• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.1-13
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• 2019

As a way to find new and innovative technologies, many companies have invested in and acquired skilled startups. Because startups are usually small in size and have a small history of past business experience, there are many risks involved in acquiring them as they have limited technical skills and business feasibility verification methods. Thus, venture capital plays an important role in discovering and investing competitive startups. While Independent Venture Capital generally values financial returns, Corporate Venture Capital, which plays investment roles in the firm, values business synergies with the parent company from a strategic perspective. In an industry sector where development of technology is rapid and whether new technology is held determines a company's competitiveness, existing companies incorporate startups with innovative technologies into their investment portfolios, collaborate together, and take over for comprehensive cooperation. In addition, new investments and acquisitions are carried out through the management of portfolio companies to obtain and utilize industry information. In this paper, major U.S. companies listed in the U.S. verified their investment activities through corporate venture capital and their impact on parent companies and startups through regression, while the parent company's acquisition performance was analyzed through an event study based on a stock price analysis. The criteria for startup were defined as companies with less than 12 years of experience, and the analysis showed that the parent companies with corporate venture capital with a larger number of investments actively take over startups. In addition, increasing corporate venture capital's financial investment activities shows a negative impact on the parent companies' acquisition activities, and the acquisition performance increased when the parent companies took over startups in its portfolio.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.141-156
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• 2023

The advancement of Information and Communication Technology (ICT), along with the expansion of government and private investment in startup discovery and funding, has led to the emergence of startups seeking to generate outstanding results based on innovative ideas. As successful startups serve as role models, the number of aspiring entrepreneurs preparing to launch their own startups continues to increase. However, unlike entrepreneurs who challenge themselves with serial entrepreneurship after experiencing success, early-stage startups face various challenges such as team building, technology development, and fundraising. Accelerators play a dual role of mentor and investor by providing education, mentoring, consulting, network connection, and initial investment activities to help startups overcome various challenges they face and facilitate their growth. This study investigated whether there is a correlation between the characteristics of startups and their entrepreneurial performance, and analyzed whether accelerators mediate the relationship between startup characteristics and entrepreneurial performance. A total of 11 hypotheses were proposed, and a survey was conducted on 302 startup founders and employees located across the country, including the metropolitan area, for empirical research. SPSS 23.0 and Amos 23.0 were used for statistical analysis. Through this study, it was found that factors such as innovation, organizational culture, financial characteristics, and learning orientation among the characteristics of startups, rather than having a direct impact on entrepreneurial performance, are linked to entrepreneurial performance through the role of accelerators. By analyzing the impact factors of startup characteristics on entrepreneurial performance, this study presents research on the role of accelerators and provides institutional improvements. It is expected to contribute to the expansion of investment and differentiated acceleration programs, enabling startups to seize the market and grow stably in the market.

• Review of KIISC
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• v.26 no.2
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• pp.20-24
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• 2016

스마트폰과 태블릿 등 모바일 디바이스의 대중화로 우리 주변에는 규모를 가늠할 수 없을 정도로 많은 정보와 데이터가 생산되는 "빅데이터(Big Data)" 환경이 도래하고 있다. 최근 몇 년간의 빅데이터 기술 혁신은 공히 낙후된 금융 산업에도 많은 변화를 낳고 있다. 해외에는 미국과 영국을 중심으로 핀테크 스타트업에 대한 투자가 활발히 이루어지고 있으나, 국내의 경우에는 아직 금융IT 분야에 있어 선도적인 서비스가 없어[1], 스타트업 회사들에게 많은 기회가 있다고 파악된다. 본 논문에서는 빅데이터의 도래로 인한 시장 환경 변화를 살펴보고, 해외 금융 시장의 혁신을 선도하는 핀테크 스타트업 동향을 알아본다. 이를 통해, 국내에서 핀테크 스타트업이 앞으로 가질 수 있는 기회에 대하여 전망해 본다.

• 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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• 2017.11a
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• pp.133-137
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• 2017

벤처캐피탈의 공동투자전략은 투자 위험의 분산과 투자 자원의 효율적 관리, 투자사에 관련된 정보비대칭 완화 관점에서 단독투자전략보다 장점이 있다. 공동투자는 다른 한편으로는 투자정보 공유 네트워크와 투자기회 확보를 위한 경쟁을 드러내 보이기도 한다. 본 연구는 2014년부터 2016년까지 3년간 공개된 한국 벤처캐피탈의 한국 스타트업에 대한 투자 정보를 수집 및 분석하여 벤처캐피탈의 투자 전략 및 네트워크에 대한 실증 분석을 수행한다. 네트워크 분석, 로지스틱 회귀분석 등을 포함한 통계적 검정을 수행한 결과 벤처캐피탈의 분야별 전문성(투자집중도), 내적역량(업력 및 전문 인력의 수), 투자 네트워크, 피투자 스타트업의 업력 모두 공동투자여부에 영향을 끼친다는 증거를 발견할 수 없었다. 본 연구의 분석 결과 한국의 벤처캐피탈이 공동투자를 결정짓는 요인은 피투자기업의 사업 분야를 제외하면 투자금액의 크기와 보유 펀드의 규모 등 자금요인이 유일했다. 이 결과가 시사하는 바는, 한국의 벤처캐피탈 대다수가 투자형태의 결정에 있어 자사의 전문성이나 피투자기업의 본연적 사업 리스크를 고려한다거나 투자 기회 정보의 공유를 통해 투자형태를 전략적으로 결정하기 보다는 단순 자금운용 측면에 경도되어 있지 않은가 하는 점이다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.1
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• pp.33-46
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• 2019

Even though Korea is strengthening the support for startups due to the limitations of growth policies focusing on large companies, the survival rate of startups is very low, so that there should be more efforts to increase the survival rate of startups. As the existing startup support institutions have provided only fragmentary supports to startups, it would be necessary to have the comprehensive support institutions. As an alternative, the accelerator providing the comprehensive support such as spatial support, education, mentoring, networking, seed investment, and connection for follow-up investment to the initial startups was legalized in Korea of 2016, based on the registration system. Currently, within less than two year from then, there have been much interest in it enough to have about 136 registered accelerators. In the United States, the accelerator was introduced more than ten years ago. In Korea, however, it is still in the initial stage, so that the researches or social consensus on the accelerator are not sufficient. Thus, this study aims to suggest the measures for the development of accelerator and the consensus on the decision making for the selection of accelerator of startups, by researching which parts are considered when startups in the accelerator stage select the accelerator. As a result of the empirical analysis, the factor that has the greatest influence on decision making factors when startup chooses an accelerator was the subsequent investment attraction. This can be explained to the accelerator as desired, considering the factor that the startup of the initial stage places the most importance on growth as investment. We hope that these research results will be sustainable in future research related to accelerators, in hopes that it will be useful for establishing accelerator policies for domestic startups and direction for revitalizing related industries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.109-121
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• 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
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• v.15 no.1
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• pp.17-29
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• 2020

In recent years, universities, with their intellectual properties and human resources, become main drivers for technology transfer. Universities in Korea have various organizations to support the technology transfer and commercialization. Among them, a technology holding company plays the critical role to successfully implement the task. Nonetheless, the performance of the technology holding company is well below the expectation of industry, government and universities themselves. The lack of expertises and experience together with the ill-suited government policies could be attributable to the observed under performance. More recently, however, the technology holding company acts as an accelerator or venture capital to search and fund promising start-ups. The university venture capital thus transforms a traditional university into an entrepreneurial university. Focusing on the role of the technology holding company as an accelerator or venture capital, the paper analyzes the characteristics of the university venture capital and the invested start-ups. The performance of the university venture capital is measured and the determinants of the performance are empirically tested. The results show that the co-investment of outside investors and the support of government program, known as Tech Incubator Program for Startup Korea, yields the highest performance. The result indicates that the coordination of the university venture capital, industry and government is the key to the success of early start-ups. The paper is the first to analyze the performance of the university venture capitals in Korea and thus contributes to the literature.

• Electronics and Telecommunications Trends
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• v.30 no.3
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• pp.131-142
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• 2015

기존 ICT인프라가 잘 발달되어 있는 환경적 요소와 정부의 창조경제 기조에 힘입어 ICT분야의 창업이 활발하게 이루어지고 있는 가운데 스타트업을 지원하는 적극적인 플레이어로서의 대기업의 역할에 대한 관심이 증가하고 있다. 이에 본고에서는 국내 주요 대기업의 창업지원 사례를 ICT산업 분류에 따라 분석하였다. 더불어 창업지원 관련 최근 국내 이슈를 살펴봄으로써 대기업의 창업지원 활성화 방안을 모색하고자 하였다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.63-79
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• 2024

The startup ecosystem is experiencing a paradigm shift in founding due to the acceleration of digital transformation, online platform companies have grown significantly into unicorns, but the lack of differentiated approaches and strategic support for deep tech startups has led to the inactivity of the startup ecosystem. is lacking. Therefore, in this study, we proposed ways to develop domestic startup development policies, focusing on the US system, which is an advanced example overseas. Focusing on the definition and characteristics of deep tech startups, current investment status, success stories, support policies, etc., we comprehensively analyzed domestic and international literature and derived suggestions. In particular, he proposed specific ways to improve support policies for domestic deep tech startups and presented milestones for their development. Currently, the United States is significantly strengthening the role of the government in supporting deep tech startups. The US government provides direct financial support to deep tech startups, including detergent support and infrastructure support. It has also established policies to foster deep tech startups, established related institutions, and systematized support. It is worth noting that US universities play a core role in nurturing deep tech startups. Leading universities in the United States operate deep tech startup discovery and development programs, providing research and development infrastructure and technology. It also works with companies to provide co-investment and commercialization support for deep tech startups. As a result, the growth of domestic deep tech startups requires the cooperation of diverse entities such as the government, universities, companies, and private investors. The government should strengthen policy support, and universities and businesses should work together to support R&D and commercialization capabilities. Furthermore, private investors must stimulate investment in deep tech startups. Through such efforts, deep tech startups are expected to grow and Korea's innovation ecosystem will be revitalized.