• Journal of Technology Innovation
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• 제22권1호
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• pp.23-58
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• 2014

This study investigates the effects of product strategies and CEO characteristics on the growth of venture firms. These factors are related with strategic behaviors and managerial capabilities of small and dynamic firms. According to empirical results of FGLS regression with the data of the Korean venture firms, both product strategies and CEO characteristics have significant effects on firm growth and additionally explanatory powers. In general, the growth rates of venture firms tend to increase with the level of product's diversity and marketing-enhancing strategy, but decrease with the degree of product's innovation-enhancing strategy. The growth rates are higher when CEO is non-founder and has sufficient experience related to current business, and CEO's career development is focused on general management area. The effects of product strategies and CEO characteristics are moderated by the firm-internal factor such as organizational growth stage. The positive effects of some product strategies (e.g. marketing-enhancing strategy) and CEO characteristics(e.g. career focused on general management) become stronger for firms operating in the stage of start-up or initial growth, while their effects become negative or insignificant for firms operating in the mature or declining stage in which the negative effect of innovation-enhancing strategy does not exist.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• 제17권5호
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• pp.1-16
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• 2022

Although start-up is a key national strategy to increase national competitiveness and create employment, the survival rate of start-ups has not improved significantly. This is an important reason for the inability to provide timely and appropriate support to startups, which are in the early stages of start-up, due to the unique limitations of existing start-up support institutions and investors. The relatively recent accelerator is attracting attention as a subject of solving the above problems through professional incubation and investment. However, there are only a few empirical studies on investment determinants that affect the survival and success of accelerators, and there is a lack of theoretical evidence. Accordingly, in previous studies, 12 investment determinants were derived from a static, strategic, and dynamic perspective as accelerator investment determinants based on a business model innovation framework. This study subdivided the accelerator investment determinants derived through previous studies into 21 and analyzed the importance and priority of each factor using AHP (Analytic Hierarchy Process) analysis technique for domestic accelerator investment experts. As a result of the analysis, the top factors of importance of accelerator investment determinants were in the order of 'human resources', 'customer and market', 'intellectual resources', and 'entrepreneur's ability to realize opportunities'. It can be seen that the accelerator considers the core competencies of startups to implement solutions as the most important factor when making startup investment decisions. It was also confirmed that accelerators are strategic to create a clear value proposition and differentiated market position based on the core competitiveness of startups, and that the core value delivery method prefers a market-oriented business model and recognizes entrepreneurs's innovation capability is an important factor to realize a business model with limited resources in a rapidly changing market. This study is of academic significance in that it analyzes the importance and priority of accelerator investment determinants through demonstration as a follow-up study on accelerator investment determinants derived based on business model innovation theory that reflects the nature, goals, and major activities of accelerator investment. In addition, it is of practical value as it contributes to revitalizing the domestic startup investment ecosystem by providing accelerators with theoretical grounds for investment decisions and specific information on detailed investment determinants.

• Journal of Information Technology Services
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• 제20권5호
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• pp.89-104
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• 2021

Food delivery service combined with IT technology and HMR (Home Meal Replacement) are rapidly growing due to the COVID-19. Recently, the demand for salads along with HMR has increased among office workers in their 20s and 30s who are interested in health and beauty. Freshcode is a food startup with 6 years of experience that started selling salad products through O2O service. Freshcode applied for a patent for a service that collects orders from nearby areas and delivers them on the same day to a designated delivery address 'FCOSPOT' to save shipping costs. In March 2021, in recognition of the growth potential of the regular delivery service, Freshcode received an investment of 6 billion won in Series A. This study may have practical implications to early-stage startups and scale-up stage startups through a longitudinal case study on the growth of a single company. As for the research method, the lean startup methodology and lean canvas were used in the early stage of startup. In particular, the process of the build-measure and learn feedback-loop, which is the core of lean startup methodology, was applied to each major decision-making step. In the scale-up stage after 5 years, the business model canvas was used to schematize the growth as a food online O2O platform to verify continuous innovation. This case study has three main findings. First, the idea of 'FCOSPOT' was successfully implemented through the Lean Startup methodology. Second, Freshcode demonstrated the scalability of the differentiated business model of shared base delivery O2O. Third, a key factor of success was the digital integrated communication operation strategy that maximizes the experience for the created customers.

• Journal of Digital Convergence
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• 제11권5호
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• pp.257-265
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• 2013

Research about business failure was focused on finding the reason of bankruptcy. This research tries to analyze reason and pattern of entrepreneurial failure. Based on 20 entrepreneurial failure cases, we figure out the reason of entrepreneurial failure, utilizing liability of newness and ERIS model. We find that start-up firms in Korea have liability of newness, such as lack of managerial capability, failure of R&D/commercialization, and difficulty of securing marketing channel. Also, we typologize 4 kind of entrepreneurial failure - Lack of preparation of business, failure of resource mobilization, absence of strategy, and failure of marketing.

• Journal of Korea Society of Digital Industry and Information Management
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• 제6권3호
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• pp.211-219
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• 2010

This paper designs the dynamic symbol automatic trading system in Korean option market. This system is based on Multichart program which is convenient and efficient system trading tool. But the Multichart has an important restriction which has only one constant symbol per chart. This restriction causes very useful strategies impossible. The proposed design uses global variables, signal chart selection and position order exchange. So an automatic trading system with dynamic symbol works on Multichart program. To verify the proposed system, BS(Buythensell)-SB(Sellthenbuy) strategies are tested which uses the change of open-interest of stock index futures within a day. These strategies buy both call and put option in ATM at start candle and liquidate all at 12 o'clock and then sell both call and put option in ATM at 12 o'clock and also liquidate all at 14:40. From 23 March 2009 to 31 May 2010, 301-trading days, is adopted for experiment. As a result, the average daily profit rate of this simple strategies riches 1.09%. This profit rate is up to eight times of commision price which is 0.15 % per option trade. If the method which raises the profitable rate of wining trade or lower commission than 0.15% is found, these strategies make fascinated lossless trading system which is based on the proposed dynamic symbol automatic trading system.

• Journal of Institute of Control, Robotics and Systems
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• 제2권4호
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• pp.306-311
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• 1996

This paper discusses the maintenance of the water level of steam generators at its programmed value. The process, the water level of a steam generator, has the nonminimum phase property. So, it causes a reverse dynamics called a swell and shrink phenomenon. This phenomenon is severe in a low power condition below 15 %, in turn makes the start-up of the power plant too difficult. The control algorithm used here incorporates a pole-assignment scheme into the minimum variance strategy and we use a parallel adaptation algorithm for the parameter estimation, which is robust to noises. As a result, the total control system can keep the water level constant during full power by locating closed-loop poles appropriately, although the process has the characteristics of high complexity and nonlinearity. Also, the extra perturbation signals are added to the input signal such that the control system guarantee persistently exciting. In order to confirm the control performance of a proposed pole-assignment self-tuning controller we perform a computer simulation in full power range.

• Journal of Distribution Science
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• 제15권5호
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• pp.5-15
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• 2017

Purpose - This research identified the factors to be considered when CEOs establish small companies and improve their businesses by analyzing the effects of their entrepreneurship and marketing activities on the business performance of small companies and suggested measures to utilize them strategically. Research design, data, and methodology - The research conducted a survey for companies located in Busan, and Gyeongnam area in Korea. To verify the model and hypothesis mentioned above, relevant items were allocated to each variable. Results - the research found that the innovation of entrepreneurship negatively affects formalization and centralization along with the propensity for risk-taking which negatively affects all the characteristics of an organization's structure. It was also found that the pro-activeness which was rejected in the selection and verification of hypothesis is the CEOs characteristics which positively affect all of the organization type are contrary to the initial hypothesis. Conclusions - The results of these efforts will positively contribute toward developing a start-up strategy helpful for small companies CEOs, to change the business environment proactively, to operate their organization efficiently and to develop market-oriented marketing activities and objectives. This research found the role of market-oriented characteristics demanded by the CEO to overcome organizational structure, business innovation and bad business situations.

• Journal of Korean Society of Industrial and Systems Engineering
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• 제37권3호
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• pp.75-81
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• 2014

To establish a new creative economy, the worldwide efforts have been made to wriggle out the old economic paradigm after the financial crisis of 2008. When it comes to the limitation of the viability. the start up companies have a high risk of failure. Therefore business incubator (BI) should carry out the role to improve their viability. As for the maximization of the effect on the business incubating services as move in companies, it is important for BI to increase the level of business incubating services by the systemic and scientific measurement. This study showed that the quality of the BI center services was measured by Kano analysis and the previous research as follows. First, BI quality attribute by Timko's customer satisfaction came out into the attractive qualities on the 14 items that amount to the 70% of 20 business incubating services items. It is desirable to perform the strategy for the satisfaction. Secondly, basic business incubating services were interpreted as the one-dimensional quality like incubating spaces, parking facilities, security facilities, industry technology development funds, and incubating managers. Finally, training and educational service was recognized as indifferent quality. Futhermore, the improvement and the limitation of this study as well as the interpretation of analysis results are also provided.

• Journal of Hydrogen and New Energy
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• 제19권4호
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• pp.313-321
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• 2008

Dynamics of the proton exchange membrane fuel cell is specially important when the system is frequently working on transient conditions. Even though the dynamics of proton exchange membrane fuel cell for residential power generation is less critical than that of PEMFC for transportation application, the system dynamics of PEMFC for RPG can be very important for daily start-up and stop. In particular, thermal management of the PEMFC for RPG is very important because the heat generation from electrochemical reaction is delivered to the home for hot water usages. Additionally, the thermal management is also very important for heat balance of the system and temperature control of the fuel cell. The objective of this study is to develop a dynamic system model for the study of PEMFC performance over various BOP options. Basic simulation results will be presented.

• The Proceedings of the Korean Institute of Illuminating and Electrical Installation Engineers
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• 제6권2호
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• pp.56-61
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• 1992

This paper is reported on the simulation and test results of a constant flux vector control scheme of an induction motor without any speed detecting eqiupment, in which the adaptive current PWM inverter is used. The rotor speed is estimated form stator voltage, current and parameters of motor, and control algorithm in the system is performed with by micro processor. By comparing the waveform of input current of this system with that of the case with taco-generator, good agreement is observed except small ripple component. Experimental results which are acquired at start up and during acceleration/deceleration are quite similar to those of the simulation results.