• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.33-51
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• 2022

This study analyzes newly listed companies on KOSDAQ from 2011 to 2020 for both firms having experience in attracting venture investment before listing (VI) and those without having experience in attracting venture investment (NVI) by examining differences between two groups (VI and NVI) with respect to both the level of listing performance and that of firm performance (growth) after the listing. This paper conducts descriptive statistics, mean difference, and multiple regression analysis. Independent variables for regression models include VC investment, firm age at the time of listing, firm type, firm location, firm size, the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company. Throughout this paper, results suggest that listing performance and post-listed growth are better for VI than NVI. VC investment shows a negative effect on the listing period and a positive effect on the sales growth rate. Also, the amount of VC investment has negative effects on the listing period and positive effects on the market capitalization at the time of IPO and on sales growth among growth indicators. Our evidence also implies a significantly positive effect on growth after listing for firms which belong to R&D specialized industries. In addition, it is statistically significant for several years that the firm age has a positive effect on the market capitalization growth rate. This shows that market seems to put the utmost importance on a long-term stability of management capability. Finally, among the VC characteristics such as the age of VC, the level of expertise of VC, and the level of fitness of VC with investment company, we point out that a higher market capitalization tends to be observed at the time of IPO when the level of expertise of anchor VC is high. Our paper differs from prior research in that we reexamine the venture ecosystem under the outbreak of coronavirus disease 2019 which stimulates the degradation of the business environment. In addition, we introduce more effective variables such as VC investment amount when examining the effect of firm type. It enables us to indirectly evaluate the validity of technology exception policy. Although our findings suggest that related policies such as the technology special listing system or the injection of funds into the venture ecosystem are still helpful, those related systems should be updated in a more timely fashion in order to support growth power of firms due to the rapid technological development. Furthermore, industry specialization is essential to achieve regional development, and the growth of the recovery market is also urgent.

• Journal of Digital Convergence
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• v.9 no.6
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• pp.125-135
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• 2011

It is important that SMEs build business ecosystems on the open innovation for sustainable innovation. And, many Korea companies have tried to adopt new ideas from external collaborators and transfer their technologies to others based un the open innovation. But SMEs hard to progress it than middle & large companies. So, our research purpose is to find success factors of open innovation in regional SMEs.

• Journal of Venture Innovation
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• v.2 no.1
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• pp.1-11
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• 2019

Many research or consulting institute refered to Artificial Intelligence, Internet of Things, Blockchain technology and 3D Printing as key driving forces and technologies of 4th industrial revolution. Compared with traditional manufacturing as a subtractive manufacturing(SM), 3D printing technology as an additive manufacturing(AM) will revolutionary impacts on many industries. This study compared 3D printing with traditional manufacturing in the economic, manufacturing, and marketing perspectives. This study also analyzed issues of 3D printing for the purpose of building business ecosystem. Finally agenda for the further research were suggested.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.63-77
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• 2022

The importance of start-ups and venture companies in the Korean economy is growing. However, the successful growth of startups and venture companies are still challenging as 70% of startups fail within 5 years. A new perspective on innovation is essential to overcome the liability of newness and the liability of smallness in the existing market and obtain the competitive advantage. Recent phenomenon in the Korean startups ecosystem is the remarkable growth of unicorns and future unicorns. Their business models, types of business, and success cases serve as a good example. Neverthless, the process of unicorn and future unicorn startups making new industries and innovative business has poorly understood. In this paper, we first define 175 unicorns and future unicorn startups participating in the K-unicorn project as a unicorn group and analyze current trends of the group. Then the in-depth analyses of industry sectors are conducted. Specifically, focusing on the unicorn forming the new market, we examine the unicorn making the processes of industry category innovation through the business innovation model. Lastly, broadening the scope of the analysis to the unicorn group, policy implications in startups and venture ecosystem are suggested.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.1
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• pp.23-30
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• 2018

Recent global economic recession and recession of employment have made various efforts to revitalize entrepreneurial ecosystem by presenting entrepreneurial spirit and creative talent development as national top priority strategy in major developed countries. Based on data from the Global Entrepreneurship Trend Report (GETR), which has been conducted by the Venture Small Business Division and the Korea Entrepreneurship Foundation since 2015, the study will be conducted by the entrepreneurs of 10 countries in 2015 and 2016 The components of mental ecosystem were compared and verified. The results showed that entrepreneurship education effect and entrepreneurial environment showed positive relationship with entrepreneurship of individual and organization. Also, entrepreneurship education effect, entrepreneurial environment, individual entrepreneurship. On the other hand, organizational entrepreneurship was not found to have a significant effect on entrepreneurial type (livelihood / opportunistic entrepreneurship). In this study, entrepreneurship education as a lifelong education is required in order to enhance entrepreneurial ecosystem in Korea and to increase the quality of entrepreneurship which is increasing quantitatively. Finally We emphasizing the importance of creating a favorable entrepreneurial environment and offer some suggestions.

• World Technopolis Review
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• v.4 no.1
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• pp.11-22
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• 2015

Globalization, increasing technological advancements and dynamic knowledge diffusion are moving our world closer together at a unique scale and pace. At the same time, our rapidly changing society is confronted with major challenges ranging from demographic to economic ones; challenges that necessitate highly innovative solutions, forcing us to reconsider the way that we actually innovate and create shared value. As such the linear, centralized innovation models of the past need to be replaced with new approaches; approaches that are based upon an open and collaborative, global network perspective where all innovation actors strategically network and collaborate, openly distribute their ideas and co-innovate/co-create in a global context utilizing our society's full innovation potential (Innovation 4.0 - Open Innovation 2.0). These emerging innovation paradigms create "an opportunity for a new entrepreneurial renaissance which can drive a Cambrian like explosion of sustainable wealth creation" (Curley 2013). Thus, in order to materialize this entrepreneurial renaissance, it is critical not only to value but also to actively employ this new innovation paradigms so as to derive community-driven shared value that stems from global innovation networks. This paper argues that there is a gap in existing business incubation model that needs to be filled, in that the innovation and entrepreneurship community cannot afford to ignore the emerging innovation paradigms and rely upon closed incubation models but has to adopt an "open incubation" (Ziouvelou 2013). The open incubation model is based on the principles of open innovation, crowdsourcing and co-creation of shared value and enables individual users and innovation stakeholders to strategically network, find collaborators and partners, co-create ideas and prototypes, share their ideas/prototypes and utilize the wisdom of the crowd to assess the value of these project ideas/prototypes, while at the same time find connections/partners, business and technical information, knowledge on start-up related topics, online tools, online content, open data and open educational material and most importantly access to capital and crowd-funding. By introducing a new incubation phase, namely the "interest phase", open incubation bridges the gap between entrepreneurial need and action and addresses the wantpreneurial needs during the innovation conception phase. In this context one such ecosystem that aligns fully with the open incubation model and theoretical approach, is the VOICE ecosystem. VOICE is an international, community-driven innovation and entrepreneurship ecosystem based on open innovation, crowdsourcing and co-creation principles that has no physical location as opposed to traditional business incubators. VOICE aims to tap into the collective intelligence of the crowd and turn their entrepreneurial interest or need into a collaborative project that will result into a prototype and to a successful "crowd-venture".

• Journal of Venture Innovation
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• v.5 no.1
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• pp.107-127
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• 2022

Global challenges such as the corona pandemic, climate change and the war-on-tech ensure that the demand who the technologies of the future develops and monitors prominently for will be on the agenda. Development of, and applications in, agrifood, biotech, high-tech, medtech, quantum, AI and photonics are the basis of the future earning capacity of the Netherlands and contribute to solving societal challenges, close to home and worldwide. To be like the Netherlands and Europe a strategic position in the to obtain knowledge and innovation chain, and with it our autonomy in relation to from China and the United States insurance, clear choices are needed. Brainport Eindhoven: Building on Philips' knowledge base, there is create an innovative ecosystem where more than 7,000 companies in the High-tech Systems & Materials (HTSM) collaborate on new technologies, future earning potential and international value chains. Nearly 20,000 private R&D employees work in 5 regional high-end campuses and for companies such as ASML, NXP, DAF, Prodrive Technologies, Lightyear and many others. Brainport Eindhoven has a internationally leading position in the field of system engineering, semicon, micro and nanoelectronics, AI, integrated photonics and additive manufacturing. What is being developed in Brainport leads to the growth of the manufacturing industry far beyond the region thanks to chain cooperation between large companies and SMEs. South-Holland: The South Holland ecosystem includes companies as KPN, Shell, DSM and Janssen Pharmaceutical, large and innovative SMEs and leading educational and knowledge institutions that have more than Invest €3.3 billion in R&D. Bearing Cores are formed by the top campuses of Leiden and Delft, good for more than 40,000 innovative jobs, the port-industrial complex (logistics & energy), the manufacturing industry cluster on maritime and aerospace and the horticultural cluster in the Westland. South Holland trains thematically key technologies such as biotech, quantum technology and AI. Twente: The green, technological top region of Twente has a long tradition of collaboration in triple helix bandage. Technological innovations from Twente offer worldwide solutions for the large social issues. Work is in progress to key technologies such as AI, photonics, robotics and nanotechnology. New technology is applied in sectors such as medtech, the manufacturing industry, agriculture and circular value chains, such as textiles and construction. Being for Twente start-ups and SMEs of great importance to the jobs of tomorrow. Connect these companies technology from Twente with knowledge regions and OEMs, at home and abroad. Wageningen in FoodValley: Wageningen Campus is a global agri-food magnet for startups and corporates by the national accelerator StartLife and student incubator StartHub. FoodvalleyNL also connects with an ambitious 2030 programme, the versatile ecosystem regional, national and international - including through the WEF European food innovation hub. The campus offers guests and the 3,000 private R&D put in an interesting programming science, innovation and social dialogue around the challenges in agro production, food processing, biobased/circular, climate and biodiversity. The Netherlands succeeded in industrializing in logistics countries, but it is striving for sustainable growth by creating an innovative ecosystem through a regional industry-academic research model. In particular, the Brainport Cluster, centered on the high-tech industry, pursues regional innovation and is opening a new horizon for existing industry-academic models. Brainport is a state-of-the-art forward base that leads the innovation ecosystem of Dutch manufacturing. The history of ports in the Netherlands is transforming from a logistics-oriented port symbolized by Rotterdam into a "port of digital knowledge" centered on Brainport. On the basis of this, it can be seen that the industry-academic cluster model linking the central government's vision to create an innovative ecosystem and the specialized industry in the region serves as the biggest stepping stone. The Netherlands' innovation policy is expected to be more faithful to its role as Europe's "digital gateway" through regional development centered on the innovation cluster ecosystem and investment in job creation and new industries.

• Information Systems Review
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• v.22 no.1
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• pp.33-57
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• 2020

Although cryptocurrency which can promote innovation in the blockchain ecosystem is published for many useful purposes, in Korea, cryptocurrency is recognized only as a means of investment for the profit. The fact emphasizes only the speculative nature of the cryptocurrency, so investor negates the fundamental purpose of cryptocurrency and hinders innovation in the blockchain ecosystem. The purpose of this study is to investigate the cause of cryptocurrency perception and speculative behavior of domestic cryptocurrency investors from an academic perspective. We use a model that reflects the traditional considerations and cryptocurrency's characteristics in investment. Using the model, we can explain the cause of misperception of cryptocurrency through the theory of bounded rationality. In building the research model, we use variables of venture and angel investor's consideration used in investment decisions and collect the keywords from indexes of whitepaper to reflect the properties of cryptocurrency. This study mentions that, due to the imitations presented by Simon, individuals are forced to perceive cryptocurrency as a means of speculation and to make irrational decisions that impair ecosystem health. We analyze whether there is a significant difference in rationality in decision made by the sample under limited knowledge and imperfect information constraints. As a result, imperfect information constraints led investors to consider only irrational criteria in decision making. From this result, this study suggests that information asymmetry needs to be relaxed so that investment can be pursued together with rational investment and development of blockchain ecosystem. In addition, the industry can capture strategic insights for successful financing through ICO by enabling better understanding of investor decision-making.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.1
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• pp.175-185
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• 2015

This article focuses on an analysis of entrepreneurship education programs at U.S. college and universities in order to determine distinctive features of those programs. To this end, we delved into the entrepreneurship programs including Martin Trust Center for MIT, Harvard University VIP program, Polsky Center of Chicago University and Stanford University program. By analyzing major roles, curriculums, and characteristics of the programs, three types of distinctive features emerged. The first feature is dynamic education-focused programs, which provide students with opportunities for applying what they have learned through startup competitions. The second is local-based programs, which take the lead in local startups by focusing on the local industry. The third is the programs with support and encouragement for startups. Based on the three types of features, we suggested critical factors for successful entrepreneurship education.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.14 no.6
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• pp.119-130
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• 2011

Land-use changes have made considerable impacts on humans and nature such as biodiversity and ecosystem services. It is recognized as important elements for land use planning and regional natural resources conservation to identify the major causes of land use changes and to predict a process of changes and effects. This study, by using a spatially explicit Dyna-CLUE model, analyzed correlations between driving factors, quantified location characteristics of different land use types using logistic regression analysis and examined future land use changes and its effects in Yangpyeong and Yeoju region. We expected land use changes based on the three scenarios with different future land demands and simulated future changes for spatial variations of land use for the 20 years. The outcomes shows that larger change was found in agricultural areas than forest areas, based on the change in built-up areas. The changes in forest areas, which were mainly occurred in edge area, were expected to affect a large impact on its ecotone. It was found to be the importance of the management of forest edge and the necessity of the environmentally sound and sustainable development in order to conserve natural resources of the region.