stage require CEO to do different role in business process. Different kinds and amounts of external resources are needed according to their growth stage. However, almost all of external resources are offered to ventures in later stage. Entrepreneurs need to change their role, as their firms grow, from visioning and strategic role to marketing and production emphasized role. Based on the results, this study suggests a number of new government policies and future research ideas. Other implications and limitations of this study are also noted.

• Journal of Distribution Research
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• v.17 no.5
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• pp.39-57
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• 2012

The unabated influx of micro businesses has turned the Korean retailing market to a rat race, which causes severe financial distress for micro business owners due to heavy competition. The woes of these micro business owner's are exacerbated by the presence of large scale distributors such as Super Supermarket(SSM) and large discount stores. In summary, the Korean retail market is overburdened an uneconomically viable. Retailing has low barriers to entry which attracts unskilled labor or those with little capital. These start-ups have low opportunity costs since they would make low wages elsewhere in the economy. Thus, these owners are content with relatively low returns on their investment. These 'subsistence ventures' are maintained for economical viability rather than economic growth. These 'subsistence ventures' intensifies competition among small-scale businesses. The presence of large retail corporations also aggravates the situation. The recent stagnation of the economy has worsened the retail market in Korea. The overwhelming competition solidifies the coarse structural system and the prolonged economic sluggishness has increased the risk of insolvency for micro business owners. As the economy continues to stagnate, the imminent risk in retailing market will rise up to surface threatening economic stability. More systematic inflows and outflows of retailers are required in order to redress this structural problem. It has been empirically shown that the self-employment rate is high in Korea compared to other OECD countries. To draw the comparison of self-employment rate by industry, Korea shows high rates among transportation, whole sale, retail, education, lodging, and restaurants. In the case of the transportation and education service sectors, this high rate can be explained by the idiosyncratic nature of Korean culture. In the transportation sector, political policies favor private cap service and private freight carriers. In the education service sector, Koreans put particular emphasis on education that leads to many private institutions that outnumber other OECD countries. For these singular reasons, Korea maintains high micro business, self-employed rates particularly in retailing. A comparable nation is Japan, with its similar social, economic, cultural environment among OECD countries. Unlike Korea, Japan has much lower rates of micro business which continues to decrease. Also Korean retailers are much more destitute than Japanese. The fundamental problem of Korean retailing is the involuntary exit of these 'subsistence ventures,' micro businesses with low margins, in which a small drop in demand can lead to financial difficulties for the owner. This problem will be exacerbated when Korean babyboomers retire and join the micro business ventures. The first priority in order to cope with the severity of oversupply in retailing is to provide better opportunities for the potential self-employers. There should be viable alternatives to subsistent ventures. Strengthening the retirement program, scrutiny of exit process, reconfiguration of policy funds are the recommendations.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.151-168
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• 2022

Nowadays companies are required to achieve social goals beyond maximizing shareholder profits. Accordingly, it is important to pursue both the economic and social goals of a company at the same time. Thus the importance of hybrid organizations is increasing theoretically and practically. In particular, since hybrid organizations essentially have the complexity of pursuing both economic and social purposes, the institutional demands of various stakeholders surrounding hybrid organizations are also conflicting. Several previous studies have considered how hybrid organizations respond to these conflicting institutional demands, but most studies are limited to studying at a specific point in time. As a result, there was a limit to analyzing the dynamics in response to conflicting institutional demands as the hybrid organization expanded its business. This study predicted that the hybrid organization would take selective coupling with conflicting institutional demands and that the process of responding to institutional demands would change according to the organization's growth. In this study, we had a case study about Noul and Enuma, social ventures that operate relatively advanced business models with outstanding results in innovation and technology. As a result, social ventures show a selective coupling for conflicting institutional demands, and the selective coupling process changes as their business model are advanced. Specifically, in the early stages of the business, it appears to respond to economic and social demands at the same time with a single business model. When the business is advanced, two or more business models are operated, some of which respond to economic needs and some of which respond to social needs. In the early stages of business, social ventures respond to economic and social demands with a single business model to gain legitimacy and survive in the institutional demands. But when they enter the business growth period, they try to separate business models which respond to economic and social values because they pursue sustainable growth and challenge large-scale missions. Overall, this study attempted to contribute to an in-depth understanding of hybrid organizations by identifying that the method of responding to conflicting institutional demands varies depending on the growth process of social ventures.

• Korea Trade Review
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• v.44 no.2
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• pp.21-35
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• 2019

This study analyzes factors that affect the corporate value of Korean companies operating in Latin American countries. Primary factors are associated with characteristics of the host country, the parent company, and subsidiaries. Empirical results show that asset specificity is the main factor influencing firm value. This region is geographically far from Korea and culturally different. Therefore, the source of competitive advantage such as asset specificity should be large enough to offset liability of foreignness for successful entry into the region. This paper also found that joint ventures are more advantageous than direct investments. Joint ventures in Latin American can minimize risk, complement technology and information, and reduce trade barriers.