• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.13-29
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• 2023

Overcoming the death valley, a period in which resources are depleted and profitability declines or stagnates in the entrepreneurial process, is an essential procedure for success. In this study, we examined how the strategic orientation(technology, customer, competitor orientations) and absorptive capacity(potential, realized capacities) of startups affect the possibility of startups to overcome the challenges of death valley, and also empirically analyzed whether support of open innovation and venture capital has a moderating influence to the overcoming of death valley. The result of this study shows that customer orientation and realized absorptive capacity have a positive influence on overcoming the death valley. In addition, we found that the support of open innovation and venture capital has a moderating effect only in the technology orientation among the three types of strategic orientations. The result of this research emphasizes (1) the need for startups to take a more customer-oriented approach to overcome the death valley. The customer-oriented behavior and strategies of startups are vital for their longterm survival and success if we consider the fact that most of the companies investigated in this study were technology-based startups and only customer orientation showed significant results in overcoming the death valley. The research outcome also shows that (2) implementing innovation in a more open way and securing venture capital funding can make it easier for startups to overcome the death valley. This study has academic significance in that it empirically analyzed the relationship of key factors influencing the overcoming of death valley in a situation where the majority of existing research remains at the conceptual level of discussion or methodology of case study. Furthermore, this research also provides practical implications for the establishment and implementation of effective strategies to confront the challenges of death valley for startups, government and related organizations.

• Journal of Digital Convergence
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• v.14 no.5
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• pp.21-37
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• 2016

The purpose of study was to examine the entrepreneurial supporting policy and the entrepreneurship which can affect the entrepreneurial intention, and to prove the moderating effect of the business failure burden and the self-efficacy on the relationship of the entrepreneurial supporting policy, entrepreneurship and the entrepreneurial intention through the empirical study in the fusion of industries. We used data from 321 survey participants by using structured questionnaires, excluding dishonest respondents, and statistical analysis was conducted using SPSS 18.0 statistic package. We used hierarchical regression technique to prove our hypothesis. The results showed that education and marketing support which are part of the entrepreneurial supporting policy in the fusion of industries will have positive influence on innovativeness, pro-activeness and risk acceptability which are part of entrepreneurship. It has been reported that only funding support has positive influence on entrepreneurship pro-activeness. The results also indicated that the entrepreneurial supporting policy will have positive influence on the entrepreneurial intention, but business failure burden and self-efficacy will have no moderating effect in the relation between the entrepreneurial supporting policy and the entrepreneurship. The theoretical and practical implications of the findings were discussed and the directions for future research were presented.

• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.3
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• pp.157-167
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• 2016

The purpose of this study is to research, such as the following. And to the empirical results that affect the potential growth factors in the organization and development of human resources through staff training for enterprises to grow into a competitive enterprise. Through the analysis we propose a systematic training of the human resource development needs of the company. The results are as follows. First, the number of courses, the degree completion has had a positive effect on job satisfaction. Second, the number of courses can have a partial mediating effect on financial job satisfaction. Third, corporate education funding ratio has a negative effect and Business support form has a positive effect on turnover intentions. Fourth, the control variables of marital status has a positive effect on psychological job satisfaction and company size had a negative impact on turnover intention. The implications of this study are as follows. Organizational commitment to act as a mediating effect can be maximized through realistic training plan and quality training. There is also a need to be made a high quality education content development through the advancement of learning styles.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.1-12
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• 2014

It is essential factor for business operation to raise funds effectively. However, in Korea, many start-ups and small businesses have difficulties in fund-raising. In recent years, crowdfunding, a new method for funding a project of individuals or organizations by raising monetary contributions from a large number of people, has been growing up simultaneously with diffusion of social media. Crowdfunding is on early stage in Korea, and the majority of projects are focused on cultural or art categories. There is high proportion of projects that have social value in start-up sector. Crowdfunding in Korea has great potential because success rate of it is much higher than its of advanced countries, although market size is much smaller than them. The purpose of this paper is to propose success strategies of crowdfunding for start-up through case study. 5 crowdfunding platforms of Korea and Kickstarter, the platform of United States were investigated. Then we checked the figures related to the operation of the whole Korean projects on start-up. Finally, we made comparison between the cases of success and failure by analyzing 8 project characteristics. The study shows that it were the differences in trustworthiness and activeness of project creator, value of reward and efforts for interactivity that have great effects on success of the project. Whereas there was no significant influence of societal contribution and sponsor engagement. The thesis provides success strategies of crowdfunding for start-up as follows. Firstly, creator of the project should make support base by enthusiastic activites before launching funding project. Secondly, there should be contents that can easily show the process of business development in the project information. Thirdly, there must be appropriate design of rewards for each amounts of support money. Finally, efforts for interactivity, such as frequent updates, response for comments and SNS posting, should be followed after the launch of the project.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.137-151
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• 2020

Since the global financial crisis, the employment rate of young people worldwide has been declining, and the situation in Korea has worsened. Recently, the employment rate has been restored to a small extent due to the implementation of various government policies on youth employment and entrepreneurship, and many young entrepreneurs have been produced. In addition, various types of youth farming enterprises are emerging as the system for encouraging home farmers and villagers and fostering young farmers has been expanded. In this regard, this study examines the influence of CEO's personal characteristics and government's support policies on corporate performance in starting and managing youth rural enterprises. The purpose of this study was to analyze the effect on the performance of rural enterprises. Through this study, it will be able to know what are the important factors for young people to achieve results in starting a rural enterprise. The results of this study suggest three implications. The first is that the personal characteristics of the CEO are important for the performance of youth start-up rural enterprises. Second, in support policy, educational support affects performance, but funding policy does not have a significant effect. Third, since ICT's environmental characteristics do not affect the CEO's personal characteristics and support policies and corporate performance, it is more important to find ways to utilize them directly in the field than to develop ICT's environmental characteristics.

• Journal of Korea Technology Innovation Society
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• v.20 no.4
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• pp.1212-1242
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• 2017

In this study, the effectiveness of the innovative company certification system, which is one of the important means of the SME innovation promotion policies, was examined in terms of technological innovation activity and performance. To this end, we used the results of 'SME Technology Statistical Survey' conducted by the Small and Medium Business Administration and the Korea Federation of Small and Medium Business in 2013~2015 to compare the innovative SMEs that have received the certifications such as Venture Certification, Innobiz Certification, and Mainbiz Certification with the general SMEs that did not. As a result, it was found that the innovative SMEs have comparative advantage in many detailed indicators related to the technological innovation activity and performance. However, the ratio of external use of R&D expenditure, the number of technology development attempts and the number of successes were not different according to the survey year, so it is necessary to strengthen the follow-up management of the system. On the other hand, the proportion of self-procurement R&D expenditure of the general SMEs was significantly higher than that of the innovative SMEs in all three-year surveys. Therefore, it is necessary to regulate the government funding for the innovative SMEs to be used as a complementary material, not as a substitute for their own R&D investment. In addition, the technological innovation activity and performance of a company were more influenced by the size of the company and the participating industry rather than by the certification, so it is necessary to consider it when establishing the technology innovation promotion policies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.221-233
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• 2019

In Korea, small and medium sized domestic enterprises(SMEs) play an pivotal role in the national economy, accounting for 99.9% of all enterprises, 87.9% of total employment, and 48.3% of production. and SMEs was driving a real force of the development of national economy in many respects such as innovation, job creation, industrial diversity, balanced regional development. Despite their crucial role in the national development, most of SMEs suffer from a lack of R&D capabilities and equipments as well as funding capacity. Public R&D institutes can provide SMEs with valuable supplementary technological knowledge and help them build technological capacity. so, In order to effectively support SMEs, government and public R&D institutes must be a priority to know about the factors influencing the performance related to technology transfer and technological collaborations. In particular, SMEs are not only taking up a large portion of the national economy, but also their influence in politics and economy so strong that raising the competitiveness of small and medium-sized companies is a national policy goal that must be achieved in order to achieve sustained economic growth. For this reason, it is necessary to look specifically at the relationship between concepts such as the environment, strategy, and organizational culture surrounding the enterprise to enhance the competitiveness of SMEs. The paper analyzes 665 companies to find out which organizational culture affects their performance by classification and type of business of SMEs. This study demonstrated that when SMEs seek consistency in their external environment, strategies, and organizational structure to maintain their continued competitiveness. According to three-way analysis of variance (3-way ANOVA) indicates that classification of industries in SMEs has statistically significant main effects, but the type of business and organizational culture do not have significant effects. However, the company's organizational performance (operating profit) of SMES were found to differ significantly in comparison between groups according to classification standards of industries, and therefore adopted some parts. In addition, an analysis of the effect of interaction between the three independent variables of small and medium-sized enterprises has shown that there are statistically significant interaction effects among classification, types of business, and organizational cultures. The results shows that there is an organizational culture suitable for each industry classification and type of business of an entity, and is expected to be used as a basis for establishing promotion policies related to the incubation and commerciality of small and medium-sized venture companies in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.2
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• pp.27-38
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• 2018

Since the Korean economic development path has been unique compared to other counties, it is necessary to build an incubation ecosystem matching with unique economic environment in Korea. In order to revive the dynamism of the economy, establishment of the incubator ecosystem should be a policy priority so that ventures with innovative ideas and challenging minds can grow into a global stage. The purpose of this study is to derive the policy implications for establishing ecosystem and infrastructure by comparing to other OECD countries such as US, Israel, Finland, and Japan that can offer meaningful policy implications to Korea. For this purpose, the most appropriate model for explaining the incubation ecosystem in Korea was designed. PCII Model (People, Capital, Incubating, Infra) has 4 elements. It provides a framework for incubation of entrepreneurship, funding for start-up, incubation course, establishment of business foundation infrastructure. The comparative analysis was conducted with 12 sub-items under 4 elements and qualitative and quantitative evaluations were performed for each category. As a result of the comparative analysis, Korea's incubation policy seems to be still in the initial stage in terms of establishment of ecosystem compared to other countries. Therefore, a systematic approach based on the ecosystem model is needed other than the short-term incubation policy.

• The Journal of Society for e-Business Studies
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• v.25 no.1
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• pp.65-82
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• 2020

Start-ups often use crowdfunding platforms such as Wadiz to get financing from corporate investors and general public. These platforms include functions to increase participant activity through the number of comments, interest and online word-of-mouth. This study aims to elucidate how these functions related to a participant activity exhibit mediating effects on a success of crowdfunding and an achievement rate of targeted investment amount. To this end, the individual variables such as progress period, target amount, venture company, experience of attracting investment, possession of intellectual property rights, a career of the representative and an award experience of the representative were classified into the project characteristics, the company characteristics and the representative characteristics through not only previous studies but also interviews with investment professionals and platform operators. Afterwards, this study went through an empirical verification process using a structural equation model that has both crowdfunding performance and participant activity, which is the independent and mediating factors of three perspectives, as well as the dependent variables. In other words, this study analyzes how the characteristics of three perspectives affect the participant activity and how the participant activity had the mediating effects on the crowdfunding performance. In addition, it derives how the analysis results mentioned above vary according to business types (internet services, culture/art, manufacturing/distribution) and investment styles (stock type and bond type). It is expected that this study will help not only in deriving the factors affecting the performance of an investment type crowdfunding but also in preparing the measures to increase a participant activity.