• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.71-94
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• 2020

Korea's innovation cluster policy has been implemented since 2005 with the goal of balanced regional development. The purpose of this study is to investigate the factors affecting the sustainability of innovative cluster tenants by using Pangyo Techno Valley as an example. Pangyo Techno Valley was established under the leadership of the local government (Gyeonggi-do) rather than the central government and it is called "Silicon Valley of Korea" and "Asia Silicon Valley" and is becoming more representative. The growing number of companies in Pangyo Techno Valley decreased in 2017 compared to 2016. This is because Pangyo Techno Valley's business ecosystem will change from 2019. In this paper, quantitative and qualitative studies were conducted to investigate the influencing factors. Quantitative research was conducted based on the survey and qualitative research was applied through interviews. The quantitative research examined the factors affecting the sustainability of Pangyo Techno Valley, and the qualitative research examined the specific reasons and additional factors for the quantitative research results. The quantitative results showed that factors affecting sustainability in terms of changes in corporate internal conditions, human and physical infrastructure, cooperation and synergy, and occupancy patterns. The specific reason for the impact appeared in the qualitative research process. The support category of local governments did not show any significant factors in quantitative research. In addition, qualitative research suggested 'Good image of Pangyo Techno Valley' as the category that has the greatest impact on sustainability. It is shown that companies are passive and expect the role of local governments in activating cooperation network in Pangyo Techno Valley. In this paper, based on the results of the study, Pangyo Techno Valley is presented with a realistic plan based on real estate issues and an ideal plan with a long-term perspective.

• Journal of Korea Technology Innovation Society
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• v.19 no.4
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• pp.848-872
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• 2016

This study is an empirical analysis that makes a survey on the evaluation of innovation cluster. For this purpose, we explore a case of innovation cluster, the Pangyo Techno Valley. This survey applies a research frame and evaluation contents that the innovation performance which is the institutional, physical, and social configurations of innovation clusters. In particular, this empirical analysis identifies the configuration factors which are the rational influence factors of individual subjects, in order to foster innovation clusters from the case study of the Pangyo Techno Valley. We can suggest that innovation policy from the results of innovation performance by applied configuration factors for evaluation of innovation cluster in order to enhance and facilitate for innovation cluster. Also, this study can provide lessons for regional policy implementation and new cluster policy agenda in Korea.

• Journal of Korea Technology Innovation Society
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• v.20 no.4
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• pp.970-988
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• 2017

As an innovation cluster has become an important policy tool for attaining regional and national competitiveness, many nations and regions are making great efforts to foster innovation clusters. In the case of Korea also, many innovation clusters have been established and some of them are recently receiving a lot of attention due to their performance. In fact, there have been lots of investment by the central and regional governments. However, there have been no in-depth analyses on Korean successful innovation clusters. This study investigates some of the success factors of a Korean representative innovation cluster, Pangyo Techo Valley. We find out that the Pangyo Techno Valley has four groups of success factors: innovative environment, consistent policy support by regional government, knowledge networks, and good feed-back system of innovation. Our findings would have some theoretical and practical implications for innovation cluster research and policy practice.

• World Technopolis Review
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• v.6 no.1
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• pp.4.1-4.15
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• 2017

In 1995, the Republic of Korea started to establish Techno Park (TP) in order to develop the regional industry while promoting the balanced development of the land. By 2008, 18TPs were established nationwide and have become cradles for developing local industries. And recently evolved forms of TP such as Daedeok Techno Valley and Pangyo Techno Valley emerged. In addition, 19 Centers for Creative Economy and Innovation (CCEI) were established nationwide and Tech-Incubator Program for start-ups (TIPS) was introduced to support and mentor start-ups. TPs in Korea become bureaucratic in course of time, and the new trial of innovation of TP is needed. In Korea, professional TIPS-accelerators mentoring and investing start-ups have a history of only five years. But they support and mentor start-ups efficiently, and have obtained good results. In this paper, we propose that TP attract TIPS-accelerators actively and collaborate with each other to support and mentor start-ups and SMEs effectively.

• Information Systems Review
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• v.19 no.4
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• pp.43-62
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• 2017

This study investigates the effect of bonding and bridging social capital on the technological innovation performance in the Pangyo Techno Valley. In particular, we consider the information technology (IT) usage in industrial cluster as an antecedent of social capital. IT instigates the intra and extra communication and information sharing between employees, thereby promoting the formation of a network of various members. Results show that the IT usage factor positively affects both bridging and bonding social capital, but an evident difference exists among the effects of social capital on the technological innovation performance. In case of Pangyo industrial cluster, bridging social capital exerts significant effect on the technological innovation performance, whereas bonding social capital shows insignificance. Bridging social capital is composed of the interactions of various networks. Bonding social capital is based on the strong tie from trust and internal cooperation. Results are related with the characteristics of Pangyo Techno Valley, where various IT ventures need active communication and information sharing with other organizations for technological innovation performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.67-80
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• 2022

This study was conducted to derive policy measures such as fostering and supporting by examining the actual conditions of domestic startups. The subject of this study was the start-ups located in Seongnam-si, where Pangyo Techno Valley, which is the highest-level innovation cluster in Korea and is evaluated as a start-up mecca. Startups were defined as startups under 7 years old based on new technologies such as IT, BT, and CT, and the subjects of the study were selected. This can be seen as a step forward from previous research in that it embodies the concept of a startup that was previously abstract in a quantitatively measurable way. As a result of the analysis, about 94% of startups are distributed in the so-called "Death Valley" growth stage, and startups above scale-up, which means full-scale growth beyond BEP, account for about 6%. appeared to be occupied. He cited the problem of start-up funds as the biggest difficulty in the early stages of startups, and cited the loan evaluation method that prioritizes sales or collateral in raising funds as the biggest problem. In addition, start-ups rated the access to private investment capital such as VC, AC, and angel investors at a low level compared to policy funds, which are public funds. Most startups showed a lot of interest in overseas expansion, and they chose matching overseas investors such as overseas VCs as the biggest support for overseas expansion. The overall competitiveness in the overseas market was 49.6 points, which is less than 50 points out of 100, indicating that the overall competitiveness was somewhat inferior. It was analyzed that public support and investment in overseas sales channels (sales channels, distribution networks, etc.) should be prioritized along with enhancement of technological competitiveness in order for domestic startups to increase their competitiveness in overseas markets as well as in the domestic market.