• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.43-58
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• 2021

This study analyzes the entrepreneurship policies of the previous Korean administrations from the perspective of the Policy Paradigm by Hall(1993). A total of 195 newspaper articles and 202 government documents were examined to identify policy paradigm shifts through an analysis of policy objectives, policy instruments, and changing quality of policy instruments by each administration. The first paradigm was built during the 5th and 6th Republic, where 'Support for Small and Medium Enterprise Establishment Act' was enacted in 1986 to promote and support start-ups in the manufacturing sector. Next is the so-called 'people's government' period where 'Act on Special Measures for the Promotion of Venture Businesses' was enacted to tackle the challenges posed during the 1997 Asian financial crisis. A new policy goal was set to promote and nurture venture companies seeking subsequent means to achieve it. The third paradigm shift took place during President Moon's administration in order to effectively respond to the issues stemming from the fourth industrial revolution and the COVID-19 pandemic. Through the overall revision of the 'Support for Small and Medium Enterprise Establishment Act', the scope of startups were expanded, new industries and technology startups were supported and promoted, and venture investment-related laws were streamlined. In addition, the Small and Medium Business Administration was promoted as the Ministry of SMEs and Startups, enabling them to take initiative in implementing startup policies. Particularly, this study focuses on examining the low survival rate of startup companies and the revitalization of private investment as rising policy issues for recent startups, and suggests the improvement direction due to startup policy paradigm shift.

• Journal of Information Technology Services
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• v.16 no.4
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• pp.47-64
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• 2017

Three years after establishment, companies are said to face a period of risk called the "valley of death." To start a venture company and make it sustainable, the chance of failure must be minimized. According to an in-depth assessment report on special taxation in 2015, the one-year survival rate of Korean companies was about 60 percent and the five-year survival rate about 30%. These rates are low compared to those of major OECD member countries. Worse, such rates in Korea are decreasing year by year. The purpose of this study is to classify the success factors behind venture companies into human capital, social capital and financial capital, and verify through empirical analysis the factors influencing the success of venture companies based on the mediating roles of capability of the startup team and that for innovation. To find the success factors behind venture companies, this study first examined the theories derived from previous studies. SPSS 21 was used as the study method, while descriptive statistics, exploratory factor analysis and CMB test were conducted. In addition, SmartPLS 2 was used for confirmatory factor analysis, hypothesis test, mediation effect. The results of this study can help efforts toward job creation and economic revitalization pursued by the creative economy policy of the incumbent Korean administration. They can also be used as the cornerstone for venture companies in their pursuit of success.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.17-26
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• 2013

This research examines the effect of globalization of Korean economy on small and medium-sized entrepreneurial firms. When Korea underwent the Asian economic crisis in 1997, it reconstructed Korean venture industry and had helped fuel venture firms' rapid growth. Therefore, this study shows the changed structure of Korean economy and the change of venture ecosystem due to the Asian financial crisis. In spite of a favorable turn of the industrial structure toward venture firms, their globalization level is reported still being low. In this study, we also examine how the Korean economy's globalization affects to the venture environments, focusing on the degree of Korea venture's globalization and role of venture capital. This study indicates that the globalization of Korean economy has played a positive role in the growth of the venture firms. However, with the growth of venture firms, small and medium venture companies have received relatively little focuses in Korean economy because the government policy of economic development has been oriented to large companies for several decades.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.1-12
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• 2022

This paper put the goal on boosting up early startup investment by delivering and positioning SAFE as the main early startup investment type in Korea. In particular, this paper proves the better fitting of SAFE as to the early stage of venture investment than these of Convertible Note. This paper as referring the previous studies of SAFE as the major keystone issues determining active SAFE applying (legal positioning issue, tax treatment issue, failure of inducing the following investment with uncertainty over maturity) proposes boosting up policy of Korean SAFE. First, as to accounting treatment of SAFE, it suggests SAFE to recognize legally as "the capital" on the Korean Venture Investment Act of introducing SAFE actively as venture investment type. Second, as to tax treatment issue, it proposes on amending venture indication rule as the best alternative of resolving tax issue by accepting SAFE as the investment meeting to venture investment requirement. Third, as benchmarking foreign cases, it delivers the method of modifying foreign SAFE Contract Format by adding up more clauses about safety vehicles against the failure of the following investment and fixing maturity date and event. Ultimately, all resolutions of this paper fall on highlighting the role of Korean Venture Investment Act and Ministry of SMEs and Startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.177-191
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• 2023

This study analyzes the types of linkages between major projects used by firms that attracted venture capital among firms that received government support in the field of SME startups. It identifies the types of linkages between support programs related to attracting venture investment and verifies the usefulness of integrated and cooperative support. The main findings of this study are as follows. First, Startup Success Packages, Startup Foundation Funds*, Youth Entrepreneurship Centers, and Training are the main programs used by startups and venture firms, and support-implementing agencies use these programs to provide support for each stage of growth. Second, the majority of startups and venture firms receiving policy support for job creation and manpower enhancement projects. Third, export-type growth companies receive continuous support from MSS, MOTIE, MSIT, and KIPO. Fourth, job creation programs drive the employment performance and creation of companies. Fifth, local government support projects tend to rely heavily on central government support programs. Sixth, growth companies in the startup and venture sector have a clear link to credit guarantee scheme by KIBO. These findings provide empirical evidence on the necessity and feasibility of integrated and collaborative support, and are expected to contribute to the direction of better support policies.

• Journal of Digital Convergence
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• v.20 no.4
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• pp.333-342
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• 2022

This study analyzed the effects of start-up preparations for start-ups, start-up support for start-ups, and accelerator support on business satisfaction for start-ups. For this purpose, an empirical analysis was conducted on 308 founders. The main empirical study results are as follows. Start-up preparation, start-up support, and accelerator support have positive(+) significance in the start-up satisfaction of start-up companies. Among the variables that had a significant effect, the preparation of the start-up team was found to have the greatest influence. These results are considered to be consistent with the view that the importance of the private start-up support system is gradually increasing in the start-up ecosystem, and that the composition of the start-up team is the most important factor in start-up.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2016.10a
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• pp.358-361
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• 2016

The North and South Korea for the peaceful reunification of the Republic of Korea, to lead the transformation and reform, and to complement the policy making and negotiations, there is a need for cyber security policy to practice. This paper explores the definition and overseas cyber terrorism and cyber warfare correspondence, correspondence between the versions of the technology between versions. Analysis of cyber security activities in the North and South confrontation, and research the cyber security policy against the unification. In this study, we compared the unification to build and operate a secure cyberspace from cyber threats and cyber security policy suggestions for ways of rational and legal.

• 한국벤처창업학회:학술대회논문집
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• 2022.04a
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• pp.31-33
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• 2022

• Journal of the Korea Academia-Industrial cooperation Society
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• v.7 no.6
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• pp.1348-1355
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• 2006

This is a study of small & venture business ethical management on finance performance. We cheesed 200 venture company or pre-venture company and surveyed. The indexes of ethical management consisted of CEO's intend fur ethical management, fairness, That is developed by The Institute for Industrial Policy Studies and used to assess big business company. The dependent variable is fiscal net profit. We analyzed the correlation and regression. The finding is that the fairness is the major factor.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.3
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• pp.81-95
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• 2024

This study empirically analyzed the effectiveness of government financial support policies for venture enterprises in the Daejeon region, using raw data obtained from the Small and Medium Venture Business Administration's survey results from 2016 to 2021. Daejeon, considering its economic significance, has a significant proportion of venture enterprises in its economy compared to the national average, with a focus on technological development. Conducting regression analysis yielded several key findings. Firstly, loan and guarantee support is effective for improving sales and market share, while R&D support is effective for technological development. Second, R&D and loan support have the most significant impact on sales in the fourth stage (maturity), while guarantee support is most influential in the third stage. Third, in industry analysis, the coefficients representing the effects of financial support were larger across all performance indicators compared to firm level data analysis. Based on these empirical analysis results, the study proposes several policy implications as follows. First, the government should actively provide funding support to venture companies rather than leaving investments to the capital market. Second, the methods and targets of funding support should vary according to the purpose of the support. Third, it is necessary to establish a platform that connects venture companies with private investors to commercialize developed technologies. Fourth, the funding support of venture capital for technology-intensive venture companies should be expanded.