• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.65-80
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• 2022

Despite the uncertainty and risky factors of startups, the special and critical role of accelerators in carrying out professional nurturing and investment for them is becoming increasingly significant in the startup social-system. However, academic research on investment determinants that have a profound impact on the survival of accelerators is lacking, and there are only a few empirical studies on the classification and importance of factors, and they do not enjoy the benefits of theoretical studies. This study proposes a business model innovation framework based on the business model innovation theory that reflects the nature and properties of startups that are investment targets of accelerators and derives 12 investment decision factors. The framework defines that the target, direction, and performable force of startup innovation are a business model, strategy, and dynamic capability. Besides, the framework analyzes the investment decision factors of the existing accelerators based on the business model innovation framework to verify the suitability and sufficiency of the composition. As a result of the analysis, first, most of the items were faithfully composed from a static point of view of business model innovation, but it was found that the factors related to the core activities to evaluate the activity and customer relationship were insufficient. Second, from the strategic point of view, the necessity of developing factors that can encompass the definition and content of core resources, which are internal strategic factors, was raised. Third, from the dynamic point of view, it was found that many of the investment determinants of accelerators were concentrated on the lower level of dynamic competencies. This can be judged as a result of reflecting the characteristics of a startup that needs to develop a solution with few resources and a small number of team members. In addition, the roles and interrelationships between each factor are not clear, thus it was found as a limiting point for startups to view and evaluate the direction and process in which startups dynamically innovate their business models. This study is considerably differentiated in that it provides a business model innovation framework and offers a theoretical basis for investment determinants by deriving the investment determinants of accelerators based on the framework and design the foundation for subsequent research. The business model innovation framework presented in this study has great implications in that it contributes to the achievement of startups, accelerators, and startup support organizations.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.253-270
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• 2023

Research on investment determinants of accelerators, which are attracting attention by greatly improving the survival rate of startups by providing professional incubation and investment to startups at the same time, is gradually expanding. However, previous studies do not have a theoretical basis in developing investment determinants in the early stages, and they use factors of angel investors or venture capital, which are similar investors, and are still in the stage of analyzing importance and priority through empirical research. Therefore, this study verified for the first time in Korea the discrimination and effectiveness of investment determinants using accelerator investment determinants developed based on the business model innovation framework in previous studies. To this end, we first set the criteria for success and failure of startup investment based on scale-up theory and conducted a survey of 22 investment experts from 14 accelerators in Korea, and secured valid data on a total of 97 startups, including 52 successful scale-up startups and 45 failed scale-up startups, were obtained and an independent sample t-test was conducted to verify the mean difference between these two groups by accelerator investment determinants. As a result of the analysis, it was confirmed that the investment determinants of accelerators based on business model innovation framework have considerable discrimination in finding successful startups and making investment decisions. In addition, as a result of analyzing manufacturing-related startups and service-related startups considering the characteristics of innovation by industry, manufacturing-related startups differed in business model, strategy, and dynamic capability factors, while service-related startups differed in dynamic capabilities. This study has great academic implications in that it verified the practical effectiveness of accelerator investment determinants derived based on business model innovation framework for the first time in Korea, and it has high practical value in that it can make effective investments by providing theoretical grounds and detailed information for investment decisions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.241-253
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• 2023

In the current rapidly changing environment, each country continues to make efforts to create jobs and strengthen technological competitiveness. In particular, support and revitalization policies for venture companies and start-ups are known to play a role in increasing national competitiveness. Companies should make appropriate replacements amid growing uncertainties in the environment in which business life is shortened and customer needs are diversified due to intensifying competition. First of all, it is important for companies to make efforts to strengthen their internal capabilities on their own. However, venture companies lack internal resources and capabilities, so support from the external environment is important enough to lead to the survival of the company(Timmons, 1994). Financial support and certification systems are being operated at the national level to strengthen the competitiveness of companies. However, financial support can lower a company's self-sustainability depending on the situation, so non-financial support such as R&D support and start-up education is considered to be helpful in the long term for venture growth(Aghion et al., 2012; Jeon & Ko, 2021). Non-financial support is divided into commercialization, facilities, space, childcare, manpower, and certification systems, and this study confirmed the benefits of the venture company confirmation system, which is a certification system. To this end, the 2021 venture company precision survey data and venture company sales data were used, and analyzed using the SPSS 26.0 package and SPSS PROCESS MACRO. As a result of the analysis, it was confirmed that the level of the management environment of venture companies has a positive effect on the benefits of the venture confirmation system or increasing the level of venture company capabilities, but it is difficult to lead to actual management performance. In addition, it was confirmed that the level of venture company competency mediates the relationship between the level of the venture company's business environment and management performance. As a result, even if the level of the venture company's business environment is positive or venture-friendly, it can be said that companies with internal capabilities to digest support from the external environment increase management performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.63-73
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• 2016

In these days startup became one of the most hot issue in business world. The problem is many startup couldn't overcome the valley of death. For this reason many startup want to funded by venture capital. However startup's business is trade secret itself, so they have to make strategic approach to venture capital. The purpose of study is to find the way to make strategic decision for startup. By analyzing the relation between startup's characteristic and venture capital's investment portfolio. Four famous venture capital(Sequoia capital, Lightspeed venture, Firstround and Khosla venture) and their seed invested startup Dropbox, Airbnb, Snapchat, Uber and Instacart was selected for this study. As a result, each venture capital has their own invest category characteristic and their seed funding belong to their category. Moreover, between seed funded startup and 36,4% of 244 past invented company shown vertical relationship, beside 0.5% of past 244 invested company shown horizontal relationship. This result shown the importance of the relation between startup's characteristic and venture capital's portfolio. Startup have to check the venture capital's portfolio for the strategic approach for funding and venture capital have to make mutual positive portfolio for decreasing the risk.

• Journal of Venture Innovation
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• v.7 no.1
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• pp.1-15
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• 2024

This study aims to elucidate the characteristics of big tech platform companies' sports content business in an environment of rapid digital transformation. Specifically, this study examines the market structure of big tech platform companies with a focus on Amazon, revealing the role of sports content within this structure through an analysis of Amazon's sports marketing business and provides an outlook on the sports content business of big tech platform companies. Based on two-sided market platform business models, big tech platform companies incorporate sports content as a strategy to enhance the value of their platforms. Therefore, sports content is used as a tool to enhance the value of their platforms and to consolidate their monopoly position by maximizing profits by increasing the synergy of platform ecosystems such as infrastructure. Amazon acquires popular live sports broadcasting rights on a continental or national basis and supplies them to its platforms, which not only increases the number of new customers and purchasing effects, but also provides IT solution services to sports organizations and teams while planning and supplying various promotional contents, thus creates synergy across Amazon's platforms including its advertising business. Amazon also expands its business opportunities and increases its overall value by supplying live sports contents to Amazon Prime Video and Amazon Prime, providing technical services to various stakeholders through Amazon Web Services, and offering Amazon Marketing Cloud services for analyzing and predicting advertisers' advertising and marketing performance. This gives rise to a new paradigm in the sports marketing business in the digital era, stemming from the difference in market structure between big tech companies based on two-sided market platforms and legacy global companies based on one-sided markets. The core of this new model is a business through the development of various contents based on live sports streaming rights, and sports content marketing will become a major field of sports marketing along with traditional broadcasting rights and sponsorship. Big tech platform global companies such as Amazon, Apple, and Google have the potential to become new global sports marketing companies, and the current sports marketing and advertising companies, as well as teams and leagues, are facing both crises and opportunities.

• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.49-53
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• 2021

'양손잡이 조직(Organizational Ambidexterity)'은 새로운 기회를 찾고 위험을 감수하며, 신제품이나 신사업을 개발해 가는 탐색(Exploration) 역량과, 최소한의 리스크와 보유한 자원을 토대로 기존 제품이나 서비스를 중심으로 효율성을 높이는 활용(Exploitation)적 혁신을 동시에 추구하는 조직의 능력으로 경영자들이 비즈니스 환경의 난기류와 다차원성에 대처하도록 권고하는 개념들 중 하나이다. 본 연구는 스타트업의 양손잡이 역량 균형이 기업 성과에 미치는 영향에 대한 연구를 기반으로 양손잡이 역량이 실제 스타트업에 긍정적으로 영향을 미치는 지를 조사하는데 목적으로 하고 있다. 따라서 탐색(Exploration)과 활용(Exploitation)의 적절한 균형(Balance)을 중심으로 기업성과에 미치는 영향과 더불어 환경적 동태성(Environmental Dynamics)의 조절효과에 대하여 알아보고 분석하였다. 실제로 선행 연구를 통해 탐색(Exploration)과 활용(Exploitation)에 모두 관여하는 양손잡이 기업들이 하나에 집중하는 기업보다 우수한 성과를 달성할 가능성이 높은 것으로 나타났으며, 탐색(Exploration)과 활용(Exploitation)의 적절한 균형(Balance)을 유지하는 것이 생존과 번영을 위해 중요한 것으로 나타났다. 특히, 자원이 부족한 스타트업의 경우 부족한 자원을 효과적으로 활용하고 양방향으로 행동할 수 있는 능력은 경영 능력과 역량에 달려 있기 때문에 지속적인 생존을 위해 탐색과 활용의 균형을 맞추고 효과적인 조직을 구축해 양손잡이 조직으로 거듭나야만 한다. 양손잡이 조직에 대한 연구 이론은 보통 여유 자원이 높은 대기업을 기준으로 정의되고 있으며, 상대적으로 여유 자원의 수준이 낮은 중소기업이나 스타트업을 위한 양손잡이 조직의 의미와 이러한 기업들이 추구할 수 있는 현실적인 실행방안에 대해서는 연구가 부족한 실정이다. 따라서, 본 연구는 실제 스타트업 기업의 성장을 위한 전략적 방향 설정을 제시할 수 있으며, 급격하게 변화하는 시장에서 스타트업의 양손잡이 역량과 기업성과 영향 관계를 분석하여 학술적인 기여를 할 수 있을 것으로 기대한다.

• Journal of Korea Port Economic Association
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• v.35 no.4
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• pp.17-30
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• 2019

This study examines the recent business models of domestic logistics companies in Hanoi and Hai Phong, Vietnam, and suggests implications. We introduced business models (coastal shipping, distribution center and ICD transportation, cold chain, border crossing, port development, etc.) that provide logistics services through cooperation with existing logistics companies (shippers, logistics companies, local companies, etc.). If we propose a partnership plan in the short and medium term, short-term projects include warehouse, ICD, trucking business, and it is feasible to not only collaborate with Korean companies that have already entered the market, but to also invest in joint ventures with local companies (up to 51% of local companies). In the long term, we can consider coastal transportation, cross-border transportation, trucking, and investment in new deep sea ports. All of these businesses require local partnerships, so local companies require a 51% stake.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.1-15
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• 2023

Impact investment involves investing in companies that pursue both social value and financial returns. It focuses on addressing various social problems through innovative solutions while generating profits. The domestic impact investment ecosystem has experienced significant growth with the support of the government and public institutions. In 2021, it witnessed a 3.5-fold increase over three years, reaching a total of 700 billion won in operating assets. In order to foster qualitative growth alongside this quantitative expansion, it is crucial to conduct research specifically on impact investment, which sets it apart from conventional venture investment. This study aims to empirically analyze the unique factors that influence impact investment decisions. Firstly, the factors affecting investment decisions were identified through a literature analysis. Then, a consultation and Delphi survey involving 11 representatives and evaluators from impact investment companies was conducted to determine the major investment determinants. Subsequently, an AHP (Analytic Hierarchy Process) survey was carried out with 10 impact investment evaluators to ascertain the relative importance of these factors. The analysis revealed the following order of importance for the top factors: market>entrepreneur(team)>product/service>finance. Furthermore, the importance of specific factors was identified in the following order: market competition and entry barriers>new market creation>market growth and potential expansion>team expertise and capabilities. Unlike previous studies that primarily focus on general startup investment factors, this research demonstrates that impact investment places greater emphasis on market-related factors and considers the sustainability and profitability of the business model to be more important than the social impact of social ventures.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.3
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• pp.97-107
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• 2024

This study aims to identify the factors that affect customer satisfaction as the market growth of rental subscription services for living environment home appliances increases. Unlike previous research, which focused on online subscriptions (e.g., digital content, over-the-top (OTT) services, e-books, and mobile devices), this study expands the scope to include rental subscriptions for household environmental appliances. Specifically, this study analyzes the factors influencing customer satisfaction among rental subscription service users by examining the effects of perceived usefulness, reliability, and convenience. The results show that users' perceived reliability and convenience of rental subscription services for living environment home appliances significantly affect customer satisfaction. Perceived usefulness, however, was not found to have a significant impact, as it is an abstract and subjective customer aspect. The implications of the results are as follows: First, standardized services must be strengthened to increase the reliability of rental subscription services. Additionally, it is necessary to improve convenience by developing additional services when managing regular visits tailored to the characteristics of each product. Providing customized services by integrating products and Information and Communications Technologies (ICT). Furthermore, effective customer management to increase customer satisfaction is crucial, as it can lead to cross-selling and up-selling opportunities. Lastly, venture start-ups should actively apply a subscription service business model.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.2
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• pp.17-25
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• 2015

This research is to analyze the mediating effect of corporate reputation between the organizational slack and corporate performance in venture SMEs. That is, after controlling the firm size, firm age, social capital, environmental uncertainty, we test three hypothesis. First, we test the hypothesis that organizational slack has a positive effect on corporate reputation. Second, we test the hypothesis that corporate reputation has a positive effect on corporate performance. Third, we test the positive mediating role of corporate reputation between organizational slack and corporate performance. For this research, we administered the questionnaire surveys, and got the 250 effective data(companies) of korean venture SMEs. We use SPSS 18.0, and analysis the validity, reliability, correlation and multiple regression analysis of research model. As a result, we can find the three meaningful results. First, organizational slack, especially not absorbed slack but unabsorbed slack, has positive effect on the corporate reputation. Second, corporate reputation has positive effect on corporate performance. Third, corporate reputation has mediating effect between organizational slack, especially not absorbed slack but unabsorbed slack, and corporate performance. Although this research has some limitations of generalization because of the limited size of samples, we has meaning information related to the venture companies in the academic and business field.