• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.4
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• pp.1-12
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• 2018

During few decades, Korean economy has been growing with heavy and manufacturing industries. However, the economy meets limitations of growth rate, and employment rate. The Korean government has been trying to overcome these limitations using development of venture businesses and re-organization of industrial ecosystem. These efforts make high survival rate of recent venture companies. There are previous researches about relation between characteristics of entrepreneur and managerial performance, there are several limitations. Firstly, most of papers were based on survey with specific region or industry. Secondly, related researches were carried out with unable to distinguish among firm's survival periods. This paper uses the '2017 Survey of Korea Venture Firms' data that is approved by the Korean government. This data includes whole industries and survival periods. The aim of this research is finding the effect of characteristics of entrepreneur on managerial performance of venture firms by different survival periods using data envelopment analysis (DEA). If entrepreneur has doctoral degree, the firm's managerial performance is lower than bachelor degree. In addition, over 10 years of working career, and joint-venture have positive effect on firm's performance. This paper can provide valuable information to venture related policy makers and investment decision makers.

• Journal of Digital Convergence
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• v.18 no.9
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• pp.145-157
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• 2020

The purpose of this study is first to analyze the effects of university students' autonomous motivations to start a business on their attitude toward entrepreneurship, subjective norms, and perceived behavioral control, second to analyze the effect of university students' attitude toward entrepreneurship, subjective norms, and perceived behavioral control on entrepreneurship intentions, and third to analyze the moderating effect of entrepreneurship education for university students on entrepreneurship intention. Based on the previous research, a research model and a research hypothesis were established. 251 questionnaire responses were collected through a survey of university students in Seoul and Gyeonggi Province and empirical analysis was performed using SPSS 24 and AMOS 23. As a result of the analysis, first, the autonomous motivation was found to have a positive effect on attitude, subjective norms, and perceived behavioral control. In addition, attitude, subjective norms, and perceived behavioral control all showed a positive effect on entrepreneurship intention. Entrepreneurship education for university students was found to control the effect of subjective norms on entrepreneurship intention and the effect of perceived behavioral control on entrepreneurship intention in the positive direction. The results of this study can contribute to the establishment of more effective educational policies and startup support program planning that can increase the entrepreneurial intention of university students.

• Journal of Technology Innovation
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• v.29 no.4
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• pp.95-124
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• 2021

Startups play an important role in economic growth and job creation in niche markets, thus governments regularly expand their research and development(R&D) budgets accordingly. As stratups are more dependent on governments to compensate for insufficient resources and capabilities than large and medium-sized companies, trust in government policies will be important. In this study, we analyzed the impact of startups' trust in government R&D policies on innovation performance. There were three major results. The first result is that government R&D investments in startups increase innovation performance in the manufacturing and high-technology industries but did not affect other industries. The second result is that trust in government R&D policies increased innovation in high-and medium-high technology and manufacturing industries. The third result is that trust in government R&D policies affects innovation before, during, and after evaluation of support process. We analyzed the importance of trust to the effectiveness of government R&D support to determine how to effectively provide it. The results show that governments need to differentiate the types of R&D support they provide according to the target firm's technology level and whether they are a manufacturing company and that appropriate R&D support mechanism should be developed for low-technology and non-manufacturing companies. Finally, governments should allocate resources and make fair and transparent decisions to help companies grow, not to better supervise them.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.6
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• pp.39-48
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• 2018

Despite the fact that Daejeon has excellent technology infrastructures such as government-funded research institutes, Daedeok Innopolis, and KAIST, the infrastructure for initial investment and growth support for technological start-ups is not sufficient. In particular, the amount of venture capital supply in Daejeon is relatively low compared to other innovation infrastructures. The purpose of this study is to suggest the implications of the venture capital ecosystem in Daejeon area through the analysis of what evolution process has been undergoing and what improvements and complementary points are needed in the future. First, the role of public finance system should be strengthened in order to stimulate angel investment and private capital inflows to start-up companies. Second, in order to cultivate investment professionals in the region, it is necessary to grant local funds to local institutions, and to run investment expert training courses in universities. Third, cooperation between related agencies is needed to add accelerator functions to existing incubators and to foster new accelerators. Fourth, in order to expand the role of local governments, it is necessary to establish funds, to open innovation mindset of public officials, and to communicate effectively with the central government. Fifth, basic venture ecosystem infrastructures such as inflow of excellent manpower, prevention of technology deception, improvement of rechallenge environment should be expanded. Sixth, it is necessary to reorganize the step-by-step start-up financing policy of 'Establishment - Growth - Exit - Rechallenge'. This study is meaningful in that it has grasped the current status of venture start-up financial ecosystem in Daejeon, which is changing rapidly. In particular, it is different in that it identifies financial difficulties venture companies in Daejeon and finds ways to utilize existing financial ecosystem efficiently.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.39-50
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• 2022

Based on the signaling theory, this study examined whether startups are more likely to attract venture investment when receiving government R&D subsidies. First, we reviewed previous studies of the investment decision-making process of venture capitalists and understood the conditions that influence investment decisions. Based on previous studies on the signal effect of government subsidies, particularly government R&D grants, on inducing private fund investment, this study revealed a mechanism to induce venture investment by startups. In addition, in order to verify whether government R&D subsidies have the effect of inducing venture investment, an empirical analysis was conducted based on data from startups under seven years and certified as a venture companies in 2021. This paper used PSM(Propensity Score Matching) method and DID(Difference In Difference) analysis for an empirical study to analyze the average treatment effect on the treated group(beneficiary startups of government R&D grants). As a result of empirical analysis, companies that receive more government R&D subsidies after starting a business are more likely to attract venture investment. From two to three years after conducting the first government R&D project, startups that received government R&D grants attracted more venture investment than those that did not. The results of this paper demonstrate that government R&D projects can also affect the venture investment ecosystem, giving policy implications to government R&D projects targeting startups. It is also expected to suggest strategic implications to startups that need new funding.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.45-61
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• 2023

The start-up rate is increasing due to the government's start-up support policy, but it is true that the continuous survival rate and growth rate of companies are lower than that of the start-up rate. As part of increasing the survival and growth rate of startups, the importance of start-up mentoring has been highlighted, and companies selected for the Government's startup support project are increasingly having mentoring opportunities for corporate growth. In order to determine the relationship between start-up mentoring and entrepreneurial alertness as a way to generate management performance, this study examined how start-up mentoring affects entrepreneurial alertness and management performance. In addition, the government's support project was divided into companies with less than three years of start-up and companies with more than three years of experience, which are the criteria for early and leap companies, and analyzed whether each group has a moderating effect. As a result of the analysis, it was found that the mentoring problem-solving function had a significant effect on the ability to evaluate entrepreneurial alertness, and the motivation function of mentoring had a significant effect on all factors of entrepreneurial alertness. In addition, although mentoring functions did not have a moderating effect on entrepreneurial alertness depending on the work history between companies less than 3 years and companies for more than 3 years, there was a difference in factors affecting entrepreneurial alertness between groups with low and high work history. The implications of this study can contribute to the advancement of start-up mentoring programs by studying the impact of mentoring factors on entrepreneurial alertness when providing mentoring to start-up companies selected for the government's start-up support project.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.4
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• pp.1-16
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• 2022

This paper studies the impact of regulatory approaches on innovation and entrepreneurship. As technological progress and environmental changes avail new business opportunities to innovative startups, many governments find it difficult to regulate new and unprecedented businesses promoted by the innovative firms. In order to provide academic and practitional implications on the regulatory design with which to support innovation and entrepreneurship, this paper aims to review classical theories on the demand and supply of regulation as well as empirical research on the impact of regulation on market entry and incentives for innovation. Based on the findings, this paper discusses the recent controversies around the regulatory approaches on new businesses pursued by startups, which are as known as the "positive regulatory approach" vs. "negative regulatory approaches" among practitioners and policy makers in Korea. This paper claims that the Korean context provides an useful opportunity to investigate how the ongoing transition of the once "fast follower" economy into a pacesetter one changes the nature of businesses pursued by firms, investors, and related market players and, accordingly, calls for the changes in the way the government intervenes in markets to regulate businesses of firms. By doing so, this paper sheds light on the role of the government in establishing an entrepreneurial ecosystem where innovative ideas of startups can be tested and nurtured.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.3
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• pp.1-17
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• 2022

This study studied the effect of the TIPS support project of the Ministry of SMEs and Startups on the entrepreneurship of TIPS start-ups. The Tips start-up company, which is the subject of the study, was selected for the TIPS support project, participated in all commercialization funds, incubation facilities, and capacity building programs, and was selected as a company that received private investment. One-on-one in-depth interviews were conducted for about eight weeks from January 14, 2022 to March 11, 2022. For this study, the TIPS support project was subdivided into four categories: commercialization funds, incubation facilities, capacity building programs, and private investment attraction, and entrepreneurship factors were classified into four categories: innovation, challenge spirit, leadership, and risk-taking. As a result of the in-depth interview, the influence of the TIPS support project on entrepreneurship factors was in the order of challenge spirit, innovation, risk-taking, and leadership. Specifically, it was found that commercialization funds influenced innovation and risk-taking, incubation facilities had a challenge spirit and risk-taking, competency-building programs had a challenge spirit and leadership, and attracting private investment had an influence on innovation and challenge spirit. The implications of this study are that the TIPS support project, a private investment-led technology start-up support program, was introduced in 2013 and as of the end of March 2022, and a report was prepared focusing on visible performance such as private investment performance and employment rate. However, through this study, by analyzing whether the TIPS support project contributed to the cultivation of entrepreneurship for TIPS start-ups, it was found that it had a positive influence not only on quantitative growth but also on qualitative growth.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.51-78
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• 2021

Followed by 'start-up', the theme of 'scale-up' has been considered as an important agenda in both corporate and policy spheres. In particular, although it is a term commonly used in industry and policy fields, even a conceptual definition has not been achieved from the academic perspective. "Corporate Growth" in the academic aspect and "Business Growth" in the practical management field have different understandings (Achtenhagen et al., 2010). Previous research on corporate growth has not departed from Penrose(1959)'s "Firm as a bundle of resources" and "the role of managers". Based on the theory and background of economics, existing research has mainly examined factors that contribute to firms' growth and their growth patterns. Comparatively, we lack knowledge on the firms' growth with a focus on 'annual revenue growth rate'. In the early stage of the firms, they tend to exhibit a high growth rate as it started with a lower level of annual revenue. However, when the firms reach annual revenue of more than 100 billion KRW, a threshold to be classified as a 'middle-standing enterprise' by Korean standards, they are unlikely to reach a high level of revenue growth rate. In our study, we used our sample of 333 companies (6.7% out of 5,000 'fastest-growing' companies) which reached 15% of the compound annual growth rate in the last three years with more than USD 100 million. It shows that sustaining 'high-growth' above a certain firm size is difficult. The study focuses on firms with annual revenue of more than $100 billion (approximately 120 billion KRW) from the 'Inc. 2020 fast-growing companies 5,000' list. The companies have been categorized into 1) Fast-growing companies (revenue CAGR 15%~40% between 2016 and 2019), 2) Hyper-growing companies (40%~99.9%), and 3) Super-growing (100% or more) with in-depth analysis of each group's characteristics. Also, the relationship between the revenue growth rate, individual company's strategy choice (market orientation, generic strategy, growth strategy, pioneer strategy), industry/market environment, and firm age is investigated with a quantitative approach. Through conducting the study, it aims to provide a reference to the 'Hyper-Growing Model' that combines the paths and factors of growth strategies. For policymakers, our study intends to provide a reference to which factors or environmental variables should be considered for 'optimal effective combinations' to promote firms' growth.

• Journal of Appropriate Technology
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• v.7 no.2
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• pp.162-171
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• 2021

The Korean government proposed the K-SDGs in 2019 to promote the UN SDGs, but the role and tasks of science and technology, an important means of implementing the SDGs, have not been materialized. Accordingly, the role of science and technology ODA for the SDGs was established through the Ministry of Science and ICT's policy research project 'Science and Technology ODA Promotion Roadmap for Spreading the New Southern Policy and Realizing the 2030 SDGs'. In addition, goals, strategies, and core tasks for the next 10 years were derived in 10 fields such as water, climate change, energy, and ICT. In this paper, we analyze 30 key tasks of the ODA promotion roadmap for science and technology for the realization of SDGs, and propose mid- and short-term tasks and implementation plans for effective roadmap promotion. Among the key tasks in each field, four common elements were derived: ICT/smartization, a global problem-solving center, cooperation/communication platform, and business model/startup support platform/living lab that can create and integrate roadmap implementation conditions. In addition, the four mid- and short-term tasks, 1) Establishment of science and technology ODA network, 2) Establishment of living lab business platform linked to start-up support business, 3) Local smartization of recipient countries, and 4) Expand and secure sustainability of global problem-solving centers, were set in relation to the implementation of the detailed roadmap. For the derived mid- and short-term tasks, detailed implementation plans based on the ICTization of global problem-solving centers were presented. The implementation of the mid- and short-term tasks presented in this paper can contribute to the more effective achievement of the science and technology ODA roadmap, and it is expected that Korea's implementation of SDGs will also achieve high performance.