• Journal of Technology Innovation
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• v.24 no.1
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• pp.143-167
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• 2016

The purpose of this study is to analyze changes of innovation activities and their performance in pre-IPO and post-IPO of KOSDAQ IPO listed companies in medical and pharmaceutical fields, which require high R&D investment, from 2000 to 2005 in Korea. The innovation efficiencies of the IPO companies were measured before and after three years based on the DEA model. The financial data and patent information of the listed company during total 6 years, which were 3 years before IPO and 3 years after IPO, were collected. The main results of this research are as follows. First, it took an average 12.86 years until IPO in the start-up of the IPO companies in the pharmaceutical sector, and innovation was on average more active than the IPO before. R&D investment was higher than the IPO before, and the number of the applied patent during 3 years after IPO was 16.67 which was increased from 8.43 during 3 years before IPO. In addition, the average scope of technology of the IPO companies was expanded from 11 to 22 technology fields during previous 3 year and after 3 year each, and financial growth after IPO was lower than the previous IPO. Second, the financial performance of R&D investment and the performance of patent activity were weakened in the efficiency after the IPO, and the integrated performance from the patenting activities and the R&D investment was decreased after the IPO. Finally, the efficiency of the financial performance of the patenting activity was lower than the efficiency of the financial performance of the patent and R&D investment and patent activities under the R&D investment. In particular, the inefficiency of the firms' patenting activities performance after the IPO was caused by the decreasing return to scale, according to the results of this study. This results implicate that the expansion of R&D investments through the IPO had not lead to the financial performance of the market, and that the overall inefficiency since the IPO is due to the inefficiencies at the stage for the outcome of innovation activity rather than the output obtained through the R&D investments that appear to lead the performance of the market.

• Proceedings of the Plant Resources Society of Korea Conference
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• 2018.10a
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• pp.26-27
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• 2018

With entry into force of the Nagoya Protocol to promote the fair sharing of the benefits of accessing and utilizing genetic resources, much support has been given to research on the development of biomaterials and products using domestic natural resources. Conservation and resource-saving of native species became very important through Nagoya Protocol enactment. The trend of cosmetic industry has been shifing from use synthetic chemicals to natural biomaterials, due to the safety regulations on new materials, ban on animal experiments, and expansion of cosmeceuticals range. In addition, functional cosmetic range has been expanded from whitening, wrinkle improvement, and ultraviolet shielding, to hair loss, hair loss alleviation, acne relaxation, and moisturizing of atopic skin, thus causing the activation of research about field of efficacy evaluation on natural biomaterials and commercialization. Chungbuk province is fostering the bio industry as a key industry for regional economic growth. For this purpose, Osong Biotechnology Complex/Ochang Science Industrial Complex in middle area, Jecheon biovalley in northern region, and Chungju Enterprise city have been established, thus playing a pivotal role in Bio innovative cluster in Korea. In particular, it was established the osong cosmetics clinical research support center to develop the cosmetics industry in chungbuk, thereby supporting clinical trials, efficacy evaluations, overseas certification, and overseas market entry in order to advance into the global market. In addition, oriental plants such as astragalus propinquus, schisandra chinensis, eucommia, alpiniae oxyphyllae fructus and biancaea sappan are being actively studied as global cosmetic ingredients through the promotion of various national research and development projects using natural materials in chungbuk province. The chungbuk natural product industry is expected to grow further throughout cosmetics industry development in the future, as companies and research institutes are actively promoting the secure index of effective material in natural products and effective material commercialization.

• Journal of Global Scholars of Marketing Science
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• v.20 no.2
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• pp.173-178
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• 2010

A privately held, third generation family owned company, Boom Technologies, Inc. (BTI), a provider of products and services to the electric utility, telecommunications and contractor markets, continues to make progress in exporting. Although export sales only equaled 5% of total revenue in 2008, BTI has an entire export division. Their export division's Managing Director reveals the trial and errors of a privately held company and their quest for success overseas. From its inception, BTI has always believed its greatest asset is its employees. When export sales struggled due to lack of strategy and direction, BTI hired a Managing Director for its export division. With leadership and guidance from BTI's president and from the Managing Director, they utilized the department's skills and knowledge. Structural changes were made to expand their market presence abroad and increase export sales. As a result, export sales increased four-fold, area managers in new countries were added and distribution networks were successfully cultivated. At times, revenue generation was difficult to determine due to the structure of the company. Therefore, in 1996, the export division was restructured as a limited liability company. This allowed the company to improve the tracking of revenue and expenses. Originally, 80% of BTI's export sales came from two countries; therefore, the initial approach to selling overseas was not reaching their anticipated goals of expanding their foreign market presence. However, changes were made and now the company manages the details of selling to over 80 countries. There were three major export expansion challenges noted by the Managing Director: 1. Product and Shipping - The major obstacle for BTI was product assembly. Originally, the majority of the product was assembled in the United States, which increased shipping and packaging costs. With so many parts specified in the order, many times the order would arrive with parts missing. The missing parts could equate to tens of thousands of dollars. Shipping these missing parts separately in another shipment also cost tens of thousands of dollar, plus a delivery delay time of six to eight weeks; all of which came out of the BTI's pockets. 2. Product Adaptation - Safety and product standards varied widely for each of the 80 countries to which BTI exported. Weights, special licenses, product specification requirements, measurement systems, and truck stability can all differ from country to country and can serve as a type of barrier to entry, making it difficult to adapt products accordingly. Technical and safety standards are barriers that serve as a type of protection for the local industry and can stand in the way of successfully pursuing foreign markets. 3. Marketing Challenges - The importance of distribution creates many challenges for BTI as they attempt to determine how each country prefers to operate with regard to their distribution systems. Some countries have competition from a small competitor that only produces one competing product; whereas BTI manufactures over 100 products. Marketing material is another concern for BTI as they attempt to push marketing costs to the distributors. Adapting the marketing material can be costly in terms of translation and cultural differences. In addition, the size of paper in the United States differs from those in some countries, causing many problems when attempting to copy the same layout and With distribution being one of several challenges for BTI, the company claims their distribution network is one of their competitive advantages, as the location and names of their distributors are not revealed. In addition, BTI rotates two offerings yearly: training to their distributors one year and then the next is a distributor's meeting. With a focus on product and shipping, product adaptation, and marketing challenges, the intricacies of selling overseas takes time and patience. Another competitive advantage noted is BTI's cradle to grave strategy, where they follow the product from sale to its final resting place, whether the truck is leased or purchased new or used. They also offer service and maintenance plans with a detailed cost analysis provided to the company prior to purchasing or leasing the product. Expanding abroad will always create challenges for a company. As the Managing Director stated, "If you don't have patience (in the export business), you better do something else." Knowing how to adapt quickly provides BTI with the skills necessary to adjust to the changing needs of each country and its own unique challenges, allowing them to remain competitive.

• Journal of the Korean Association of Geographic Information Studies
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• v.21 no.3
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• pp.176-188
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• 2018

Modern urban problems are increasingly becoming a market mix that can not be solved by the power of a single department and the necessity of establishing a cooperation system based on data communication between departments is increasing. Therefore, this study analyzed Busan metropolitan city's IT projects from 2014 to 2018 in order to understand the utilization and sharing status of departmental data from the viewpoint that cooperation between departments can start from the sharing of data with high common utilization. In addition, based on the results of the FGI(Focus Group Interview) conducted for the officials of the department responsible for the informatization project, we verified the results of data status analysis. At the same time, we figured out the necessity of data link between departments through SNA(Social Network Analysis) and presented data that should be shared first in the future. As a result, most of the information systems currently use limited data only within the department that produced the data. Most of the linked data was concentrated in the information department. Therefore, this study suggested the following solutions. First, in order to prevent overlapping investments caused by the operation of individual departments and share information, it is necessary to build a small platform to tie the departments, which have high connectivity with each other, into small blocks. Second, a local level process is needed to develop data standards as an extension of national standards in order to expand the information to be used in various fields. Third, as another solution, we proposed a system that can integrate various types of information based on address and location information through application of cloud-based GIS platform. The results of this study are expected to contribute to build a cooperation system between departments through expansion of information sharing with cost reduction.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.5
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• pp.29-43
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• 2016

The Lean Startup, a methodology for minimizing failure rate of startups, has been receiving attention since its publication in 2011. Although it has been receiving enormous attention as an effective methodology of startups' growth and the emergence of unicorn companies, it is undeniable that the theoretical research and cases on this topic have not been fully accumulated in Korea. Progress of management theory has been made when combining the theory and case studies. In this paper, we thus excavated the 'Cardoc' case, which has applied the lean startup concept to the entire process of service and customer development from the inception of its product design. The following are the findings of the case. First, for the successful application of lean startup, it is essential that all team members to understand the lean startup concept and are willing to apply it thoroughly to the business management. Second, the prompt launching of MVP(Minimum Viable Product) is more important than table discussion. Third, it is crucial to select the appropriate key metrics and analytic tools for effective learning. Fourth, startup must scale up promptly as soon as it verifies the product-market fit through the BML(Build-Measure-Learn) iteration cycle. Fifth, all new business expansion should be lean. Cardoc is currently testing new MVPs in order to move onto the next scale-up process with huge investments in newly added segments. This study is meaningful in that it elaborates the representative case of a Korean startup that has applied the lean startup strategy under the circumstance of insufficient discussion of Korean startup cases in comparison with growing attention both in concept development and case accumulation abroad. We hope that this paper can be a stepping stone for future relevant research on the implementation of lean startup methodology in Korea.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2017.05a
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• pp.463-466
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• 2017

The purpose of this paper is to develop a module capable of all-directional driving different from conventional wheeled robots, and to solve the problems of the conventional mobile robot with side driving performance degradation, It is possible to overcome the disadvantages such as an increase in the time required for the unnecessary driving. The all - direction spherical wheel drive module for driving a ball - balancing robot is required to develop a power transfer mechanism and a driving algorithm for driving the robot in all directions using three rotor casters. 3DoF (Axis) A driver with built-in forward motion algorithm is embedded in the module and a driving motor module with 3DoF (axis) for driving direction and speed is installed. The movement mechanism depends on the sum of the rotation vectors of the respective driving wheels. It is possible to create various movement directions depending on the rotation and the vector sum of two or three drive wheels. It is possible to move in different directions according to the rotation vector field of each driving wheel. When a more innovative all-round spherical wheel drive module for forward movement is developed, it can be used in the driving part of the mobile robot to improve the performance of the robot more technically, and through the forward-direction robot platform with the drive module Conventional wheeled robots can overcome the disadvantage that the continuous straightening performance is lowered due to resistance to various environments. Therefore, it is necessary to use a full-direction driving function as well as a cleaning robot and a mobile robot applicable in the Americas and Europe It will be an essential technology for guide robots, boarding robots, mobile means, etc., and will contribute to the expansion of the intelligent service robot market and future automobile market.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.225-270
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• 2008

We analyze macroeconomic consequences of pay-as-you-go (PAYGO) public pension system with a simple overlapping generations model. Contrary to large body of existing literatures offering quantitative results based on simulation study, we take another route by adopting a highly simplified framework in search of qualitatively tractable analytical results. The main contribution of our results lies in providing a sound theoretical foundation that can be utilized in interpreting various quantitative results offered by simulation studies of large scale general equilibrium models. We present a simple overlapping generations model with a defined benefit(DB) PAYGO public pension system as a benchmark case and derive an analytical equilibrium solution utilizing graphical illustration. We also discuss the modifications of the benchmark model required to encompass a defined contribution(DC) public pension system into the basic framework. Comparative statics analysis provides three important implications; First, introduction and expansion of the PAYGO public pension, DB or DC, result in lower level of capital accumulation and higher expected rate of return on the risky asset. Second, it is shown that the progress of population aging is accompanied by lower capital stock due to decrease in both demand and supply of risky asset. Moreover, risk premium for risky asset increases(decreases) as the speed of population aging accelerates(decelerates) so that the possibility of so-called "the great meltdown" of asset market cannot be excluded although the odds are not high. Third, it is most likely that the switch from DB PAYGO to DC PAYGO would result in lower capital stock and higher expected return on the risky asset mainly due to the fact that the young generation regards DC PAYGO pension as another risky asset competing against the risky asset traded in the market. This theoretical prediction coincides with one of the firmly established propositions in empirical literature that the currently dominant form of public pension system has the tendency to crowd out private capital accumulation.

• Journal of Legislation Research
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• no.41
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• pp.229-260
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• 2011

European Union (EU) law has been a complex but at the same time fascinating subject of study due to its dynamic evolution. In particular, the Lisbon Treaty which entered into force in December 2009 represents the culmination of a decade of attempts at Treaty reform and harmonisation in diverse sectors. Amongst the EU private law fields, company law harmonisation has been one of the hotly debated issues with regards to the freedom of establishment in the internal market. Due to the significant differences between national provisions on company law, it seemed somewhat difficult to harmonise company law. However, Council Regulation 2157/2001 was legislated in 2001 and now provides the basis for the Statute for a European Company (or Societas Europaea: SE). The Statute is also supplemented by the Council Directive 2001/86 on the involvement of employees. The SE Statute is a legal measure in order to contribute to the internal market, and provides a choice for companies that wish to merge, create a joint subsidiary or convert a subsidiary into an SE. Through this option, the SE became a corporate form which is only available to existing companies incorporated in different Member States in the EU. The important question on the meaning of the SE Statute is whether the distinctive characteristics of the SE make it an attractive option to ensure significant numbers of SE registration. In fact, the outcome that has been made through the SE Statute is an example of regulatory competition. The traditional regulatory competition in the freedom of establishment has been the one between national statutes between Member States. However, this time is not a competition between Member States, which means that the Union has joined the area in competition between legal orders and is now in competition with the systems of company law of the Member States.Key Words : European Union, EU Company Law, Societas Europaea, SE Statute, One-tier System, Two-tier System, Race to the Bottom A quite number of scholars expect that the number of SE will increase significantly. Of course, there is no evidence of regulatory competition that Korea faces currently. However, because of the increasing volume of international trade and expansion of regional economic bloc, it is necessary to consider the example of development of EU company law. Addition to the existing SE Statute, the EU Commission has also proposed a new corporate form, Societas Private Europaea (private limited liable company). All of this development in European company law will help firms make their best choice for company establishment. The Delaware-style development in the EU will foster the race to the bottom, thereby improving the contents of company law. To conclude, the study on the development of European company law becomes important to understand the evolution of company law and harmonisation efforts in the EU.

• Korean Journal of Labor Studies
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• v.24 no.2
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• pp.367-408
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• 2018

This study examines the features of globalization process in GM and Hyundai Motors, especially in the expansion into China auto market, through a joint venture(hereafter JV) research center. Due to the large scale market in China and the 50:50 JV, the two companies had to respond in some way to the Chinese government's request for localization of research and development functions, and their response affected the role of the JV research center. Even though the improvement in technological capability expected from the JV by the Chinese side did not appear well in the early stage in both JV, but relatively the Shanghai GM JV research center had a technological progress compared to the Beijing Hyundai JV research center. This paper explains the differences in the technical capabilities of the two JV research center, despite the same type of JV, as the difference between the status of the Chinese partner and the global strategy of the parent company. SAIC, a Chinese partner in Shanghai GM as a top-tier company, not only has been strongly demanding technology transfer from GM since the beginning of the JV, but has also made efforts to improve its own technical capabilities. Meanwhile, BAIC, a Chines partner in Beijing Hyundai as a mid-tier company, has not been strongly demanding technology transfer and lacked its own research base. Regarding the parent company's global strategy, although both companies controlled the core areas of research and development by their parent companies, GM actively considered using the Chinese RV to develop Chinese and emerging country vehicles. On the other hand, Hyundai Motors responded to the localization demand of the Chinese government while paying more attention to preventing technology leakage through its independent research center in China. The above discussion shows that the process of globalization of a company is a political process in which the global strategy of the parent company and the demands of the stakeholders surrounding the subsidiary are collided and compromised, rather than a process in which the harmony and cooperation between the parent company and its subsidiaries are smoothly achieved as the parent company's policies are unilaterally implemented.

• Journal of Intelligence and Information Systems
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• v.27 no.3
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• pp.199-230
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• 2021

Innovative new products and services are being launched through the convergence between heterogeneous industries, and social interest and investment in convergence industries such as AI, big data-based future cars, and robots are continuously increasing. However, in the process of commercialization of convergence new products and services, there are many cases where they do not conform to the existing regulatory and legal system, which causes many difficulties in companies launching their products and services into the market. In response to these industrial changes, the current government is promoting the improvement of existing regulatory mechanisms applied to the relevant industry along with the expansion of investment in new industries. This study, in these convergence industry trends, aimed to analysis the existing regulatory system that is an obstacle to market entry of innovative new products and services in order to preemptively predict regulatory issues that will arise in emerging industries. In addition, it was intended to establish a regulatory impact analysis system to evaluate adequacy and prepare improvement measures. The flow of this study is divided into three parts. In the first part, previous studies on regulatory impact analysis and evaluation systems are investigated. This was used as basic data for the development direction of the regulatory impact framework, indicators and items. In the second regulatory impact analysis framework development part, indicators and items are developed based on the previously investigated data, and these are applied to each stage of the framework. In the last part, a case study was presented to solve the regulatory issues faced by actual companies by applying the developed regulatory impact analysis framework. The case study included the autonomous/electric vehicle industry and the Internet of Things (IoT) industry, because it is one of the emerging industries that the Korean government is most interested in recently, and is judged to be most relevant to the realization of an intelligent information society. Specifically, the regulatory impact analysis framework proposed in this study consists of a total of five steps. The first step is to identify the industrial size of the target products and services, related policies, and regulatory issues. In the second stage, regulatory issues are discovered through review of regulatory improvement items for each stage of commercialization (planning, production, commercialization). In the next step, factors related to regulatory compliance costs are derived and costs incurred for existing regulatory compliance are calculated. In the fourth stage, an alternative is prepared by gathering opinions of the relevant industry and experts in the field, and the necessity, validity, and adequacy of the alternative are reviewed. Finally, in the final stage, the adopted alternatives are formulated so that they can be applied to the legislation, and the alternatives are reviewed by legal experts. The implications of this study are summarized as follows. From a theoretical point of view, it is meaningful in that it clearly presents a series of procedures for regulatory impact analysis as a framework. Although previous studies mainly discussed the importance and necessity of regulatory impact analysis, this study presented a systematic framework in consideration of the various factors required for regulatory impact analysis suggested by prior studies. From a practical point of view, this study has significance in that it was applied to actual regulatory issues based on the regulatory impact analysis framework proposed above. The results of this study show that proposals related to regulatory issues were submitted to government departments and finally the current law was revised, suggesting that the framework proposed in this study can be an effective way to resolve regulatory issues. It is expected that the regulatory impact analysis framework proposed in this study will be a meaningful guideline for technology policy researchers and policy makers in the future.