• Journal of Technology Innovation
• /
• v.4 no.1
• /
• pp.1-26
• /
• 1996

Traditional studies of new venture performance have focused on the characteristics of entrepreneurs and have shown conflicting results on the relationship between the characteristics and performance of new ventures. Recently, some researchers have broadened their search to include aspects of the industry and the strategy of new ventures. The purposes of this study are to identify wtrategic archetypes of new ventures based on the taxonomic approach and to explain the differences in new venture characteristics and performance among strategic archetypes. To find the strategic archetypes, 114 new venture CEOs from various industries were asked to describe their ventures' competitive strategy through 19 questionnaire items on competitive methods. Using factor analysis and subsequent cluster analysis, four archetypes were identified such as : versatile type, technology-driven type, market-oriented type, and cost reduction type. The results imply that there exist different types of venture strategy even among new technology-based venture firms in Korea, and show the differences in performance among strategic archetypes: market-oriented type and versatile type are better than cost reduction type in terms of growth rate and profitability. Because the venture strategy in identified as a major determinant of the venture performance in this study, the choice of venture strategy suitable for firm's industrial characteristics and internal resource bases becomes a very strategic decision for firm's sustained growth. Further studies are needed to strengthen some methodological limitations of the study.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.2
• /
• pp.15-30
• /
• 2019

This study investigates the effects of venture capital investment and corporate venture capital investment on the performance of IPOs listed on KOSDAQ between 2000 and 2014. We classified venture firms with venture capital-backed companies and non-venture capital-backed companies, having the former of which further divided into corporate venture capital-backed companies and independent venture capital-backed companies. The time window of the analysis was set to between 2 years before and 3 years after IPO. Main results of this study reveal that there is little difference between venture capital-backed companies and non-venture capital-backed companies in terms of profitability before and after going public. However, we found out that after IPO venture capital-backed companies display higher ROA than independent venture capital-backed companies or non-venture capital-backed companies, suggesting that corporate venture capital-backed companies might be more advantageous in growing a venture capital ecosystem in Korea.

• Journal of the Korea Convergence Society
• /
• v.8 no.12
• /
• pp.329-341
• /
• 2017

In order to analyze how the entrepreneurship affects the commercialization performance in relation to R&D input factors, technological innovation and technology in the course of technology commercialization process. Korean manufacturing venture companies has been surveyed. The structural equation model showed technology commercialization mechanism driven by entrepreneurship. Innovativeness is one of the most important factors in the success of venture firms. Technology commercialization was dependent on innovation rather than the input of research and development resources. Technological innovation shows mediating effects in the influence of entrepreneurship on commercialization performance, but technology capability has relatively small effect. Commercialization process of new product development and product improvement was different. The government needs to actively support R&D strategies and commercialization infrastructure in order to promote innovation, assist R&D workforce and enhance product commercialization in venture companies.

• Korea Trade Review
• /
• v.41 no.2
• /
• pp.159-183
• /
• 2016

This study focuses on export venture firms in Daedeok Innopolis and examines the structural relationships among dynamic capability, technology commercialization competence, innovation performance, and competitive advantage. In particular, this study attempts to analyze dynamic capabilities that may affect technology commercialization competence, innovation performance, and competitive advantage. The development of the research model takes on a dynamic-capability view and is based on empirical studies regarding competitive advantage. A survey of 103 export venture firms was conducted from January 5, 2015, to February 4, 2015. A partial least squares structural equation model is used to test the relationships between constructs set in the study. The results of the study show that the dynamic capability of an export venture firm has a significant positive influence on the firm's technology commercialization competence, innovation performance, and competitive advantage. The study also finds evidence that the export venture firm's technology commercialization competence directly affects its innovation performance and competitive advantage. In addition, the findings indicate that the innovation performance of an export venture firm has a significant positive impact on the firm's competitive advantage. Overall, these findings contribute to a better understanding of the contexts in which dynamic capability represents a specific capability for export venture firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.15 no.4
• /
• pp.17-25
• /
• 2020

Venture debt is a prominent funding tool to promote scale-up of ventures. In the growth stage, venture firms that need large-scale funding can accelerate their growth by leveraging venture debt without diluting their shares, while venture capitals can quickly recollect their investments by accelerating the growth of the ventures they invest. By supplying venture debt, banks can diversify their asset primarily concentrated on loans, and improve the return on assets. As in the case of Silicon Valley Bank, a leading venture lender, closer cooperation between the two agents is essential to supply venture debt. One is the venture capital, an equity capital supplier, and the other is the bank, a debt capital supplier. To this end, we propose "credit risk sharing venture loans" and "venture loan pooling". The former encourages banks' participation in the venture debt market where the manager of Korean Fund of Funds, KVIC and policy guarantee schemes such as KODIT and KIBO screen or partially absorbe the risks inherent in venture loans. The latter reduces the burden of banking on individual venture loans through securitization.

• Journal of the Korean Geographical Society
• /
• v.38 no.2
• /
• pp.237-256
• /
• 2003

The main aim of this paper is to provide a plan for building an effective and competitive innovation system of Daeduck Valley in Korea through analysing the process of knowledge production and commercialisation of venture firms in the perspective of industry-(university) research networks. Since 1997, with the willingness of the government aimed at building' second Sillicon Valley', an ostensible innovation system cantered around the existing science technology town has been able to be built in Daeduck Valley. Nonetheless, some fundamental problems with the knowledge production and commercialisation of venture firms were appeared as the results of this study. It is led tv not only the lack of network agents and institutes that are able to facilitate and coordinate the networks of economic actors comprised of the innovation system, but also the impertinent roles of economic actors. In particular, these problems were differentiated in accordance with the growth stage of venture firms and the processes of knowledge production. Therefore, several policy implications for building innovation system are suggested in the perspective of the complement of existing innovation system of Daeduck, rather than constructing a new innovation system. At the same time, they are provided in accordance with different growth stages and knowledge production processes.

• Journal of Digital Convergence
• /
• v.17 no.4
• /
• pp.123-136
• /
• 2019

This study is to provide a method to increase the credit rating of the company by examining and managing the executive competency of the CEO of SMEs and Venture Firms. We analyzed the importance and priority of AHP by surveying bank loan staff and CEOs. According to the analysis results, ethics management, strategic thinking, and expertise level were the highest in the relative importance of bank loan staff. The relative importance of CEOs was higher in order of marketing, bank transaction reliability, and financing. Result of this study is similar to the relative importance of the previous research. This study suggests to disclosing credit rating system and reflect the opinions of the CEO in order to protect financial consumers. The significance of this study is to present the factors and the importance that can help to develop advanced models.

• Journal of Information Technology Services
• /
• v.16 no.4
• /
• pp.47-64
• /
• 2017

Three years after establishment, companies are said to face a period of risk called the "valley of death." To start a venture company and make it sustainable, the chance of failure must be minimized. According to an in-depth assessment report on special taxation in 2015, the one-year survival rate of Korean companies was about 60 percent and the five-year survival rate about 30%. These rates are low compared to those of major OECD member countries. Worse, such rates in Korea are decreasing year by year. The purpose of this study is to classify the success factors behind venture companies into human capital, social capital and financial capital, and verify through empirical analysis the factors influencing the success of venture companies based on the mediating roles of capability of the startup team and that for innovation. To find the success factors behind venture companies, this study first examined the theories derived from previous studies. SPSS 21 was used as the study method, while descriptive statistics, exploratory factor analysis and CMB test were conducted. In addition, SmartPLS 2 was used for confirmatory factor analysis, hypothesis test, mediation effect. The results of this study can help efforts toward job creation and economic revitalization pursued by the creative economy policy of the incumbent Korean administration. They can also be used as the cornerstone for venture companies in their pursuit of success.

• Asia pacific journal of information systems
• /
• v.15 no.1
• /
• pp.45-61
• /
• 2005

This study develops the evaluation model for e-Business company using analytic hierarchy process. As the first step of this study, we derived the appraisal standards based on the previous literature and the knowledge of experts from venture capitalists, security companies, credit evaluation companies, and consulting firms. In order to validate the evaluating factors in the models, this study was supported by analysts of top ranked venture capitalists in Korea. Through their assistance, this study can determine necessary evaluating factors that refined and deepened the models. Four expert groups, such as venture capitalists, credit analysts, analysts of security company and e-Business consultants, provide their knowledge for the determination of the weights of evaluating factors in the hierarchical model through the questionnaires and interviews. The results show that the weights of the evaluating factors differed by the maturity of e-Business company.

• Asian Journal of Innovation and Policy
• /
• v.7 no.3
• /
• pp.534-563
• /
• 2018

Venture Capital Firms (VCs) encounter severe information asymmetry risks at almost every stage in their investment lifecycle. This paper explores the agency risks arising from information asymmetry during the stage of exits by VCs from the funded companies in their portfolio and how that impacts the incidence of specific types of type of exits (IPOs/M&As). In this empirical study, by using the data on IPO and M&A exits from venture capital-funded companies, we show how the ability of prospective buyers to better resolve agency risks is directly correlated with the incidence of the above exit types. Using the technique of logistic regression, we demonstrate that factors such as syndication, specialization focus of the VC firm (in terms of stage and sector) and the level of its social capital (proxied by its age and experience) drive the success rate of exits. This is one of first studies in context of exits from VC funded companies in the Indian context.