• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.6
• /
• pp.131-141
• /
• 2019

This paper investigates a relationship between a market position of a venture capitalist(i.e.,VC) and its subsequent performance. Although a VC firm may perform better if it occupies a narrow niche(e.g.,specialist), which allows the firm to attain deep insider knowledge and build an identity as an industry expert, a firm may perform better if it has a broader niche(e.g.,generalist), which gives the firm access to more diverse information and opportunities and to effectively spread out potential risks. Given that accesses to valuable information and chances are critical for success in venture capital industry, we hypothesize that venture capitalists with broad niche width are more likely to grow in the future and analyze 26-year data on US venture capital industry. We found that, in general, a firm can enjoy the advantage of having a broad niche. However, the return to having a broad niche varies depending on its status within the market: a return greater for low- status than high-status VC firms. Our finding suggests that explorative efforts may be more rewarding for low-status VC firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.4
• /
• pp.37-50
• /
• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• Venture DIGEST
• /
• s.49
• /
• pp.12-13
• /
• 2004

우리나라의 정보기술(IT), 휴대폰, LCD, LED, PDP, 반도체 등의 분야는 세계적으로 뛰어난 기술력을 갖추고 있으며 시장점유율 또한 높다. 이에 해외기업들이 우리의 핵심기술을 노리고 있어 해외유출 가능성이 우려된다. 이러한 문제점을 해결하고 국가적인 경쟁력을 강화하기 위해서는 벤처기업들이 산업보안의 중요성과 기술유출에 대한 심각성을 깨달아야 한다.

• Venture DIGEST
• /
• s.101
• /
• pp.16-19
• /
• 2006

소비자에게 다양한 서비스 제공이 가능한 디지털TV산업은 국내에서 반도체와 휴대전화를 잇는 새로운 수익원으로 부각되면서 어떤 산업보다도 높은 기대를 받고 있다. 디지털TV는 가전과 IT의 결합으로 대표되는 정보가전의 중심축이자, 핵심 애플리케이션이 될 것으로 기대된다. 디지털TV산업이 활성화 되면서 셋톱박스시장에 대한 관심도 높아지고 있어 현 시장에 대한 분석과 전망을 통한 구체적 전략이 필요하다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.16 no.6
• /
• pp.31-42
• /
• 2021

The importance of startups and ventures in the Korean economy is growing. This study measured whether the start-up and venture ecosystem is growing, including the growth of startups and ventures. The startup and venture ecosystem consists of startups and ventures, investors, and government, which are the main actors of the 'ecosystem', and their movements were measured with 25 quantitative indicators. Based on the original data of the time series from 2010 to 2020, the startup and venture ecosystem index was calculated by applying weights through the comprehensive stock index method and AHP. In 2020, the startup and venture ecosystem grew 2.9 times compared to 2010, and the increase in the government index had a significant impact on growth. Also, the individual indicators that make up each index in 2020, the corporate index had the greatest impact on the growth of the number of 100-billion ventures, while the investment index had a recovery amount and the government index had a significant impact. Based on the original data, the startup and venture ecosystem index was analyzed by dividing it into ecosystems (startup ecosystem and venture ecosystem), industry by industry (all industries and manufacturing industry), and region (Korea and Busan). As a result, the growth of the startup ecosystem over the past decade has been slightly larger than that of the venture ecosystem. The manufacturing was lower than that of all industries, and Busan was lower than that of the nation. This study was intended to use it for the establishment and implementation of support policies by developing, measuring, and monitoring the startup and venture ecosystem index. This index has the advantage of being able to research the interrelationships between major actors, and anyone can calculate the index using the results of official statistical surveys. In the future, it is necessary to continuously update this content to understand how economic and social events or policy support have affected the startup and venture ecosystem.

• Proceedings of the Korean Society of Plant Biotechnology Conference
• /
• 2003.04a
• /
• pp.31-36
• /
• 2003

Bio-venture companies have undertaken harsh environment after 2000 bubble corruption. It is unlike to be changed in the near future. The business model of near-term cash flow, financial stability and survival is a key issue to be discussed. The company shall be rearranged to achieve fast recovery from investment and have to show clear and quantitative business model to the investors. Nevertheless, bio-venture should not drop long-term value creation by sacrificing the possibility of emerging technologies. Prior to clarifing agro-bioventure business model, GMO strategy should have broad supports from stakeholders. The interests and worries of stakeholders are discussed and SWOT is analyzed. For sustainable economy of future, new technology continuously should be invested to fit ROI model of genomics-based GMO developments. Hybrid of products ${\varepsilon}$ technologies may be one of the favorites in this stormy season.

• Journal of Korea Technology Innovation Society
• /
• v.2 no.2
• /
• pp.309-325
• /
• 1999

If we want to overcome the current IMF-guarded economic situations as early as possible and to change the present industry structure to the new knowledge-based structure, it is a great necessity to increase the capability of technology innovation as a key factor of the international competitiveness, and to establish the infrastructure of venture business for increasing utilization of technologly and patent. Even though there has been a great increase in application and enrollment of the Industrial Property Rights (i.e. IPRs) including patent recently, the number of unused IPRs are increasing progressively every year (for example, the ratio of unused patent is about 60% in 1997), and illegal use of patent and dependance on the foreign patent are increasing sharply. This paper will suggest policy on nurturing venture business for increasing utilization of the unused IPRs, including technology transaction strategy and link strategy of the high-tech industries between metro Taejon and Chungcheong Area.

• Venture DIGEST
• /
• s.23
• /
• pp.4-5
• /
• 2003

사회활동을 왕성히 펼치는 여성들이 흔히 쓰는 말 중에‘유리천장(glass ceiling)’이라는 말이 있다. 위를 쳐다보면 한 없이 올라갈 수 있을 것같지만 막상 그 곳에 다다르면 보이지 않는 장벽이 머리를 누른다는 뜻이다. 법이나 규정상으로는 평등이 이루어진 것처럼 보이나‘실제상황’은 그렇지 않음을 의미하는 자조적인 말이다. 특히 국내에서 회사를 경영하는 여성CEO라면 누구나‘유리천장’의 도를 넘어‘콘크리트 천장’, 혹은 이보다 더한‘강철천장’을 실감하게 된다. 그러나 이런 사회적인 편견과 제도적인 불평등 속에서도 자신만의 확고한 입지와 영역을 구축하며 벤처를 이끄는 당당한 여성CEO가 점점 늘고 있다. 서버판매 및 서버호스팅, VPN 등 사업으로 성장일로를 걷고 있는 e-Business 전문업체인 씨앤에스 김태희(46) 대표가 그 대표적인 우먼파워에 속한다. 김 대표는 지난해‘제6회 여성경제인의 날’을 맞아 모범여성기업으로 선정되어‘대통령 표창’을 수상하는 등 여성기업분야 우수중소기업으로 탄탄한 기술력과 탁월한 경영능력을 인정받고 있다. 뿐만 아니라 그는 IT업계의 성공 키워드인 기술과 경영, 마케팅의 삼박자를 고루 갖춘 전문 경영인으로도 유명하다.

• Journal of Digital Convergence
• /
• v.10 no.10
• /
• pp.19-29
• /
• 2012

We made a regression analysis on the early IPO of venture capital investments in Korean IPO market. First, we found that it was likely to shorten the period to IPO in companies which were fast growing with a good operating cash flow, but these companies had a higher possibility of the earning management. Second, companies with more assets and larger size of the board of directors did not take companies public any earlier. Third, a better corporate governance also had no impact on the time period to IPO in the newly public firms. The findings above clearly show that venture-backed companies in Korea pursue the tendency of an early IPO. This phenomenon was much clearer when the companies were invested in by multiple venture capital firms than by a single investor. In general, venture capital firms invest in companies which are fast growing and which have a good operating cash flow. On the other side, venture capitals make investee companies go public earlier by manipulating operating earnings, so that they themselves may exit early. In conclusion, this research has shown that venture capitals in Korea do not play a positive role in the corporate transparency. This is the paradox of venture capital investment and this also shows the current status of Korean venture capital firms.