• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.97-110
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• 2020

This paper is on the policy proposal for venture ecosystem. First, one of the three secrets of the US venture ecosystem is the law of 50:50. Angel capital investment is as important as venture capital investment. Although professional angel investors and accelerators account for as much as VC in the venture ecosystem, they are ignored from policy considerations. We argue that the revision of related law is urgent. Second, large US firms invest more in M&As than in internal R&D. Therefore, accelerators and professional angel investors could make effective investment recovery after investing in a startup company. In other words, angel capital does not come in without secondary market development. Angel capital and secondary markets are the two pillars of the venture ecosystem. The government alone is difficult to develop a secondary market. This is why the private sector should come in and introduce corporate venture capital (CVC). Third, we believe the policy direction for national economic growth should be extended from the startup to scale-up. This is because the startup's sales and job creation will start in five years. While the previous study focused on funding (venture financing), this paper aims to balance all three stages of a venture: startup, growth, and recovery, which are the life cycle of a venture company or venture investment. In particular, we propose specific policies in each chapter to improve practical application.

• Membrane Journal
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• v.34 no.1
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• pp.79-86
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• 2024

The flat sheet membrane, one of the representative forms of polymeric membranes, is widely used from material research in laboratories to commercial membrane production due to its ease of fabrication. Porous polymeric flat sheet membranes used in microfiltration and ultrafiltration are mainly fabricated through phase separation processes, utilizing non-solvent-induced and vapor-induced phase separation methods. However, due to the nature of phase separation processes, variations between samples can easily occur depending on the surrounding environment and the experimenter, making it difficult to ensure reproducibility. Therefore, for scaling up and ensuring reproducibility of developed membrane fabrication technologies, there is a need for a controlled environment continuous large-area production device, such as a roll-to-roll manufacturing system. This research compared the changes in membrane characteristics due to differences in manufacturing environments when scaling up laboratory-scale fabrication technologies to roll-to-roll processes using knife and slot die coaters. By optimizing the continuous manufacturing process factors, uniformity of the membrane was ensured during large-area production.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.2
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• pp.51-78
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• 2021

Followed by 'start-up', the theme of 'scale-up' has been considered as an important agenda in both corporate and policy spheres. In particular, although it is a term commonly used in industry and policy fields, even a conceptual definition has not been achieved from the academic perspective. "Corporate Growth" in the academic aspect and "Business Growth" in the practical management field have different understandings (Achtenhagen et al., 2010). Previous research on corporate growth has not departed from Penrose(1959)'s "Firm as a bundle of resources" and "the role of managers". Based on the theory and background of economics, existing research has mainly examined factors that contribute to firms' growth and their growth patterns. Comparatively, we lack knowledge on the firms' growth with a focus on 'annual revenue growth rate'. In the early stage of the firms, they tend to exhibit a high growth rate as it started with a lower level of annual revenue. However, when the firms reach annual revenue of more than 100 billion KRW, a threshold to be classified as a 'middle-standing enterprise' by Korean standards, they are unlikely to reach a high level of revenue growth rate. In our study, we used our sample of 333 companies (6.7% out of 5,000 'fastest-growing' companies) which reached 15% of the compound annual growth rate in the last three years with more than USD 100 million. It shows that sustaining 'high-growth' above a certain firm size is difficult. The study focuses on firms with annual revenue of more than $100 billion (approximately 120 billion KRW) from the 'Inc. 2020 fast-growing companies 5,000' list. The companies have been categorized into 1) Fast-growing companies (revenue CAGR 15%~40% between 2016 and 2019), 2) Hyper-growing companies (40%~99.9%), and 3) Super-growing (100% or more) with in-depth analysis of each group's characteristics. Also, the relationship between the revenue growth rate, individual company's strategy choice (market orientation, generic strategy, growth strategy, pioneer strategy), industry/market environment, and firm age is investigated with a quantitative approach. Through conducting the study, it aims to provide a reference to the 'Hyper-Growing Model' that combines the paths and factors of growth strategies. For policymakers, our study intends to provide a reference to which factors or environmental variables should be considered for 'optimal effective combinations' to promote firms' growth.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.17-25
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• 2020

Venture debt is a prominent funding tool to promote scale-up of ventures. In the growth stage, venture firms that need large-scale funding can accelerate their growth by leveraging venture debt without diluting their shares, while venture capitals can quickly recollect their investments by accelerating the growth of the ventures they invest. By supplying venture debt, banks can diversify their asset primarily concentrated on loans, and improve the return on assets. As in the case of Silicon Valley Bank, a leading venture lender, closer cooperation between the two agents is essential to supply venture debt. One is the venture capital, an equity capital supplier, and the other is the bank, a debt capital supplier. To this end, we propose "credit risk sharing venture loans" and "venture loan pooling". The former encourages banks' participation in the venture debt market where the manager of Korean Fund of Funds, KVIC and policy guarantee schemes such as KODIT and KIBO screen or partially absorbe the risks inherent in venture loans. The latter reduces the burden of banking on individual venture loans through securitization.

• Journal of Broadcast Engineering
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• v.17 no.6
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• pp.924-932
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• 2012

Decomposition of a stereo signal into the primary and ambient components is a key step to the stereo upmix and it is often based on the principal component analysis (PCA). However, major shortcoming of the PCA-based method is that accuracy of the decomposed components is dependent on both the primary-to-ambient power ratio (PAR) and the panning angle. Previously, a modified PCA was suggested to solve the PAR-dependent problem. However, its performance is still dependent on the panning angle of the primary signal. In this paper, we proposed a new PCA-based primary-ambient decomposition algorithm whose performance is not affected by the PAR as well as the panning angle. The proposed algorithm finds scale factors based on a criterion that is set to preserve the powers of the mixed components, so that the original primary and ambient powers are correctly retrieved. Simulation results are presented to show the effectiveness of the proposed algorithm.

• Journal of the Korean Society of Radiology
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• v.13 no.7
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• pp.925-932
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• 2019

In this paper, we developed optical dosimetry system with a plastic scintillator, a commercial 50 mm, f1.8 lens, and a commercial high-sensitivity CMOS (complementary metal-oxide semiconductor) camera. And, the correction processors of vignetting, geometrical distortion and scaling were established. Using the developed system, we can measured a percent depth dose, a beam profile and a dose linearity for 6 MV medical LINAC (Linear Accelerator). As results, the optically measured percent depth dose was well matched with the measured percent depth dose by ion-chamber within 2% tolerance. And the determined flatness was 2.8%. We concluded that the optical dosimetry system was sufficient for application of absorbed dose monitoring during radiation therapy.

• Transactions of the Korean hydrogen and new energy society
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• v.17 no.3
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• pp.263-271
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• 2006

In this study, $20\;Nm^3/hr$ scale compact hydrogen generator which can be apply to the hydrogen station was manufactured and tested. The design of $20\;Nm^3/hr$ scale compact hydrogen generator was upgraded on the base of $5\;Nm^3/hr$ scale plate hydrogen generator concept stacking the plate reactors. Ideas for improving system efficiency such as heat recovery from the exhaust, exhaust duct which is especially design for plate type reactor, reinforcement of insulation, enlargement of heat exchange area of reactor, introduction of desulphurizer reactor and PROX rector in a compact design etc. were applied. From the performance test, we can learn that the $20\;Nm^3/hr$ scale compact hydrogen generator can be operated steadily at 100% road condition and the methane conversion of over 94%(at S/C=3.75) was obtained. This result shows that the concept of plate type hydrogen generator can be scale-up to the $20\;Nm^3/hr$ scale and fit for hydrogen generator for on site hydrogen station application.

• 한국신재생에너지학회:학술대회논문집
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• 2006.06a
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• pp.37-42
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• 2006

In this study, $20Nm^3/hr$ scale compact hydrogen generator which can be apply to the hydrogen station was tested for hydrogen station application. $20Nm^3/hr$ scale compact hydrogen generator was developed by upgrading concept of stacking plate reactor from former $20Nm^3/hr$ scale plate hydrogen generator. concepts for improving system efficiency and performance include such as idea of heat recovery from the exhaust, exhaust duct which is especially design for plate type reactor reinforcement of insulation, enlargement of heat exchange area of reactor, introduction of desulphurizer reactor and PROX rector in a compact design, introduction of back fire protection structure of plate burner and so on, We can learn that final prototype of scale-up $20Nm^3/hr$ scale compact hydrogen generator can be operated steadily in 100% road at which over 94% of methane conversion(S/C=3.75) was obtained. In case of making up the weak point, we expect that it is possible to apply to hydrogen station by way of showing an example.

• Clean Technology
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• v.23 no.4
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• pp.435-440
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• 2017

Fast pyrolysis of third generation biomass, including micro- and macroalgae for biofuel production has recently been studied and compared experimentally to first- and second-generation biomass. Compared to microalgae, however, process design and simulation study of macroalgae for scale-up has been rare in literature. In this study, we designed and simulated an industrial scale process for producing diesel range biofuel from brown algae based on bench scale experimental data of fast pyrolysis using a commercial process simulator. During process design, special attention was paid to the process design to accommodate the differences in composition of brown algae compared to terrestrial biomass. The entire process of converting 380,000 tonnes of dry brown algae per year into diesel range biofuel was economically evaluated and the minimum (diesel) selling price was also estimated through techno-economic analysis.

• Journal of Internet Computing and Services
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• v.10 no.5
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• pp.183-194
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• 2009

In this paper, we propose a new method for detecting objectionable images with an active shape model. Our method first learns the shape of breast lines through principle component analysis and alignment as well as the distribution of intensity values of corresponding landmarks, and then extracts breast lines with the learned shape and intensity distribution. To accurately select the initial position of active shape model, we obtain parameters on scale, rotation, and translation. After positioning the initial location of active shape model using scale and rotation information, iterative searches are performed. We can identify adult images by calculating the average of the distance between each landmark and a candidate breast line. The experiment results show that the proposed method can detect adult images effectively by comparing various results.