DOI QR코드

DOI QR Code

Impact of Core Competencies of Technological Innovation Startups on Financial Performance through Innovation Activities

기술혁신 스타트업의 핵심역량이 혁신성을 매개로 재무적성과에 미치는 영향

  • Sang-jin Lee (Technology and Management, Kyung Hee University Graduate School) ;
  • Tae-hee Kim (Department of Business Analytics, Ajou University Graduate School) ;
  • Sung-o Kim (General Industrial Convergence, Konkuk University Graduate School)
  • 이상진 (경희대학교 테크노경영대학원) ;
  • 김태희 (아주대학교 일반대학원 비즈니스애널리틱스학과) ;
  • 김성오 (건국대학교 일반대학원 신산업융합학과)
  • Received : 2024.08.01
  • Accepted : 2024.08.24
  • Published : 2024.08.31

Abstract

This study analyzes the impact of core competencies of technology innovation startups-namely technological development capability, organizational management capability, and digital transformation capability-on financial performance through the mediation of innovativeness. Previous research has focused on the non-financial performance of startups, with a lack of studies examining financial performance, which is a crucial indicator of actual business success. Therefore, an online survey was conducted targeting domestic technology innovation startups, and data from 213 responses were used for the final analysis. The results of the structural equation modeling indicated that technological development capability, organizational management capability, and digital transformation capability positively influence innovativeness. Additionally, higher levels of innovativeness were associated with improved financial performance, and innovativeness was found to play a significant mediating role between core competencies and financial performance. These findings suggest which competencies technology innovation startups should focus on to achieve financial goals.

본 연구는 기술혁신 스타트업의 핵심역량인 기술개발역량, 조직운영역량, 디지털전환역량이 혁신성을 매개로 재무적 성과에 미치는 영향을 분석하였다. 기존 연구는 스타트업의 비재무적 성과에 집중되어 있으며, 실제 사업성공에 중요한 지표인 재무적성과를 확인할 수 있는 연구는 부족하다. 따라서, 국내 기술혁신 스타트업을 대상으로 온라인 설문조사를 실시하였고, 데이터 213부가 최종 분석에 활용되었다. 구조방정식을 사용한 결과, 기술개발역량, 조직운영역량, 디지털전환역량이 혁신성에 긍정적인 영향을 주는 것으로 나타났다. 또한 혁신성이 높을수록 재무적성과가 향상되었으며, 혁신성은 핵심역량과 재무적 성과 사이에서 중요한 매개 역할을 하는 것으로 나타났다. 이 결과는 기술혁신 스타트업이 재무적 목표를 달성하기 위해 어떤 역량에 집중해야 하는지에 대한 방향을 제시한다.

Keywords

References

  1. Framework Act on Small and Medium Enterprises, Mar. 31, 2010 [Online]. Available: https://www.law.go.kr/법령/중소기업창업지원법/(09889,20091230)
  2. Lee, C. G., Hwang, S. J., and Kim, H. T., "A study on fostering startup companies: Focusing on DeepTech startups," Venture Startup Research, vol. 19, no. 2, pp. 63-79, 2024.
  3. Kyung, J. S. and Lee, B. H., "Differentiated support policies for enterprise growth stages to enhance the competitiveness of SMEs," Asia Pacific Journal of Small Business, vol. 32, no. 4, pp. 57-79, 2010.
  4. Ministry of SMEs and Startups: "KRW 3.7121 Trillion in Government-Local Government Starup Support for 2024," Jan. 03, 2024 [Online]. Available: https://www.mss.go.kr/site/smba/ex/bbs/View.do
  5. J. Santisteban, D. Mauricio, and O. Cachay, "Critical success factors for technology-based startups," International Journal of Entrepreneurship and Small Business, vol. 42, no. 4, pp. 397-421, 2021.
  6. J. Santisteban and D. Mauricio, "Systematic literature review of critical success factors of information technology startups," Academy of Entrepreneurship Journal, vol. 23, no. 2, pp. 1-23, 2017.
  7. National Human Resources Development Institute, Available: https://www.scribbr.com/ieee/ieee-website-citation/
  8. Kim, S. H. and Kim, J. H., "A Study on the Relationship between Technological Cooperation and Innovation Performance according to Business Environment," Journal of Production Management Research, vol. 20, no. 2, pp. 65-92, 2009.
  9. Lee, J. D., The Impact of Core Competencies and Competitive Strategies on the Performance of Small and Medium-sized Enterprises, Doctoral dissertation, Graduate School, Konkuk University, Seoul, South Korea, 2014.
  10. Lee, D. S., "A study on the effects of R&D capability and technology commercialization capability of small and medium-sized enterprises in Korea on management performance," Ph.D. dissertation, Soongsil Univ., Seoul, Korea, 2009.
  11. An, S. H., "A study on the impact of technological entrepreneurship on technological development capability and technology commercialization capability: Focusing on the mediating effect of research emotional intelligence," Ph.D. dissertation, Graduate School, Kumoh National Institute of Technology, 2013.
  12. Lee, G. S., "Development of a technology development capability evaluation model for SMEs," Ph.D. dissertation, Graduate School, Kumoh National Institute of Technology, 2015.
  13. Kim, J. H., Cho, J. H. and Lee, S. J., "The effect of entrepreneurial capabilities and business incubation program support on the performance of technology-based startups: Focusing on the mediating effect of startup capabilities," Journal of Industrial Management Systems, vol. 43, no. 1, pp. 132-142, 2020.
  14. Barney, J., "Firm resources and sustained competitive advantage," Journal of management, vol. 17, no. 1, pp. 99-120, 1991.
  15. Eisenhardt, K. M. and Martin, M., "Dynamic capabilities: what are they?," Strategic Management Journal, vol. 21, no. 10-11, pp. 93, 2000.
  16. Helfat, C. E., and Peteraf, M. A., "The Dynamic Resource-Based View: Capability Lifecycles," Strategic Management Journal, vol. 24, no. 10, Special Issue: Why Is There a Resource-Based View? Toward a Theory of Competitive Heterogeneity, pp. 997-1010, 2003.
  17. Zollo, M., and Winter, S. G., "Deliberate learning and the evolution of dynamic capabilities," Organization Science, vol. 13, no. 3, pp. 339-351, 2002.
  18. Baines, T. S., Lightfoot, H. W., Benedettini, O. and Kay, J. M., "The servitization of manufacturing: a review of literature and reflection on future challenges," Journal of Manufacturing Technology Management, vol. 20, no. 5, pp. 547-567, 2009.
  19. Annarelli, A., Battistella, C., Nonino, F., Parida, V., and Pessot, E., Literature review on digitalization capabilities: Co-citation analysis of antecedents, conceptualization and consequences, Technological Forecasting and Social Change, vol. 166, 120635, 2021.
  20. Gong, Y., Yao, Y., and Zan, A., "The too-much-of-a-good-thing effect of digitalization capability on radical innovation: the role of knowledge accumulation and knowledge integration capability," Journal of Knowledge Management, vol. 27, no. 6, pp. 1680-1701, 2023.
  21. Lenka, S., Parida, V., and Wincent, J., "Digitalization capabilities as enablers of value co-creation in servitizing firms," Psychology & Marketing, vol. 34, issue 1, pp. 92-100, 2017.
  22. Kim, I. J., Son, T. Y. and Kim, C. H., "Expanding Korean drama services on OTT platforms and strategic changes of drama production companies: A dynamic capabilities view," Humanities Contents, vol. 59, pp. 155-194, 2020.
  23. Kane, G. C., Phillips, A. N., Copulsky, J. R. and Andrus, G., "How digital leadership is(n't) different," MIT Sloan Management Review, vol. 60, no. 3, pp. 34-39, 2019.
  24. Kang, J. W., et al., "Enhancing Competitiveness of SMEs through Digital Transformation," Small and Medium Enterprise Policy Research Report, vol. 2019.6, pp. 1-145, 2019.
  25. Lee, K. W., "The effects of entrepreneurial characteristics and differentiation competitive advantage on firm performance: A study of Korean startups," Doctoral dissertation, Seoul Venture Graduate School, Seoul, Korea, 2016.
  26. Lumpkin, D. G., and Dess, G. G., Linking Two Dimensions of Entrepreneurial Orientation to Firm Performance: The Moderating, 2001.
  27. Kwon, J. H., "The effects of relationship orientation, learning orientation, and innovativeness on supply chain performance of ports: Focusing on Korean general cargo ports operating organizations," Sungkyunkwan University, Suwon, Korea, 2008.
  28. Lee, C. W. and Seo, C. S., "An exploratory study on the changes in the importance of management factors of korean venture firms according to organizational growth stages," Journal of Small Business Studies, vol. 28, no. 2, pp. 3-29, 2006.
  29. Jeon, I. O., "The impact of technological innovation and marketing capability on the relationship between entrepreneurship and firm performance," Venture Business Review, vol. 12, no. 3, pp. 87-105, 2017.
  30. Berens, G., Riel, C. B. M. and Bruggen, G. H., "Corporate associations and consumer product responses: The moderating role of corporate brand dominance," Journal of Marketing, vol. 69, no. 2, pp. 35-48, 2005.
  31. Forehand, M. R. and Grier, S., "When is honesty the best policy? The effect of states intent on consumer skepticism," Journal of Consumer Psychology, vol. 13, no. 3, pp. 349-356, 2003.
  32. Goh, S. H., "An empirical study on the structural relationship between competitive strategies and business performance of small and venture enterprises," Ph.D. dissertation, Graduate School, Konkuk University, Seoul, South Korea, 2011.
  33. Park, S. K., "The impact of perceived R&D support usefulness on technology development and commercialization capabilities in technology startups," Ph.D. dissertation, Graduate School, Kyonggi University, Kyonggi, South Korea, 2015.
  34. Witt, P., "Entrepreneur's network and the success of startups," Entrepreneurship and Regional Development, vol. 16, no. 5, pp. 391-412, 2004.
  35. Chandler, G. N. and Hanks, S. H., "Market attractiveness, resource-based capabilities, venture strategies, and venture performance," Journal of Business Venturing, vol. 9, no. 4, pp. 331-350, 1994.
  36. Park, S. J. and Yoo, W. Y., "The impact of quality management on business performance in small manufacturing enterprises," Credit Card Review, vol. 14, no. 1, pp. 58-98, 2020.
  37. Ghobadian, A., O'Regan, N., Gallear, D. and Viney, H., Strategy and Performance: Achieving Competitive Advantage in the Global Marketplace, Springer, 2016.
  38. Lorenzoni, G. and Lipparini, A., "The leveraging of inter firm relationships as a distinctive organizational capability: A longitudinal study," Strategic Management Journal, vol. 20, no. 4, pp. 317-338, 1999.
  39. Mohr, L. A. and Webb, D. J., "The effects of corporate social responsibility and price on consumer responses," Journal of Consumer Affairs, vol. 39, no. 1, pp. 121-147, 2005.
  40. Myhr, N. and Spekman, R. E., "Collaborative supply chain partnerships built upon trust and electronically mediated exchange," Journal of Business and Industrial Marketing, vol. 20, no. 3, pp. 179-186, 2005.