• 중소기업연구
• /
• 제39권2호
• /
• pp.19-35
• /
• 2017

중소기업의 성장을 위해서는 자원의 획득과 활용이 매우 중요하다. 본 연구에서는 자원기반관점(RBV)을 기반으로 하여 중소기업에 대한 투자, 특히 벤처캐피탈을 중심으로 한 투자와 기업의 성과 간의 관계를 규명하고자 한다. 본 연구를 통해 벤처캐피탈이 투자한 기업과 그렇지 않은 기업이 성과의 차이를 나타낸다는 것을 확인하였다. 특히 투자한 벤처캐피탈의 수가 기업의 성과에 유의한 영향을 미친다는 것을 나타낸다. 흥미로운 것은, 벤처캐피탈이 아닌 상대에게서 받은 투자자수는 기업의 성과에 유의한 영향을 미치지 못하는 것으로 나타났다는 점이다. 본 연구는 중소기업이 제한된 자원 하에서 성장을 이루기 위해서는 다양한 벤처캐피탈로부터 투자를 받는 것이 바람직하다는 점을 시사한다.

• 아태비즈니스연구
• /
• 제15권1호
• /
• pp.179-192
• /
• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• STI Policy Review
• /
• 제5권1호
• /
• pp.75-97
• /
• 2014

Entrepreneurial financing, such as publicly initiated venture capital or grant schemes, serves as an important policy instrument that aims to bridge the financing gap facing young, innovative businesses, a gap that is mainly due to higher risk and growing uncertainty, and to strategically promote the creation of new ventures through the revitalization of their venture capital industries. This study examines public venture capital initiatives in Australia, Canada, and Sweden, and discovered that all three countries actively foster their venture capital industry through the formation of funds or the provision of tax incentives. It is notable that the majority of financing initiatives heavily depend on supply-side measures rather than demand-driven policies that focus on stimulating private investment in technological innovations and discoveries. This paper discusses in-depth the policy impact of public financing initiatives and their subsequent side-effects raised in the process such as overlapping in funding structure across the country, lack of monitoring and evaluation for feedback, fragmentation across the government ministries and agencies, and competition with the private sector, which may cause inefficiency as a result of public intervention. Financial constraints may arise for many reasons, partly resulting from the lack of investment readiness of young entrepreneurs. This signals a policy shift towards the creation of market-driven demand away from the traditional supply-push approach, and is a grand challenge to policymakers in entrepreneurial financing. Attention is leaning towards the efficiency and effectiveness of these public-financing initiatives in terms of their policy roles. It is worth noting that policy should focus on generating synergy so available resources can be channeled into the early, risky stage of new ventures, working as facilitator to the achievement of an intended policy goal.

• World Technopolis Review
• /
• 제7권1호
• /
• pp.15-43
• /
• 2018

The lack of appropriate performance appraisal and evaluation of incubatees of technology incubation programmes in relation to entrepreneurship development in Nigeria is a major gap that needs to be bridged. This study examined the effect of selected technology incubation programme variables such as training, financing and marketing on entrepreneurship development in Nigeria. A closed-ended questionnaire was used for data collection from the quota-sampled population of the six (6) geo-political zones of Nigeria. Descriptive statistics were used to analyse the data while multiple regression was used to test the hypotheses. The results revealed that technology incubation training has a significant effect on entrepreneurial ability in Nigeria; there is a significant and positive effect of technology incubation financing on entrepreneurial funding portfolio; there is no significant impact of technology incubation marketing programme on entrepreneurial turnover; and technology incubation has no significant impact on entrepreneurial propensity. The study recommended that the National Board for Technology Incubation (NBTI) expand the training modules to capture pre, post and virtual incubatees; to facilitate access to risk funds, cheap capital and encourage establishment of venture capital; to improve on its marketing programme to encompass all marketing needs of incubatees beyond trade-fair participation. However, trade-fairs participation has a significant but limited effect on entrepreneurial turnover, while a technology incubation programme has no significant impact on entrepreneurial propensity, as only six (6) out of the twenty-nine (29) respondents started new venture from the incubation centers which are industrial training students and staff of the incubatees.

• 벤처창업연구
• /
• 제13권3호
• /
• pp.13-36
• /
• 2018

고령사회 진입과 재취업 환경의 어려움 속에서 개인의 경제적 문제 등을 해결하고자 대안으로 시니어창업이 증가하고 있다. 하지만 창업 이후 생존율은 매우 낮은 상황이다. 본 연구는 시니어의 창업역량이 창업의지에 미치는 영향에 관한 실증연구로서, 창업역량인 경험, 자금조달역량, 마케팅역량, 그리고 사회적지지와 창업의지의 관계를 분석하였다. 이를 위하여 시니어 중 잠재적창업자를 대상으로 설문조사를 하였으며, 총 433부의 자료를 사용하였다. 연구결과는 다음과 같다. 첫째, 창업역량이 높을수록, 즉 개인의 경험, 자금조달역량, 마케팅역량이 높을수록 창업의지가 높은 것으로 나타났으며, 둘째, 사회적지지는 창업역량과 창업의지 간 유의미한 영향관계를 확인할 수 없었다. 본 연구결과를 토대로 다음과 같은 시사점을 도출하였다. 성공적인 시니어창업을 위해서는 창업역량을 강화하여 창업이 이루어지도록 하여야 하고, 이러한 창업역량을 함양할 수 있도록 그에 따른 창업교육이 더욱 광범위하게 필요하다는 것이다.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권12호
• /
• pp.465-474
• /
• 2020

This study investigates how financial resources and entrepreneurial orientation (EO) may influence the performance of small- and medium-sized enterprises (SMEs) in the United Arab Emirates (UAE). Twenty-seven interviews were conducted and evaluated using the method of GABEK® (A GAnzheitliche BEwältigung von Komplexität - holistic processing of complexity). The research demonstrated that access to financial resources has significantly mediated EO's effect on the SMEs' performance. The study found that financial autonomy, enhanced through both personal financing and availability of external finance sources, plays a central role in supporting the EO dimension of autonomy and enhancing the SMEs' performance. In particular, the other EO dimension of risk-taking is stymied by lack of funds with which to take commercial and market opportunities. However, when an innovation strategy is pursued and adopted, access to finance can be facilitated, either through financial institutions or through other governmental funding programs attracting high potential innovators. Furthermore, financial barriers, difficulties accessing bank financing, and legal issues have a detrimental impact on SMEs' growth. The study has implications for policy-makers in the UAE, specifically in terms of sending a signal for lending institutions to consider strategies that provide access to affordable financial services to satisfy SMEs' needs.

• 벤처창업연구
• /
• 제14권4호
• /
• pp.63-73
• /
• 2019

최근 청년창업자 및 시니어창업자들의 창업에 대한 관심이 높아지면서, 국내 창업률은 점차적으로 증가하고 있다. 그러나 창업기업의 생존율은 낮아 창업성과가 미비하다. 이에 본 연구에서는 창업성과를 높이기 위한 방안을 찾고자 창업의지가 창업역량요인의 경험역량, 자금조달역량, 마케팅역량 및 차별화경쟁우위를 통해 재무성과 및 비재무성과에 어떠한 영향을 미치는지에 대하여 실증분석하였다. 이를 위해 2019년 1월 21일부터 2월 1일까지 포항지역의 창업가 200명을 대상으로 실시한 설문조사 결과를 가설검증에 활용하였다. 연구결과를 요약하면 다음과 같다. 첫째, 창업의지는 경험역량, 자금조달역량, 마케팅역량에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 경험역량, 마케팅역량은 차별화경쟁우위에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 반면에 자금역량은 차별화경쟁우위에 유의한 영향을 미치지 않는 것으로 나타났는데, 이는 설문대상자의 대부분이 신규사업자라는 분석대상자의 특성이 반영된 결과로 판단된다. 셋째, 차별화경쟁우위는 재무성과, 비재무성과에 정(+)의 영향을 미치는 것으로 나타났다. 결론적으로 본 연구에서는 성공적인 창업성과를 위해서는 창업자의 창업의지 및 창업역량의 자금조달역량, 마케팅역량을 통해 차별화경쟁우위를 확보할 수 있다는 이론적 근거를 제시하고 있으며, 차별화경쟁우위와 창업의 재무성과 및 비재무성과 간에 유의적 관계가 있음을 밝혔다. 또한 창업자의 강한 의지를 바탕으로 새로운 아이디어를 창출하려는 노력을 기울이고, 자금투자 및 마케팅활동을 강화하여, 차별화된 경쟁우위를 확보하려는 지속적인 노력이 경영성과를 위해 필요하다는 중요한 의미를 창업자 및 경영실무자에게 제시하고 있다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.637-643
• /
• 2021

The study examines the influence of the five pillars of inclusive financing on the empowerment of micro-, small- and medium-sized enterprises (MSMEs) and the influence of institutional conditions on the empowerment of MSMEs. This study uses primary and secondary data. The population of the study are MSMEs; the is a total of 930,620 MSMEs in Jakarta. Owners of micro-, small- and medium-sized enterprises is a good population to be measured because they are the main actors that know exactly the challenges and the obstacles in doing business addressing problems faced in inclusive financing, which is related to the purpose of the study. The research borrows from finance and entrepreneurial theories for model design. The results of the study show that all the variables are significant and positive in the efforts to finance MSMEs in Indonesia, which means that financial education plays an important role in the sustainability of financial inclusion. The financial theory, developed to explain financing at the company level, needs to be adapted to the entrepreneurial situation, so that it can explain the behavior of small businesses. This means that, with correct financial knowledge, financial inclusion plays an important role in the sustainability of MSMEs in Indonesia.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.1093-1106
• /
• 2020

The role of the social environment for any activity is crucial as it prompts new ideas and plays a role of lever for entrepreneurial longevity and creating value through social wellbeing. The lack of entrepreneurship related knowledge in Pakistan has taken the challenge of lesser entrepreneurial activity as compared to other counterpart Asian countries and ranked 138 out of 189 countries on the level of ease of doing business. The study aims to investigate the social environment as a mediator among idea generation, business creation, financing decision and entrepreneurial activity by utilizing quantitative approach. In order to achieve the objective, a total of thirty eight items scale was self-administered for data collection. A non-probability, snowball sampling technique was employed and assembled a total of 300 complete responses through online and paper based surveys as per information provided by the chamber of commerce of three regions namely; Sukkur, Hyderabad and Karachi Sindh, Pakistan. The data analysis result strongly supported the main research question as the entrepreneurial activity increased up to 43.8% after applying social environment as a mediator. This research can help to enhance entrepreneurial activities in Pakistan by creating awareness to support entrepreneurs at social level for entrepreneurship.

• 한국경제지리학회지
• /
• 제14권3호
• /
• pp.263-285
• /
• 2011

신자유주의화 과정이 우리 사회 전반에 영향을 미치고 있음에도 불구하고, 신자유주의적 도시화와 이를 추동하는 도시 전략, 즉 기업주의 도시 프로젝트에 대한 관심이 매우 부족하다. 본 연구는 기업주의 도시의 개념을 매개로 신자유주의화 과정과 최근 도시화 및 도시 정책들의 특성 간 관련성을 이해하고, 우리나라에서 이와 관련된 주요 사례들을 분석하고자 한다. 기업주의 도시는 신자유주의화 과정을 특징지우는 민영화와 상품화, 금융화, 국가의 재분배, 위기의 관리 조작에 조응하여 재개념화될 수 있으며, 특히 2가지 주요 특징으로 '창조적 파괴' 와 '기업주의적 거버넌스'를 지적할 수 있다. 우리나라에서 이러한 기업주의 도시 프로젝트의 사례로 수도권의 주택 및 토지 가격 변동성과 이를 촉발했던 도시재개발(특히 뉴타운)사업, 인천 등에서 진행되고 있는 경제자유구역 건설 사업, 대구를 포함하여 전국적으로 프로젝트 파이낸싱에 의존한 민자투자 사회간접시설 건설 사업, 그리고 도시의 이미지를 제고시킬 뿐만 아니라 암묵적으로 이를 통해 역외 자본의 투입을 촉진하고자 하는 부산과 광주의 비엔날레와 같은 도시 문화판촉 사업 등이 분석되었다.