• Journal of the Korea Safety Management & Science
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• v.15 no.3
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• pp.171-175
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• 2013

It has passed 10 years to enact 'Act on Special Measures for the Promotion of Venture Businesses.' With 10 years' data book, we study to find the correlation between venture investment and start-up. According to correlation analysis, we find that venture investment and start-up are strong and positive-related, and the increment of investment can contribute to the increment of start-up.

• Journal of the Korea Safety Management & Science
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• v.15 no.4
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• pp.401-405
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• 2013

Fund-raising is critical to start-up and early stage company. We try to analyse a status of fund-raising in start-up and early stage company, and a correlation between angel investment and start-up. With last 10 years' data sheets, we find that angel investment is not related with start-up fund raising.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.17-30
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• 2022

The purpose of this study is to analyze the impact of the characteristics of start-up CEOs on the performance of investment attraction from the perspective of Series A investment. The results of the study are as follows. First, when the educational level of start-up CEOs was high and startup CEOs had start-up experience and investment attraction experience, venture investors such as venture capital had a significantly positive (+) effect on the investment for start-ups. This was systematically significantly positive even when control variables were introduced. When start-up CEOs had work experiences, there was no significantly positive effect on the total investment amount for start-ups but a significantly positive (+) effect on the average investment amount. Second, the standardization coefficient of total investment amount was larger in the case of start-up experience than that in the case of investment attraction experience while the standardization coefficient of average investment amount was larger in the case of investment attraction experience than that in the case of start-up experience. This suggests that the start-up experience is important for the total investment amount while the investment attraction experience is important for the average investment amount. Third, when the sales of start-ups were high at the time of Series A investment, the total investment amount and the average investment amount were also significantly high. Even if early start-ups are less profitable or have losses, the start-ups with a certain level of sales seem to be attractive investment targets for venture capital. The results of this study are useful for the investment decisions of venture capital and the financing strategies of start-ups. The implications for pre-CEOs preparing for start-ups art that the total amount of investment will increase if they have expertise through degree acquisition, challenge start-ups, gain start-up experience and implement investment attraction. Even if CEOs of start-ups do not have start-up experience, the average amount of investment for start-ups can increase if they have work experience in related industries.

• Journal of Digital Convergence
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• v.19 no.5
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• pp.353-363
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• 2021

This study analyzed to provide information for business improvement by analyzing the management efficiency of start-up investment companies so that startup investment companies can operate efficiently and by presenting information on inefficient factors. From 2014 to 2018, 83 start-up investment companies were analyzed using the DEA model. Input variables were he number of employees, capital, and output variables were selected for start-up investment assets, operating income, and net profit. As a result of the analysis, technical efficiency and pure technical efficiency showed a pattern with an increase in average, but scale efficiency repeatedly increased and decreased. It is believed that the decline in technology efficiency was due to the decrease in pure technology efficiency, and the inefficiency of start-up investment companies seems to have influenced the inefficiency of start-up investment companies rather than the inefficiency of scale. In addition, the size revenue shows that the DRS value is gradually decreasing, and the IRS value is generally increasing. It is believed that efficiency can be improved if operational inefficiency is improved based on the results and efficiency measures are established through scale expansion.

• Journal of Information Technology and Architecture
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• v.10 no.1
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• pp.137-145
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• 2013

Until recently, Korean government had supported Start-Up Investment Subsidies to the early stage of non-metropolitan manufacturing company for the purpose of promoting start-up and new job creation. As a result, for 4 years, there are total of 1.546 trillion won increase of sales and a total of 3,825 people have been hired including non-regular workers. In this paper, I suggest the performance of Start-Up Investment Subsidy and policy direction for improvement.

• Asian Journal of Innovation and Policy
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• v.8 no.3
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• pp.396-416
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• 2019

The key conditions for the promotion of innovative technology-based start-ups are expanding the market for innovative technology products and services, increasing equity-based funding opportunities, promoting the commercialization of technological innovation, and establishing a fair-trade system for start-ups to compete fairly in the market. Besides, there is a need for a support system that minimizes the cost of failure in case of business failure to facilitate re-challenge and provides education and training opportunities to enhance entrepreneurial capabilities. To activate technology-based start-ups, the Korean government introduced the TIPS policy in 2013. It is a program that creates technology start-up with private investment led by successful venture entrepreneurs, which has shown remarkable achievement and is regarded as the most successful policy in this field up to now. The most critical factor contributed to the success of this program is to invite private investors to select a technology entrepreneurship team and provide mentoring with the investment. The government provides R&D funding with matching investment, commercialization and marketing support to ensure that technology start-ups survive crossing the death-valley. Subsequent investments from domestic and abroad investors are actively made and it is becoming a representative technology-based start-up program in Korea.

• The Journal of the Korea Contents Association
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• v.18 no.9
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• pp.584-593
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• 2018

The startup, which is a common noun to start a small business, has been recently one of main targets for policymakers due to its important role for job creation and considerable potential for sustainability of an economy. However, technological entrepreneurship decreased by 5.0% p from 2013 to 2016. The revitalization of entrepreneurial investment promoted by the government is mainly supported in fruitable venture companies at grow stage or 2~3 years before IPO through venture capital firms and angel funds. It is far from an investment at start-up. It is therefore necessary to motivate private investment to be active in the private start-up sector. In addition, the start-up investment requires institutional support and government support to meet the expectations of investors about the possibility of payback and profitability of private investment invested in the founding period. As a small entrepreneur at a comparably early stage in the lifecycle of business, investments for the startup are generally made by informal investors such as family, friends and fools, and their decision making processes are relatively non-programmed compared with ones for listed corporales such as venture capital and angel fund agency. This study focuses on analyzing decision making factors in investment, and verifying an impact of such factors, specifically the possibility of investment payback and investment profitability, in a decision-making process for the startup especially at the very early stage.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.35-46
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• 2017

The purpose of this study is to identify the characteristics of entrepreneurs and organizations related to the initial investment stage of IT-based entrepreneurs. Specifically, we examine the effects of founder-related characteristics such as background and experience of founders on the initial investment stage and explore how the organizational characteristics such as finance, human, and technology resources affect initial investment of start-up enterprise. To accomplish this study purpose, a questionnaire survey was conducted on entrepreneurs who were actually invested by government, angel, and VC. A total of 295 data were used for hypothesis testing, and the hypothesis was tested by hierarchical regression analysis. As a result of the study, it was found that founders who had experience of investment before or experienced in technology development had a significant influence on initial investment stage. In addition, it was confirmed that factors such as financial, human, and technology resources had significant positive effects on the initial investment stage. The results of this study make it possible to identify the competencies and characteristics required to attract investment to potential founders preparing for start-up in the future. It also provides information on how to formulate an effective human resource composition plan. Also, these results can be used as a basis for investment decision-making by providing investors with guidelines on investment selection criteria.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.1
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• pp.1-19
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• 2021

The purpose of this research is to improve the investment success rate for startups in the water industry for the development of the entrepreneurial environment of the Korean water industry. In this research, we identified investment determinants through prior research and stratified them, and then surveyed the investor group at the beginning of the start-up using the FGI method, and determined the order of the investment determinants of investors. At the same time, we classified 41 start-ups related to the water industry into two groups: the group that received investment and the group that did not in the early stages of the start-up. Then we investigated the understanding of the investor's investment determinants, ranked them, and compared them by using the AHP technique. Through this, this research proposes five implications. First, it is important for start-ups in the early stages to receive seed investment to revitalize investment for startups in the water industry. For this, startups need to understand investors and prepare to attract investment with the perspective of angel investors rather than the perspective of VC investors. Second, Start-ups in the water sector should consider that the characteristics of the founder are important in order to receive seed investment, and also need to define their business at the industry and market level, and provide relevant rationale to meet the expectations of investors who value industry expertise and experience, and to increase the possibility of seed investment, which is important in the early stages of a startup. Third, institutions, such as K-water(Korea Water Resources Corporation), that support water industry startups need to conduct open innovation business opportunities discovery programs linked to startups so that startups currently participating in the startup support program could have business opportunities from the business infrastructure of platform-forming companies in the water industry. In particular, such institutions should help founders develop their industrial expertise and careers by supporting this type of start-up preparation process through the participation of in-house venture founders. Fourth, when K-water uses the government start-up support fund to discover and foster founders, it should increase initial contact with seed investors, conduct more thorough verification of business plans, and develop programs that use government start-up support funds to prepare a business suitable for seed angel investors. Fifth, K-water should support seed by connecting funds for initial investment among funds operated by itself. It is also necessary to develop a program that links the company receiving the seed investment with VC investment, not angel investment in cooperation with the VC fund operation entity participating as an LP so that companies that have attracted seed investment could attract follow-up VC investment.

• Asian Journal of Innovation and Policy
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• v.11 no.1
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• pp.30-49
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• 2022

As industrialized countries transition into knowledge economies, there is a rising demand for talent and innovation. Support for start-ups through incubation, acceleration, and venture capital has turned into a key area of investment, with public and private actors searching for the next unicorn. This article examines start-up visas as an emerging policy tool in the global competition for highly innovative entrepreneurs. The study builds on a sample of eight national start-up immigration programs and applies human-capital citizenship (Ellermann, 2020) as a guiding framework. The article first proposes a conceptualization of start-up visas, suggesting that innovation and entrepreneurship also be considered in the theorization of skills. Second, the study examines the implications of start-up visas for international mobility. By focusing on the logic of entry requirements and subsequent benefits accrued through the status as a start-up founder, the findings of this study highlight the role of start-up visas in expanding privileged pathways to cross-border mobility. The article concludes with a discussion of implications for policy and research concerned with the international mobility of start-ups