• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.3
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• pp.97-110
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• 2019

This study analyzed various factors of influence affecting the will to start a business and established and empirically analyzed a research model to see which factors significantly affect the will to start a business. To this end, we investigated the general characteristics and experiences of individuals, conducted a study on the will to start a business, and analyzed the entrepreneurship passion for startups, the ability to find business opportunities, and the ability to connect with partner companies. The intent to start a business survey was investigated in a recertive style with a 7 point scale, and the reliability and feasibility review were analyzed through the PLS analysis method, which enables the implementation of a measurement model and a structural model. To collect valid data, the survey was conducted using an entrepreneurial curriculum class hours to collect and analyze 421 data. In summary, the results are as follows: First, college students have many opportunities to develop their capabilities through competitions held by universities and support institutions, and by utilizing them, they have no fear of starting a business. Second, the ability of students to discover product clients themselves has been improved by fostering entrepreneurship in the special lectures on startup in universities. Third, it can be seen that it has received various information on startups from support agencies to enhance its commitment to startups. The implications are as follows. First, they should foster entrepreneurship among college students by offering practical oriented courses that can broaden their understanding of startups. Second, it needs to be improved from entrepreneurial enthusiasm to a program that can grow into a company that can collaborate with partner companies and confirm its commitment to corporate establishment and product development and determine market opportunities. Third, it is necessary to establish an ecosystem of start-ups that can carry out systematic planning and performance management as it is weak to carry out projects with will to startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.5
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• pp.13-28
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• 2017

Entrepreneurship is an important factor not only for start-ups, but also for scale-up of businesses. In other words, the two aspects of establishment and growth of businesses must be balanced through entrepreneurship. However, it is true that entrepreneurship has been biased toward the former in previous researches and government policies. Here in this research, the causal relationships between the entrepreneurial characteristics of Korean firms and the performance of the company, which is measured by proposal, activity, and business performance are examined as a growth perspective. Based on these relationships, a model describing the operating mechanism of corporate entrepreneurship is derived and policy implications are provided. In conducting research, the hypotheses on the interrelationship of variables are builded using '2016 Entrepreneurship Situation Survey(Corporate)' data from Korea Entrepreneurship Foundation and analyzed by structural equation modeling. In addition, the moderating effect according to the firm size and the mediating effect between entrepreneurship and business performance are analyzed. As a result of this research, the fact that entrepreneurship affects business performance is identified and it is necessary to prioritize corporate vision and strategy for enhancement of entrepreneurship. In particular, necessity of operating system for SMEs is confirmed considering SMEs' entrepreneurship level. The implications of this research are expected to be applied by the government in establishing policy direction to enhance corporate entrepreneurship of SMEs in the future.

• Journal of Venture Innovation
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• v.6 no.1
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• pp.95-114
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• 2023

As the Fourth Industrial Revolution progresses, the importance of startups is becoming more prominent. Additionally, the role of accelerators in ensuring the sustainability of startups is also being emphasized. Therefore, in this study, among the services provided by accelerators to startups, the mentoring service, education service, funding service, and networking service tried to empirically analyze the structural relationship that affects startup performance through the dynamic capabilities of start-ups. To achieve this, we conducted a survey in February 2023 targeting startup CEOs and executives who had experience with accelerator program services. A total of 238 valid responses were analyzed using structural equation modeling with Amos 24. The results of the empirical analysis were as follows. The accelerator program services, including mentoring, education, funding, and networking services, had a significant positive effect on startup dynamic capabilities. Among the accelerator program sub-factors, networking services had the highest impact on startup dynamic capabilities, followed by mentoring, funding, and education services. Furthermore, startup dynamic capabilities were found to have a significant positive effect on startup performance. On the other hand, startup dynamic capabilities were found to mediate the relationship between mentoring, education, funding, networking services, and startup performance. Dynamic capabilities are a critical factor for startups, and the finding that accelerator programs can have a significant impact on startup performance by mediating these dynamic capabilities is significant both academically and practically.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.40 no.1
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• pp.1-7
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• 2016

A Urea-SCR(Selective Catalytic Reactor) system, which converts nitrogen oxides into nitrogen and water in the presence of a reducing agent, creates a major exhaust gas aftertreatment system for NOx reduction among other compounds. With regard to vehicle applications, a urea solution was chosen based on its eutectic composition of a 32.5wt% urea-water solution. An important advantage of this eutectic composition is that its melting point of $-11.7^{\circ}C$ is sufficiently low to avoid solidification in cold environments. However, the storage tanks must be heated separately in case of low ambient temperature levels to ensure a sufficient amount of liquid is available during scheduled start ups. In this study, therefore, a numerical investigation of three-dimensional unsteady heating problems analyzed to understand the melting processes and heat transfer characteristics including liquid volume fraction, temperature distributions, and temperature profiles. The investigations were performed using Fluent 6.3 commercial software that modeled coolant and electric heater models based on a urea solution. It is shown that the melting performance with the electric heater is higher than a coolant heater and is more efficient.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.25-37
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• 2022

The purpose of this study is to survey startup founders within 7 years of founding the importance and satisfaction of the components of the scale-up entrepreneurial ecosystem at the national level in Korea and analyze the direction of scale-up policy by component using IPA (importance-performance analysis). Since the perception of founders, who are the subjects of the entrepreneurial ecosystem, affects the quantity and quality of start-ups, research is needed to analyze and diagnose the perception of scale-up components. For the development of the national economy and entrepreneurial ecosystem, companies that emerge from startups to scale-up and unicorns must be produced, and for this, elements for the scale-up entrepreneurial ecosystem are needed. The results of this study are as follows. First, the importance ranking of the components of the scale-up entrepreneurial ecosystem recognized by founders was in the order of "Financial support by growth stage," "Support for customized scale-up for enterprises," "Improvement of regulations," "Funds dedicated to scale-up," "large-scale investment," and "nurturing technical talents." Second, the factors that should be intensively improved in the importance-satisfaction matrix in the future were 'Pan-Government Integration Promotion Plan', 'Scale-Up Specialized Organization Operation', 'Company Customized Scale-Up Support', 'Regulatory Improvement', and 'Building a Korean Scale-Up Model'. As a result, various and large financial capital for the scale-up entrepreneurial ecosystem, diversification of scale-up programs by business sector, linkage of start-ups and scale-up support, deregulation of new technologies and new industries, strengthening corporate-tailored scale-up growth capabilities, and providing overseas networking opportunities can be derived. In addition, it is expected to contribute to policy practice and academic work with research that derives the components of the domestic scale-up entrepreneurial ecosystem and diagnoses its perception.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.1
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• pp.127-138
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• 2021

The aim of this study is to investigate the effects of each of the three sub-dimensional strategic orientations of technology orientation, customer orientation, and competitor orientation, on performance, targeting IT startups based on technology. and to analyze moderating effect of corporate social responsibility, which is more important to modern society. For the analysis, , The IT startups completed empirical research through path analysis after evaluating the suitability of measurement models and structural models using PLS-SEM for 94 companies less than 7 years that have moved in startup support institutions. As a result of the study, the three sub-dimensions of strategic orientation, technology orientation, customer orientation, and competitor orientation, all had a positive (+) effect on startups' performance. and the Corporate social responsibility orientation was verified as moderating the startup's strategic orientation and startups' performance. The results of this study imply the importance of corporate social responsibility orientation in the strategy setting of start-ups, as well as the direction of strategy-setting for technology-based startups for competitive advantage and long-term survival.

• Journal of Industrial Convergence
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• v.20 no.9
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• pp.11-24
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• 2022

The average age of CEOs of the small and medium-sized enterprises(SMEs) in Korea is 58.8, and discussions are actively underway regarding the support towards the succession companies. Government authorities are also operating a system to support the succession companies, and recently global support is also being demanded. In order to have justification over the support for succession companies, the fact that it greatly contributes to the revitalization of the national economy and the regional economy must be acknowledged in advance. This study analyzed the degree of corporate succession revitalization of the national and regional economy through statistical and empirical analysis. With the purpose to secure the reliability of the analysis, the study has referred to the database of the "Integrated Management System for Small Business Recruitment Project" and the Korea Enterprise Data (KED), which can be the most differentiated aspect compared to the existing research of the past. According to the analysis, it shows that the old companies' performance is significantly higher than the general companies in terms of sales, number of employees, assets, and operating profits⋯etc. The management performance of the old companies (which lasted over 30 years) more than doubles the performance of the start-ups (with less than 10 years of experience) in sales, triples the number of employees, doubles the assets, and more than doubles the operating profit. Thus, it is seen that the contribution to the overall economy is significant. Additionally, as a result of the empirical analysis of the relationship between the regional old companies and the regional economic revitalization, the non-metropolitan area shows better performance than the metropolitan area in terms of the number of employees, assets, borrowings, and rent, which entails policy implications of the polarization between the metropolitan and non-metropolitan areas. In other words, it is found that old companies make a significant contribution to revitalizing the local economy, suggesting that further policies regarding corporate succession are required to support the old companies in the future.

• The Journal of Society for e-Business Studies
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• v.25 no.1
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• pp.65-82
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• 2020

Start-ups often use crowdfunding platforms such as Wadiz to get financing from corporate investors and general public. These platforms include functions to increase participant activity through the number of comments, interest and online word-of-mouth. This study aims to elucidate how these functions related to a participant activity exhibit mediating effects on a success of crowdfunding and an achievement rate of targeted investment amount. To this end, the individual variables such as progress period, target amount, venture company, experience of attracting investment, possession of intellectual property rights, a career of the representative and an award experience of the representative were classified into the project characteristics, the company characteristics and the representative characteristics through not only previous studies but also interviews with investment professionals and platform operators. Afterwards, this study went through an empirical verification process using a structural equation model that has both crowdfunding performance and participant activity, which is the independent and mediating factors of three perspectives, as well as the dependent variables. In other words, this study analyzes how the characteristics of three perspectives affect the participant activity and how the participant activity had the mediating effects on the crowdfunding performance. In addition, it derives how the analysis results mentioned above vary according to business types (internet services, culture/art, manufacturing/distribution) and investment styles (stock type and bond type). It is expected that this study will help not only in deriving the factors affecting the performance of an investment type crowdfunding but also in preparing the measures to increase a participant activity.

• Korean small business review
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• v.32 no.1
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• pp.65-87
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• 2010

With the advent of knowledge-based society, the revitalization of technological innovation type SMEs, termed "inno-biz" hereafter, has been globally recognized as a government policymakers' primary concern in strengthening national competitiveness, and much effort is being put into establishing polices of boosting the start-ups and innovation capability of SMEs. Especially, in that the inno-biz enables national economy to get vitalized by widening world markets with its superior technology, and thus, taking the initiative of extremely competitive world markets, its growth and development has greater significance. In the case of Korea, the government has been maintaining the policies since the late 1990s of stimulating the growth of SMEs as well as building various infrastructures to foster the start-ups of the SMEs such as venture businesses with high technology. In addition, since the enactment of "Innovation Promotion Law for SMEs" in 2001, the government has been accelerating the policies of prioritizing the growth and development of inno-biz. So, for the sound growth and development of Korean inno-biz, this paper intends to offer effective management strategies for SMEs and suggest proper policies for the government, by researching into the effect of technological innovation capability and technology commercialization capability as the primary business resources on business performance in Korean SMEs in the light of market information orientation. The research is carried out on Korean companies characterized as inno-biz. On the basis of OSLO manual and prior studies, the research categorizes their status. R&D capability, technology accumulation capability and technological innovation system are categorized into technological innovation capability; product development capability, manufacturing capability and marketing capability into technology commercialization capability; and increase in product competitiveness and merits for new technology and/or product development into business performance. Then the effect of each component on business performance is substantially analyzed. In addition, the mediation effect of technological innovation and technology commercialization capability on business performance is observed by the use of the market information orientation as a parameter. The following hypotheses are proposed. H1 : Technology innovation capability will positively influence business performance. H1-1 : R&D capability will positively influence product competitiveness. H1-2 : R&D capability will positively influence merits for new technology and/or product development into business performance. H1-3 : Technology accumulation capability will positively influence product competitiveness. H1-4 : Technology accumulation capability will positively influence merits for new technology and/or product development into business performance. H1-5 : Technological innovation system will positively influence product competitiveness. H1-6 : Technological innovation system will positively influence merits for new technology and/or product development into business performance. H2 : Technology commercializing capability will positively influence business performance. H2-1 : Product development capability will positively influence product competitiveness. H2-2 : Product development capability will positively influence merits for new technology and/or product development into business performance. H2-3 : Manufacturing capability will positively influence product competitiveness. H2-4 : Manufacturing capability will positively influence merits for new technology and/or product development into business performance. H2-5 : Marketing capability will positively influence product competitiveness. H2-6 : Marketing capability will positively influence merits for new technology and/or product development into business performance. H3 : Technology innovation capability will positively influence market information orientation. H3-1 : R&D capability will positively influence information generation. H3-2 : R&D capability will positively influence information diffusion. H3-3 : R&D capability will positively influence information response. H3-4 : Technology accumulation capability will positively influence information generation. H3-5 : Technology accumulation capability will positively influence information diffusion. H3-6 : Technology accumulation capability will positively influence information response. H3-7 : Technological innovation system will positively influence information generation. H3-8 : Technological innovation system will positively influence information diffusion. H3-9 : Technological innovation system will positively influence information response. H4 : Technology commercialization capability will positively influence market information orientation. H4-1 : Product development capability will positively influence information generation. H4-2 : Product development capability will positively influence information diffusion. H4-3 : Product development capability will positively influence information response. H4-4 : Manufacturing capability will positively influence information generation. H4-5 : Manufacturing capability will positively influence information diffusion. H4-6 : Manufacturing capability will positively influence information response. H4-7 : Marketing capability will positively influence information generation. H4-8 : Marketing capability will positively influence information diffusion. H4-9 : Marketing capability will positively influence information response. H5 : Market information orientation will positively influence business performance. H5-1 : Information generation will positively influence product competitiveness. H5-2 : Information generation will positively influence merits for new technology and/or product development into business performance. H5-3 : Information diffusion will positively influence product competitiveness. H5-4 : Information diffusion will positively influence merits for new technology and/or product development into business performance. H5-5 : Information response will positively influence product competitiveness. H5-6 : Information response will positively influence merits for new technology and/or product development into business performance. H6 : Market information orientation will mediate the relationship between technology innovation capability and business performance. H7 : Market information orientation will mediate the relationship between technology commercializing capability and business performance. The followings are the research results : First, as for the effect of technological innovation on business performance, the technology accumulation capability and technological innovating system have a positive effect on increase in product competitiveness and merits for new technology and/or product development, while R&D capability has little effect on business performance. Second, as for the effect of technology commercialization capability on business performance, the effect of manufacturing capability is relatively greater than that of merits for new technology and/or product development. Third, the mediation effect of market information orientation is identified to exist partially in information generation, information diffusion and information response. Judging from these results, the following analysis can be made : On Increase in product competitiveness, directly related to successful technology commercialization of technology, management capability including technological innovation system, manufacturing capability and marketing capability has a relatively strong effect. On merits for new technology and/or product development, on the other hand, capability in technological aspect including R&D capability, technology accumulation capability and product development capability has relatively strong effect. Besides, in the cast of market information orientation, the level of information diffusion within an organization plays and important role in new technology and/or product development. Also, for commercial success like increase in product competitiveness, the level of information response is primarily required. Accordingly, the following policies are suggested : First, as the effect of technological innovation capability and technology commercialization capability on business performance differs among SMEs; in order for SMEs to secure competitiveness, the government has to establish microscopic policies for SMEs which meet their needs and characteristics. Especially, the SMEs lacking in capital and labor are required to map out management strategies of focusing their resources primarily on their strengths. And the government needs to set up policies for SMEs, not from its macro-scaled standpoint, but from the selective and concentrative one that meets the needs and characteristics of respective SMEs. Second, systematic infrastructures are urgently required which lead technological success to commercial success. Namely, as technological merits at respective SME levels do not always guarantee commercial success, the government should make and effort to build systematic infrastructures including encouragement of M&A or technology trade, systematic support for protecting intellectual property, furtherance of business incubating and industrial clusters for strengthening academic-industrial network, and revitalization of technology financing, in order to make successful commercialization from technological success. Finally, the effort to innovate technology, R&D, for example, is essential to future national competitiveness, but its result is often prolonged. So the government needs continuous concern and funding for basic science, in order to maximize technological innovation capability. Indeed the government needs to examine continuously whether technological innovation capability or technological success leads satisfactorily to commercial success in market economic system. It is because, when the transition fails, it should be left to the government.

• 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.