• 산업공학
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• 제17권spc호
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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.

• 기술혁신연구
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• 제4권1호
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• pp.1-26
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• 1996

Traditional studies of new venture performance have focused on the characteristics of entrepreneurs and have shown conflicting results on the relationship between the characteristics and performance of new ventures. Recently, some researchers have broadened their search to include aspects of the industry and the strategy of new ventures. The purposes of this study are to identify wtrategic archetypes of new ventures based on the taxonomic approach and to explain the differences in new venture characteristics and performance among strategic archetypes. To find the strategic archetypes, 114 new venture CEOs from various industries were asked to describe their ventures' competitive strategy through 19 questionnaire items on competitive methods. Using factor analysis and subsequent cluster analysis, four archetypes were identified such as : versatile type, technology-driven type, market-oriented type, and cost reduction type. The results imply that there exist different types of venture strategy even among new technology-based venture firms in Korea, and show the differences in performance among strategic archetypes: market-oriented type and versatile type are better than cost reduction type in terms of growth rate and profitability. Because the venture strategy in identified as a major determinant of the venture performance in this study, the choice of venture strategy suitable for firm's industrial characteristics and internal resource bases becomes a very strategic decision for firm's sustained growth. Further studies are needed to strengthen some methodological limitations of the study.

• ETRI Journal
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• 제22권4호
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• pp.51-65
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• 2000

In this paper, we investigate on the determinants of new venture performance empirically and suggest a new venture performance model in the Korean Information and Telecommunications (IT) industry. A total of seven hypotheses is established and tested using a combination of factor analysis, cluster analysis, analysis of variance, and correlation analysis. Ninety-two sample ventures in the Korean IT industry were investigated and analyzed to test hypotheses. We found that new ventures performance depends on their environment, strategy, internal resources factors, and, most importantly, two-way and three-way interactions of these factors. These findings could be interpreted as supporting the general strategy theory that when environment and internal resources and fitted, performance might be maximized and, further, strategy is the means that make internal resources and environment fit. The venture performance model presented in this paper can explain how new ventures achieve their successes. The strategic implications to the venture firms are also discussed.

• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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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.

• 벤처창업연구
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• 제15권1호
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• pp.185-195
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• 2020

본 연구에서는 중소벤처기업의 기술혁신역량과 신제품개발성과가 상호 인과관계가 있음을 밝히고, 기술혁신역량을 강화하기 위한 수단으로 협업을 도입하면 신제품개발성과가 향상됨을 규명하였다. 연구방법으로는 국내 소재 중소벤처기업 R&D업무에 종사하는 실무담당자들을 대상으로 설문조사를 실시하였다. 연구결과, 중소 벤처기업의 기술혁신역량에 속하는 기술전략, 기술학습, 그리고 개방형 혁신이 신제품개발성과에 영향을 미치는 것으로 나타났다. 즉 신제품개발성과에 미치는 다수의 핵심전략으로서 협업을 선택한 결과, 협업이 신제품개발성과에 영향을 주는 전략임을 규명하였다. 아울러 협업을 도입하면 기술혁신역량이 신제품개발성과를 강화하는데 조절역할을 하는 지도 함께 살펴보았는데, 일반적인 협업은 기술전략 강화에는 직접적인 영향을 미치지 않지만, 협업에 따라서는 기술전략과 개방형 혁신이 강화되어 신제품개발성과의 크기에 긍정적인 영향을 주는 것으로 평가되었다.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.737-746
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• 2020

A new business venture faces intense competition in a dynamic environment. To survive, new business ventures and established companies both need to generate creativity and significant new ventures to be highly competitive and have high levels of performance. In this study, we examined new business ventures that determined their competitiveness and performance generated from entrepreneurial creativity and mediated by ambidextrous innovation. This research used survey data collected from 143 Indonesian's new business shipping agencies, which was collected using an online survey and analyzed through structural equation modeling. The results showed that entrepreneurial creativity in new business ventures is positively associated with competitive advantage but not significant to create a competitive advantage. In contrast, entrepreneurial creativity is positively associated with firm performance. This result indicates that efforts to generate entrepreneurial creativity are not sufficient to create a competitive advantage despite having a significant influence on firm performance. However, entrepreneurial creativity is significantly and positively associated with firm performance and competitive advantage when mediated by ambidextrous innovation. The findings of this study suggest that the competitive advantage of a new business venture in facing intense competition in a dynamic environment condition can be overcome by generating strategic action in the form of entrepreneurial creativity and ambidextrous innovation.

• 한국벤처창업학회:학술대회논문집
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• 한국벤처창업학회 2017년도 춘계학술대회
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• pp.49-49
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• 2017

This paper provides theory and evidence on how venture capital's (VC's) investment influence on new venture (NV) performance. Despite the wealth of research on the relationship between VC's investment and NV's performance, there are conflicts about whether the VC's investment can contribute to the performance of NV and NV's market value or not. For the accurate measure of the investment effect from VC, this research explored how the venture capital's investment in each development stage affects the NV's performance. The research was based on signaling theory and the theory of information asymmetry and looked for which factors affect a NV's performance. Using a sample of 364 firms went to public from 2000 to 2007, we find NV performance increases as NV acquires initial investment of VC in the early stage of development. While NV's potential absorptive capacity moderates the main relationship positively, we find no indication that NV's realized abortive capacity and NV's reputation have significant effect on the main relationship as moderators.

• 아태비즈니스연구
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• 제14권4호
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• pp.87-113
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• 2023

Purpose - Focusing on Haier, a successful corporate venture in China, we analyse the operating mechanism and success factors of corporate venture, and reveal the necessary factors for the successful implementation of corporate venture. Design/methodology/approach - This study is a single case study centred on Haier, a successful corporate venture in China. Findings - The operational process of Haier's corporate venture includes six key aspects: project selection, team building, resource allocation and support, project implementation, risk control measures, performance evaluation and rewards. In terms of success factors, the support of top management with leadership capability of value creation and sharing is very important for the success of corporate venture. Secondly, a multi reward mechanism can be introduced to motivate employees and improve performance. Thirdly, it is important to integrate corporate culture into the operating mechanism of an corporate venture. Fourthly, flexible operations that break down rigid organisational boundaries and transform the organisation into a more open platform for entrepreneurship can increase the likelihood of success. Finally, empowering employees with operational discretion can also have a positive impact on the success of an Corporate Venture. Research implications or Originality - This study contributes to theory and practice by analysing the success conditions of corporate venture, providing new understanding and drawing new perspectives, especially from the experience of Haier. The results suggest strategies and flexibility for successfully pursuing corporate venture, and provide important experience for international companies to help them gain competitive advantage in global competition. It also helps corporate leaders to promote new directions and innovations and improve their strategies to respond to dynamic environments.

• 아태비즈니스연구
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• 제15권1호
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• pp.179-192
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• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• 중소기업연구
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• 제42권1호
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• pp.107-133
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• 2020

지금까지 창업 성과에 관한 연구는 주로 창업자의 특성, 역량, 전략이 성과에 미치는 영향에 관한 연구들이 주를 이루고 있었다. 그러나 과학기술의 발달과 경영환경의 복잡성은 개인에 의한 창업보다 창업팀에 의한 창업을 활성화시키고 있다. 이에 따라 창업팀 특성이 창업 초기 기업에 미치는 영향에 대한 이론적이고 실제적인 연구의 필요성이 제기되었다. 본 연구는 벤처 창업팀의 다양성이 창업 성과에 미치는 영향을 확인하였다. 연구 모형을 검증하기 위해 전국 17개 지역, 18개 창조경제혁신센터 사업에 참여한 적이 있는 벤처 창업 기업 중 287명의 대표가 응답한 설문을 바탕으로 회귀분석을 통해 가설을 검정하였다. 분석 결과, 인구통계적 다양성에서는 성별 다양성만 비재무적 성과에 부정적 영향을 미쳤다. 정보 다양성은 경력 다양성이 재무적 성과에, 교육수준 다양성이 비재무적 성과에 긍정적 영향을 미쳤다. 또한 이전 공유경험이 높을수록 재무적 성과에 긍정적 영향을 미친 것으로 나타났다. 가치 다양성은 재무적, 비재무적 성과 모두에 부정적인 효과를 미쳤다. 이상의 연구 결과를 기반으로 연구의 시사점과 향후 연구 과제 등을 제시하였다.