• Journal of Distribution Science
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• v.13 no.6
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• pp.71-78
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• 2015

Purpose - This study attempts to analyze whether or not there are characteristics among the top management of companies that promote corporate performance at venture companies. It investigates the characteristics of the human and social capital that are inherent in top management at a venture company and conducts an empirical analysis of hypotheses examining if these characteristics will affect utilization of the governmental R&D support system as well as affect the firm's initial success. Research design, data, and methodology - This study conducted theoretical and empirical research together to accomplish the goal of the study. The pilot study researched human capital and social capital as the independent variables; the governmental R&D support system as the parameter; and, the initial success as the dependent variable. The empirical study carried out research on the model, establishment of hypotheses, and the statistical treatment. A survey was conducted targeting top management of high-tech venture companies in Daedeok Innopolis; 500 questionnaires were distributed; and, 222 were collected. Results - The human and social capital inherent in top management at venture companies in the early stages of their existence become good evaluation data for those who are invested in similar resources. If top management includes strong human and social capital, access to external resources will be easier; these will have a positive influence on the selection of overnmental support systems; and, this proper support will also have a positive influence on the initial success of the venture company. The results revealed the following. First, it was found that when the educational level and functional background, (the top management human capital), are the output function, top management human capital had a significant influence on selection of governmental R&D support funds. Second, it was found that the internal social capital and external social capital, (the top management social capital), had a significant influence on selection of governmental R&D support tasks. Third, it was found that selection of the governmental R&D support tasks at the start of the venture company had a positive influence on the corporate financial performance such as sales, business profits, and the increase in workers; and, had a significant influence on nonfinancial performance such as market share, competitive position, product competitiveness, and the future product development. Conclusions - Selection of the governmental R&D support system is not recognized as part of the direct sales of a venture company in its early stages, but as it can reduce costs for technical development and helps significantly in creating test products and mass production, it has a positive influence on the company's financial performance and nonfinancial performance as a result. Therefore, companies should take great efforts to frequently be selected as a candidate in the governmental R&D support system, as it can help facilitate R&D that requires extensive funds. As a result, companies can expect effects such as job creation and patent applications and they can advance future product sales.

• Management & Information Systems Review
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• v.39 no.3
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• pp.53-82
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• 2020

Daejeon Metropolitan City has the best innovation capability infrastructure (ICT) required for the 4th industry. Nevertheless, there are scattered factors that hinder the industrial ecosystem. In this study, the factor of job creation was approached from the viewpoint of organizational ecology in consideration of regional characteristics during the 4th Industrial Revolution.That is, the case of job creation through overseas ICT-based clusters (or cities) was examined. Then, the factors of organizational ecology, 'niche', 'variation', 'selection', and 'retention' were derived. Through this process, we explored the environment surrounding Daejeon Metropolitan City and benchmarked lessons from existing overseas cluster cases. As a result, we discover the 'niche' of ICT-based job creation and suggest strategies for the 'variation' process to survive in the ecosystem and how to be 'retention' in the ecosystem. n conclusion, the strategy of the organizational ecological approach to establish itself as a metropolitan city as the strength of Daejeon city and the 'innovation hub' that is evident, such as '4th Industrial Revolution City', 'Innovation City Designation', and 'Secure Excellent Capability of SW' Insist on need. Through this study, we hope that there will be a theoretical contribution to the prior research lacking from original research such as the scarcity of ICT-based job creation research in response to the era of the fourth industrial revolution, recognition of the importance of the region in job creation, and presentation of an organizational ecological approach of sustainable clusters.

• Journal of Technology Innovation
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• v.12 no.2
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• pp.185-208
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• 2004

Production of goods and services always necessarily depends on the use of knowledge. The knowledge intensity of production , however, has increased manifold in the last two decades or so. This is clearly indicated by the rise in the share of knowledge intensive products, which are traded. The production and export of these advanced products are not confined to developed countries alone, but also among developing countries. But in the latter there is considerable concentration of it in a handful of countries primarily in the Asian region. Knowledge underlying production, whether industrial or non-industrial, embodies two types of knowledge: formal and non-formal. In this paper we are entirely concerned with the financing of the creation of formalized knowledge in the context of two similar Asian developing countries, namely Singapore and Malaysia. Three broad types of financial instruments are considered: research grants, tax incentives and venture capital. Both the countries are shown to be having very similar financial instruments for promoting innovation. The timing of these instruments is quite similar too. But one country has performed much better than the other. The main argument of the paper is that while financial instruments are a necessary input for innovation, the sufficient condition lies in the supply of a sufficient quantity of scientists and engineers.

• The Journal of Economics, Marketing and Management
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• v.7 no.3
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• pp.13-28
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• 2019

Purpose - The purpose of this study is to analyze the start-up factors in start-up tourism companies and to analyze how these factors influence business performance. This study will be conducted for the further exploratory study with in-depth research with literature reviews, interviews and surveys. Research design, data, and Methodology - The activation of entrepreneurship is very important factor as for not only the development of entrepreneurship which is the characteristic of the innovative and risks-taking for the success of the enterprise, but also the sustainable growth and creation of performance of the entrepreneur. In other words, if it is the entrepreneurial spirit affects entrepreneurship, it is entrepreneurial orientation that continuously affects entrepreneurs. In order to achieve the above purposes, this study conducted literature research and empirical studies. Result & Conclusions - The sub-factors for independent entrepreneurial variables' orientation are classified as creativity, technological, enterprising, and innovation, and subordinate variables were set of management performance. The sub-factors of the control variable government support policy are classified as financial support, consulting support, and marketing support. For the purpose of empirical analysis, this paper collects data on companies selected for tourism venture business competition and CEOs of SMEs tourism for less than 7 years.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.33-45
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• 2020

While venture creation is considered to be of high social and economic importance, entrepreneurial outcomes are inherently uncertain and that failure is thus a central feature of entrepreneurship. Although failure in entrepreneurship is pervasive and critical, the impact of prior failure on future entrepreneurship has not received significant attention in the literature. Although failure is a painful and costly experience for entrepreneurs, it can also provide a powerful learning opportunity for those experiencing it. It has been argued that entrepreneurial failure is not just a individual problem but a matter of social concern. As part of the restarting business support system, entrepreneurial re-education program is provided to support failed entrepreneurs. The aim of this study is to examine the effects of failed entrepreneurs' prior entrepreneurial experience and re-education on subsequent venture creation. Moreover, this study also examined the moderating effects of entrepreneurial motivation. For the analyses, we surveyed the entrepreneurs who tried to re-start the subsequent business after the entrepreneurial failure through the "Revitalization Center for Strained Entrepreneur". The result found that failed entrepreneurs who learned a lot from their previous founding experience were more likely to re-start their subsequent business. The failed entrepreneurs who learned a lot from entrepreneurial re-education program were more likely to re-start their subsequent business. Moreover, the positive effect of failed entrepreneurs' previous founding experience and entrepreneurial re-education program on re-starting subsequent business was found to be weaker when entrepreneurial extrinsic motivation was high.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.1
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• pp.59-81
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• 2011

The 21st century, the creation and utilization of knowledge and information are the core of all economic activity, knowledge-based economy is plunging into. Culture can not live without knowing the age of culture and national spirit of a nation's cultural assets. Closed for other cultures, countries can develop a culture that is neither marked by imitation and import of cultural industries can never be developed. Creative and diverse culture of its own cultural code, evenly balanced mix of social culture is really the cultural and creative culture. Central government and local government-led growth in the local economy in terms of competitive cultural industry development policy has been carried out. In general, a country or society, culture, industry, the creation of a unique cultural and Planning on the basis of information deliquescent recreated a typical high-risk high returns to pay the venture industry and the nature of the creative industries and the venture industry a unique mix of industrial Characteristic is that it has. These times and the industry can contribute to the flow of valuable cultural assets and a history of our righteous living and exercise will be a source of resources.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.133-144
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• 2017

For a social venture in early stage, it is very difficult to set up a strategy as it has to pursue two contradictory goals; economic value and social value. The platform strategy can be good alternative solution for social ventures as it seeks building-up connections with other businesses to co-create value despite of limited resources. A Korean social venture, JUMP! which adopted platform strategy in the early stage, and successfully applied 4 key factors of platform strategy; core competency, value creation ability, efficiency and network effect, has been able to develop sustainable growth for itself and induce innovation and growth among the participants within the platform. This study was intended to research effect of adoption and successful application of platform strategy for social ventures in the early stage of start-up and draw conclusion through case study that platform strategy works for sustainable growth of social ventures.

• Journal of the Economic Geographical Society of Korea
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• v.12 no.1
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• pp.83-95
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• 2009

This paper provides a general overview and critical assessment of Daedeok Science Town (DST) in Korea, mainly through the lens of the related literature. DST symbolizes the government-led creation of a new science town and represents a bold attempt to consolidate national R&D efforts in a designated area with a view to supplying basic scientific knowledge to industries nationwide. It has achieved considerable success by improving the research environment and promoting venture spin-offs and network formation. However, while DST has played a pivotal role in ushering in the era of the knowledge-based economy, new measures are required for it to remain viable. To this end, efforts should be made to direct government support toward new firm establishment, finance, and tighter networking. DST also needs to host large corporations in the area as these could both act as a market for venture businesses and serve as providers of funds.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.6
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• pp.50-59
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• 2021

The defense venture support program supports development so that it can be applied to the defense sector based on their technology and ideas to revitalize the private advancement of small and medium-sized enterprises to the defense sector. Since 2015, it has been operated with contributions from the Defense Acquisition Program Administration and has supported 84 projects. Moreover, it is an early stage in which results have been derived after 2018. In this study, the R&BD efficiency derived according to the budget for each project was compared using data envelopment analysis and classified and analyzed according to the characteristics of each project to identify the performance factors for each outstanding project. Based on the analysis results, this study considered support plans for efficient support programs and continuous performance creation in the future. As a result, it is expected that the effectiveness of the defense venture support project will be strengthened, and excellent performance will be expanded based on this study.

• Journal of Korea Technology Innovation Society
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• v.21 no.2
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• pp.636-662
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• 2018

Recently, the Moon administration established the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups, as part of its national strategy for start-up and innovation growth led by small and medium-sized venture companies. In a slowing economy, as venture companies with excellent internal competencies are seen to be favorable to growth, the government funding for technology development is becoming increasingly important. Previous studies examine the internal competence factors that can strengthen competitiveness through self-efforts and the influence structure of growth stage, which is an important factor in industrial environment, on business performance. As the government support for venture firms has been strengthened, the effect of government funding on the management performance and technological innovation performance of venture firms have been recently discussed in various ways. However, there is a lack of precedent research on the moderating effect of the utilization of government funding on the existing influence structure in which firm's internal competence and growth stages affects business performance. Therefore, this study examined whether the internal competencies of the venture firms and the stage of growth have direct effects on business performance and analyzed the moderating effect in connection with government funding utilization under these influence structures. The results of the study are as follows. First, the utilization of government funding in the venture firms whose R&D personnel ratio is relatively low, not to have own brands and showed an increase of employees has a significantly positive influence on business performance. Second, the moderating effects of the government funding utilization at the high growth stage of the venture firms are shown significantly. These results suggest that the venture policy linked to the job creation of the present government requires not only the support considering R&D personnel but also the necessity of supporting human resources policy to a greater extent and further study on the effectiveness of venture firms in the high growth stage.