• Korean small business review
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• v.43 no.1
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• pp.165-186
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• 2021

Startups are undergoing a change throughout the growth process of startups that appear in existing studies as they move away from the existing B2B or B2C frame and expand their target customer groups to O2O, C2C. In this regard, a new type of startup known as unicorns, a unicorn which has grown rapidly in a short period of time, is being created by successfully attracting government support and external investment in recognition of the potential value of the startup. This study examined the relationship between investment attraction and growth after founding for five representative unicorns in the U.S. and Korea. As a result, it was found that private investment in Korea is passive and defensive, and is attracted after the Series A stage, compared to the U.S., where the growth potential of the startup ecosystem is positively evaluated. In addition, it found that government's support policy throughout the startup's growth process is an abstract and comprehensive policy focusing on initial funding for startups. Therefore, it was suggested that the scope of government policies should be expanded to forster startups as unicorns, and that it is necessary to establish and implement differentiated support policies for each growth of the scale-up of startups. This study is significant in that it presented the criteria for the growth stage and support of startups as well as policy support for scale-up through practical case analysis of unicorns.

• International Commerce and Information Review
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• v.19 no.3
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• pp.63-82
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• 2017

This study explores the barrier factors of Chinese private-owned enterprises in overseas expansion in terms of corruption, political risk, market fluctuation, cultural difference, and firms resource endowments. To explore the existing practical backgrounds, it was investigated to private-owned enterprises dealing with foreign export companies where run business in Hohhot, Baotou and Ordos, Inner Mongolia, China. The result shows that the corruption and political risks of host countries do not have significant influence on business performance in 'Go global' strategy, while the market fluctuation of host countries has a negative effect on business performance. Cultural difference has a negative effect on business performance, and enterprises' resource endowments have a positive effect on business performance in 'Go global' strategy. Additionally, interviewees provide several substantial suggestions regarding the government policy and industry ecosystem to surmount the barriers of POEs' going global. Lastly, the authors discuss managerial implications and provide several suggestions for the future studies.

• Journal of Korea Planning Association
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• v.54 no.7
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• pp.58-69
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• 2019

This study suggested the necessity of introducing the future-oriented new industrial complex as a way to enhance the competitiveness of the industrial complex in response to the industrial ecosystem change caused by the 4th industrial revolution. To evaluate the location suitability for the new industrial complex, location indices were developed in this study. The flexibility of location and connectivity to neighboring areas of the future-oriented new industrial complexes were the focused subjects of this study. In-depth expert consultation and Delphi survey were conducted to construct an index system and to measure the indices. Afterwards, the AHP analysis was conducted to elucidate the weighting by indicators. As a result, the indicators of industrial innovation environment were the most important in the major category. In addition, the convenience of workers, especially urban environment, was analyzed as an important factor for success of the future-oriented new industrial complex. The indicators which are closely related to the concept and purpose of the future-oriented new industrial complex turned out to have the higher weight compared to other indicators. From the point of view of the developers of the industrial complexes or tenant companies, the implications for deriving suitable locations for development of industrial complexes among urban under-utilized sites are suggested. Furthermore, It is expected that the government will be able to apply the development system to stimulate the development of these new industrial complexes and to prepare guidelines for selecting locations.

• Journal of Technology Innovation
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• v.31 no.1
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• pp.29-63
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• 2023

The purpose of this study is to analyze the process of changes in regional science and technology policies in Korea and to seek future development directions. In Korea, regional science and technology policies have been implemented since the introduction of the local autonomy system. Since then, it has been implemented in earnest with the establishment of a central government-level plan. The regional science and technology policies have been developed to this day by interacting with national science and technology policies and regional development policies. Nevertheless, due to the path dependence and lock-in effect in the accumulated process, the regional science and technology policies are still subordinate to central government policies. Thus, the establishment of an independent ecosystem for local science and technology is still insufficient. Furthermore, the gap between regions is deepening, such as the growing of aging population, population decline due to low birth rates, job losses due to the recession of local key industry, and the concentration of the youth population in the metropolitan area. The transformation path such as digital transformation and carbon neutrality paradigm is expected to further widen regional disparities. In order to address a comprehensive problem, the implementing system of regional science and technology policies need to be newly established. A framework for reinvention of regional science and technology policy needed in the era of grand societal challenges have to be developed.

• 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.12 no.3
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• pp.147-161
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• 2017

Korea is a country having shortage of natural resources, but to overcome this issue and to nurture national competitiveness it is challenging for national-lead economic policy, citizen's dedicated efforts and technological innovation for achieving economic growth. Since the financial crisis, the government has boldly promoted policies to nurture venture companies to make structural adjustments for the sophistication of the industrial structure and job creation. Various policies for establishing the foundation of the entrepreneurial ecosystem in which the process of start-up, growth, recovery and reinvest are virtually circulated are presented by the Business Incubators. Recently the Business Incubators neither present a direction differentiated from the vocation of Business Incubator, and nor the operating methods for leading the changing of Business Incubator environment, which threatening the role of Incubating and growing early startup companies. In order to explore the development change of the business incubator, in this research we analyzed the published papers from 1998 to 2016 of business incubator government polices, research methods, related research topics and other major variables. The analysis of the research trends of business incubator revealed the lack of depth case studies, diversity of research topics, and the study of certain limited variables. For the development of the business incubator, case studies of the institutions which carried out excellent incubator and research on the incubation system of the institutions, that are similar to the incubation center are required. This research suggest further research on the case studies of excellent business incubator and agencies, and the center director and manager, which is the center of human resources, and hopes for the revitalization of business incubator researches.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.6
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• pp.89-98
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• 2017

The dynamic entrepreneurial activities of small businesses or individual entrepreneurs seeking to enter the global market based on innovative ideas and challenging spirit in the modern society, which is trending in entrepreneurial capitalism according to the times, Leading to new growth engines. In order to promote the establishment of universities in Korea, the government has been working on 'Five-Year Plan for University Entrepreneurship Education(2013-2017)', 'Efficiency of Government Start-up Support in 2015', and 'Five-Year Basic Plan for Activation of Industry-University Cooperation(2016-2020)'. However, there are still practical limitations in spite of the efforts made by universities and research institutes to revitalize start-ups. As a way to overcome these limitations, this study aims to systematize the entrepreneurship education of the university, and examines the role of changing universities and theory of clusters and the entrepreneurship education. In addition, we will look at the factors of creative university culture centering on the representative cases of the Innovation University in US, and present a conceptual framework for cluster-based entrepreneurship education for the purpose of 'successful entrepreneurship' which is different from 'start-up success'. The conceptual framework of cluster-based entrepreneurship education is based on the establishment of 'Integrated Entrepreneurship Education Platform' to revitalize start-ups centered on university technology. At the same time, this framework focuses on the three factors of talent, technology, and culture based on the relevant theories and examples, and emphasizes the clustering of entrepreneurial resources, entrepreneurial policies and leadership that should be involved in entrepreneurship education.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.2
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• pp.105-115
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• 2017

Innovative cluster theory promotes cluster growth as the tacit knowledge and know-how approach becomes easier through industry-academia cooperation. Industry-academia cooperation is an innovation network policy that supports joint research between industry and academia. In this respect, The Flow of recent government policy is activating I-U support office in university & research institute for enable I-U Cooperation ecosystem. Then SMB Administration was first performed "research village support program", to support SMEs in industry-university cooperative research capabilities by integrating the research, development and commercializatin of the university or research institution with excellent research base in 2013. However, I-U Cooperation R&D must be based the link strategy of Localization in order to be better composition at research village. In the case of research villages where specialized discovery strategies are well reflected, integration of similar companies in specialized fields will naturally create clusters and create synergy of research. This study searching and summarizing through a recent Hanbat National University research village. Finally, we propose the implications of government policy.

• Journal of the Economic Geographical Society of Korea
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• v.21 no.4
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• pp.303-320
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• 2018

This study analyzes the characteristics of the evolution process of the Gumi National Industrial Complex as well as its external and internal drivers based on the cluster adaptation cycle model. The Gumi National Industrial Complex has made remarkable progress through expansion in spatial and industrial realm and has become a representative IT industry cluster in Korea. It evolved during a growth period from the 1990s, a maturity period from the mid-2000s, and a mature stagnation period from the mid-2010s. But it has now entered a period of decline. While external drivers at the international and national level greatly influenced the Gumi National Industrial Complex in its evolution from foundation-building to maturity, internal drivers such as the outflow of large firms as well as a lack of SME research capacity and institutional base have added to the management difficulties of SMEs in the mature stagnation period. Therefore, in order for the Gumi National Industrial Complex to move into a revitalization period that strengthens resilience against external shocks, it is necessary to enhance the capacity of SMEs by expanding the roles of the central government, local government, and support agencies. In addition, it is necessary to create and embed strong medium enterprises within the Gumi National Industrial Complex, so that the Complex can be reborn as a sustainable innovation ecosystem.

• 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.