• Journal of Venture Innovation
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• v.7 no.2
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• pp.77-99
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• 2024

Small and medium-sized venture companies and small business owners play an important role in the Korean economy. According to the Ministry of SMEs and Startups' statistics survey in 2019, the proportion of all employees of small and medium-sized venture companies in Korea was 89.8%, which is overwhelmingly higher than that of Japan's 77.8% and Taiwan's 76.6%, so job creation for small and medium-sized venture companies in Korea is absolute. Compared to large companies, it is known that it is difficult for small and medium-sized venture companies in Korea to secure a competitive advantage due to low cost competitiveness, difficulties in R&D/marketing due to lack of capital, difficulties in securing networks, and lack of management know-how. Many scholars, including Kerr and Schumpeter, have studied entrepreneurship since the mid-1950s. Recently, research has been conducted in various fields such as business administration, psychology, and economics. However, research on the personal characteristics of CEOs of small and medium-sized venture companies such as entrepreneurial passion and corporate reputation, which is the overall image of companies, is still insufficient, and comparisons of effects between variables between groups (by industry, by pressure, etc.) have not yet been presented. Entrepreneurial passion plays an important role in promoting new business creation, job creation, and economic growth. Therefore, entrepreneurial Cultivating and promoting passion will also contribute to socioeconomic development. These are government policies, educational programs, and social awareness It can be achieved through improvement, etc., and is especially important in the current market conditions where innovation and growth are important. In conclusion Entrepreneurial passion is an important factor that has a positive effect on all individuals, businesses, and society. Therefore, research on entrepreneurial passion is It is an essential task to maximize these positive effects. In this study, in order to overcome the limitations of existing studies, entrepreneurs' Whether entrepreneurial passion, which is a personal characteristic, affects competitive advantage, absorption capacity and product and process innovation capabilities are Whether there is a mediating effect between entrepreneurial passion and competitive advantage. Finally, in the relationship between entrepreneurial passion and absorption capacity. The corporate reputation verifies whether it has a moderating effect, etc., and compares the influencing factors between variables by industry and pressure. It is intended to be verified empirically. In this study, 2023 conducted by the Small and Medium Business Distribution Center under the Ministry of SMEs and Startups for 312 CEOs of small and medium-sized venture companies and small business owners who participated in the online market support project for small and medium-sized venture companies and small business owners, December 2023 Survey and analysis were conducted from 1st to 20th, and the analysis used Smart PLS 4.0 to determine the impact on the relationship between variables. It was empirically verified. As a result of the study, it was found that entrepreneurial passion had a positive effect on absorption capacity, and the product was found And it was found to have a positive effect on process innovation capability and competitive advantage. In addition, the higher the corporate reputation, the more entrepreneurial it is. It was confirmed that passion had a greater effect on absorption capacity.

• Journal of Korean Society of Occupational and Environmental Hygiene
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• v.5 no.1
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• pp.8-15
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• 1995

The reliable measurement of metal in biological media in human body is one of critical indicators for the proper evaluation of its toxic effect on human health. Recently in Korea the necessity of quality assurance of measurement in occupational health and occupational hygiene fields brought out regulatory quality control program. Lead is often used as a standard metal for the program in both fields of occupational health and hygiene. During last 20 years lead poisoning was prevalent in Korea and still is one of main heavy metal poisoning and the capability of the measurement of blood lead is one of prerequisites for institute of specialized occupational health in Korea. Furthermore blood lead is most important indicator to evaluate lead burden of human exposure to lead and the reliable and accurate analysis is most needed whenever possible. To evaluate the extent of the interlaboratory differences of blood lead measurement in several well-known institute specialized in occupational health in Korea, authors prepared 68 blood samples from two storage battery industries and all samples were divided into samples with 2 ml. One set of 68 samples were analyzed by authors's laboratory(Soonchunhyang University Institute of Industrial Medicine: SIIM) and 40 samples of other set were analyzed by C University Institute of Industrial Medicine(CIIM) and the rest 28 samples of other set were analyzed by Japanese institute(K Occupational Health Center:KOHC). Authors also prepared test bovine samples which were obtained from Japanese Federation of Occupational Health Organization (JFOHO) for quality control. Authors selected 2 other well-known occupational health laboratories and one laboratory specialized for instrumental analysis. A total of 6 laboratories joined the interlaboratory comparison of blood lead measurement and the results obtained were as follows: 1. There was no significant difference in average blood lead between SIIM and CIIM in different group of blood lead concentration, and the relative standard deviation of two laboratories was less than 3.0%. On the other hand, there was also no significant difference of average blood lead between SIIM and KOHC with relative standard deviation of 6.84% as maximum. 2. Taking less than 15% difference of mean or less than 6 ug/dl difference in below 40 ug/dl in whole blood as a criteria of agreement of measurement between two laboratories, agreement rates were 87.5%(35/40) and 78.6%(22/28) between SIIM and CIIM, SIIM and KOHC respectively. 3. The correlation of blood lead between SIIM and CIIM was 0.975 (p=0.0001) and the regression equation was SIIM = 2.19 + 0.9243 ClIM, whereas the correlation between SUM and KOHC was O.965(p=0.0001) with the equation of SIIM = 1.91 + 0.9794 KOHC. 4. Taking the reference value as a dependent variable and each of 6 laboratories's measurement value as a independent variable, the determination coefficient($R^2$) of simple regression equations of blood lead measurement for bovine test samples were very high($R^2>0.99$), and the regression coefficient(${\beta}$) was between 0.972 and 1.15 which indicated fairly good agreement of measurement results.

• Maritime Security
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• v.1 no.1
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• pp.215-240
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• 2020

In 2017, the U.S. DARPA coined 'mosaic warfare' as a new way of warfighting. According to the Timothy Grayson, director of DARPA's Strategic Technologies Office, mosaic warfare is a "system of system" approach to warfghting designed around compatible "tiles" of capabilities, rather than uniquely shaped "puzzle pieces" that must be fitted into a specific slot in a battle plan in order for it to work. Prior to cover mosaic warfare theory and recent development, it deals analyze its background and several premises for better understanding. The U.S. DoD officials might acknowledge the current its forces vulnerability to the China's A2/AD assets. Furthermore, the U.S. seeks to complete military superiority even in other nation's territorial domains including sea and air. Given its rapid combat restoration capability and less manpower casualty, the U.S. would be able to ready to endure war of attrition that requires massive resources. The core concept of mosaic warfare is a "decision centric warfare". To embody this idea, it create adaptability for U.S. forces and complexity or uncertainty for the enemy through the rapid composition and recomposition of a more disag g reg ated U.S. military force using human command and machine control. This allows providing more options to friendly forces and collapse adversary's OODA loop eventually. Adaptable kill web, composable force packages, A.I., and context-centric C3 architecture are crucial elements to implement and carry out mosaic warfare. Recently, CSBA showed an compelling assessment of mosaic warfare simulation. In this wargame, there was a significant differences between traditional and mosaic teams. Mosaic team was able to mount more simultaneous actions, creating additional complexity to adversaries and overwhelming their decision-making with less friendly force's human casualty. It increase the speed of the U.S. force's decision-making, enabling commanders to better employ tempo. Consequently, this article finds out and suggests implications for Korea armed forces. First of all, it needs to examine and develop 'mosaic warfare' in terms of our security circumstance. In response to future warfare, reviewing overall force structure and architecture is required which is able to compose force element regardless domain. In regards to insufficient defense resources and budget, "choice" and "concentration" are also essential. It needs to have eyes on the neighboring countries' development of future war concept carefully.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.

• Journal of Technology Innovation
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• v.19 no.1
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• pp.111-144
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• 2011

This study is to confirm the core factors of innovative capabilities and technological entrepreneurship affecting the performance of technology management and business management of small and medium-sized enterprises (SMEs). Through the consideration about the complex natures of technological innovation affecting by multidimensional factors, this study designs the research model that innovative capabilities, the performances of technology and business management are arranged in accordance with the innovation process; input-output-outcome. To meet this research purpose, the hypothesis are set up based on the previous research studies and the research samples are selected from members of the Innovative Business (INNO-BIZ) Association, located in Seoul and Geyonggi province. As a result of regression analysis to the responses gathered from 360 firms, the performance of business management is influenced positively by the technology superiority, market growth and business profitability which are the dominant factors of performance of technology management. In addition, three sub-variables of innovative capabilities such as R&D, strategic planning and learning capability, have positive effects on both the managerial performances. Innovativeness and progressiveness of technological entrepreneurship affect both the performances positively. Moreover, the co-relation between technological entrepreneurship of an innovation leader and innovative capabilities of organizational members are identified. Lastly, technological entrepreneurship has the mediating effect on the path of leading innovative capabilities to the managerial performances. In conclusion, the research results imply that technological innovation-type firms should periodically evaluate the performance of technology management which are the output of technological innovations and the reinvestment for ultimate business success. And improving and developing innovative capabilities and technological entrepreneurship is required to continuously and consistently investing and supporting resources on technological innovations at the firm-and government-level. It is considered that these are the crucial methods for securing the technologically competitive advantage of SMEs with less resources and narrow innovation range.

• Journal of Korea Technology Innovation Society
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• v.10 no.2
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• pp.284-309
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• 2007

Technology transfer (TT) consortium is an affiliation of two or more public research institutions (PRIs) that participate in a common technology transfer activity or pool their resources together, with the objective of facilitating technology transfer. Based on empirical analysis of five regional TT consortia (2002-2006) operating in Korea, this paper suggests their effectiveness by employing a TT performance index (TTPI) and identifies possible characteristics involved, such as motivations, facilitators, barriers, and challenges. TTPI devised in the paper is a new composite TT performance index to measure how much the TT performance of a PH changed in a designated year compared to a base year. All the performance indicators of TTPI are well-structured based on the unique TT process that is prevalent in Korea. Further, TTPI can bring different size and focus of PRIs to the same scale for comparison by double-normalizing. The paper tests the effectiveness of TT consortium for the escalation of TT performances in member PRIs by highlighting the differences of TTPI's between 2005 and 2001. As a result, the paper found that the escalation of TTPI for member PRIs was greater than that for non-member PRIs. As for the characteristics of TT consortia, their respective factors obtained by TT expert survey were computed with proportion tests of differences (Z tests) to compare two perspectives between intramural and extramural groups. One of key findings is that there is general homogeneity in stakeholder perspectives regarding motivations, facilitators, barriers, and challenges. Some notable responses are as follow; the most probable motivation to join TT consortium is to share or exchange TT competences for enhanced performance. Second, the most probable facilitator is professional capability of consortium-hired personnel. Third, the foremost probable barriers to effective TT consortium are frequent change of consortium director and passive participation of member PRIs. Lastly, both publicizing TT consortia and developing performance metrics are the most important for the improvement of TT consortia. The understanding of the characteristics of TT consortia increases the likelihood of accelerated success, because TT consortia path from formation to termination encompasses many concepts, processes, principles, and factors. Finally, an analysis of the survey data combined with expert interview and observation data led the authors to derive five conditions as being critical to viable TT consortia in Korea at early stage of technology transfer systems. These conditions include policy infrastructure, proactive participation, excellent professionals, personal motivation, and teaming mechanisms. It is expected that the Korean evidence is a starting point to develop and refine the theory of TT consortia and for additional studies in other countries.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.45
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• pp.191-238
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• 2010

The purpose of this paper is to make research on the trend of the worldwide medical device market, the trend of the medical device market in the major foreign countries, the present status of the medical device industry in Korea and Gangwon area, the present status of export competitive power and the SWOT analysis of competitive power of the medical device industry in Gangwon area, and the strengthening methods of export competitive power of the medical device industry in Gangwon area. As the research method, the questionaire for the strengthening of export competitive power of the medical device industry in Gangwon area was carried out from August 13 to Otober 22, 2009. The worldwide medical device market in 2008 is estimated at USD 210.2 billion, with the United States being the largest market, followed closely by Japan and Western Europe. In 2006, the worldwide export amount of medical devices recorded USD 121.1 billion and the worldwide import amount of medical devices recorded USD 126.3 billion. As of the end of 2008, the number of Korea's medical device manufacturers expanded to 1,726. The production amount of Korea's medical device industry in 2008 recorded 2,525 billion won, and the domestic market volume of medical devices in 2008 recorded 3,618 billion won. Korea's export amount of medical devices in 2008 recorded USD 1,132 million and recorded a 9.67% growth compared to the previous year, and the import amount of medical devices recorded USD 2,123 million and recorded a 1.43% reduction compared to the previous year. As of the end of 2008, the number of Gangwon area's medical device manufacturers expanded to 81. The production amount of Gangwon area's medical industry in 2008 recorded 380 billion won, and Gangwon area's export amount of medical devices recorded USD 269 million and recorded a 0.25% reduction compared to the previous year, and the import amount of medical devices recorded USD 3 million and recorded a 39.63% reduction compared to the previous year. According to the result analysis of the questionaire for the strengthening of export competitive power of medical device industry in Gangwon area(August 13~October 22, 2009), the competing country of the export medical device is the United States being the highest ranking. Comparing to the collective competitive power level 100 of the competing country, the collective competitive level of the export medical device is 60 below and 70-80 below being the highest ranking. Comparing to the quality level 100 of the United States, EU and Japan, the quality level of the export medical device is 80-90 below being the highest ranking. Comparing to the design level 100 of the United States, EU and Japan, the design level of the export medical device is 90-100 below being the highest ranking. Comparing to the technology level 100 of the United States, EU and Japan, the technology level of the export medical device is 80-90 below being the highest ranking. According to the SWOT analysis of competitive power of medical device industry in Gangwon area, the strength is the abundant expert manpower of the medical device in Wonju area. The weakness is the fragility of the brand recognition of the medical device industry. The opportunity is the demand increase of the new medical device owing to the advanced age of population. The threat is the difficulty of entry into overseas market owing to the request of the new specification certification of the medical device. In order to strengthen the export competitive power of the medical device industry in Gangwon area, the following measures should be taken by the government, local self-government body, related organization and medical device industry : the development of new technology and design, the enhancement of brand recognition. the acquisition of the foreign specification certification, the building of overseas distribution channel and after sales service channel, the positive participation in overseas medical device exhibition and opening of medical device exhibition, the training of expert manpower, the strengthening of overseas marketing, and the application of FTA and the establishment of counter measures against FTA. In conclusion, the medical device industry in Gangwon area has the difficulty in the entry into the overseas market owing to the shortage of overseas marketing capability. Therefore, the government and local self-government body should make the intensive and systematical support for overseas marketing of the medical device industry. For the support of overseas marketing, the government and local self-government body should provide positively the support of expenses for the acquisition of foreign specification certification, the support of participation in the overseas medical device exhibition, the despatch of market development mission, the increase of the support amount for R&D investment fund, and the training of expert manpower of medical devices.

• Management & Information Systems Review
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• v.31 no.3
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• pp.223-248
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• 2012

This study analyses support policy and structural change of textile industry in Daegu Kyungbuk region, and suggests major issues for textile industry's innovation. In Daegu Kyungbuk, it was 1999 that a policy, so called Milano Project, in order to promote a textile industry was devised. In 2004, the Regional Industrial Promotion Plan was devised. The plan was born from a view point of establishing a regional innovation system and of promoting the innovative clusters under a knowledge based economy. After then, the Regional Industry Promotion Project or Regional Strategic Industry Promotion Project became a core of regional textile industrial policy. Research results indicated that the first stage Milano project (1999-2003) showed both positive and negative effects. There were no long-term development plan, clear vision and strategy. But, core industrial infrastructure for differentiated product development, such as New product Development Support Center and Dyeing Design Practical Application Center, was constructed. The second stage Daegu Textile Industry Promotion Plan (2004-2008) displayed a significant technological performance and new product sales with the assistance of Kyungbuk province. Also, textile industry revealed positive fruits such as financial structure, productivity, and profitability as a result of strong restructuring. In industrial structure, there was a important change from clothe textile material to industry textile material. Most of textile companies did not showed high capability in CEO's technology innovation intention, entrepreneurship, R&D and human resource competency in compare with other industry. We suggested that Daegu Kyungbuk has to select and concentrate on the high-tech textile material and living textile for sustainable development and competitiveness. We also proposed a confidence and cooperation based innovation network and company oriented innovation cluster.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.241-253
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• 2023

In the current rapidly changing environment, each country continues to make efforts to create jobs and strengthen technological competitiveness. In particular, support and revitalization policies for venture companies and start-ups are known to play a role in increasing national competitiveness. Companies should make appropriate replacements amid growing uncertainties in the environment in which business life is shortened and customer needs are diversified due to intensifying competition. First of all, it is important for companies to make efforts to strengthen their internal capabilities on their own. However, venture companies lack internal resources and capabilities, so support from the external environment is important enough to lead to the survival of the company(Timmons, 1994). Financial support and certification systems are being operated at the national level to strengthen the competitiveness of companies. However, financial support can lower a company's self-sustainability depending on the situation, so non-financial support such as R&D support and start-up education is considered to be helpful in the long term for venture growth(Aghion et al., 2012; Jeon & Ko, 2021). Non-financial support is divided into commercialization, facilities, space, childcare, manpower, and certification systems, and this study confirmed the benefits of the venture company confirmation system, which is a certification system. To this end, the 2021 venture company precision survey data and venture company sales data were used, and analyzed using the SPSS 26.0 package and SPSS PROCESS MACRO. As a result of the analysis, it was confirmed that the level of the management environment of venture companies has a positive effect on the benefits of the venture confirmation system or increasing the level of venture company capabilities, but it is difficult to lead to actual management performance. In addition, it was confirmed that the level of venture company competency mediates the relationship between the level of the venture company's business environment and management performance. As a result, even if the level of the venture company's business environment is positive or venture-friendly, it can be said that companies with internal capabilities to digest support from the external environment increase management performance.

• 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.