• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.551-562
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• 2021

Strategic management of universities is crucial for the regional competitiveness due to the high impact of universities on the economic growth of regions through entrepreneurial training and support. The study aimed to investigate the HEInnovate self-assessment tool, valuable in building entrepreneurship-oriented strategy, by considering the case of Turan University. The tool can be used to study entrepreneurial capabilities of the university and make strong management decisions. The self-assessment allows getting feedback from all stakeholders, including external ones, which helps to make institutional changes to influence the regional economic growth. The framework of the research is based on the theories of strategic management and regional competitiveness, which can be deployed with the HEInnovate self-assessment recommendations and findings. The research methodology comprises objective and functional approaches to system analysis. HEInnovate self-assessment by Turan university revealed some weaknesses in the university strategy and helped make some recommendations, namely, the university's entrepreneurial ecosystem must act as part of a regional business support ecosystem to provide input into local economic development, attract more international faculty and faculty with more practical experience, create an entrepreneurial culture across staff of the university, address a lack of internal structures to support staff, and improve university-business cooperation.

• The Journal of the Convergence on Culture Technology
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• v.9 no.5
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• pp.549-555
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• 2023

The main point related to the entrepreneurial ecosystem is that in an environment where a good entrepreneurial ecosystem has been established, startup companies can generate good results. From this perspective, this study examined the perception of entrepreneurs regarding the entrepreneurial ecosystem in the Daegu by conducting an analysis of importance and satisfaction towards the Daegu entrepreneurial ecosystem, using the results of the Innovation Entrepreneurial Ecosystem Establishment and Operation Project of the Daegu Creative Economy Innovation Center, which is a key member of the entrepreneurial ecosystem. The analysis results showed that the importance and satisfaction of the entrepreneurial infrastructure were classified as high, while the importance and satisfaction of finance (investment and support) and securing human resources were shown to be low. Based on the results of this study, we confirmed the perception of entrepreneurs regarding the entrepreneurial ecosystem in Daegu and provided implications for improving the regional entrepreneurial ecosystem and policy directions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.1-15
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• 2020

As the entrepreneurial ecosystem turns out to be a leading factor in improving nation's entrepreneurship, many studies are underway in the country to develop the start-up ecosystem. Although the entrepreneurial ecosystem is receiving attention as an essential factor for the nation's economic growth as well as entrepreneurship due to its inter-relationship with start-ups, government agencies and investors, criticism of measurement indicators has been increasing due to the different institutional and political contexts of each country, including the various definition of start-up ecosystem. In this study, we develop indicators that are suitable for domestic conditions in Korea and that can measure the level of start-up ecosystems in each regional level. FGI and Delphi surveys by scholarly experts in each field of start-ups & entrepreneurship were conducted to verify how well existing indicators fit the domestic situation and to develop indicators that can measure the local entrepreneurial ecosystem in Korea through close examination. As a result, the local entrepreneurial ecosystem consisted of three to four sub-components and 38 sub-components, each consisting of seven indicators, including Policy, Investment, Culture, Market, Human Capital, Support and Knowledge. It is expected that this research will be used to diagnose local start-up ecosystems and to propose discriminatory policies that can complement regional strengths and weaknesses.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.661-670
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• 2020

This paper investigates the influence of the economic integration exemplified by the Eurasian Economic Union on the entrepreneurial ecosystem in the Kazakhstan corporate sector. Using data collected from 204 small-, medium-, and large-sized Kazakh companies, the researchers analyzed the collected data with percentile. Findings of this study show that small- and medium-sized enterprises, especially in the tertiary sector of the Kazakh economy, are not that much affected by regional integration, whereas large firms have been significantly impacted. The originality of the paper is threefold. First, the research explores the entrepreneurial ecosystems in its focus on geographic location or digital technologies that came across mainly from the ICT space. This is becoming pervasive across mechanical systems, communications, infrastructure, and the built-up environment. Second, the originality of the paper lies in focusing on the entrepreneurial ecosystems' influence on the business processes by clearly understanding the regional, national, and international trends in different markets. Third, the paper is first of its kind to contribute an updated perspective on the entrepreneurial ecosystem's influence on economic integration to the policymakers of Kazakhstan. Policymakers will gain expertise on how to manage network effects while planning investment projects, as well as transactions, modes, and fixed nodes, acquisition, and greenfield investments.

• Journal of the Economic Geographical Society of Korea
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• v.25 no.1
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• pp.1-22
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• 2022

The purpose of this study is to analyze key concepts of Entrepreneurial Ecosystems and to suggest implications for economic geographical studies. The definition and concept of entrepreneurship as well as changes of its research trends were examined. By combining entrepreneurship and geography, Entrepreneurial Ecosystems, which have recently emerged as important concepts and theories, were examined with the focus on the key concepts such as 'actors and factors', 'productive' and 'territory'. It is important that the individual, organizational and institutional components such as entrepreneurs, start-ups, existing companies, institutions and cultural elements are interconnected to build communities through 'entrepreneurial recycling'. Entrepreneurial Ecosystems support to create innovative high-growth start-ups based on entrepreneurial culture in the local region. Despite conceptual limitations, theoretical and empirical analyses should be conducted from economic geographical perspectives in order to reveal the geographical and spatial processes of productive entrepreneurship and to suggest policy implications for region-based start-up ecosystems.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.5
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• pp.261-275
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• 2024

In response to increasing economic uncertainty and the challenges posed by low birth rates and an aging population, the rapid growth of startups has become a crucial strategy for fostering economic development. In 2023, the Korean government introduced the "Startup Korea" initiative, aiming to attract top talent and capital into the domestic startup ecosystem and shift away from traditional government subsidies toward encouraging private capital investment. However, current national startup policies are limited by their concentration on the capital region and specific industries, raising concerns about the need for more regionally-tailored and sustainable policy approaches. This study seeks to analyze both national and regional entrepreneurial ecosystems, with a specific focus on Seoul, to propose long-term strategies for developing a sustainable and globally competitive entrepreneurial environment. Utilizing the Evidence-Informed Policy Making (EIP) framework, the study first conducted a literature review to analyze national startup policies, Seoul's policies, and the Startup Genome global ecosystem report. Following this, expert interviews and Delphi surveys were conducted with key stakeholders to gather comprehensive evidence. The data was then analyzed to identify key policy areas aligned with the entrepreneurial ecosystem's core components. Finally, policy recommendations were tailored to align with Seoul's unique vision and characteristics, offering sustainable growth strategies for the regional startup ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.47-65
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• 2020

With the era of the Fourth Industrial Revolution in sight, innovative business models utilizing new technologies are emerging, and startups are enjoying an abundance of opportunities based on the agility to respond to disruptive innovations and the opening to new technologies. However, what is most important in creating a sustainable start-up ecosystem is not the start-up itself, but the process of research-start-investment-investment-the leap to listing and big business-in order to build a virtuous circle of startups that leads to re-investment. To this end, the environment created in the hub area where start-ups were conducted is important, and these material and non-material environmental factors are described as being inclusive by the word "entrepreneurial ecosystem." This study aims to provide implications for Korea's entrepreneurial ecosystem through the study of the interaction of the elements that make up the start-up ecosystem and the relationship of ecosystem participants in Singapore. Singapore has been consistently mentioned as the top two Asian countries in assessing the start-up environment and business environment. In this process, six elements of the entrepreneurial ecosystem presented by Isenberg(2010)-policies, finance, culture, support, human resources, and market-are the best frameworks for analyzing entrepreneurial ecosystems in terms of well encompassing prior studies related to entrepreneurial ecosystem elements, and a model of regional transformation is formed focusing on some elements to suit Singapore, the target area of study. By considering that Singapore's political nature would inevitably have a huge impact on finance, Smart Nation policy was having an impact on university education related to entrepreneurship, and that the entrepreneurial networks and global connectivity formed within Singapore's start-up infrastructure had a significant impact on Singapore's start-up's performance, researches needed to look more at the factors of policy, culture and market. In addition, qualitative research of participants in the entrepreneurial ecosystem was essential to understand the internal interaction of the elements of the start-up ecosystem, so the semi-structured survey was conducted by visiting the site. As such, this study examined the status of the local entrepreneurial ecosystem based on qualitative research focused on policies, culture and market elements of Singapore's start-up ecosystem, and intended to provide implications for regulations related to start-ups, the role of universities and start-up infrastructure through comparison with Korea. This could contribute not only to the future research of the start-up ecosystem, but also to the creation of a start-up infrastructure, boosting the start-up ecosystem, and the establishment of the orientation of the start-up education in universities.

• Asian Journal of Innovation and Policy
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• v.7 no.1
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• pp.9-29
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• 2018

Japan's manufacturing is mostly dependent on the automotive industry in Toyota-Kariya cities. However, the nearby city of Hamamatsu is the home of a start-up ecosystem known as Japan's Silicon Valley. How is it possible to evaluate the innovative potential of each regional industry? What kind of guidelines exist for continuing R&D investment when companies' net incomes are negative in the face of the 'Valley-of-Death' or financial crisis? Is it possible to measure the regional resilience ability in the context of the financial crisis? Entrepreneurial innovation is defined as a real-option portfolio consisting of investment decision to commercialize R&D findings. The subcontractor system implies a vertical and tight industrial group. However, a start-up ecosystem means a platform for horizontal and flexible partnership. In this research, the data include the financial indices of each of 18 public companies in both regions between FY2009 and FY2017. The objective of this paper is to clarify the call option or resilience function of equity for R&D investment in the context of the financial crisis in both regions by using Bayesian MCMC analysis.

• Korean small business review
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• v.42 no.4
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• pp.69-102
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• 2020

Shedding new light on the research trend on entrepreneurial ecosystems in the 40-year history of the Asia Pacific Journal of Small Business, this study aims at exploring a potential measurement framework of ecological inputs and outputs in an entrepreneurial ecosystem that promotes entrepreneurship at geographical and spatial levels. As a result of the analysis of research on the entrepreneurial ecosystem in the journal, we found that prior studies emphasized the managerial importance of various ecological factors on the premise of possible causalities between the factors and entrepreneurship. However, empirical research to verify the premised causality has been underexplored yet. This literature gap may lead to unbalanced development of conceptual and case studies that identify requirements for successful entrepreneurial ecosystems based on experiential facts, thereby hindering the generalization of the research results for practical implications. In that there is a growing interest in creating and operating productive entrepreneurial ecosystems as an innovation engine that drives national and regional economic growth, it is necessary to explore and develop the measurement framework for ecological factors that can be used in future empirical research. Hereupon, we apply a conceptual model of 'input-output-outcome-impact' to categorize individual environmental factors identified in prior studies. Based on the model. We operationalize ecological input factors as the financial, intellectual, institutional, and social capitals, and ecological output factors as the establishment-based, innovation-based, and performance-based entrepreneurship. Also, we propose several longitudinal databases that future empirical research can use in analyzing the potential causality between the ecological input and output factors. The proposed framework of entrepreneurial ecosystems, which focuses on measuring ecological input and output factors, has a high application value for future research that analyzes the causality.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.4
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• pp.782-798
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• 2016

This paper discusses the European Union's smart specialization strategy and US manufacturing renaissance policy and then proposes new directions for regional industrial policy in Korea. The smart specialization strategy is summarized as the entrepreneurial self-discovery and strategic coordination; the manufacturing renaissance policy as the construction of industrial commons based on ecosystem; and Korea's regional industrial policy as the build-up of regional innovation system based upon industrial clusters. The policy cases of the EU and the United States demonstrate the fact that regional industrial policy should be geographically embedded. Also, they show the relevance of policy mix by linking industrial policy with innovation policy for cross-fertilization between different industry and technology. In addition, the state plays a role as a coordinator and mediator by embedding the democratic discipline into industrial ecosystems. Considering these points, regional industrial policy should be transformed into a platform system that can facilitate linkage between industry and technology.