• 한국벤처창업학회:학술대회논문집
• /
• 2022.04a
• /
• pp.11-15
• /
• 2022

한국은 전 세계에서 미국에 이어 두 번째로 인터넷 연결에 성공한 나라가 되었고 1990년대 후반에는 세계 최초로 초고속 인터넷이 도입, 개발되면서 많은 닷컴기업들이 등장하였다. 이렇게 인터넷을 기반으로 한 비즈니스들이 출현하고 '인터넷 혁명'이라 불릴 정도로 사회, 경제적 변화가 일어났으나, 인터넷 비즈니스 역사에 대한 연구는 매우 제한적이다. 본 연구는 인터넷 비즈니스의 역사에 대해 다양한 개별 기업의 역사연구를 수행한 후, 비교를 통해 설명 변수를 발견하고 이를 통해 이론을 발견하는 경영사적 연구접근 방법을 소개하고자 한다. 구체적으로 본 연구는 귀납적 접근방법을 기초로 1990년대 말, 2000년대 초의 이른바 창업자, 벤처 관련 인사들의 인터뷰 및 문헌연구를 진행하였다. 스타트업 역사 상 의미가 큰 기업으로 메디슨, 큐닉스, 새롬기술, 다음, 네이버, NC소프트, 넥슨에 대한 내용을 정리 중이다. 이 기업들은 공통적으로 새로운 기술 도입을 기회로 삼아 가치를 창출하여 사회를 바꾸려하는 기업가정신을 추구하고 있었다. 또한 인터넷 인프라를 기민하게 활용하였으며 1997년 말 외환위기로 인해 인재와 자금이 벤처로 이동한 환경적 변화가 성장의 기폭제가 되었다. 또한 코스닥을 통한 자금조달 등은 벤처기업들의 시장기회를 확대하고 성장에 기여를 하였으며 자율적이고 유연한 기업문화에 형성하며, 대학가에 창업 붐을 일으키기도 하였다. 제 2벤처붐이 도래한 이 시점에 벤처기업에 대한 귀납적 방법론을 활용한 경영사적 관점의 지속적 연구가 필요하다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.6
• /
• pp.39-50
• /
• 2022

Based on the signaling theory, this study examined whether startups are more likely to attract venture investment when receiving government R&D subsidies. First, we reviewed previous studies of the investment decision-making process of venture capitalists and understood the conditions that influence investment decisions. Based on previous studies on the signal effect of government subsidies, particularly government R&D grants, on inducing private fund investment, this study revealed a mechanism to induce venture investment by startups. In addition, in order to verify whether government R&D subsidies have the effect of inducing venture investment, an empirical analysis was conducted based on data from startups under seven years and certified as a venture companies in 2021. This paper used PSM(Propensity Score Matching) method and DID(Difference In Difference) analysis for an empirical study to analyze the average treatment effect on the treated group(beneficiary startups of government R&D grants). As a result of empirical analysis, companies that receive more government R&D subsidies after starting a business are more likely to attract venture investment. From two to three years after conducting the first government R&D project, startups that received government R&D grants attracted more venture investment than those that did not. The results of this paper demonstrate that government R&D projects can also affect the venture investment ecosystem, giving policy implications to government R&D projects targeting startups. It is also expected to suggest strategic implications to startups that need new funding.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.5
• /
• pp.31-47
• /
• 2022

The TIPS, a representative public-private cooperative project to revitalize the start-up ecosystem, is a government supported policy that promotes successful commercialization through various start-up support for technology-based startups. The purpose of this study is to analyze the investment decision factors of the TIPS program and to derive priorities. In order to achieve the research purpose, first, the investment decision factors were derived through literature analysis, a Delphi surveys were conducted on investors and experts participating in the evaluation of the TIPS program, and an AHP analysis was conducted on 20 VCs to empirically analyze the priority of factors on investment decisions. As a result of the analysis, the importance of critical factors was confirmed in the order of entrepreneurs(team) > market > product/service > finance > network. The importance of detailed factors was found in the order of entrepreneur's reliability and authenticity > market growth and scalability > team members' expertise and capabilities > adequacy of current market size > new market creation. This study presented the capabilities of technology-based startups preparing to participate in the TIPS program by deriving factors that influence investment decisions from an investor's perspective and comparing and analyzing the importance. It is also meaningful that basic data on determinants of private-led investment decision-making were presented to stake-holders such as venture capital, accelerator, and start-up support institutions.

• Journal of the Economic Geographical Society of Korea
• /
• v.22 no.3
• /
• pp.321-336
• /
• 2019

The ICT industry has developed into an industry that generates national competitiveness. The policy to support the ICT industry, initiated by the government, has been activated mainly on the Teheran Road of Gangnam-gu in Seoul. In this regard, this study examined the emergence background and formation factors of the new innovation district in the urban area of the Teheran Valley. In addition, this study examined the characteristics of the innovation district in the integrated urban and industrial parks with various facilities and institutions supporting the startup. This study examined the status of the Teheran Valley as an urban innovation district by dividing the indicators of the urban innovation district in the Teheran Valley into economic assets, spatial and physical assets, network assets, and human capital. It also examined the ICT technology leading the innovation and analyzed the implications for regional economic development.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.6
• /
• pp.147-157
• /
• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.5
• /
• pp.109-121
• /
• 2023

This paper examines whether angel investors affect startup's financial performance (profitability and growth ratios) in the Korean startup market over 10 years period from 2009 to 2018. In particular, we consider not only the behavior of angel investor such as the investment amount or the type of investments (stocks, bonds) but also the type of angle investor (individual or corporation). Our empirical results are as follows. First, we find that the startup's profitability ratios are higher after the investment of angel investors. However, the growth ratios show different results in assets and sales. Second, we identify that the investment amount of angel investors negatively affects on the startup's growth ratios. Lastly, we find that equity investment such as common stock or preferred stock and the individual angel investors such as personal investment association or professional angels show higher financial performance than bond investment or corporate angel investors. Overall, our findings imply that angel investors positively affect startup's financial performance. In particular, we infer that the superior financial performance is largely attributed to monitor startups by participating as shareholders or to select more carefully by the individual angel investors who may be exposed to more investment risk. In conclusion, our findings support that angel investors play a positive role in the Korean venture investment market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.1
• /
• pp.55-69
• /
• 2021

For the national economic development, the participation of women in the social and economic activities is crucial. The popularization of start-ups, digital transformation, and WEconomy trends have lowered the barriers to opportunities for women to start a business and provide an environment in which women can grow faster. This paper examines the significance and process of success of women entrepreneurs and the characteristics of innovation strategies and achievements by linking the recently changing business environment of a company, factors influencing the success of women entrepreneurship, and innovation activities. To this end, four companies' cases were analyzed in the fields of distribution/service and consumer products/services, which are areas of large investment among female startups. The result shows that women entrepreneurs recognize the meaning of success as creating and continuing to create a 'corporate value through establishing a trust relationship with customers' within the 'balance between personal life and work.' In terms of the business ecosystem, women entrepreneurs strive for 'business activities based on the win-win growth of consumers, producers and sellers' for success, and rather 'focus on the process with a problem-solving approach' rather than achieving performance-oriented goals. Also through excellent power of observation, flexibility, and execution power, women entrepreneurs conduct business by adapting to changing trends. In terms of innovation activities, the innovation strategy of women-led companies puts priority on 'creating the value customers want' and focuses on innovation in the 'customer-centric business model' rather than technological innovation. As such, women-led companies show several differentiated characteristics, which enable them to create corporate value and achieve sustainable growth. The barriers to challenges and opportunities for women to start a business have been lowered, and an ecosystem has been created for female startups to grow. But why are there still so few women entrepreneurs, and the answer to where we need to close these gaps is ultimately a close analysis and investigation of the field. We must present milestones for growth steps through the accumulation of case studies of women startups that have exited. In addition, women can stand as economic agents only when the policy targets are subdivided and specific approaches to child-rearing and childcare for women entrepreneurs must be taken. This paper expects to serve as basic data for follow-up studies and become the basis of research for women entrepreneurs to grow as economic agents.

• Broadcasting and Media Magazine
• /
• v.25 no.4
• /
• pp.35-45
• /
• 2020

역사적으로 전염병은 기존의 경제 질서를 완전히 바꾸는 촉매제였다. 전문가들은 코로나19가 디지털 플랫폼 경제를 획기적으로 확대하고 보호주의 중심의 글로벌 경제 질서를 획기적으로 재편할 것으로 내다봤다. 특히, 비대면 문화가 보편화됨에 따라 기존 산업에서 인공지능으로 이어지는 혁신 기술을 접목한 디지털 기반 산업으로 전환해야 할 필요성에 따라 ICT 기반 기업 간의 경쟁이 심화될 것으로 예상된다. 코로나19는 신기술로 막 뛰어든 스타트업 ICT 기업에게 새로운 기회가 될 수도 있고, 기존 ICT 기업이 입지를 강화해 글로벌기업으로 거듭날 수 있는 기회가 될 수도 있다. 그 기회의 중심에는 4차 산업 혁명을 이끌 인공지능 기술이 있다. 본 고에서는 포스트 코로나 시대를 위한 인공지능 기술의 동향과 발전 방향을 살펴보고, AR 및 VR과 같은 영상 미디어 기술의 역할에 대해서 살펴본다.

• Review of KIISC
• /
• v.28 no.4
• /
• pp.13-17
• /
• 2018

핀테크는 국제적으로 매우 각광을 받고 있는 산업이다. 이러한 동향에 편승하여 국제표준화에서도 많은 관심을 보이고 있다. 기술 개발을 통하여 핀테크로 구축된 정보를 공개적으로 사용이 가능하며, 이를 기반으로 새로운 산업 창출이 가능하기 때문이다. 간편결제와 같이 사용자의 편의성을 제공하는 전위적(Front-end)인 역할도 있지만, 서버의 정보를 폐쇄적으로 관리 하던 것을 핀테크 기술을 이용하여 공개되고, 사용자 및 스타트업들이 공개된 정보를 통하여 새로운 융합정보, 나아가 융합 서비스를 창출하는 후위적 역할도 있다. 핀테크 산업의 기반기술이 공개소프트웨어로 제공되고 있으며, 이를 이용하여 빠른 발전을 하고 있으나, 공개성으로 인하여 취약점 마저도 공개되어 정보보안의 위협으로 작용되므로 오픈 플랫폼의 정보보안을 중심으로 핀테크 정보보안 기술동향과 표준의 방향을 살펴본다.

• Proceedings of the Korean Society of Computer Information Conference
• /
• 2017.07a
• /
• pp.194-196
• /
• 2017

본 논문은 최근 이슈가 되고있는 창업화성화에 따른 대학 및 민간 창업교육에 있어 기술창업 분야에 가치 기반 비즈니스 모델을 교육하는 방법론에 대해 제안한다. 가치이론은 심리학자인 Rokeach와 Schwartz, 컨설팅회사인 Roper에 의해 다양하게 연구되어왔으며 사용되어 왔다. 가치란 인간이 요구하는 것으로써 제품이나 서비스에서 제공되고 있다. 이러한 가치에 따라 비즈니스 모델을 교육하는 방법은 가치의 결정, 시나리오의 작성, WWH 테이블의 작성, 비즈니스 프로세스의 작성, 가치 맵의 작성 과정을 거쳐 기술창업의 비즈니스모델화가 되는 과정을 실습함으로써 이루어진다. 본 연구는 이러한 교육 프로세스를 정의하며, 특히 현재 기술창업교육이 활발하게 이루어지고 있는 공학대학에서 사용할 수 있는 방법론을 제공한다.