• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.4
• /
• pp.45-55
• /
• 2022

Accelerator is a private investment institution that provides startups with comprehensive solutions to solve various difficulties such as startup facilities, funds, commercialization, securing a market etc. In addition to the role of an investor as a new startup support model, accelerators have contributed much to improvement of business ability of startups through intensive mentoring. Considering that previous studies gave weight to the determinants of investment from the perspective of investors, this study made a comparative analysis on the relative importance of determinants of investment in startups among accelerators, investors and entrepreneurs through the method of AHP. Results show that accelerators and investors regard "managerial characteristics" of startups as of the highest importance, whereas entrepreneurs think that "market characteristics" of startups are the most important. The result stems from an empirical judgment from the perspective of investors that success of startups depends on the ability of entrepreneur, and it is considered that investors evaluated marketability of startups as the most important factor in consideration of investment payback period. The result is similar to the result of previous studies on the determinants of investment determinants of angel investors and venture capitals. This paper is expected to make a contribution to the advancement of investment decision-making model for accelerators to discover startups with high possibility to grow and achieve more in incubation and investment.

• World Technopolis Review
• /
• v.7 no.2
• /
• pp.82-96
• /
• 2018

This paper discussed the application process of the Dot Idea program. The Dot Idea program is an incubation and open innovation program co-created by Unitec, an incubator at Tecnosinos Tech Park, and an SAP innovation team. The main objective of this study was to cover an existing gap in the literature regarding the practical application of an open innovation methodology. Many companies seek interaction with external parties to enable advancement toward identified innovation opportunities. Technology clusters, parks, and incubators have played an important role in promoting connections and interaction. Consequently, the Dot Idea program emerged as a result of a joint effort to create a program using a design science research methodology aiming to foster new businesses and strengthen Brazil and Latin America as a hub to develop new solutions for traditional organizations. In regards to lessons learned, the Dot.health trial had some success but also experienced difficulties; these related to the relationships between startups and a hospital's internal teams, and startups' needs to be funded from the beginning in order to be fully dedicated to a project.

• The Journal of Economics, Marketing and Management
• /
• v.10 no.6
• /
• pp.9-16
• /
• 2022

Purpose: This research investigates the differences in knowledge exchange activities and performances between startups and large companies in software industry clusters. Research design, data, and methodology: Six independent factors of human resource information, R&D and technology, marketing knowledge, government support information, strategic knowledge, and cooperation information were extracted to test the firm size effect in the relationships with two performance factors such as satisfaction with industry cluster location and satisfaction with financial performances. Data were collected through a survey of entrepreneurs, managers, and employees and tested by statistical analysis methodologies. Results: Three independent factors of human resource information, R&D and technology, and cooperation information were particularly significant in the relationship with both dependent factors. Strategic knowledge significantly affected financial performance. Knowledge exchange activities were more important in startups than in large companies for all eight factors. Conclusion: Policies for software industry clusters need a different approach for startups and large companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.3
• /
• pp.33-43
• /
• 2023

The paper employs a resource-based approach to analyze the relationship between institutional resources and faculty-led startup formation and performance in South Korean four-year universities from 2017 to 2021. The author proposes nine hypotheses to explain how institutional resources or systems affect the number of faculty startups, their employee numbers and the revenue of faculty-led startups, and compare four different groups of university resources for cross-college variation. The findings suggest that institutional factors impacting faculty-led startup performance differ from those impacting other categories of startups. Universities should provide a more favorable environment, including flexible personnel policies and accompanying startup support infrastructure, to encourage faculty-led startups. In contrast, it is more effective for better performance of faculty startups, in terms of their job creation and revenue, to have more financial resources and good paper publications. The results also suggest that university technology-holding companies are crucial for increasing the number of professor startups and their performance. These findings have implications for both university and government policymakers, who aim to facilitate greater participation of professors in startup formation and commercialization of technology.

• International Journal of Advanced Culture Technology
• /
• v.12 no.2
• /
• pp.167-179
• /
• 2024

This study addresses the challenge of objectively evaluating the performance of early-stage startups amidst limited information and uncertainty. Focusing on companies selected by TIPS, a leading private sector-driven startup support policy in Korea, the research develops a new indicator to assess technological efficiency. By analyzing various input and output variables collected from Crunchbase and KIND (Korea Investor's Network for Disclosure System) databases, including technology use metrics, patents, and Crunchbase rankings, the study derives technological efficiency for TIPS-selected startups. A prediction model is then developed utilizing machine learning techniques such as Random Forest and boosting (XGBoost) to classify startups into efficiency percentiles (10th, 30th, and 50th). The results indicate that prediction accuracy improves with higher percentiles based on the technical efficiency index, providing valuable insights for evaluating and predicting startup performance in early markets characterized by information scarcity and uncertainty. Future research directions should focus on assessing growth potential and sustainability using the developed classification and prediction models, aiding investors in making data-driven investment decisions and contributing to the development of the early startup ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.1
• /
• pp.125-141
• /
• 2020

This study examines the effect of founders' strategic orientation and social capital on the performance of startups in Korean contexts. Founders' strategic orientation is proposed as the main factor to reduce the risk of failure and to increase the potential of future growth of the startup. Three main components of strategic orientation, entrepreneurial, market, technology, were simultaneously tested with a sample of Korean startups. Furthermore, founders' social capital, networks with supporting entities and the level of chemistry within founding members were also proposed to be important factors. We also tested possible mediating effects of social capital on the main impact of strategic orientation. With a sample of 79 startups founded less than 5 years in Seoul Metropolitan Areas, we found that technology orientation of founders only significantly increases the performance of startups, but both entrepreneurial and market orientation do not. Regarding social capital effect, the external networks of the founding members are effective as proposed, and also the high cohesiveness of founding members increases the startup performance. However, the mediating role of social capital is just partially confirmed. The implications of our findings, in both sense of firm's strategy and startup policy, are discussed. This study is expected to be a bridge connecting firms' strategy with startup policy-making in Korea.

• The Journal of the Convergence on Culture Technology
• /
• v.9 no.5
• /
• pp.635-647
• /
• 2023

In the pursuit of sustained innovation within industries, the consistent emergence of high-growth potential startups is imperative. Despite the government's implementation of diverse investment-based policies aimed at fostering startup initiation, the inherent probability of post-establishment failure for startups remains substantial. This study examines the impact of internal factors on organizational commitment and corporate performance in startups. It emphasizes the significance of learning and networking orientation for commitment across various organizational aspects. Innovativeness affects emotional and normative commitment but not continuance commitment. Financial attributes and global orientation influence continuance commitment, while affective and continuance commitment significantly impact startup performance. Normative cohesion, however, does not significantly affect performance. These findings offer insights for optimizing human resource utilization in startups, benefiting both companies and governments in the evolving startup landscape.

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

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.19 no.4
• /
• pp.161-182
• /
• 2024

The study analyzed the rapidly growing food tech startup in South Korea, focusing on industry classification, core technological domains, investment stages, and growth trajectories. Utilizing the ERIS model, two innovative food tech startups, MyChef and CatchTable, were examined as case studies. Results revealed food tech startups are focusing on information technology and smart distribution technology-oriented solutions rather than traditional food production. This study also found that robotics and AI integration were key technology areas. Analyzing the emergence of food tech startups, investment stages, and cumulative investment amounts based on founding years revealed a trend of scaling operations through rounds of funding, especially after securing SERIES A and B funding. The period between 2014 and 2018 saw a dense concentration of food tech startup establishments, likely influenced by favorable conditions for technological innovation amid the Fourth Industrial Revolution. The high rate of strategic mergers and acquisitions and bankruptcy can be interpreted as the complexity inherent in the food tech industry. The case study of MyChef, which grew into HMR manufacturing, and Wad(CatchTable), which expanded into a restaurant reservation platform, derived the entrepreneurs, resources, industry, and strategic factors that served as success factors for food tech startups. This study has practical implications in that it provides entrepreneurs, investors, and policymakers in the food tech industry with insight and direction to develop strategies in line with market trends and technological changes and promote sustainable growth.

• Korean System Dynamics Review
• /
• v.17 no.3
• /
• pp.145-173
• /
• 2016

This study aims to develop strategic diagnosis framework of performance by identifying and analysing the dynamics of the technology commercialization ecosystem in innovative region. To achieve the purpose of this study, the systems thinking approach is used. The systems thinking approach connects feedback structure and behavior more explicitly to diagnosis vicious feedback loop in the regional technology commercialization ecosystem. In terms of an ecological point of view, it will be possible to explore dominant feedback structure and find leverages to overcome the limitations of regional technology commercialization performance. The diagnosis of reenforcing and balancing feedback structure is based on the statistical analysis of the survey data which has been collected in a cluster random sampling method, targeting on the 200 firm located in the Pangyo and Daeduk region. The results from this research showed that the regional technology commercialization ecosystem was immature and faced limit to the growth. An important finding of this study was that regional technology commercialization ecosystem need to activation of startups and reinforcement of virtuous feedback structures of technology commercialization market systems.