• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.169-185
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• 2022

This study analyzed the effect of entrepreneurial competency on entrepreneurial intentions by using the entrepreneurial opportunity recognition as a mediator for middle and middle-aged office workers. The sub-variables of entrepreneurial competency are classified into management competency, technology competency, business competency and funding competency. 222 copies of questionnaires collected from middle-aged and elderly office workers residing across the country centered on the metropolitan area were used for empirical analysis. Based on a simple mediating model with singular mediator using SPSS v22.0 and PROCESS macro v4.0. was analyzed. As a result of the analysis, first, among entrepreneurial competencies, business competency and funding capacity were found to have a positive (+) significant effect on the entrepreneurial intentions, but management and technical competency did not have a significant effect. The higher the business competency and funding competency. Second, it was found that all of the sub-variables of entrepreneurial competency had a significant effect in the positive (+) direction on the recognition of entrepreneurial opportunities. It was confirmed that management competency has the greatest influence on the entrepreneurial opportunity recognition and technology competence has the smallest effect. Third, it was found that the entrepreneurial opportunity recognition had a significant effect on entrepreneurial intentions. The discovery of an opportunity recognizing opportunities for start-up is a prerequisite for entrepreneur. Fourth, it was found that the entrepreneurial opportunity recognition mediates between the management competency, technological competency, business competency, funding competency, and entrepreneurial intention. It suggests that opportunity discovery by recognizing opportunities for entrepreneurship is a prerequisite for start-up. As implications of this study, it suggests that in order to inspire middle-aged and elderly office workers to start their own business, it is necessary to have indirect experience with education and to establish and promote a government support system for financing.. Second, It suggests that education on leadership and organizational management is particularly necessary to strengthen the opportunity recognition. Third, it suggests that the discovery of opportunities to recognize opportunities for start-up is a prerequisite for entrepreneur. Therefore, it is necessary to prepare a manual and conduct training on opportunity search, recognition, evaluation, and utilization according to the stage of opportunity development. Fourth, it suggests that in order to strengthen the intention to start a business, ALso, it is necessary to manage both the entrepreneurial competency and entrepreneurial opportunities recognition at the same time. By presenting the practical directions that can be given differentially, we intend to contribute to the provision of practical directions and policy establishment for the promotion of entrepreneurial activities of office workers who can give vitality to the ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.159-172
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• 2023

The purpose of this study is to explore a collaborative start-up space(Co-Space) configuration plan in terms of university-regional linkage through demand analysis on the composition of university-regional linkage startup space. To this end, a survey was conducted for request analysis, and the collected data were analyzed through the t-test, The Lotus for Focus model. In addition, FGI was implemented for entrepreneurs, and the direction of the composition of the university-region Co-Space was derived from various aspects. The results of this study are as follows. First, as a result of the analysis of the necessity of university-community Co-Space, the necessity of opening up the start-up space recognized by local residents and the necessity of building the start-up space in the region were high. In addition, men recognized the need to build a space for start-ups in the community more highly than women did women. Second, as a result of analysis of demands for university-regional Co-Space, the difference between current importance and future necessity of university-regional Co-Space was statistically significant. Third, as a result of analysis on the composition of the startup space by cooperation between universities and regions, different demands were made for composition of the startup space considering openness and closeness, and for composition of the startup space size. The implications of the study are as follows. First, Co-Spaces need to be constructed in conjunction with universities in accordance with the demands of start-up companies in the region by stage of development. Second, it is necessary to organize a customized Co-Space that takes into account the size and operation of the start-up space. Third, it is necessary to establish an experience-based open space for local residents in the remaining space of the university. Fourth, it is necessary to establish a Co-Space that enables an organic network between local communities, start-up investment companies, start-up support institutions, and start-up companies. This study is significant in that it proposed the regional startup ecosystem and the cooperative start-up space structure for strengthening start-up sustainability through cooperation between universities and local communities. The results of this study are expected to be used as useful basic data for Co-Space construction to build a regional start-up ecosystem in a trend emphasizing the importance of start-up space, which is a major factor affecting start-up companies.

• 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.17 no.2
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• pp.33-51
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• 2022

This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.215-235
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• 2024

As artificial intelligence (AI) technology is recognized as a key technology that will determine future national competitiveness, competition for AI technology and industry promotion policies in major countries is intensifying. This study aims to present implications for domestic policy making by analyzing the policies of major countries on the start-up of AI companies, which are the basis of the AI industry ecosystem. The top four countries and the EU for the number of new investment attraction companies in the 2023 AI Index announced by the HAI Research Institute at Stanford University in the United States were selected, The United States enacted the National AI Initiative Act (NAIIA) in 2021. Through this law, The US Government is promoting continued leadership in the United States in AI R&D, developing reliable AI systems in the public and private sectors, building an AI system ecosystem across society, and strengthening DB management and access to AI policies conducted by all federal agencies. In the 14th Five-Year (2021-2025) Plan and 2035 Long-term Goals held in 2021, China has specified AI as the first of the seven strategic high-tech technologies, and is developing policies aimed at becoming the No. 1 AI global powerhouse by 2030. The UK is investing in innovative R&D companies through the 'Future Fund Breakthrough' in 2021, and is expanding related investments by preparing national strategies to leap forward as AI leaders, such as the implementation plan of the national AI strategy in 2022. Israel is supporting technology investment in start-up companies centered on the Innovation Agency, and the Innovation Agency is leading mid- to long-term investments of 2 to 15 years and regulatory reforms for new technologies. The EU is strengthening its digital innovation hub network and creating the InvestEU (European Strategic Investment Fund) and AI investment fund to support the use of AI by SMEs. This study aims to contribute to analyzing the policies of major foreign countries in making AI company start-up policies and providing a basis for Korea's strategy search. The limitations of the study are the limitations of the countries to be analyzed and the failure to attempt comparative analysis of the policy environments of the countries under the same conditions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.69-81
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• 2014

There is a growing interest in the technology transfer and commercialization both at home and abroad. Accordingly, this study looked at the concept of technology transfer and commercialization, identified the factors that should be taken into account in order to facilitate technology transfer and commercialization, and then performed a empirical analysis. As for the conventional technology transfer and commercialization, there was a tendency to limit its scope to the exploration, transfer and commercialization of technology itself. Here in this research, technology transfer and commercialization is defined the category to expand as various activities implemented in order to make sure that intellectual properties such as intangible technological developments, know-how, and knowledge are transferred between the relevant parties through a contract or negotiation, and the party to which the transfer is made can then further develop and exploit the technology into tangible products and other activities to obtain economic benefit out of that. In addition, the findings of the positive analysis of technology transfer and commercialization revealed that the focus of facilitating technology transfer has been on the technology itself, its management and securing efficiency of the systems and institutions involved in the technology transfer and commercialization. So there was lack of recognition as to the importance of financial support given to the phase of technology commercialization. This indicates that when it comes to the technology transfer and commercialization, quantitative performance has been the focus of interest such as patent application, registration, number of technology transfers, royalty, etc. So there was not enough understanding as to the issues of starting up a business, creating quality jobs through technology transfer and commercialization, which are directly related to the realization of the creative economy. In this regard, this research is expected to be used for the development for the future policies to boost technology transfer and commercialization as it suggests not only simply ensuring quantitative performance but also necessary to create the environment for the creation of the stable ecosystem for the parties involved in the technology transfer and commercialization and then to build circumstances in which creative economy can be realized.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.4
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• pp.1-15
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• 2016

Startups in Korea are experiencing for themselves the laws of survival through competition in the local and international market, and are performing active business movements based on these. Korea's economic growth rate is 2.6% due to the slump in the domestic demand and reduced exports brought by the MERSC incident in 2015. The Korea Development Institute has estimated the economic growth rate in 2016 to be around 3.0%. South Korea's economy is facing the crisis of low-growth solidification due to the decrease in economic growth, and it is forecasted that growth without employment and polarization will worsen. Startups in the high-tech industrial generation of a particular field wherein the market environment is rapidly changing must maintain a competitive advantage with the capabilities and functions exclusive to them. It is very important that they maintain a competitive edge by utilizing the capabilities exclusive to startup companies. Likewise, the accumulation of resources is also crucial in determining the success of a startup business. In a poor local startup ecosystem, majority of the startup companies are performing their business activities while striving for survival, rather than success. About 80% are struggling to survive and are failing to overcome the "Death Valley" faced 3-5 years after establishing the company. Since majority of the startups fail to achieve results during the initial stages of foundation, the importance of research on business activities and achievement during the early stages of establishment is being raised. In accordance to this, this research has performed an actual analysis on how the activities of startups during their preparation phase and early stages affect their achievements. A survey was done on the CEOs or executives (people in a position to make decisions) of local small and medium-sized enterprises that are considered start-ups, and 203 valid data were collected and analyzed. Results showed that the discoveries and utilized activities necessary for the businesses of startups have a significant impact on their achievement through the entrepreneur resources and external partners' cooperation; additionally, the related implications were discussed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.151-160
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• 2020

This study aims to figure out the status of university start-up education and support scheme, which are becoming more important as a major project of recent university policy, and to present policy tasks for promoting university start-ups by analyzing problems. A survey on education and support scheme about start-up was carried out from 800 students including those on leave of absence at D university located in metropolitan area and the analysis results are as follows. First, perception about start-up was highly positive due to various start-up education and support scheme from universities, but it was surveyed that university students have still low willingness to challenge start-up. Second, the biggest reason why university students avoid the start-up is 'the risk of start-up failure' at 40.8%, followed by 'Prioritizing getting a job' at 24.9% and 'lack of knowledge on start-up' at 13.4%. Also, difficulty from those who have already started business was mainly financing at 26.9%. The second was 14.0% for securing manpower, and the third was 11.8% for technology development. Third, the necessity of start-up education was in the order of 'starting-up' > 'preparing to start-up' > 'no intention to start-up'. The reason for the necessity of start-up education was 'motivation for various career choices' with 24.8%, followed by 'acquisition of various knowledge and skills for start-up' with 23.9%. Finally, efforts are needed to understand the importance of public relations for start-up policies in universities and figure out the problems of the start-up support scheme. The start-up education and support scheme should reflect the needs of university students, who are actual policy consumers, by shifting away from the method provided by existing suppliers.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.71-94
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• 2020

Korea's innovation cluster policy has been implemented since 2005 with the goal of balanced regional development. The purpose of this study is to investigate the factors affecting the sustainability of innovative cluster tenants by using Pangyo Techno Valley as an example. Pangyo Techno Valley was established under the leadership of the local government (Gyeonggi-do) rather than the central government and it is called "Silicon Valley of Korea" and "Asia Silicon Valley" and is becoming more representative. The growing number of companies in Pangyo Techno Valley decreased in 2017 compared to 2016. This is because Pangyo Techno Valley's business ecosystem will change from 2019. In this paper, quantitative and qualitative studies were conducted to investigate the influencing factors. Quantitative research was conducted based on the survey and qualitative research was applied through interviews. The quantitative research examined the factors affecting the sustainability of Pangyo Techno Valley, and the qualitative research examined the specific reasons and additional factors for the quantitative research results. The quantitative results showed that factors affecting sustainability in terms of changes in corporate internal conditions, human and physical infrastructure, cooperation and synergy, and occupancy patterns. The specific reason for the impact appeared in the qualitative research process. The support category of local governments did not show any significant factors in quantitative research. In addition, qualitative research suggested 'Good image of Pangyo Techno Valley' as the category that has the greatest impact on sustainability. It is shown that companies are passive and expect the role of local governments in activating cooperation network in Pangyo Techno Valley. In this paper, based on the results of the study, Pangyo Techno Valley is presented with a realistic plan based on real estate issues and an ideal plan with a long-term perspective.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.13-35
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• 2020

Startup accelerators are a new type of investors providing a certain amount of shares for imparting education, mentoring, networking, and providing space and seed money that can directly resolve the difficulties faced by nascent entrepreneurs (Clarysse, 2016). Startup accelerators have expanded worldwide as their influence over the startup ecosystem has increasingly been established (Pauwels et al., 2016; Cohen & Hochberg, 2014). This study was conducted to derive investment determinants of startup accelerators that are emerging as major investment players around the world. To this end, the accelerator-type determinants of investment were derived. As previous research on this topic is nonexistent, this process involved qualitative meta-synthesis, literature reviews, observation, and in-depth interviews. First, more than 30 research papers were examined for the determinants of investment for firms at an early stage of their foundation, and the categories and determinants of investment in the relevant studies were comparatively analyzed using qualitative meta-synthesis. Further, related data were investigated to identify the characteristics of accelerators, and the startup evaluation process of US accelerators was studied. The more than 100 questions raised during this process were coded to examine the determinants of investment that accelerators considered important. In-depth interviews were conducted with four US accelerators to identify the characteristics of accelerators and key determinants of investment. Ultimately, 5 categories of accelerator-type determinants of investment and 26 subordinate determinants of investment were derived. The results were verified and supplemented by consulting with seven accelerators in Korea. The results were confirmed after pilot tests and verification by seven domestic accelerators. After confirming the accelerator-type determinants, the reliability of them was verified by examining the importance and priority of each category through the quantitative survey of Korean accelerators. The research that elicited the accelerator-type investment determinants is the first research and is expected to be a major reference to the progress of subsequent studies. This research that systematically derived the investment determinants of the accelerator is expected to make major contributions to the progress of follow-up studies, the process of selecting startups, and the investment decision-making process of the accelerators.