• Asia-Pacific Journal of Business
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• v.10 no.3
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• pp.113-124
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• 2019

With the decline in the college student population and the increase in the youth unemployment rate, the university began to be interested in starting a business. Under the initiative of the government, the start-up support project was reflected in the university's educational programs, which led to the university students receiving various start-up support benefits. In response to the expansion of entrepreneurship education, various entrepreneurship education programs and support programs were applied in line with the government's efforts to start college students. As a result, students' entrepreneurial competence and willingness to start up increased. College student entrepreneurs and entrepreneurs are increasing. The increase of university student start-up companies is taking place in the entrepreneurial education environment within the university, and the support of university, community, and start-up support institutions for university student start-up, the starting point of the start-up ecosystem, is paying off. It can be seen that the youth entrepreneurship ecosystem based on university entrepreneurship education is in place. The university supports the entire business process from idea development, such as start-up classes, start-up club support, patent application support, prototype development support, and investment linkage. However, there is a university that develops and operates a unique program for each school and a university that does not. Therefore, it is necessary to develop an education program that can produce efficient results. The purpose of this study is to support the start-up program of the university to be the consumer-centered start-up support.

• Journal of Korea Society of Industrial Information Systems
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• v.25 no.1
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• pp.71-87
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• 2020

As startup companies are recognized as the important source of job creation and economic growth, the study is trying to find out the current situation of startup companies and their success factors in South Korea. The study analyzes the success factor of Woowa Brothers recognized as a unicorn start-up company in 2018 by using ERIS model and Start-up Developmental Stages. The ERIS model emphasizes Entrepreneurs, Resources, Industry Environment and Strategy for company performance and three developmental stages are divided into initiation, commercial and growth stages. The results indicate that the Woowa Brothers' success factor was to catch the appropriate timing in ERIS and to combine unique methods by differentiating itself from existing competitors at each stage. With analyses of success factor of Woowa Brothers as a case model, the study reveals limitations and recommends the direction of future research for producing more unicorn companies in South Korea.

• International Area Studies Review
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• v.21 no.1
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• pp.119-136
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• 2017

This study investigates the moderating effects of corporate mentoring on the relationship between entrepreneurship and start-up satisfaction. The research was designed to examine a direct relationship between the entrepreneurship on the start-up satisfaction. In addition, indirect impacts of corporate mentoring on the relationship between entrepreneurship and start-up satisfaction. Data was collected by distributing questionnaires through e-mail or direct visit to the participating companies in the Start-up Leading University Project, college start-up clubs, companies in university business incubating centers, and general entrepreneurs in Busan and Gyeongnam areas. Empirical data was then analyzed using the SPSS 18.0 statistical program. The results reveal that such categories as innovation and autonomy in entrepreneurship have a direct positive effect on entrepreneurial satisfaction and the corporate mentoring has a moderating effect only when autonomy has a direct positive effect on start-up satisfaction. It is implied that an improvement of start-up satisfaction may be attained only when mentoring programs are well accepted by entrepreneurs and their workers while working in a free and autonomous environment with a flexible corporate culture. This study may provide the theoretical and practical implications for start-up support organizations such as start-up support groups of Start-Up Leading University Project.

• Asian Journal of Innovation and Policy
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• v.7 no.1
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• pp.9-29
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• 2018

Japan's manufacturing is mostly dependent on the automotive industry in Toyota-Kariya cities. However, the nearby city of Hamamatsu is the home of a start-up ecosystem known as Japan's Silicon Valley. How is it possible to evaluate the innovative potential of each regional industry? What kind of guidelines exist for continuing R&D investment when companies' net incomes are negative in the face of the 'Valley-of-Death' or financial crisis? Is it possible to measure the regional resilience ability in the context of the financial crisis? Entrepreneurial innovation is defined as a real-option portfolio consisting of investment decision to commercialize R&D findings. The subcontractor system implies a vertical and tight industrial group. However, a start-up ecosystem means a platform for horizontal and flexible partnership. In this research, the data include the financial indices of each of 18 public companies in both regions between FY2009 and FY2017. The objective of this paper is to clarify the call option or resilience function of equity for R&D investment in the context of the financial crisis in both regions by using Bayesian MCMC analysis.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.3
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• pp.51-60
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• 2015

This study looked into entrepreneur-like psychological characteristics such as achievement needs and entrepreneurship including start-up motivation in order to discover factors that would affect start-up intention which can be referred to as an origin of start-up vitalization and to discuss causal relations among the factors. In other words, the study took a look into how both achievement needs and entrepreneurship would influence start-up intention as focusing on mediating roles of start-up motivation. To achieve the research goal, the study conducted an empirical analysis on a total of 181 samples of survey gathered from founders of these companies that had moved into a start-up support center. Findings of the analysis reported that first of all, achievement needs and entrepreneurship have positive effects on start-up motivation, and the study confirmed that the two variables work as antecedent variables of start-up motivation. Second of all, start-up motivation is significantly connected to start-up intention, and that definitely proved precedence relation following relation between the two variables. Third of all, mediating effects of start-up motivation on relations among start-up needs, entrepreneurship and start-up intention which are said to be cores of this study were observed. To sum up, the study learned that start-up motivation as a mediator contributes to how achievement needs and entrepreneurship would strengthen start-up intention. In conclusion, the study suggests that these entrepreneur-like psychological characteristics such as achievement needs, entrepreneurship and especially start-up motivation should be improved if anyone would like to increase start-up intention. Based on results presented above, the study offers theoretical and practical implications in relation to start-up intention.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.141-158
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• 2023

From the perspective of an entrepreneur, one of the most important factors for understanding the inherent limitations of a startup, reducing the risk of failure, and succeeding is the composition of the talent, that is, the founding team. Therefore, a common concern experienced by entrepreneurs in the pre-entrepreneurship stage or the early stage of startup is the choice between independent startups and co-founding start-up. Nonetheless, in Korea, the share of independent entrepreneurship is significantly higher than that of co-founding start-up. On the other hand, focusing on the fact that many successful global innovative companies are in the form of co-founding start-up, the success factors of co-founding start-up were examined. Most of the related preceding studies are studies that identify the capabilities and characteristics of individual entrepreneurs as factors influencing the survival and success of entrepreneurship, and there is a lack of research on partnerships, that is, co-founding start-up, which are common in the field of entrepreneurship ecosystems. Therefore, this study attempted a multi-case study through in-depth interviews, collection of relevant data, analysis of contextual information, and consideration of previous studies targeting co-founders of domestic startups that succeeded in opportunistic startups. Through this, a model for deriving the phased characteristics and key success factors of co-founding start-up was proposed. As a result of the study, the key element of the preliminary start-up stage was 'opportunity', and the success factors were 'opportunity recognition through entrepreneur's experience' and 'idea development'. The key element in the early stages of start-up is "start-up team," and the success factor is "trust and complement of start-up team," and synergy is shown when "diversity and homogeneity of start-up team" are harmonized. In addition, conflicts between co-founders may occur in the early stages of start-ups, which has a large impact on the survival of start-ups. The conflict between the start-up team could be overcome through constant "mutual understanding and respect through communication" and "clear division of work and role sharing." It was confirmed that the core element of the start-up growth stage was 'resources', and 'securing excellent talent' and 'raising external funds' were important factors for success. These results are expected to overcome the limitations of start-up companies, such as limited resources, lack of experience, and risk of failure, in entrepreneurship studies, and prospective entrepreneurs preparing for a start-up in a situation where the form of co-founding start-up is attracting attention as one of the alternatives to increase the success rate. It has implications for various stakeholders in the entrepreneurial ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.73-83
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• 2019

As the awareness of the importance of Start-up increases, the number of entrepreneurs who decide to start their career is gradually increasing. However, the rate of start-up failure is still high and the qualitative level is very low due to lack of start-up performance. In this study, we analyzed the effect of entrepreneurship capability and start-up support system on start-up performance. To that end, 361 valid data were collected from businesses that were established less than seven years ago in Jeollabuk-do on August 1, 2018 and used for study verification through SPSS 21 and AMOS 21. First, the entrepreneurial competence (entrepreneurial competence, managerial competency) has a positive effect on the start-up support system and the technical competency has no significant effect. Second, entrepreneurial competence (entrepreneurial competence, managerial competency, technical competency) has a significant effect on entrepreneurial performance. However, entrepreneurial competence has a meaningful effect on the start-up performance of entrepreneurs with a negative (-) effect. Third, it was found that the start - up support system had a positive effect on the start - up performance. Finally, the start - up support system proved to have mediating effect between entrepreneurial competence and start - up performance. The implications of this study are as follows. In order to increase the start-up performance of the start-up companies, it is proved that increasing the capacity of the start-ups is an important factor. In addition, empirical studies have proved that the use of start-up support system is an important factor that directly or indirectly has a significant effect on start-up performance, We have made meaningful implications that actively supporting and utilizing entrepreneurship is necessary to enhance start-up performance.

• East Asian Journal of Business Economics (EAJBE)
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• v.3 no.2
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• pp.21-25
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• 2015

Investment process on startup companies faces several difficulties based on the characteristics of this type of companies, such as lack of historical data, current operating losses and absence of comparable companies. In this paper we focus in a new methodology based on ordered weighted averaging (OWA) operators. OWA operators are useful instruments that enable the aggregation of information; in other words, from a data set we are able to obtain a single representative value of that set. The investment methodology presented consists on the application of OWA operators to the targeted startup companies based on the capacity of cash-flow generation and also on the planned scenario of future growth for each company. This paper shows that the methodology proposed can serve as a valuable tool, complementing the qualitative criteria (which, obviously, should not be ignored) for assessing and selecting a start-up investment.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.135-149
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• 2020

As youth employment has become a social issue every year, the government is pushing for policies to support youth start-ups to create jobs voluntarily as a way to enhance the youth employment rate. In the case of young people in Gangwon Province, the number of people moving to other regions is increasing. This research is intended to empirically analyze the actual achievements of youth start-ups through the 'Youth Start-up Project' in Gangwon-do. It was divided into four categories: participation in government support, education completion, intellectual property right retention, and certification retention, which are characteristics of start-up companies, and hypotheses that they will have a positive impact on start-up performance (sales amount, duration of existence, or whether they are retained or not). Age and geographical factors (Yeongdong and Yeongseo) were injected as control variables to see how they affect them. Furthermore, empirical analysis was conducted by setting up a hypothesis that the characteristics of start-up companies and subsequent support between start-up performance would have a positive intermediary effect. The research results showed that the remaining characteristics, except for education completion, had a positive impact on sales, and that the more participation in government projects, the longer the duration of the company's existence. In addition, the level of participation in government support projects was significant in the direction of the government. The analysis results of the parameter, follow-up support, had a positive impact on the start-up performance, and the subsequent support mediating effect showed the mediating effect of the start-up performance, except for geographical factors. The results of this study suggest the need for customized support suitable for the characteristics of youth start-ups in order to enhance the performance of young start-ups. Support agencies need to refer to corporate characteristics for smooth management and selection. In the Gangwon-do area, the government should seek to provide timely and organic support for start-up companies in order to produce successful start-up cases.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.597-606
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• 2015

Technology is one of important factors to start-up. Researchers or engineers have led to make start-up, and research based company is one type of technology-based start-up. Technology holding company has made to encourage start-up and support research based company. Research based company was introduced in 2005 according to the Korean related law. In 2014, the number of technology holding companies of university is up to 39, but technology holding company of research institute is only one called ETRI Holdings. ETRI Holdings is a technology holding company to promote technology commercialization that established by ETRI in 2010. This study analysed the financial statements of ETRI Holdings for 5 years, and grasped the status of ETRI Holdings and 15 invested companies, research based companies. According to analysis ETRI Holdings played a role as technology holding company that invested in research based company, but had no virtual circle model until now. Also improvement directions for the management of technology holding company is suggested in this paper based on the analysis of financial statement.