• 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.17 no.5
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• pp.67-80
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• 2022

This study was conducted to derive policy measures such as fostering and supporting by examining the actual conditions of domestic startups. The subject of this study was the start-ups located in Seongnam-si, where Pangyo Techno Valley, which is the highest-level innovation cluster in Korea and is evaluated as a start-up mecca. Startups were defined as startups under 7 years old based on new technologies such as IT, BT, and CT, and the subjects of the study were selected. This can be seen as a step forward from previous research in that it embodies the concept of a startup that was previously abstract in a quantitatively measurable way. As a result of the analysis, about 94% of startups are distributed in the so-called "Death Valley" growth stage, and startups above scale-up, which means full-scale growth beyond BEP, account for about 6%. appeared to be occupied. He cited the problem of start-up funds as the biggest difficulty in the early stages of startups, and cited the loan evaluation method that prioritizes sales or collateral in raising funds as the biggest problem. In addition, start-ups rated the access to private investment capital such as VC, AC, and angel investors at a low level compared to policy funds, which are public funds. Most startups showed a lot of interest in overseas expansion, and they chose matching overseas investors such as overseas VCs as the biggest support for overseas expansion. The overall competitiveness in the overseas market was 49.6 points, which is less than 50 points out of 100, indicating that the overall competitiveness was somewhat inferior. It was analyzed that public support and investment in overseas sales channels (sales channels, distribution networks, etc.) should be prioritized along with enhancement of technological competitiveness in order for domestic startups to increase their competitiveness in overseas markets as well as in the domestic market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.125-146
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• 2013

Nowadays, the performance of the mobile game sales is influencing the ranking of game companies listed on KOSDAQ. In the meantime, venture capital companies had focused on online game. Recently, however, they have great interest in mobile games and mobile game companies. In addition, angel investors and accelerators are increasing investment for the mobile game companies. The most important issues for mobile game investor is how to evaluate the mobile game companies and their contents. Therefore, this study derived the evaluation factors for the mobile game company. And research method converged of the opinions of both supply side and demand side of the game industry. Ten professionals who are responsible for the supply of the game industry and CEO group & development experts of game development company were selected for survey in this study. Also ten professionals who are responsible for the demand of the game industry and the investment company were selected for survey in this study. And Delphi technique was performed according to the survey. Management skills, development capabilities, game play, feasibility, operational capabilities has emerged as five evaluation factors to evaluate the mobile game company. And the 20 sub-factors including CEO's reliability were derived. AHP(Analytic Hierarchy Process) theory is applied to analyze the importance of the qualitative elements which were derived by Delphi technique. As a result, the analysis hierarchy of evaluation factors for the mobile game company was created. Pair-wise comparison for each element was performed to analyze the importance. As a result, 'Core fun of the game' (12,2%), 'Involvement of the game' (10.3%), 'Security Reliability' (8.9%), 'Core developers' ability' (7.6%) appeared in order of importance. The significance of this study is offering more objective methodology for realistic assessment and importance of elements to evaluate mobile game company.