• Journal of Venture Innovation
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• v.6 no.1
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• pp.95-114
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• 2023

As the Fourth Industrial Revolution progresses, the importance of startups is becoming more prominent. Additionally, the role of accelerators in ensuring the sustainability of startups is also being emphasized. Therefore, in this study, among the services provided by accelerators to startups, the mentoring service, education service, funding service, and networking service tried to empirically analyze the structural relationship that affects startup performance through the dynamic capabilities of start-ups. To achieve this, we conducted a survey in February 2023 targeting startup CEOs and executives who had experience with accelerator program services. A total of 238 valid responses were analyzed using structural equation modeling with Amos 24. The results of the empirical analysis were as follows. The accelerator program services, including mentoring, education, funding, and networking services, had a significant positive effect on startup dynamic capabilities. Among the accelerator program sub-factors, networking services had the highest impact on startup dynamic capabilities, followed by mentoring, funding, and education services. Furthermore, startup dynamic capabilities were found to have a significant positive effect on startup performance. On the other hand, startup dynamic capabilities were found to mediate the relationship between mentoring, education, funding, networking services, and startup performance. Dynamic capabilities are a critical factor for startups, and the finding that accelerator programs can have a significant impact on startup performance by mediating these dynamic capabilities is significant both academically and practically.

• Journal of Service Research and Studies
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• v.11 no.3
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• pp.1-16
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• 2021

Recently, crowdfunding has been receiving increased attention due to the variety of novel ways it provides for connecting funders and fundraisers. Concurrently, however, it has been criticized on the grounds of information asymmetry. We are interested in whether information collected from an asymmetric information source significantly influences crowdfunding success. Through this study, we would like to establish a social field of convergence pursued by Serve Science and to conduct practical research and practice together. First, we investigated the importance of interaction between funders and fundraisers within the crowdfunding platform. In the "comments" section, communication between funders and fundraisers reduces the degree of asymmetric information. In the aspect of presumable funders, they should make the best of the "comments" section to collect more solid information without losing return on their investment. Second, we analyze sentiment-based optimistic and pessimistic information from the "story" (asymmetric source) and "comments" sections. In conclusion, it shows that the optimistic and pessimistic information of the "comments" section has a great impact on crowdfunding success and that the influence of the "story" section is limited to pessimistic information under certain conditions. The crowdfunding platform is an innovative and productive way for startups and entrepreneurs to start a business, and since information an important role in the success of crowdfunding, It can be seen that it is essential to focus on establishing the best communication methods.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.12
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• pp.515-522
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• 2018

Current signs of a downturn in South Korea's economy include the sharp drop in consumption. Considering internal and external complications such as the raise in minimum wage and fierce global competition, people's taste and purpose of consumption is shifting as well. Under such circumstances, crowdfunding provides a new investment and distribution channel for businesses in their initial stages. Crowdfunding can serve as a key driver of growth in early stages of business operations and lead to growth in consumption as a new distribution channel. This study explores how customers perceive the process of reward crowdfunding, especially when it comes to fairness in procedure, interaction, and distribution. In addition, we further seek how perceived fairness affects customer satisfaction and loyalty in the industry.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.135-147
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• 2016

Equity-based crowdfunding combines virtual technologies with traditional investing principles. Equity-based crowdfunding is a financing method for startups and small businesses to raise small amounts of capital from a "crowd" of investors. Small businesses can raise capital, advertise product or service, and receive feedback from crowds of investors in exchange for ownership equity in their business. This study examined the operational performance of equity-based crowdfunding in Korea. Data were collected from 125 success and failure equity-based crowdfunding of 75 firms. Results were as follows: First, success firms had a clear vision than failure firms in raising equity-based crowdfunding. Second, success firms had success experiences than failure firms in raising equity-based crowdfunding. Third, success firms had patents to technologies or products that are practical and that customers need. Fourth, success firms had three or more year long-term objectives than failure firms in raising equity-based crowdfunding. Finally, implications of the results were discussed.

• Information Systems Review
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• v.22 no.1
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• pp.125-146
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• 2020

With the penetration of the Internet and e-commerce, a 'crowdfunding' has emerged as a new way of financing. Crowdfunding has the advantage for a person to able to a simple way to finance her/his an innovative product or service from crowd. However, the success rate for crowdfunding projects is less than half. In this study, we introduce social exchange theory to explore the impact of trust and perceived psychological risk on the intention to participate in a crowdfunding website. Different from previous studies that have focused on a crowdfunding creator, we consider two different perspectives of a project creator and a project supporter. In addition, we compare perceptions of crowdfunding in different cultural contexts by conducting survey in two different countries Korea and Austria. Result shows that trust in recommendation and trust in website have different impacts on the intention to participate from two different perspectives. It also shows that perception of the quality and transparency of information provided by crowdfunding website has greater impact on trust in Korea than that in Austria. In case of perception of psychological risk, it has a negative impact on Austria's intention to create or support a project. On the other hand, it has relatively small impact on the intention to support and does not affect the intention to create a project in Korea.

• The Journal of Society for e-Business Studies
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• v.24 no.3
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• pp.35-51
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• 2019

The two main goals of this study are to derive independent factors affecting the success rate of crowdfunding and to empirically analyze the variation of independent factors' effects on the success of crowdfunding by industry (Internet, culture/art, manufacturing/distribution), and funding type (stock type, bond type). To identify the success factors of crowdfunding for invigoration and strategic utilization, first, several variables were refined after interviews with experts and platform operators with investment experiences in numerous crowdfunding projects. Then, independent factors affecting project involvement were categorized as follows: a characteristic of project, participant activity, and enterprise. Also, the results derived from the influence of independent variables on crowdfunding after moderating effects were driven. Selected independent factors in this study are as follows: crowdfunding period, target amount, visual contents, minimum account money, number of comments, number of SNS followers, level of interest, financial Statement disclosure, investment attraction, venture company, intellectual property rights disclosure, and business operation period. Selected moderating factors in this study are as follows: industry (Internet, culture/art, manufacturing/distribution), and funding type (stock type, bond type). In conclusion, a discussion of the academical and practical implications and a suggestion of directions for further research are explained.

• Proceedings of the Korea Information Processing Society Conference
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• 2021.11a
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• pp.466-469
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• 2021

최근 자연어 처리에 대한 관심이 증가함에 따라 자연어 처리 기술을 활용한 다양한 추천 시스템이 등장하고 있다. 본 논문에서는 자연어 처리를 이용한 서비스를 개발한다. 본 논문에서 개발한 서비스는 KoNLPy 와 Word2Vec 을 이용하여 크라우드 펀딩 프로젝트 창작자 및 후원자에게 키워드 및 키워드와 유사한 단어가 제목에 포함되는 프로젝트를 추천해준다. 단문 텍스트로서 프로젝트 제목을 사용하여 데이터를 자연어 처리 한 후, 딥러닝 모델에 적용시켜 추출한 데이터를 기반으로 창작자와 후원자에게 추천해주는 방식이다. 따라서 본 서비스는 프로젝트 제목 정보를 통한 추천 시스템의 개발로, 나아가 영화, 도서와 같은 콘텐츠 추천 분야에도 적용할 수 있을 것으로 기대한다.

• The Journal of Society for e-Business Studies
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• v.25 no.1
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• pp.65-82
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• 2020

Start-ups often use crowdfunding platforms such as Wadiz to get financing from corporate investors and general public. These platforms include functions to increase participant activity through the number of comments, interest and online word-of-mouth. This study aims to elucidate how these functions related to a participant activity exhibit mediating effects on a success of crowdfunding and an achievement rate of targeted investment amount. To this end, the individual variables such as progress period, target amount, venture company, experience of attracting investment, possession of intellectual property rights, a career of the representative and an award experience of the representative were classified into the project characteristics, the company characteristics and the representative characteristics through not only previous studies but also interviews with investment professionals and platform operators. Afterwards, this study went through an empirical verification process using a structural equation model that has both crowdfunding performance and participant activity, which is the independent and mediating factors of three perspectives, as well as the dependent variables. In other words, this study analyzes how the characteristics of three perspectives affect the participant activity and how the participant activity had the mediating effects on the crowdfunding performance. In addition, it derives how the analysis results mentioned above vary according to business types (internet services, culture/art, manufacturing/distribution) and investment styles (stock type and bond type). It is expected that this study will help not only in deriving the factors affecting the performance of an investment type crowdfunding but also in preparing the measures to increase a participant activity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.4
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• pp.1-12
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• 2014

It is essential factor for business operation to raise funds effectively. However, in Korea, many start-ups and small businesses have difficulties in fund-raising. In recent years, crowdfunding, a new method for funding a project of individuals or organizations by raising monetary contributions from a large number of people, has been growing up simultaneously with diffusion of social media. Crowdfunding is on early stage in Korea, and the majority of projects are focused on cultural or art categories. There is high proportion of projects that have social value in start-up sector. Crowdfunding in Korea has great potential because success rate of it is much higher than its of advanced countries, although market size is much smaller than them. The purpose of this paper is to propose success strategies of crowdfunding for start-up through case study. 5 crowdfunding platforms of Korea and Kickstarter, the platform of United States were investigated. Then we checked the figures related to the operation of the whole Korean projects on start-up. Finally, we made comparison between the cases of success and failure by analyzing 8 project characteristics. The study shows that it were the differences in trustworthiness and activeness of project creator, value of reward and efforts for interactivity that have great effects on success of the project. Whereas there was no significant influence of societal contribution and sponsor engagement. The thesis provides success strategies of crowdfunding for start-up as follows. Firstly, creator of the project should make support base by enthusiastic activites before launching funding project. Secondly, there should be contents that can easily show the process of business development in the project information. Thirdly, there must be appropriate design of rewards for each amounts of support money. Finally, efforts for interactivity, such as frequent updates, response for comments and SNS posting, should be followed after the launch of the project.

• The Journal of the Korea Contents Association
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• v.14 no.7
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• pp.125-136
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• 2014

The purpose of this study is to derive a implications for and analysis a CrowdFunding cases in order to activate domestic Community Art. First, in the area of culture and art of CrowdFunding platform, search for Community Art' projects were selected examples of success and failure. As a result, differences in sample were compared in five items of Confidence & Information & Communication & Content & Benefit aspect etc,. Additional total analysis result, Genre and Period, clear differences in terms of compensation and Promotion occurred, as well as the need to develop new goods and services compensation was raised. Based on these implications, this study is to be a practical implication to Community Art of difficult to create its own fundraising. On the other hand, we suspect the environment of the domestic previous research related to the evaluation of Community Art is insufficient, and so must be concurrent also study the framework of analysis and systematic evaluation to complement these parts in the future.