• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.57-70
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• 2023

The investigation delved into 457 pieces of scholarly work, encompassing articles, published theses, and dissertations from the National Research Foundation of Korea, spanning the period of the 1997 IMF financial crisis up to 2022. The materials were sourced using terms such as 'angel investment', 'angel investor', and 'angel investment attraction'. The initial phase involved filtering out redundant entries from the preliminary collection of 267 works, leaving aside pieces that didn't pertain directly to angel investment as indicated in their abstracts. The next stage of the analysis involved a more rigorous selection process. Out of 43 papers earmarked in the preceding cut, only 32 were chosen. The criteria for this focused on the exclusion of conference presentations, articles that were either not submitted or inconclusive, and those that duplicated content under different titles. The final selection of 32 papers underwent a thorough systematic literature review. These documents, all pertinent to angel investment in South Korea, were scrutinized under five distinct categories: 1) publication year, 2) themes of research, 3) strategies employed in the studies, 4) participants involved in the research, and 5) methods of research utilized. This meticulous process illuminated the existing landscape of angel investment studies within Korea. Moreover, this study pinpointed gaps in the current body of research, offering guidance on future scholarly directions and proposing social scientific theories to further enrich the field of angel investment studies and analysis also seeks to pinpoint which areas require additional exploration to energize the field of angel investment moving forward. Through a comprehensive review of literature, this research intends to validate the establishment of future research trajectories and pinpoint areas that are currently and relatively underexplored in Korea's angel investment research stream. This study revealed that current research on domestic angel investment is concentrated on several areas: 1) the traits of angel investors, 2) the motivations behind angel investing, 3) startup ventures, 4) relevant institutions and policies, and 5) the various forms of angel investments. It was determined that there is a need to broaden the scope of research to aid in enhancing and stimulating the scale of domestic angel investing. This includes research into performance analysis of angel investments and detailed case studies in the field. Furthermore, the study emphasizes the importance of diversifying research efforts. Instead of solely focusing on specific factors like investment types, startups, accelerators, venture capital, and regulatory frameworks, there is a call for research that explores a variety of associated variables. These include aspects related to crowdfunding and return on investment in the context of angel investing, ensuring a more holistic approach to research in this domain. Specifically, there's a clear need for more detailed studies focusing on the relationships with variables that serve as dependent variables influencing the outcomes of angel investments. Moreover, it's essential to invigorate both qualitative and quantitative research that delves into the theoretical framework from multiple perspectives. This involves analyzing the structure of variables that have an impact on angel investments and the decisions surrounding these investments, thereby enriching the theoretical foundation of this field. Finally, we presented the direction of development for future research by confirming that the effect on the completeness of the business plan is high or low depending on the satisfaction of the entrepreneurs in addition to the components.

• Journal of Venture Innovation
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• v.1 no.1
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• pp.49-65
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• 2018

For a long time the German economy was primarily defined by large corporations and thriving small and medium-sized enterprises. Since about 2005 a second strand has started to emerge and it is one which is becoming increasingly important and is creating jobs - start-ups in the digital sector. This start-up activity is taking an important role in Germany's economic development: Start-up companies spawn innovations and create jobs, thus promoting the concept of competition. In general "start-up" refers to digitally-driven companies that are not more than five years old. Germany's start-up policy consists of three main parts. First of all, Germany has the characteristics of technology-based start-ups. The Hartz reform since 2002 has shown its focus on technology-based start-ups. In particular, it is the most appropriate for a start-up company to take the role of a new technology company to respond to changes in the global industrial structure. Second, it is approaching from a long-term perspective. In this regard, the small business policy, including Germany's new business policy, is seen as a tradition that can be consistent and can make policy decisions based on the basics rather than following the times. Third, the government is implementing policies centered on demand. Germany's start-up policy is summarized as a technology-based policy and new job creation. The policy response is that the government seeks the best combination of policies by adapting them to the times from the broad trend of employment market policies. What is important here is that policies are made based on consumers, not suppliers, in the process of policy making and implementation. With the Digital Agenda 2020 the Federal government has likewise committed itself to preparing the digital economy for international competition and making Germany the "No. 1 digital growth country in Europe". Ever since 1998 the Federal Ministry for Economic Affairs and Energy (BMWi) has awarded the "EXIST" start-up scholarship to students and graduates. The Ministry also invests in the High Tech start-up fund. Together with Kreditanstalt für Wiederaufbau (KfW) and 18 other investors from the world of business the seed investor promotes young technology companies. Germany offers start-ups a good infrastructure and lots of funding opportunities. Berlin is regarded as Europe's start-up capital and also attracts lots of international young entrepreneurs.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.17-32
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• 2023

In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.