Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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Development of Death Valley Venture Business Process

죽음의 계곡 벤처기업 비즈니스 프로세스 개발

  • Hwang, Eunseok (College of Business Management, Hongik University) ;
  • Seok, Hyesung (Department of Industrial Engineering, Hongik University) ;
  • Chung, Kwanghun (College of Business Administration, Hongik University)
  • Received : 2018.12.04
  • Accepted : 2019.03.08
  • Published : 2019.03.31
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Abstract

Youth unemployment reached a record high in 2017, and business revitalization is emerging as a means of overcoming this situation. The number of venture companies and amounts of new venture investments are increasing year on year, and the government has upgraded Small and Medium Business Administration to the Ministry of SMEs and Startups. However, the success rate of startups is relatively poor. Over the past three years only 39.1% of Korean startups survived and 90% of companies failed in the Valley of Death phase. Survival this phase is critical for early startups, and thus, the amount and timing of investments are critical. Current models for establishing business startups do not effectively attract investments because they lack practical, corporate evaluation variables. In this paper, we develop a mixed process that incorporates the factors and business models focused on by venture capital investors. In addition, we compared our Death Valley Venture (DVV) process with current methods and provide an example of its application.

2017년 청년 실업률이 역대 최고치를 기록한 가운데, 본 상황을 타파하기 위한 대안으로 창업 활성화가 떠오르고 있다. 벤처 기업 수 및 신규 벤처 투자 금액은 매년 역대 치를 갱신하고 있으며 정부에서는 중소기업청을 중소벤처기업부로 격상시켰다. 문제는 스타트업의 성공률이 높지 않다는 데 있다. 한국 신생기업 생존율은 최근 3년 39.1%에 불과하며, 죽음의 계곡(Valley of Death) 단계에서 90%에 달하는 기업들이 실패하고 있다. 초기 스타트업은 죽음의 계곡을 넘어갈 수 있느냐가 관건이며 이를 위해 투자가 어느 정도 규모와 적시성을 가지고 이루어지느냐가 중요한 변수로 작용한다. 하지만, 현재 스타트업의 비즈니스 모델을 정립하기 위한 모델들은 투자 시 실질적인 기업 평가 변수가 반영되어 있지 않아 투자 유치에 어려움이 있다. 본 논문에서는 주요 투자 주체인 엔젤투자기관 및 벤처캐피탈이 투자를 위해 중점적으로 고려하는 변수 및 비즈니스 모델이 혼합된 프로세스를 개발했다. 또한, 새로 개발한 Death Valley Venture(DVV) 비즈니스 프로세스를 기존의 기법들과 비교하고, 적용 사례를 제시하였다.

Keywords

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Fig. 1. Startup Financing Cycle

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Fig. 2. Business Model Canvas: 9 business model building blocks

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Fig. 3. Lean Canvas

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Fig. 4. Expression Elements of DVV Business Process

Table 1. Number of Startups and New Corporations

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Table 2. Trends on Venture Investment

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Table 3. Berkus Valuation Method

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Table 4. Scorecard Valuation Method

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Table 5. Cayenne Valuation Method

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Table 6. Business Plan for Government Support Project

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Table 7. Method used in DVV Business Process

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Table 8. Elements of DVV Business Process

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Table 9. Comparisons of business process/valuation methods

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