• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.143-178
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• 2008

This study is to look into the spin-off ventures which was incorporated based on the technology developed by public research institute, but underwent difficulties confronted during the development stages focused on the growth process and the factors contributed to their success. The case study was conducted with i-Sense Co., Ltd. which is a ventures organized by professors as a form of research based spin-off venture. i-Sense Co., Ltd. is a new-technology based ventures to produce self-tester for blood sugar level which was incorporated by Prof. Cha, Keun-sik and Prof. Nam, Hak-hyun of Department of Chemistry in Kwangwoon University along with the graduate course students of the Research Laboratory of the University. The two professors operated the Chemical Sensor Research Center at the Kwangwoon University where they produced many preliminary research outputs related with bio-sensors. They also executed the service works at the specialized company they established for research development to make research fund. They established i-Sense Co., Ltd. with the aim to carry out the research they want to. But contrary to the initial intention of the founders of the company, i-Sense Co., Ltd. has grown up as manufacturing company which produces and sells the self-tester for blood sugar level and is expected to be listed by Initial Public Offering (IPO) on the KOSDAQ in 2008. This study is to analyze the foundation and the growth process of i-Sense Co., Ltd. as successful research based spin-off ventures, to find out the factors contributed to their success by enabling them to overcome the difficulties experienced during the growth process, and eventually to provide with suggestive meanings in policy and practical point of view that leaded the research based spin-off ventures to success.

• The Journal of the Korea Contents Association
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• v.15 no.12
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• pp.541-549
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• 2015

Research about U.S. and European countries demonstrated that startups and young firms account for nearly all net job creation. If we want to bring down unemployment and to increase economic growth rate, we need to create new companies and to make them to grow. Credit availability is one of the most important factors for entrepreneurs as they attempt to start or expand a business. For young firms, access to credit for business growth can mean the difference between survival and failure. Equity crowdfunding is an innovative means of raising capital for businesses. Crowdfunding campaigns can give new business access to a large pool of investors. This brings huge benefits for marketing and increase provability of success of business and ROI, so it leads follow-on investment from Venture Capital and Angel investors. In Korea, the survival rate of startups and average growth rate of survivors is far lower than those of the U.S or other countries due to lack of funds for startup or early business growth. Equity crowdfunding can be a new funding source for venture or startups. It can increase startup and survival rate, in addition to the growth rate of survivors, resulting in decreased unemployment rate. In Korea, Equity crowdfunding will be available from 2016. Further study is needed to determine whether the impact of crowdfunding in Korea on job creation will be similar to its impact in the U.S.

• 한국벤처창업학회:학술대회논문집
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• 2020.06a
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• pp.191-195
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• 2020

최근 벤처 캐피탈의 투자는 지속적으로 증가하는 가운데, 특히 핀테크 산업의 투자가 괄목할 정도로 증가하고 있다. 핀테크는 금융과 기술의 만남이라는 관점에서 주목을 받았다. 핀테크 업체는 기존 전통 금융기관이 가지고 있는 Pain Point를 공략하여 혁신을 주도 해 나가고 있다. 결제, 송금 등에서의 비효율을 개선하고 있으며, 자산 관리 분야에서도 편리한 투자 솔루션을 낮은 수수료 체계하에서 제공하여 시장 점유율을 확대가 가속화 되고 있는 실적이다. 이러한 핀테크 스타트업의 성장 추세에서 어떠한 요인이 기업 가치에 가장 영향을 주었는지에 대한 연구는 개념적인 수준에 머물러 있다. 이는 한국의 경우에는 여러 가지 규제로 인해 글로벌 업체 대비 발전에 저해가 되는 제도적인 문제가 있어 성장성을 보이는 업체가 제한되어 있고, 글로벌의 경우도 의미있는 핀테크의 성장은 최근 2~3년내에 빠르게 변화한 상황으로 관련 연구가 시작 단계에 머물러 있다. 본 연구에서는 2000년~2020년 1분기까지의 글로벌 핀테크 업체를 대상으로 어떠한 요인이 기업 가치 증대에 가장 의미있는 영향을 주고 있는지 파악을 하는 것을 목적으로 한다. 금융 CVC 투자 여부, CEO의 학력, 사업 지역, 핀테크내 세부 산업 분류 등의 요인에 대하여 분석을 진행하였다. 이를 토대로 향후 핀테크 산업 성장을 견인 할 수 있는 측면에서 시사점을 제공하고자 한다.

• KDI Journal of Economic Policy
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• v.27 no.1
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• pp.123-156
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• 2005

Strengthening the competitive edge of SMEs has become one of the most important economic issues in Korea as the bipolarization between large firms and SMEs has deepened. Accordingly, small innovative firms (referred as 'venture firms' in Korea) attract keen attention both from policy makers and academia. Also, we can sufficiently observe how the growth environment for venture firms has evolved, since it has been almost ten years after the Korean government started its support policy for venture firms. Considering this, now is the appropriate time to carry out an analysis of venture firms. From this point of view, this study looks at growth factors for venture firms to draw out policy implications. The empirical analysis shows interesting results. Firms with the following features all showed higher growth rates: firms with high R&D intensity, younger firms, bigger firms, firms using more policy loans, and firms located within and around the Seoul region. However, the empirical analysis has some limitations. The data used in the study is limited in terms of firm information and so there are some insufficiencies. Thus it is of great importance to compile the required data on firms to enable further in-depth studies.

• Information Systems Review
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• v.23 no.3
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• pp.1-23
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• 2021

The national economic policy paradigm is constantly changing according to the global business environment. Among them, fostering SMEs is a core policy of many developed countries. The growth of SMEs contributes to the creation of jobs and the development of local communities in the era of employment-free growth. In particular, the growth of SMEs is the foundation for growth into mid-sized and large enterprises. Therefore, the growth of SMEs plays an important role in the national economy. Information and communication technology (ICT) became important much more with the emergence of the 4th industrial revolution. Among them, the growth of ICT SMEs is the nation's future asset. Therefore, this study examines and verifies the main factors affecting the performance of ICT SMEs from the view of their R&D resources. On the basis of 1,999 SMEs dataset, empirical analysis was performed to investigate the influence of R&D resources on their corporate performance. Its results are as follows. First, based on theresource-based theory, ICT SMEs' R&D investment, R&D manpower, and government support policies were found to have a positive effect on securing a company's competitive advantage. Second, it was found that the level of product has a positive effect on the company's performance. Finally, it was found that M&A and technology acquisition method strategies differ according to the growth stage of the company. Therefore, in order to achieve technological innovation and corporate performance of ICT SMEs, the government support policy and investment into internal R&D personnel play as main factors. In addition, it was found that technology acquisition strategies differ depending on the growth stage of the company.

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

• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.87-92
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• 2021

해외 선진국을 중심으로 전 세계적으로 경기침체와 저성장, 저고용이 일어나고 있으며, 고용구조의 변화, 여성 운동, 도시 인구 이동, 환경오염, 장애인 일자리, 저출산 고령화시대, 청소년 문제, 평화문제 등 많은 사회문제들이 생겨나고 있다. 이들 국가는 이러한 다양한 사회문제들을 해결하기 위해 사회 서비스를 제공하고, 사회적 가치를 추구하기 위해 사회적기업(social enterprises), 사회적기업가 등을 육성하고 있다. 이는 우리나라도 마찬가지이며, 국내에 '사회적기업육성법'이 도입된 지 11년이 지났다. 그러나 2018년 10월을 기준으로 사회적기업은 2,030개에 불과한데, 이는 우리나라에서 사회적기업을 창업하고 성공하는 것이 얼마나 어려운지를 의미하는 것이다. 따라서 사회적기업의 창업 결정과 성공요인을 연구하는 것은 향후 사회적기업을 육성하는데 있어 큰 의미가 있다. 사회적기업의 창업의지에 영향을 주는 요인에 관한 연구는 학문적으로 중요한 의미를 갖는데, 선행연구는 사회적기업의 성과분석과 육성방향, 사회적기업가 정신에 초점을 두어왔다. 그러나 사회적기업 창업 활성화에 관한 연구는 이제 시작 단계이며, 특히 사회적기업 창업에 영향을 미치는 요인들의 연구는 미비한 상황이다. 본 연구의 목적은 기존 연구의 공백을 채우고자 사회적기업 창업과 사회적기업에 관한 기존 선행 연구들을 바탕으로 경상남도 대학생의 사회적기업 창업 의지에 영향을 미치는 요인을 실증분석하는데 있다. 이러한 요인들을 파악함으로써 앞으로 경상남도 사회적기업 창업의 활성화를 위해 정부와 대학의 전략적 역할에 관해 논의해 보고자 한다.

• The Journal of the Korea Contents Association
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• v.22 no.4
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• pp.130-144
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• 2022

The purpose of this study is to verify the mediating effect of goal commitment and the moderating effect of entrepreneurial orientation in the relationship with relationship continuity about the win-win strategy with a foreign company. For this study, a total of 427 work-level employees who participated in trade shows were surveyed by on-line. First, most of the elements of the win-win strategy with a foreign company were found to be of a significant impact on goal commitment. Second, most of the elements of the win-win strategy with a foreign company had a positively significant impact upon relationship continuity. Third, the goal commitment with a foreign company had a significant impact on relationship continuity. Fourth, the analysis of the mediating effect of goal commitment in the relationship between the elements of the win-win strategy with a foreign company and relationship continuity showed that some elements of win-win strategy played a mediating role. Fifth, in the relationship between the elements of the win-win strategy in cooperation with a foreign company and relationship continuity, entrepreneurial orientation had a significant moderating effect on some of the elements of the win-win strategy with a foreign company.

• Proceedings of the Korea Association of Information Systems Conference
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• 2003.11a
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• pp.305-316
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• 2003

오늘날 e-비즈니스의 주요 동인이라 할 수 있는 인터넷은 우리의 일상생활뿐만 아니라 상거래의 형태도 변화시키고 있다. 특히 전자상거래는 시간적 공간적 제약을 극복하고 편리하게 거래를 할 수 있다는 이점으로 그 시장이 급격히 성장하고 있다. 이렇게 기업의 환경을 급변시키며 새로운 시장을 형성하고 있는 인터넷의 활용분야는 매우 다양하다. 특히 대기업과 비교하여 상대적으로 인력과 자본이 부족한 중소기업에서는 전자상거래를 판로개척, 판매, 광고, 기업 홍보, 고객에 대한 서비스 등 기업의 다양한 프로세스 도구로 활용할 수 있다. 중소기업에서 성공적인 전자상거래를 실현하기 위해서는 무엇보다도 전자상거래의 관문이라 할 수 있는 웹사이트의 개발에 크게 심혈을 기울여야 할 것이다. 이에 본 연구에서는 전자상거래의 관문이라 할 수 있는 중소기업의 웹사이트 개발에 영향을 미치는 조직의 내${\cdot}$외적 요인이 무엇인지를 밝혀내고, 조직의 웹사이트를 개발 수준에 따라 분류하여 현재 중소기업의 웹사이트 개발의 수준을 알아본다. 그리고 조직의 웹사이트 개랄 수준을 향상시키기 위해 고려해야 할 요인들이 무엇인지 살펴본다. 본 연구의 구성은 I장에서는 연구의 필요성을 제시하고, II장에서는 관련 논문들의 고찰을 통해 웹사이트 개발 수준에 영향을 미치는 요인들을 탐색해본다. III장에서는 연구모형과 가설을 제시하고, IV장에서는 이를 토대로 실증분석을 한다 마지막으로 V장에서 본 논문의 결론을 맺는다.

• Journal of Technology Innovation
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• v.31 no.2
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• pp.111-133
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• 2023

Innopolis start-up has become a representative model and path for commercialization of public technology. Along with the quantitative growth of innopolis start-up, the importance of innopolis start-up in national policies and institutional strategies related to public technology commercialization has also increased. However, over the past 16 years, innopolis start-up's establishment and growth have taken place in different ways at different times. This study aims to compare and analyze changes in innopolis start-up over the past 16 years, focusing on comparisons before and after 2014, when the establishment of innopolis start-up began to increase rapidly. Main findings are as follows. First, in the early stage of the quantitative expansion period, policy changes related to innopolis start-up were the main factors for the increase in innopolis start-ups. In addition, the rapid increase in the establishment of innopolis start-up after 2016 was largely influenced by changes in the start-up environment and institutional changes related to innopolis start-up. Second, the time of registration and size of the capital of innopolis start-up had a statistically significant effect on the sales for 3 years after registration. This result shows that with the rapid increase in innopolis start-ups, the need to build a customized support system for innopolis start-ups by size or growth stage has increased.