• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.59-70
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• 2020

This study was proceeded to empirically identify the start-up support policy as an element that affects the performance of the early start-ups and measure the effectiveness of the current start-up support policy, in order to suggest the direction future policies according to the study. To accomplish this the influence of the start-up support policy on the early start-ups was analyzed, and the differences according to the industry and growth stage of the start-ups, as the characteristics of the start-ups, were identified. The research subjects collected real data of 297 start-ups of the past three years that were selected for the Initial Start-Up Package project, and performed multiple regression analysis on the influence between variables, and hierarchical regression analysis on moderating effects. The summary of the study is as follows. First, as a result of identifying the influential relationship between the start-up support policy and the performance of the start-up, sales had made a significant impact on the start-up fund, start-up mentoring, and start-up infrastructure(space), while start-up education failed to show a significant effect on the increase in sales. In terms of employment, start-up mentoring was the only field that showed a significant influential relationship. Second, as a result of identifying the moderating effect of the start-up's industry and growth stage, the industry did not have a statistically significant influence, but the interactive effect was seen in start-up education. To be more specific in terms of the sales relationship of each industry, knowledge services turned out to be helpful in improving sales, while manufacturing turned out to be effective in improving sales regardless of being supported with start-up mentoring and start-up infrastructure (space). The sales relationship regarding the start-up growth stage was identified to be statistically significant. The preliminary stage was not statistically significant, while providing start-up mentoring and start-up funding were effective for start-up stage and growing stage, respectively. On the other hand, employment did not perform a significant influence on the start-up growth stage. This study analyzes the effectiveness the start-up support policy for early start-ups, identifies the need in differentiated support policies according to the characteristics of the start-ups, and suggests implications for the direction in which future policies should be made towards.

• Asian Journal of Innovation and Policy
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• v.8 no.3
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• pp.396-416
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• 2019

The key conditions for the promotion of innovative technology-based start-ups are expanding the market for innovative technology products and services, increasing equity-based funding opportunities, promoting the commercialization of technological innovation, and establishing a fair-trade system for start-ups to compete fairly in the market. Besides, there is a need for a support system that minimizes the cost of failure in case of business failure to facilitate re-challenge and provides education and training opportunities to enhance entrepreneurial capabilities. To activate technology-based start-ups, the Korean government introduced the TIPS policy in 2013. It is a program that creates technology start-up with private investment led by successful venture entrepreneurs, which has shown remarkable achievement and is regarded as the most successful policy in this field up to now. The most critical factor contributed to the success of this program is to invite private investors to select a technology entrepreneurship team and provide mentoring with the investment. The government provides R&D funding with matching investment, commercialization and marketing support to ensure that technology start-ups survive crossing the death-valley. Subsequent investments from domestic and abroad investors are actively made and it is becoming a representative technology-based start-up program in Korea.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.113-120
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• 2016

Technology based would-be entrepreneurs have constantly increased as coming with increasing demands for technology based startup. However, technology based startup need to go through throne field in the preparation and launching process. This paper help technology based would be entrepreneurs recognizing and pivoting all potential fatal flaws covering entrepreneurs to BM with strategies by providing self check-up lists. This paper have developed all check list based upon the previous literature reviews about technology commercialization with carrying Focused Group Interview with mentor and investor involved in the early stage of venture growth. In particular, this paper have applied these tools over 104 participants(would-be entrepreneur and entrepreneurs in the early startup) attending in Hanbat Startup Item Validation Program and Startup Leading University program. This paper developed the mega categories of list as follows: Entrepreneurship, technology and patent, target customer and market, product, BM and strategy. It also developed 17 different concept of components and 58 specific sub-lists under maga list. The research results of paper will provide solid foundation of communication with participants about checking up their state of preparation for startup as applying to mentoring for would-be entrepreneurs and to entrepreneurship education.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.6
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• pp.27-38
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• 2018

The purpose of this study is to find out common investment decision factors for CVC's invested technology-based startups and analyze them. We examined 17 CVCs that invested in technology startups for three years and six months from 2015 to June 2018. As a result, the final 9 CVCs that can be used in this study were confirmed and 188 companies were analyzed. This study was conducted as a case study to propose and demonstrate CVC investment objectives and investment decision factors analysis model. The results of this study are as follows. First, CVC focused on strengthening investment. Second, In 2015, Invested in an average of 19 months of technology-based startups. In recent years, we invested in 36 months of proven technology-based startups. Thirdly, ICT service was the main business type of the invested startups. Fourth, the investors were concentrated on the stage of Series A~B. It is observed that CVC investment determinants have a significant impact on product or service and parent company relations. In addition, it was found that factors such as innovation, business planning competency, enterprising, strategic competency, leadership, and opportunity recognition competency were influential factors for the startups of invested companies and it was found that these factors are important for CVC investment decision. Understanding of CVC investment determinants presented in this study is based on the establishment of the investment process of the investee, entrepreneurship and management education program. The results of this study can be applied to the selection of excellent startups, entrepreneurship education programs, mentoring, development of coaching guidelines, and establishment of investment process of other investment institutions when investing in CVC.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.141-156
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• 2023

The advancement of Information and Communication Technology (ICT), along with the expansion of government and private investment in startup discovery and funding, has led to the emergence of startups seeking to generate outstanding results based on innovative ideas. As successful startups serve as role models, the number of aspiring entrepreneurs preparing to launch their own startups continues to increase. However, unlike entrepreneurs who challenge themselves with serial entrepreneurship after experiencing success, early-stage startups face various challenges such as team building, technology development, and fundraising. Accelerators play a dual role of mentor and investor by providing education, mentoring, consulting, network connection, and initial investment activities to help startups overcome various challenges they face and facilitate their growth. This study investigated whether there is a correlation between the characteristics of startups and their entrepreneurial performance, and analyzed whether accelerators mediate the relationship between startup characteristics and entrepreneurial performance. A total of 11 hypotheses were proposed, and a survey was conducted on 302 startup founders and employees located across the country, including the metropolitan area, for empirical research. SPSS 23.0 and Amos 23.0 were used for statistical analysis. Through this study, it was found that factors such as innovation, organizational culture, financial characteristics, and learning orientation among the characteristics of startups, rather than having a direct impact on entrepreneurial performance, are linked to entrepreneurial performance through the role of accelerators. By analyzing the impact factors of startup characteristics on entrepreneurial performance, this study presents research on the role of accelerators and provides institutional improvements. It is expected to contribute to the expansion of investment and differentiated acceleration programs, enabling startups to seize the market and grow stably in the market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.117-128
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• 2018

Various government support policies are being promoted in order to stimulate growth of SMEs. The government is striving to provide effective support through direct methods of tax, finance and indirect methods through support programs. However, the view on the government's startup policy is still tense. We are sympathetic with the need for support, but discussions continue to be made on the effectiveness of support projects and support projects. Therefore, this study evaluates the importance and satisfaction of the government start-up support project. For this purpose, we conducted questionnaires on ICT start-ups who have experienced government start-up support projects. Of these, 128 were analyzed for GAP analysis and ISA. As a result of the GAP analysis of the government start - up support project, the degree of satisfaction (4.408) was lower than the degree of importance (5.221), confirming that the beneficiary's evaluation on the start-up support project was negative. As a result of the importance-satisfaction analysis, 'R&D' and 'commercialization' are located in the maintenance area, and 'government funding', 'marketing, overseas advancement' projects are included in the concentrated area. In the low-ranking areas, there are 'entrepreneur events and networks' items. Finally, there are 'facilities and spaces', 'mentoring and consulting', and 'entrepreneurship education' in the surplus areas. As a result of multiple regression analysis, it was found that 'R&D', 'entrepreneurial education', and 'government funding' influenced satisfaction. Based on the results of this study, it is expected that it will contribute to improving the quality level of the government start-up support project by establishing the support policy for the ICT start-up enterprises and improving the system.

• 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 Venture Innovation
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• v.5 no.2
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• pp.15-34
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• 2022

Many countries, including Korea, have established and operated various startup supporting programs to revitalize youth entrepreneurship. This study aims to identify the current status and characteristics of the major startup supporting programs currently operated in Korea and propose development plans for future startup supporting programs through analysis of the startup supporting systems of major countries. By analyzing the success factors of domestic and foreign startup supporting systems, we suggested improvements that can be operated more effectively in the areas of financial support, selection process, education and mentoring, networking, publicity and branding, and follow-up management by operated startup supporting programs. In addition, improvements for performance evaluation indicators of startup supporting programs were suggested and limitations of the study were presented.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.115-128
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• 2022

This research aims to analyze of the Effect of Army Start-up Support Program (hereinafter, ASSP) on the level of discharged or scheduled to be discharged soldier's satisfaction of their military service. In addition, this paper also seeks to elaborate on how those Army-supported programs, such as Start-up competitions, mentoring, camp, and school, can increase the level of military service satisfaction. By participating in those programs, service members can leverage their time in the military to make opportunity for their future career rather than consider it as a career break, increasing their military service satisfaction. Finally, on the basis of findings, this paper advocates for expanding Service Members startup Support Program of government agencies and municipalities and enhancing younger population's individual capabilities through ASSP. This research used ASSPs, such as Army Start-up competitions, mentoring, camp, and school, as independent variables. For controlled variables, this paper takes demographic elements such as status and career path of the participants. Our empirical analysis reveals that ASSP has a direct impact on the military service satisfaction, supported by the statistics from the hierarchical regression analysis. However, the research also suggests that individual' military service satisfaction from ASSP may differ from one another in accordance with the controlled variables such as status and career of the participants. This paper proves that ASSP can play a substantial role in enhancing service members' capabilities during their time in military and that Army fosters talent and connects itself to the nation and society. In addition, this research could contribute to increasing employment rate of and expanding Start-up support program of government agencies and municipalities for younger population by providing empirical results which advocates the latter's necessity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.47-58
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• 2019

This paper is brought to analyze an impact of coaching activities over entrepreneur with respect to entrepreneurs' personal characteristics on the performance of Startups focusing on entrepreneur's awareness conversion effect. In particular, the situation of falling focus of serious startup failure on uncoachable obstinate entrepreneur among the several causes of startup failures, this paper define the research mission of reducing this risk by inducing coaching types of cooperations between senior entrepreneur having serial successful startup experiences and beginning entrepreneur. This paper carry out literature reviews chiefly on startup coaching researches rather than mentoring studies because coaching stressing on self-oriented problem defining and solving by entrepreneur actively tend to be more effective than mentoring relying on mentor's guideline passively as solving startup's main upcoming problems. This paper implement four related researches. First, the impact analysis of entrepreneur's personal characteristics on coaching activities, second, influences of entrepreneurs environmental factors on them, Third, impact of coaching activities on entrepreneur's awareness conversion effect, Fourth, how strongly this conversion effect contributing on the performance of startup. As results of empirical research, first, this paper prove that entrepreneur's environmental factors impact positively on coaching activities over entrepreneur although failing on validating on significant impact of entrepreneur's personal characteristics on coaching activities. Second, this paper prove that coaching activities positively influence on entrepreneur's awareness conversion, hence ultimately positively on the performance of startups. As conclusion, this paper validate that coaching activities over entrepreneur through inducing on the conversion of entrepreneur's awareness lead entrepreneur to setting the bar high and accountable planning of business milestone. This paper contribute on delivering policy implication that government initiatin action-oriented training program for entrepreneurs should accept the module of coaching session to produce more effective results.