• 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.17 no.3
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• pp.135-145
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• 2022

Due to COVID 19, we are facing unprecedented phenomena. Among various industries, the aviation industry, as it is directly affected by the corona crisis is actively establishing various survival strategies, such as expanding cargo transportation. The market size of air cargo transportation is continuously increasing due to the characteristics that distinguish it from other transportation, and as individualism and selfishness deepen in the aftermath of COVID 19, it can be inferred that the concept of reciprocity within distribution channels will become important in the post-corona era. The specific contents of this study(research question) are as follows. First, as a central member of the air logistics distribution channel, logistics service companies business process and the sub-dimensions of trust of are identified, and how trust is built with transportation companies is investigated. Second, the effect of such trust on the various performances of logistics service companies is analyzed. Third, we examine whether the influences of the sub-dimensions of trust change according to the perceived reciprocity of logistics service companies. In addition, we investigate whether the perceived reciprocity changed before and after the corona situation. In particular, this study theoretically integrates the concepts of trust and commitment, which have been distinguished in many prior studies, to improve the parsimony and practicality of the research model. This study will be able to present useful academic and practical implications by empirically examining how trust is built between members of the air logistics distribution channel and furthermore, how much it affects the performance of logistics service companies, and by identifying the moderating effect of reciprocity.

• Journal of Life Science
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• v.34 no.5
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• pp.304-312
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• 2024

This study was conducted to characterize strain Y10, isolated from discarded chicken feathers. Strain Y10 was identified as Bacillus amyloliquefaciens through phenotypic and 16S rRNA gene analysis. B. amyloliquefaciens Y10 exhibited plant growth-promoting activities, including the production of fungal cell-degrading enzymes (cellulase, lipase, protease, and pectinase), siderophores, ammonia, and indoleacetic acid. Furthermore, strain Y10 was able to inhibit the mycelial growth of several phytopathogenic fungi. When 0.1% sucrose as a carbon source and 0.05% casein as a nitrogen source were added to the basal medium, adjusted to pH 10, and cultured at 35℃, the degradation rate of chicken feathers by strain Y10 was about two times higher than that of the basal medium, with the feathers almost completely degraded in four days. Strain Y10 also degraded various keratin substrates, including duck feathers, wool, and human nails. It was confirmed that the feather hydrolyzates prepared using strain Y10 exhibited antioxidant activities, such as 1,1-diphenyl-2-picrylhydrazyl radical scavenging activity (EC₅₀ = 0.38 mg/ml) and superoxide dismutase-like activity (EC₅₀ = 183.7 mg/ml). These results suggest that B. amyloliquefaciens Y10 is a potential candidate for the development of bioinoculants and feed additives applicable to the agricultural and livestock industries, as well as the microbiological treatment of keratin waste.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.173-189
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• 2023

As supreme technologies continue to be developed, industries such as artificial intelligence, biotechnology, robots, aerospace, electric vehicles, and solar energy are created, and the macro business environment is rapidly changing. Due to these large-scale changes and increased complexity, it is necessary to pay attention to the effect of social capital, which can create new value by utilizing capital increasing the importance of relationships rather than technology or asset ownership itself at the level of start-up strategy. Social capital is a concept first proposed by Hanifan in 1916, and refers to the overall sum of capabilities or resources that are latent or available for use in mutual, continuous, organic relationships or accumulated human relationship networks between individuals or social members. In addition, the diversity of start-up teams with diverse backgrounds, characteristics, and capabilities, rather than one exceptional founder, has been emphasized. Founding team diversity refers to the diversity of in-depth factors such as demographic factors, beliefs, and values of the founding team. In addition, changes in the macro environment are emphasizing the importance of technology start-ups and laboratory start-ups that lead industrial innovation and create the nation's core growth engines. This study focused on the I-Corps' program. I-Corps, which means innovation corps, is a laboratory startup program launched by the National Research Foundation (NSF) in 2011 to encourage entrepreneurship and commercialization of research results. It focuses on forming a startup team involving professors, researchers and market discovery activities. Taking these characteristics into account, this study empirically verified the impact of social capital from a network perspective and founding team diversity on I-Corps start-up performance. As a result of the analysis, the educational diversity of the founding team had a negative (-) effect on the financial performance of the founding team. On the other side, the gender diversity and the cognitive dimension of social capital had a positive (+) effect on the financial performance of the founding team. This study is expected to provide more useful theoretical and practical implications regarding the diversity, social capital, and performance interpretation of the I-Corps Lab startup team.

• Korean Journal of Environment and Ecology
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• v.38 no.1
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• pp.90-107
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• 2024

This study analyzed the status of urban agricultural regulation of metropolitan governments on supporting multi-dimensional values to suggest a direction for improving urban agriculture regulations. Moreover, a Delphi survey was conducted to derive ways to identify improvement opportunities for functions that showed relatively insufficient support for urban agricultural regulations. As a result of the study, 12 out of 17 metropolitan governments and 116 of 226 municipalities have enacted urban agricultural regulations. However, the enactment of urban agricultural regulations has generally declined since 2011. Analysis of the contents of the urban agricultural regulations showed that they focused on matters relating to the creation and expansion of the foundation of urban agriculture. Among the multi-dimensional values of urban agricultural regulations, the foundation for supporting the securing of green spaces and utilizing food production functions was most widely available. On the other hand, the foundation for support of resource recycling, healing and health, social welfare, economic imbalance mitigation, and job creation functions has been shown to be relatively insufficient. A Delphi survey conducted to determine potential measures to improve urban agricultural regulations to support these functions found that 17 of the 18 ordinance improvement measures were valid. Therefore, to revitalize the multi-dimensional values of urban agriculture, it is first necessary to enact new ordinances. Also, to revitalize the multi-dimensional values of urban agriculture evenly, it is necessary to revise the ordinances to include resource recycling, healing and health, social welfare, mitigation of economic imbalances, and job creation functions. In this process, the development of urban agriculture technology, legal review of various urban farming spaces, and fostering of industries related to urban agriculture are necessary. Above all, steady interest in the multi-dimensional values of urban agriculture and the efforts of local governments to foster urban agriculture must be supported.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.109-124
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• 2024

The value of platform companies is rapidly increasing, exerting significant influence across industries. Identifying and fostering promising platform companies is crucial for enhancing national competitiveness. Consequently, tailored evaluation standards are necessary for such companies. This study derived investment decision factors specific to platform companies and compared the importance of each factor using Analytic Hierarchy Process (AHP) analysis. Key factors included platform characteristics, finance, entrepreneur (team), market, and product/service attributes. The findings revealed that platform characteristics were deemed the most crucial factor for investors. Specifically, factors such as platform size, ease of value fixation, core participant group, and data value were identified as pertinent for evaluating platform companies. Moreover, analysis distinguished between investors with prior platform investment experience and those without. Significantly, investors with platform investment experience placed greater emphasis on the value of data secured by platform Furthermore, it was observed that investors prioritized future value and growth potential over current value when investing in platform. Notably, founder/team characteristics, typically highly regarded in previous studies, ranked lower in importance in this study, highlighting a shift in focus. The discrepancy between this study's results and prior research on investment decision factors is attributed to the specificity of the questions posed. By focusing on investment decision factors for platform startups rather than generic startup inquiries, investor responses aligned more closely with platform-focused considerations. Given the burgeoning venture investment landscape, there's a growing need for detailed research on startups within specific sectors like IT, travel, and biotech. This approach can replace extensive research covering all startup types to identify investment decision factors suited to the characteristics of each individual industry.

• Journal of the Korean Society of Marine Environment & Safety
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• v.30 no.1
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• pp.127-134
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• 2024

With the growth of offshore wind power generation market, the corresponding installation vessel market is also growing. It is anticipated that approximately 100 installation vessels will be required in the of shore wind power generation market by 2030. With a price range of 300 to 400 billion Korean won per vessel, this represents a high-value market compared to merchant vessels. Particularly, the demand for large installation vessels with a capacity of 11 MW or more is increasing. The rapid growth of the offshore wind power generation market in the Asia-Pacific region, centered around China, has led to several discussions on orders for operational installation vessels in this region. The seabed geology in the Asia-Pacific region is dominated by clay layers with low bearing capacity. Owing to these characteristics, during vessel operations, significant spudcan and leg penetration depths occur as the installation vessel rises and descends above the water surface. In this study, using penetration variables ranging from 3 to 21 m, the unique vibration period, structural safety of the legs, and conductivity safety index were assessed based on penetration depths. As the penetration depth increases, the natural vibration period and the moment length of the leg become shorter, increasing the margin of structural strength. It is safe against overturning moment at all angles of incidence, and the maximum value occurs at 270 degrees. The conditions reviewed through this study can be used as crucial data to determine the operation of the legs according to the penetration depth when developing operating procedures for WTIV in soft soil. In conclusion, accurately determining the safety of the leg structure according to the penetration depth is directly related to the safety of the WTIV.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.3
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• pp.53-68
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• 2024

Generative AI is receiving a lot of attention around the world, and ways to effectively utilize it in the business environment are being explored. In particular, since the public release of the ChatGPT service, which applies the GPT-3.5 model, a large language model developed by OpenAI, it has attracted more attention and has had a significant impact on the entire industry. This study focuses on the emergence of Generative AI, especially ChatGPT, which applies OpenAI's GPT-3.5 model, to investigate its impact on the startup industry and compare the changes that occurred before and after its emergence. This study aims to shed light on the actual application and impact of generative AI in the business environment by examining in detail how generative AI is being used in the startup industry and analyzing the impact of ChatGPT's emergence on the industry. To this end, we collected company information of generative AI-related startups that appeared before and after the ChatGPT announcement and analyzed changes in industry, business content, and investment information. Through keyword analysis, topic modeling, and network analysis, we identified trends in the startup industry and how the introduction of generative AI has revolutionized the startup industry. As a result of the study, we found that the number of startups related to Generative AI has increased since the emergence of ChatGPT, and in particular, the total and average amount of funding for Generative AI-related startups has increased significantly. We also found that various industries are attempting to apply Generative AI technology, and the development of services and products such as enterprise applications and SaaS using Generative AI has been actively promoted, influencing the emergence of new business models. The findings of this study confirm the impact of Generative AI on the startup industry and contribute to our understanding of how the emergence of this innovative new technology can change the business ecosystem.

• Journal of Venture Innovation
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• v.7 no.3
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• pp.1-23
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• 2024

This study empirically analyzed the factors affecting acceptance intention when introducing digital transformation in the passenger vehicle transportation business, and examined the moderating effect of corporate agility. Based on the technology acceptance model (TAM) and the technology-organization-environment (TOE) model, the study set introduction usability, ease of introduction, digital transformation capability, CEO support, customer demand, and competitive pressure as independent variables, and 316 effective samples were analyzed by setting corporate agility as a modulating variable. As a result of the analysis, ease of introduction, digital transformation capability, CEO support, customer demand, and competitive pressure all had a significant influence on the intention to accept digital transformation, and in particular, digital transformation capability had the greatest influence. This suggests that the ability of companies to effectively utilize digital technology is an essential factor in the success of digital transformation. On the other hand, the usefulness of introduction did not significantly affect the intention to accept, which means that concerns about costs and risks can have a greater impact on the introduction of digital transformation. In addition, corporate agility showed a positive moderating effect in the relationship between acceptance intention and independent variables, and it was shown that the more agile the company can effectively solve the challenges that arise in the process of introducing digital transformation. In particular, when corporate agility is high, the effect of usefulness of introduction changes positively. This study is the first attempt to systematically analyze digital transformation in the passenger vehicle transportation business, and in practice, it has great academic significance and confirmed the importance of digital transformation capabilities and CEO support. However, since the scope of the study is limited to the passenger vehicle transportation business, there is a limit to generalization, research expanded to various industries and fields is needed in the future.

• Journal of Korea Port Economic Association
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• v.40 no.2
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• pp.21-38
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• 2024

The current situation of ports and related industries is transitioning from quantitative growth in increased cargo volume and expansion of port facilities to qualitative growth in the role of ports through the creation of high value-added. Ports are now recognized as playing an important role in economic growth and development by generating high value-added, not just by increasing the amount of cargo and expanding port facilities. This study evaluated the importance of factors affecting the improvement of the Busan Port's marine equipment industry by using the Analytic Hierarchy Process(AHP) to derive the priority of improvement measures by factor and evaluate the importance of factors affecting the marine equipment industry. The factors that should be considered when selecting improvement measures for the marine equipment industry were selected as four factors: strengthening price competitiveness, increasing government and local government interest, strengthening promotion, and establishing a global network. The main sub-factors were composed of eight detailed evaluation factors by selecting two factors for each layer. The analysis was designed by dividing the factor hierarchy for selecting improvement measures for the marine equipment industry into three levels and creating survey questions for pairwise comparison. The priority of the analysis results using AHP showed that the factor with the highest priority was strengthening price competitiveness, followed by increasing government and local government interest, establishing a global network, and strengthening promotion. According to the analysis results for the second-level sub-factors, among the factors for strengthening price competitiveness, low distribution costs and storage costs were considered most important, followed by avoiding excessive competition among marine equipment companies. Among the factors for increasing government and local government interest, improving customs procedures and tariff refund procedures were considered most important, followed by strengthening incentives from the government and Busan City. Among the factors for establishing a global network, promoting large-scale marine equipment companies was considered most important, followed by actively participating in international marine equipment-related associations. Among the factors for strengthening promotion, active use of the Internet was considered most important, followed by holding domestic and international exhibitions. Based on this study, we hope to help activate Busan Port's market by enhancing its competitiveness through revitalizing its marine equipment industry, generating water traffic, and creating new value-added.