• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.6
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• pp.27-38
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• 2018

The purpose of this study is to find out common investment decision factors for CVC's invested technology-based startups and analyze them. We examined 17 CVCs that invested in technology startups for three years and six months from 2015 to June 2018. As a result, the final 9 CVCs that can be used in this study were confirmed and 188 companies were analyzed. This study was conducted as a case study to propose and demonstrate CVC investment objectives and investment decision factors analysis model. The results of this study are as follows. First, CVC focused on strengthening investment. Second, In 2015, Invested in an average of 19 months of technology-based startups. In recent years, we invested in 36 months of proven technology-based startups. Thirdly, ICT service was the main business type of the invested startups. Fourth, the investors were concentrated on the stage of Series A~B. It is observed that CVC investment determinants have a significant impact on product or service and parent company relations. In addition, it was found that factors such as innovation, business planning competency, enterprising, strategic competency, leadership, and opportunity recognition competency were influential factors for the startups of invested companies and it was found that these factors are important for CVC investment decision. Understanding of CVC investment determinants presented in this study is based on the establishment of the investment process of the investee, entrepreneurship and management education program. The results of this study can be applied to the selection of excellent startups, entrepreneurship education programs, mentoring, development of coaching guidelines, and establishment of investment process of other investment institutions when investing in CVC.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.2
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• pp.101-113
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• 2018

This paper investigates the relationship between external search strategy and radical innovation performance. As the discrepancies that can exist among the varying sources of external knowledge is overlooked, the existing literature on the effect of external search strategy on radical innovation performance remains inconclusive. This study aims to reconcile such mixed findings by recognizing that external knowledge can be distinctive depending on the environment in which its source is embedded in; specifically, this paper examines the relationship between external search strategy and radical innovation performance by distinguishing external search from 'market' and 'non-market' relationships. We test our hypotheses with a sample of 431 firms from the manufacturing industries from the 2010 STEPI survey. Our empirical findings suggest that external search strategy from market relationships positively influences radical innovation performance, while the influence of external search strategy from non-market relationships is found to be not significant. Our research suggests that in order to improve radical innovation performance, firms must be able to maintain a cooperative relationship with other actors connected with market relationships and to effectively exploit the market knowledge obtained from these actors.

• The Journal of the Korea Contents Association
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• v.20 no.4
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• pp.348-357
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• 2020

Discussions on entrepreneurship are increasing, but the methodology that can be applied to actual small to mid-sized businesses and venture firms is insufficient, and research on measuring achievement and application is lacking. In this regard, this paper analyzed actual proof on the relationship among entrepreneurial orientation, R&D capabilities, market share, and the creation of BSC future values that can be empirically applied to small to mid-sized businesses and venture firms. A factor analysis and hypothesis verification have been conducted with the SEM model utilizing SmartPLS 3.0 on the recent 7th year (2017) data from the Human Capital Corporate Panel (HCCP) of the Korea Research Institute for Vocational Education and Training. The actual proof analysis revealed that entrepreneurial orientation creates a positive influence on R&D capabilities and the creation of BSC, and also on market share, with R&D capabilities as a parameter. On the other hand, the relationship between entrepreneurial orientation and market share proved to be not statistically meaningful. Future value creation of BSC also could not mediate the relation between entrepreneurial orientation and market share. Therefore, this research has proven that a company must cultivate its personnel's R&D capabilities with their entrepreneurial orientation. Furthermore, it is a significant fact that BSC, the conventional measuring tool for performance management, could not mediate the relationship between entrepreneurial orientation and market share. Future companies aiming at innovation should consider developing a new index that could measure the corporate-level entrepreneurship and conduct performance management.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.3
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• pp.13-26
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• 2019

There is a growing interest in the entrepreneurial activity that has long been considered essential for sustainable economic development and value creating. Although it is strongly encouraged by focusing on the positive aspects of venturing, less has been paid attention to entrepreneurial failure, which is the biggest cause of hesitation in starting a business. The uncertain and risky nature of entrepreneurship implies a considerable possibility of failure. Even if it fails, the experience and knowledge of entrepreneurs acquired through entrepreneurship indeed offers valuable lessons for the re-venturing, which can serve as an important social asset that should not be lost. It has been argued that re-entering the same industry for the subsequent venture maximizes the learning effect through utilizing potential benefits from industry-specific knowledge. Although the re-startup after entrepreneurial failure is a very important topic in the studies on serial entrepreneurs, there is a paucity of systematic empirical investigation. This study responds to calls for more research on the re-startup after entrepreneurial failure, and specifically complements existing studies on serial entrepreneurs. Focusing on the entrepreneurs' attribution for the failure, we conducted an empirical analysis of how this affects the re-startup process. Moreover, we also examined the moderating effects of entrepreneurial self-efficacy and resilience. For the analyses, we surveyed the entrepreneurs who tried to re-start the subsequent business after the entrepreneurial failure through the "Revitalization Center for Strained Entrepreneur". The results found that failed entrepreneurs who blamed internal factors for their previous venture failures were likely to keep the same industry for their subsequent business. In addition, the positive effect of internal attribution on maintaining the same industry for the re-startup was found to be stronger when entrepreneurial self-efficacy and resilience were high.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.5
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• pp.67-77
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• 2017

The purpose of this study was to develop the entrepreneurial mentoring scale on start-up mentoring situation. In recent years, as the needs for entrepreneurship have grown from domestic to foreign, entrepreneurship education is actively being carried out. The entrepreneurial mentoring is strengthening its weight and contents in entrepreneurship education. However, research on the mentoring function scale designed to reflect the characteristics of entrepreneurial mentoring is rarely performed in Korea. In this study, we conducted a qualitative and quantitative research to achieve the research goal. First, we derive the entrepreneurial mentoring scales through literature review and expert group discussions, and we conducted the empirical analysis to draw conclusions. The results of this study are as follows. In the first step, literature review was conducted. In the second step, four major factors and questionnaires were derived through expert group discussion. In the third step, the doctoral level specialists developed 16 questionnaire items to measure the four factors of entrepreneurial mentoring derived from the second step and verified the content validity and the facial validity in fourth step. As a result of this survey, we conducted questionnaires on founding mentors who belonged to 17 Creation Economic Innovation Centers nationwide (153) and analyzed the problem solving, networking, communication, and motivation formation through exploratory factor analysis. This questionnaire was used to survey the entrepreneurial mentors who belonged to the 17 Center for Creative Economy and Innovation under the Ministry of Science, ICT & Future Planning of South Korea(153). In fifth step, as the results of factor analysis such as EFA and CFA, we could confirm four factors including problem solving, networking, communication, and motivation. The significance of this study is as follows. First, academic significance was the first study of the entrepreneurial mentoring function scale reflecting the characteristics of entrepreneur mentoring as a qualitative and quantitative approach in Korea. Second, it is hoped that practitioners will be able to better measure the mentoring function of entrepreneurial mentors and contribute to improving the quality of future entrepreneurial mentoring programs.

• Journal of Venture Innovation
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• v.3 no.1
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• pp.1-26
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• 2020

The purpose of this study is to explore the factors affecting rural experience by applying the unified push-pull-mooring model. The theoretical model is an unified PPM model that introduces new variables based on PPM. The pull factor of the newly introduced variables were reconstructed based on the Schmitt's Experience model and ServQual model. The hypothesis is set as follows. The push factor will have a negative effect on experience satisfaction and the pull factor(experience attributes, service quality)will have a positive effect on experience satisfaction. Also, mooring factors will have a negative effect on experience satisfaction. The research model of this study was tested by structural equation model based on 314 effective questionnaire data. Service quality had a positive effect on experience satisfaction. Mooring factors have a negative effect on experience satisfaction. Push factor and experience attributes factor were analyzed to have a no significance effect on experience satisfaction. These results theoretically test that the mooring factors also have an important effect on the experience satisfaction in the rural experience. Based on the Schmitt's Experience model and ServQual model introduced as a pull factor, the proposed unified PPM model proved to be a useful analysis framework. In practice, it was able to provide implications on what factors should be strategically and marketingly focused to activate the 6th industry experience.This study examined the impact of start-up education and mentoring on the intentions of business start-up, and verified through empirical analysis whether self-efficacy and resilience were mediated between them. The study surveyed 178 people in their 20s to 50s. The result analysis used the IBM SPSS Statistics 21.0 Statistical Package Program. The analysis performed a regression analysis for factor analysis, correlation analysis, and hypothesis verification. Empirical Research Results. First, it was confirmed that start-up education and mentoring affect on the intentions of business start-up. Second, study shows self-efficacy and resilience has an affect on the intentions of business start-up. Third, start-up education and mentoring affect on self-efficacy and resilience. Fourth, self-efficacy and resilience have been proven to be mediated when entrepreneurship education and mentoring affect on the intentions of business start-up. The results of the research proved that start-up education and mentoring provides and acts as a major role in improving the entrepreneurs' willingness when preparing a start-up. Furthermore, the study also shows the importance of start-up education and mentoring as a proactive variable to promote their will to start-up business. In addition, it was confirmed that the self-efficacy investigated in the preceding study translated into the will to start a business. It was particularly meaningful in that it tested the role of resilience, which was mainly studied in new variables, education and psychology.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.5
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• pp.91-107
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• 2021

As competition in the domestic franchise industry is more heated than ever, we examined the factors that affect the profitability of the coffee franchise industry, which has grown rapidly over the last decade, and explored what effect preparatory startup education has on the profitability of coffee franchise stores. Specifically, this study looked into whether preparatory startup education can increase store competitiveness, provide insight into store location selection, generate innovative management, and ultimately contribute to store profitability. To test these hypotheses, we employed structural equation modeling. Results showed that preparatory startup education has a significantly positive (+)effect on 1)business characteristics: taste, quality, price affordability, menu diversity, store ambiance, 2)location characteristics: suitability, and 3)innovation management: accessibility, delivery service, and SNS marketing. The factors with a significantly positive (+)effect on store profitability were taste, quality, and price affordability with regard to business characteristics, suitability in terms of location characteristics, and SNS marketing in respect to innovation management. We expect that this study will have practical implications for increasing the profitability of coffee franchise stores, which are facing excessive competition, and its findings will be useful for coffee franchise head offices as well as government when making relevant policy decisions. In addition, it is intended to deliver a message to franchise head offices, central government, and local governments that they should provide institutional support to coffee franchise stores such that delivery services can lead to substantial improvement in profitability, even when delivery costs are considered.

• Korean small business review
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• v.43 no.3
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• pp.21-42
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• 2021

Since R&D (Research and Development) of small companies is becoming more and more important, and government R&D grants are still increasing. This study aims to investigate the factors influencing R&D performance of small companies and necessary capabilities of them. Based on empirical study of 3,636 small companies which participated and completed government R&D grant project, technology innovation capability and technology commercializing capability of small companies are positively related with organizational competences, with moderating effects of entrepreneurship. In addition, their R&D capabilities are not significantly related with R&D commercializing performance directly, but mediated with organizational competences. The results of study suggest implications of measuring the R&D performance of small companies and government support policy with the importance of organizational competences as an intermediate variable of R&D performances.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.23-31
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• 2024

The paper investigates the influence of government-led projects on investors' decision-making reference points, using Prospect Theory and Human Capital Theory. It empirically explores whether government initiatives shift investors' reference points, offering insights for private investments in government-backed ventures. The study, spanning from May 2017 to May 2022, compares 51 companies involved in Korea's 'New Deal' policy to 49 non-participating companies. It considers founders' human capital elements such as past startup experience, technical and managerial industry experience, education level, and graduate school reputation. The analysis reveals that only the reputation of the founder's graduate school has a significant negative effect, implying a conservative approach by investors towards government-led projects. This highlights the need for investors to consider the founder's social capital and the impact of government support on venture growth and public offering pace.

• 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.