• Title/Summary/Keyword: Technological Effects

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A Study on the Effects of the Internal Competence of Small Business on Competitive Advantage and Startup Intention to Commercialize a Franchise: Focusing on the Moderating Effect of Franchise Suitability (소기업의 내부역량이 경쟁우위 및 프랜차이즈 사업화 의도에 미치는 영향: 프랜차이즈 적합성의 조절효과를 중심으로)

  • Kim, Soo Il;Kim, Hong Keun
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.5
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    • pp.25-42
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    • 2019
  • The purpose of this study is to analyze the effect of internal competence of small business on the competitive advantage and start-up intention. Through this, which key competence of small business can be proposed for market growth against of large companies that have a great capital power. Also, implications for development direction can be suggested. For this purpose, technology capability, financing capability, marketing capability, and product/service differentiation capability factors were set as independent variables, as well as competitive advantage as a mediating factor, and startup intention to be franchiser as a dependent variable. For the analysis, a structured questionnaires survey was conducted to 276 domestic small business in capital area. The main results are as follows. First, in relation to the internal competency and the competitive advantage of small businesses, it was found that technological capabilities, financing capabilities and product (service) differentiation have a positive effect on competitive advantage. Second, the relationship between the internal capacity of a small entity and startup intention to commercialize a franchiser business indicates that its financing capacity and marketing capabilities have a positive effect on startup intention to commercialize the business, and that competitive advantage has a significant effect on startup intention to commercialize the franchise. Third, competitive advantage was found to mediate the relationship between internal competency and startup intention. Finally, it was shown that the internal capacity of a small business has a regulating effect in relation to its financing capacity, marketing capabilities and startup intention to commercialize the franchise, and that it also had a regulating effect in relation to its relationship with its competitive advantage and franchise suitability. Based on the above results, if small business can take competitive advantage in the market, they also consider startup intention to commercialize a franchiser, in addition, it is expected that one suggestion can be made from an internal capacity perspective required more emphasis on operations and management as an alternative to expanding small businesses' business, including market access measures that can be linked to internal capacity factors of small businesses.

Derivation of Green Infrastructure Planning Factors for Reducing Particulate Matter - Using Text Mining - (미세먼지 저감을 위한 그린인프라 계획요소 도출 - 텍스트 마이닝을 활용하여 -)

  • Seok, Youngsun;Song, Kihwan;Han, Hyojoo;Lee, Junga
    • Journal of the Korean Institute of Landscape Architecture
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    • v.49 no.5
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    • pp.79-96
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    • 2021
  • Green infrastructure planning represents landscape planning measures to reduce particulate matter. This study aimed to derive factors that may be used in planning green infrastructure for particulate matter reduction using text mining techniques. A range of analyses were carried out by focusing on keywords such as 'particulate matter reduction plan' and 'green infrastructure planning elements'. The analyses included Term Frequency-Inverse Document Frequency (TF-IDF) analysis, centrality analysis, related word analysis, and topic modeling analysis. These analyses were carried out via text mining by collecting information on previous related research, policy reports, and laws. Initially, TF-IDF analysis results were used to classify major keywords relating to particulate matter and green infrastructure into three groups: (1) environmental issues (e.g., particulate matter, environment, carbon, and atmosphere), target spaces (e.g., urban, park, and local green space), and application methods (e.g., analysis, planning, evaluation, development, ecological aspect, policy management, technology, and resilience). Second, the centrality analysis results were found to be similar to those of TF-IDF; it was confirmed that the central connectors to the major keywords were 'Green New Deal' and 'Vacant land'. The results from the analysis of related words verified that planning green infrastructure for particulate matter reduction required planning forests and ventilation corridors. Additionally, moisture must be considered for microclimate control. It was also confirmed that utilizing vacant space, establishing mixed forests, introducing particulate matter reduction technology, and understanding the system may be important for the effective planning of green infrastructure. Topic analysis was used to classify the planning elements of green infrastructure based on ecological, technological, and social functions. The planning elements of ecological function were classified into morphological (e.g., urban forest, green space, wall greening) and functional aspects (e.g., climate control, carbon storage and absorption, provision of habitats, and biodiversity for wildlife). The planning elements of technical function were classified into various themes, including the disaster prevention functions of green infrastructure, buffer effects, stormwater management, water purification, and energy reduction. The planning elements of the social function were classified into themes such as community function, improving the health of users, and scenery improvement. These results suggest that green infrastructure planning for particulate matter reduction requires approaches related to key concepts, such as resilience and sustainability. In particular, there is a need to apply green infrastructure planning elements in order to reduce exposure to particulate matter.

Case Study on the Effect of IPO on the Technology Commercialization Performance of the New Drug Development Bio Venture Company (증권시장 상장이 신약개발 바이오벤처기업의 기술사업화 성과에 미치는 사례연구)

  • Kim, Ju Young;Ha, Kyu Soo
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.1
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    • pp.151-166
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    • 2019
  • New drug development requires 10 to 15 years of long time and more than $ 1 billion in funding, ranging from basic research${\rightarrow}$preclinical medicine${\rightarrow}$clinical medicine${\rightarrow}$product approval${\rightarrow}$sales. Many new drug development bio-venture companies will continue to pursue new drug development with funds secured through listing on the securities market. This study focuses on the impact of the listing on the market of bio-venture companies in the development of new drugs. It is necessary to determine whether the increase in registered patent, preclinical, clinical and technology transfer contracts at the time of listing (D) The results of this study are as follows. We also analyzed whether the registered patent, preclinical, and clinical effects had significant effect on technology transfer contracts at two years after listing and listing. The results of the analysis are as follows. First, Korea's new drug development bio-venture firms increased their registered patents but did not increase their pre-clinical, clinical and technology transfer contracts. Second, at the time of listing and two years after listing, pre-employment has a significant effect on Korea's technology transfer contracts and has a significant effect on overseas technology transfer contracts. However, registered patents and clinics have significant influence on technology transfer contracts. Korea 's new drug development bio-venture firms showed patent increase despite the stock market listing, but pre-clinical, clinical and technology transfer contracts did not increase. In order to strengthen technological commercialization of new drug development bio-venture companies in the future, it is required to establish R & D strategy for efficient use of IPO subscription funds, open innovation through strengthening industry-academia-partnerships, and more sophisticated preclinical and clinical strategy establishment.

A Study on the Exhibition through the Web with Open Source Software OMEKA (공개 소프트웨어 OMEKA를 이용한 기록 웹 전시 방안 연구)

  • Choi, Yun-Jin;Choi, Dong-Woon;Kim, Hyung-Hee;Yim, Jin-Hee
    • The Korean Journal of Archival Studies
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    • no.42
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    • pp.135-183
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    • 2014
  • Korea has a high standard of IT environment to serve exhibit programs through the web with internet propagation and IT technology. However, the web exhibition of public institutions not only seem to introduce off-line exhibitions but also not to invigorate. It is caused by the lack of awareness, the cost of system installation and the lack of professional manpower. In this situation, OMEKA could suggest practical solutions to archives where need their own exhibition through the web. Especially, it would helpful for small record management organizations which are not enough budget and personal. OMEKA is an open source software program for digital collection and contents management. It has an affinity with users unlike traditional archives service programs. It also has been variously used by libraries, museums and schools because of exceptional exhibit functions. In this article, we introduce to the installation of a practical use about OMEKA. Regarding to OMEKA features, we consider it to raise exhibit effects. OMEKA would reduce the cost related to plans of exhibitions because it could display various contents and programs which reflecting characteristics of institutions. In addition, the availability of installation and widespread technological environment would lessen burden of public institutions. Using OMEKA, they would improve service level of public institutions and, make users satisfy. Therefore, they can change the social recognition of public institutions. OMEKA can contribute to various exercises of public records. It is not just the stereotypical system but, serves exhibition and collections with the strategy which each public institution would like to display. After all, it not only to connect to users with producers but also to improve the public image of institutions positively. Then, OMEKA would bring the great result through this interaction between public institutions and users.

An Exploratory Study on the Status of and Demand for Higher Education Programs in Fashion in Myanmar (미얀마의 패션 고등교육 현황과 수요에 대한 탐색적 연구)

  • Kang, Min-Kyung;Jin, Byoungho Ellie;Cho, Ahra;Lee, Hyojeong;Lee, Jaeil;Lee, Yoon-Jung
    • Journal of Korean Home Economics Education Association
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    • v.34 no.3
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    • pp.1-23
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    • 2022
  • This study examined the perceptions of Myanmar university students and professors regarding the status and necessity of higher education programs in fashion. Data were collected from professors in textile engineering at Yangon Technological University and Myanmar university students. Closed- and open-ended questions were asked either through interviews or by email. The responses were analyzed using keyword extraction and categorization, and descriptive statistics(closed questions). Generally, the professors perceived higher education, as well as the cultural industries including art and fashion, as important for Myanmar's social and economic development. According to the students interests in pursuing a degree in textile were limited, despite the high interest in fashion. Low wages in the apparel industry and lack of fashion degrees that meet the demand of students were cited as reasons. The demand was high for educational programs in fashion product development, fashion design, pattern-making, fashion marketing, branding, management, costume history, and cultural studies. Students expected to find their future career in textiles and clothing factories. Many students wanted to be hired by global fashion brands for higher salaries and training for advanced knowledge and technical skills. They perceived advanced fashion education programs will have various positive effects on Myanmar's national economy.

Forecasting Substitution and Competition among Previous and New products using Choice-based Diffusion Model with Switching Cost: Focusing on Substitution and Competition among Previous and New Fixed Charged Broadcasting Services (전환 비용이 반영된 선택 기반 확산 모형을 통한 신.구 상품간 대체 및 경쟁 예측: 신.구 유료 방송서비스간 대체 및 경쟁 사례를 중심으로)

  • Koh, Dae-Young;Hwang, Jun-Seok;Oh, Hyun-Seok;Lee, Jong-Su
    • Journal of Global Scholars of Marketing Science
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    • v.18 no.2
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    • pp.223-252
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    • 2008
  • In this study, we attempt to propose a choice-based diffusion model with switching cost, which can be used to forecast the dynamic substitution and competition among previous and new products at both individual-level and aggregate level, especially when market data for new products is insufficient. Additionally, we apply the proposed model to the empirical case of substitution and competition among Analog Cable TV that represents previous fixed charged broadcasting service and Digital Cable TV and Internet Protocol TV (IPTV) that are new ones, verify the validities of our proposed model, and finally derive related empirical implications. For empirical application, we obtained data from survey conducted as follows. Survey was administered by Dongseo Research to 1,000 adults aging from 20 to 60 living in Seoul, Korea, in May of 2007, under the title of 'Demand analysis of next generation fixed interactive broadcasting services'. Conjoint survey modified as follows, was used. First, as the traditional approach in conjoint analysis, we extracted 16 hypothetical alternative cards from the orthogonal design using important attributes and levels of next generation interactive broadcasting services which were determined by previous literature review and experts' comments. Again, we divided 16 conjoint cards into 4 groups, and thus composed 4 choice sets with 4 alternatives each. Therefore, each respondent faces 4 different hypothetical choice situations. In addition to this, we added two ways of modification. First, we asked the respondents to include the status-quo broadcasting services they subscribe to, as another alternative in each choice set. As a result, respondents choose the most preferred alternative among 5 alternatives consisting of 1 alternative with current subscription and 4 hypothetical alternatives in 4 choice sets. Modification of traditional conjoint survey in this way enabled us to estimate the factors related to switching cost or switching threshold in addition to the effects of attributes. Also, by using both revealed preference data(1 alternative with current subscription) and stated preference data (4 hypothetical alternatives), additional advantages in terms of the estimation properties and more conservative and realistic forecast, can be achieved. Second, we asked the respondents to choose the most preferred alternative while considering their expected adoption timing or switching timing. Respondents are asked to report their expected adoption or switching timing among 14 half-year points after the introduction of next generation broadcasting services. As a result, for each respondent, 14 observations with 5 alternatives for each period, are obtained, which results in panel-type data. Finally, this panel-type data consisting of $4{\ast}14{\ast}1000=56000$observations is used for estimation of the individual-level consumer adoption model. From the results obtained by empirical application, in case of forecasting the demand of new products without considering existence of previous product(s) and(or) switching cost factors, it is found that overestimated speed of diffusion at introductory stage or distorted predictions can be obtained, and as such, validities of our proposed model in which both existence of previous products and switching cost factors are properly considered, are verified. Also, it is found that proposed model can produce flexible patterns of market evolution depending on the degree of the effects of consumer preferences for the attributes of the alternatives on individual-level state transition, rather than following S-shaped curve assumed a priori. Empirically, it is found that in various scenarios with diverse combinations of prices, IPTV is more likely to take advantageous positions over Digital Cable TV in obtaining subscribers. Meanwhile, despite inferiorities in many technological attributes, Analog Cable TV, which is regarded as previous product in our analysis, is likely to be substituted by new services gradually rather than abruptly thanks to the advantage in low service charge and existence of high switching cost in fixed charged broadcasting service market.

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The Effects of Storage of Human Saliva on DNA Isolation and Stability (인체타액의 보관이 DNA 분리와 안정도에 미치는 영향)

  • Kim, Yong-Woo;Kim, Young-Ku
    • Journal of Oral Medicine and Pain
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    • v.31 no.1
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    • pp.1-16
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    • 2006
  • The most important progress in diagnostic sciences is the increased sensitivity and specificity in diagnostic procedures due to the development of micromethodologies and increasing availability of immunological and molecular biological reagents. The technological advances led to consider the diagnostic use of saliva for an array of analytes and DNA source. The purpose of the present study was to compare DNA from saliva with those from blood and buccal swab, to evaluate diagnostic and forensic application of saliva, to investigate the changes of genomic DNA in saliva according to the storage temperature and period of saliva samples, and to evaluate the integrity of the DNA from saliva stored under various storage conditions by PCR analysis. Peripheral venous blood, unstimulated whole saliva, stimulated whole saliva, and buccal swab were obtained from healthy 10 subjects (mean age: $29.9{\pm}9.8$ years) and genomic DNA was extracted using commercial kit. For the study of effects of various storage conditions on genomic DNA from saliva, stimulated whole saliva were obtained from healthy 20 subjects (mean age: $32.3{\pm}6.6$ years). After making aliquots from fresh saliva, they were stored at room temperature, $4^{\circ}C$, $-20^{\circ}C$, and $-70^{\circ}C$. Saliva samples after lyophilization and dry-out procedure were stored at room temperature. After 1, 3, and 5 months, the same experiment was performed to investigate the changes in genomic DNA in saliva samples. In case of saliva aliquots stored at room temperature and dry-out samples, the results in 2 weeks were also included. Integrity of DNA from saliva stored under various storage conditions was also evaluated by PCR amplification analysis of $\beta$-globin gene fragments (989-bp). The results were as follows: 1. Concentration of genomic DNA extracted from saliva was lower than that from blood (p<0.05), but there were no significant differences among various types of saliva samples. Purities of genomic DNA extracted from stimulated whole saliva and lyophilized one were significantly higher than that from blood (p<0.05). Purity of genomic DNA extracted from buccal swab was lower than those from various types of saliva samples (p<0.05). 2. Concentration of genomic DNA from saliva stored at room temperature showed gradual reduction after 1 month, and decreased significantly in 3 and 5 months (p<0.05, p<0.01, respectively). Purities of DNA from saliva stored for 3 and 5 months showed significant differences with those of fresh saliva and stored saliva for 1 month (p<0.05). 3. In the case of saliva stored at $4^{\circ}C$ and $-20^{\circ}C$, there were no significant changes of concentration of genomic DNA in 3 months. Concentration of DNA decreased significantly in 5 months (p<0.05). 4. There were no significant differences of concentration of genomic DNA from saliva stored at $-70^{\circ}C$ and from lyophilized one according to storage period. Concentration of DNA showed decreasing tendency in 5 months. 5. Concentration of genomic DNA immediately extracted from saliva dried on Petri dish were 60% compared with that of fresh saliva. Concentration of DNA from saliva stored at room temperature after dry-out showed rapid reduction within 2 weeks (p<0.05). 6. Amplification of $\beta$-globin gene using PCR was successful in all lyophilized saliva stored for 5 months. At the time of 1 month, $\beta$-globin gene was successfully amplified in all saliva samples stored at $-20^{\circ}C$ and $-70^{\circ}C$, and in some saliva samples stored at $4^{\circ}C$. $\beta$-globin gene was failed to amplify in saliva stored at room temperature and dry-out saliva.

The Effects of Entrepreneurship Mentoring on Entrepreneurial Will and Mentoring Satisfaction: Focusing on Opus Entrepreneurship Education (창업 멘토링 기능이 창업의지와 멘토링 만족도에 미치는 영향: 오퍼스 창업교육을 중심으로)

  • Kim, Ki-Hong;Lee, Chang-Young;Joe, Jee-Hyung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.3
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    • pp.211-226
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    • 2023
  • As we transition into the post-COVID era, economic activities that were stagnant are regaining momentum. In particular, there is a growing trend of technology entrepreneurship driven by the opportunities of digital transformation in the Fourth Industrial Revolution. However, entrepreneurship education content is struggling to keep up with the rapid pace of technological change. This study aims to emphasize the importance of entrepreneurship mentoring as a crucial component of entrepreneurship education content that requires adaptation and advancement due to the increasing demand for technology entrepreneurship. This study redefines startup mentoring, which is differentiated from general mentoring, at the present time when the demand for startups, which increases with the declining employment rate, increases, and the development of quality startup education contents and securing professional startup mentors are required. According to the start-up stage, it is divided into preliminary entrepreneurs and early entrepreneurs, and the effect of entrepreneurship knowledge and self-efficacy among start-up mentoring functions on entrepreneurial will and mentoring satisfaction is improved by empirically researching the effects of start-up mentoring functions in the case of initial entrepreneurs as a moderating effect. To confirm the importance of entrepreneurship mentoring effect for. To this end, among the mentoring functions, entrepreneurship knowledge and self-efficacy were set as independent variables, and entrepreneurial will and mentoring satisfaction were set as dependent variables. The research model was designed and hypotheses were established. In addition, empirical analysis was conducted by conducting a questionnaire survey on trainees who received entrepreneurship mentoring education at ICCE Startup School and Opus Startup School. To summarize the results of the empirical analysis, first, among the entrepreneurship mentoring functions, entrepreneurship knowledge and self-efficacy were analyzed to have a significant positive (+) effect on entrepreneurial will. Second, among the entrepreneurship mentoring functions, entrepreneurship knowledge and self-efficacy were analyzed to have a significant positive (+) effect on mentoring satisfaction. Third, it was analyzed that entrepreneurship had no significant moderating effect on entrepreneurial knowledge and entrepreneurial will. Fourth, it was analyzed that entrepreneurship had no significant moderating effect on mentoring satisfaction. Fifth, it was found that entrepreneurship had a significant moderating effect between self-efficacy and will to start a business. As a result of the research analysis, the first implication is that the mentoring function in start-up education is analyzed to produce meaningful results for both the initial entrepreneurs and the prospective entrepreneurs in the will to start a business and satisfaction. . Second, it was analyzed that there was no significant relationship between whether a business was started and the mentoring function and effect. However, it was analyzed that the will to start a business through improvement of self-efficacy through mentoring was significantly related to whether or not to start a business. turned out to be helpful. Many start-up education programs currently conducted in Korea educate both early-stage entrepreneurs and prospective entrepreneurs at the same time for reasons such as convenience. However, through the results of this study, even in small-scale entrepreneurship mentoring, it is suggested that customized mentoring through detailed classification such as whether the mentee has started a business can be a method for successful entrepreneurship and high satisfaction of the mentee.

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A Study on the Born Global Venture Corporation's Characteristics and Performance ('본글로벌(born global)전략'을 추구하는 벤처기업의 특성과 성과에 관한 연구)

  • Kim, Hyung-Jun;Jung, Duk-Hwa
    • Journal of Global Scholars of Marketing Science
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    • v.17 no.3
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    • pp.39-59
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    • 2007
  • The international involvement of a firm has been described as a gradual development process "a process in which the enterprise gradually increases its international involvement in many studies. This process evolves in the interplay between the development of knowledge about foreign markets and operations on one hand and increasing commitment of resources to foreign markets on the other." On the basis of Uppsala internationalization model, many studies strengthen strong theoretical and empirical support. According to the predictions of the classic stages theory, the internationalization process of firms have been recognized and characterized gradual evolution to foreign markets, so called stage theory: indirect & direct export, strategic alliance and foreign direct investment. However, termed "international new ventures" (McDougall, Shane, and Oviatt 1994), "born globals" (Knight 1997; Knight and Cavusgil 1996; Madsen and Servais 1997), "instant internationals" (Preece, Miles, and Baetz 1999), or "global startups" (Oviatt and McDougall 1994) have been used and come into spotlight in internationalization study of technology intensity venture companies. Recent researches focused on venture company have suggested the phenomenons of 'born global' firms as a contradiction to the stages theory. Especially the article by Oviatt and McDougall threw the spotlight on international entrepreneurs, on international new ventures, and on their importance in the globalising world economy. Since venture companies have, by definition. lack of economies of scale, lack of resources (financial and knowledge), and aversion to risk taking, they have a difficulty in expanding their market to abroad and pursue internalization gradually and step by step. However many venture companies have pursued 'Born Global Strategy', which is different from process strategy, because corporate's environment has been rapidly changing to globalization. The existing studies investigate that (1) why the ventures enter into overseas market in those early stage, even in infancy, (2) what make the different international strategy among ventures and the born global strategy is better to the infant ventures. However, as for venture's performance(growth and profitability), the existing results do not correspond each other. They also, don't include marketing strategy (differentiation, low price, market breadth and market pioneer) that is important factors in studying of BGV's performance. In this paper I aim to delineate the appearance of international new ventures and the phenomenons of venture companies' internationalization strategy. In order to verify research problems, I develop a resource-based model and marketing strategies for analyzing the effects of the born global venture firms. In this paper, I suggested 3 research problems. First, do the korean venture companies take some advantages in the aspects of corporate's performances (growth, profitability and overall market performances) when they pursue internationalization from inception? Second, do the korean BGV have firm specific assets (foreign experiences, foreign orientation, organizational absorptive capacity)? Third, What are the marketing strategies of korean BGV and is it different from others? Under these problems, I test then (1) whether the BGV that a firm started its internationalization activity almost from inception, has more intangible resources(foreign experience of corporate members, foreign orientation, technological competences and absorptive capacity) than any other venture firms(Non_BGV) and (2) also whether the BGV's marketing strategies-differentiation, low price, market diversification and preemption strategy are different from Non_BGV. Above all, the main purpose of this research is that results achieved by BGV are indeed better than those obtained by Non_BGV firms with respect to firm's growth rate and efficiency. To do this research, I surveyed venture companies located in Seoul and Deajeon in Korea during November to December, 2005. I gather the data from 200 venture companies and then selected 84 samples, which have been founded during 1999${\sim}$2000. To compare BGV's characteristics with those of Non_BGV, I also had to classify BGV by export intensity over 50% among five or six aged venture firms. Many other researches tried to classify BGV and Non_BGV, but there were various criterion as many as researchers studied on this topic. Some of them use time gap, which is time difference of establishment and it's first internationalization experience and others use export intensity, ration of export sales amount divided by total sales amount. Although using a mixed criterion of prior research in my case, I do think this kinds of criterion is subjective and arbitrary rather than objective, so I do mention my research has some critical limitation in the classification of BGV and Non_BGV. The first purpose of research is the test of difference of performance between BGV and Non_BGV. As a result of t-test, the research show that there are statistically efficient difference not only in the growth rate (sales growth rate compared to competitors and 3 years averaged sales growth rate) but also in general market performance of BGV. But in case of profitability performance, the hypothesis that is BGV is more profit (return on investment(ROI) compared to competitors and 3 years averaged ROI) than Non-BGV was not supported. From these results, this paper concludes that BGV grows rapidly and gets a high market performance (in aspect of market share and customer loyalty) but there is no profitability difference between BGV and Non_BGV. The second result is that BGV have more absorptive capacity especially, knowledge competence, and entrepreneur's international experience than Non_BGV. And this paper also found BGV search for product differentiation, exemption strategy and market diversification strategy while Non_BGV search for low price strategy. These results have never been dealt with other existing studies. This research has some limitations. First limitation is concerned about the definition of BGV, as I mentioned above. Conceptually speaking, BGV is defined as company pursue internationalization from inception, but in empirical study, it's very difficult to classify between BGV and Non_BGV. I tried to classify on the basis of time difference and export intensity, this criterions are so subjective and arbitrary that the results are not robust if the criterion were changed. Second limitation is concerned about sample used in this research. I surveyed venture companies just located in Seoul and Daejeon and also use only 84 samples which more or less provoke sample bias problem and generalization of results. I think the more following studies that focus on ventures located in other region, the better to verify the results of this paper.

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