• Journal of the Korea Academia-Industrial cooperation Society
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• v.3 no.3
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• pp.203-209
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• 2002

The Korean venture industry showed a rapid growth due to various government incentive measures, development in information technology, and explosive growth of the KOSDAQ market. Recently, however, the Korean venture industry has revealed numerous side effects, which seemed to be coming from excessively aggressive government involvement in the industry, and fallen into a deep depression. This phenomenon may imply that the Korean venture industry has been established by the government policy rather than based on the venture capital market, whereas the venture industry in advanced nations has grown up autogenously based on it. This paper analyzes the Korean venture capital market and suggests policy recommendations to revitalize the domestic venture capital market. They include facilitating the supply of funds through limited partnerships and overseas venture capital, extending the direct equity investment, and actively promoting the KOSDAQ market.

• The International Journal of Costume Culture
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• v.3 no.2
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• pp.88-99
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• 2000

Venture industry is becoming a driving force of Korean economy in the digital age of the 21 st century. The success of venture business depends on innovative technology, capital investment, and optimal environment providing industrial flexibility. Although venture business is starting to settle down in Korea, many barriers and challenges still remain. The current study analyzes the present status of venture business including fashion business and issues concerning the venture fund raising and provides prospective views to promote and improve venture industry in Korea.

• Korean Management Science Review
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• v.29 no.3
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• pp.91-105
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• 2012

This paper examines the investment efficiency of Korean venture capitals during 1987~2006 (20 years), focusing on their selection capability. Despite the Korean government's efforts, venture capital industry has evolved in a slow speed. Since the genesis of venture paradigm in Korea at 1997, venture capital industry as a macro unit has been fully discussed in Korean contexts. But venture capital's activities at micro level regarding each investment's outcome have not been examined. This study attempts to fill the voids of micro knowledge about each investment success rates by venture capitals. We analyzed venture investment records in 4,791 venture startups and their success rates. Their investment criteria were relevant to high potential industries and amount of tangible assets. But their criteria were not relevant to R&D intensity and financial growth of venture firms, which may indicate low level of maturity about Korean venture capital industry. We found that Korean venture capital's investment pattern may be originated from the low return of investment, so that efficiency of IPO markets is a prerequisite for the upgrade of venture capitals' efficiency. Some policy implications are discussed.

• Journal of Korean Society for Quality Management
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• v.39 no.2
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• pp.292-304
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• 2011

This study is to search for the core factors of improving competitiveness of small and medium venture manufacturing company in electric and electronic industry and to do an in-depth analysis of the relations with management performance through systematic approach and to provide implications of importance of the management for the improvement factors for the domestic small and medium venture manufacturing company in electric and electronic industry. The report is analyzed how the relationship between the quality management system that was discussed in existing literature and the core factors of absorbing capability impact to the enterprise management performance.

• Journal of the Economic Geographical Society of Korea
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• v.5 no.1
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• pp.49-68
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• 2002

Recently, the venture industry in Korea has grown so rapidly because of the economic restructuring and the governmental inducement policies. This study first attempts to investigate the governmental policies for venture business development. Secondly, this study probes into the characteristics and the locational conditions of the venture business in the Chungbuk region. Lastly, this study tries to formulate the policies to develop the venture industry in the Chungbuk region. This study finds that the governmental inducement policies for venture business are various and extensive. From the cross-sectional and spatial-distributional analyses of venture business statistics for the Chungbuk region, it is found that the most venture businesses in the Chungbuk region are concentrated in the manufacturing sector rather than the information technology sector and they are geographically concentrated around the Joongbu expressway. Since the vicinity of the Joongbu expressway provides fast access to the capital region and cheap land, many manufacturing firms have moved from the capital region to that area in the Chungbuk region.

• Journal of Korea Society of Digital Industry and Information Management
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• v.7 no.1
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• pp.159-171
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• 2011

This paper discuss the role of venture capital as a critical financing sources for Venture Business particularly technology oriented firms. Thus this study is to analyse what makes the difference in financial performance among the companies. In particular, this paper focuses on their financing channels, which would have greater influence on their financial performance according to having venture capitals or not. As a result, taking into consideration of financial performance of the companies, there were significant differences in financial performance between venture companies with the capital and one without it. Therefore, it is necessary to reconsider capital policies for venture business and also those policies will be well alliance with nurturing the ventures not only support financing aids but also build up the institutional improvement plan.

• ETRI Journal
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• v.22 no.4
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• pp.51-65
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• 2000

In this paper, we investigate on the determinants of new venture performance empirically and suggest a new venture performance model in the Korean Information and Telecommunications (IT) industry. A total of seven hypotheses is established and tested using a combination of factor analysis, cluster analysis, analysis of variance, and correlation analysis. Ninety-two sample ventures in the Korean IT industry were investigated and analyzed to test hypotheses. We found that new ventures performance depends on their environment, strategy, internal resources factors, and, most importantly, two-way and three-way interactions of these factors. These findings could be interpreted as supporting the general strategy theory that when environment and internal resources and fitted, performance might be maximized and, further, strategy is the means that make internal resources and environment fit. The venture performance model presented in this paper can explain how new ventures achieve their successes. The strategic implications to the venture firms are also discussed.

• Asian Journal of Innovation and Policy
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• v.7 no.3
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• pp.564-580
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• 2018

The creation of academic start-up firms is an important and practical issue in the management of technology in Japan. The present study designs a model for creating academic start-up firms that fits into the social context. It focuses on the case of FIRST Program, an initiative that consists of 30 projects in innovative arenas, analyses the presence of large-scale public funding, and investigates the role of venture capitalists as support personnel in each project. As a result, the presence and significance of 'long-term escort' by an 'entrepreneurial venture capitalist (EP-VCist)' were confirmed as common features across the cases observed. EP-VCist refers to a person who can maintain and fulfil dual roles at a university and a venture capital firm, and who can take the lead throughout the venturing process as a risk taker. 'Long-term escort' is a form of support that reduces risks in the venturing process by supporting university researchers in the pre-entrepreneurial stage and by exerting a robust bridging role between a university and an industry.

• KDI Journal of Economic Policy
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• v.30 no.1
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• pp.211-246
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• 2008

This paper evaluates the role of Korean government in the venture capital industry, in particular in the stages of fund-raising and venture investment. Utilizing data from Korean Venture Capital Association (KVCA), the analysis is conducted for the venture boom and post-boom periods separately. Empirical results show that the government played a significant role in the fund-raising stage in both venture boom and post-boom periods. When it comes to the investment stage, however, the empirical results indicate that the government did not accomplish expected roles. In particular, the government failed to induce investments in the outside funds of which the government had a larger stake toward early-staged firms and guide common stock investments during the venture boom period. The empirical outcomes also show that the government has not properly increased venture investments on high-tech industries during the post-boom period. This paper argues tentative reasons why the policy failures were observed in relation to the policy implications and provide several pieces of supporting evidence.

• Journal of the Economic Geographical Society of Korea
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• v.20 no.4
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• pp.431-452
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• 2017

This paper examines the development process of China's venture capital industry and the characteristics of its capital spatial configuration. The results reveal that the development of China's venture capital industry has its unique modality, which varies greatly from existing studies, namely, the desynchronized paces of industry development as well as the regional real capital supply and demand trend. More detailed observation shows the Chinese venture capital's spatial configuration has three main characteristics: first, the separation of the registered location and the actual location of business operation; second, the division and spatial configuration of the venture fund's capital circulation. To find the relevant factors related to the above phenomena, a correlation analysis was conducted between both market factors and non-market factors with the above capital spatial configuration. The analysis confirmed that besides the market factors, local legislative condition also presents a high correlation with the phenomena.