• The Journal of Society for e-Business Studies
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• v.13 no.4
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• pp.145-159
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• 2008

The purpose of this study is to identify the determinants of new venture performance in the view of integrated research framework and to investigate key determinants of superior and inferior ventures. We propose the integrated new ventures performance model which is composed of entrepreneur, organization/resources, industrial environment, strategy/foundation process and availability of supporting systems as corresponding variables to new ventures performance. The superior venture performance is affected mainly by entrepreneur's managerial ability and industry expertise, but the inferior by resources and management strategy. Though this study has limitation of small sample, limited questionnaire and performance measure, it has contribution of identifying key determinants of new venture performance with the integrated frame of study.

• International Commerce and Information Review
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• v.9 no.4
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• pp.41-66
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• 2007

This paper develops a model of the export timing and export performance of venture firms by drawing by resource based view and born-global firm theory. The model aims at explaining the role of internal resources of small new venture firms and environment factors in accelerating the firm's export timing and achieving export growth. Hypothesses were developed around the following factors: management characteristics in terms of CEO's foreign experience and export commitment; organizational characteristics in terms of technological competence and marketing competence, and inter-functional cooperation; and finally environmental factors in terms of domestic and market attractiveness and foreign market attractiveness influence both the export timing and export performance. Structural equation modeling analysis by using 214 small new ventures provides a partial supports for the hypotheses. The result showed that technological competence have an influence on early export timing and that CEO's foreign experience and export commitment, technological competence and foreign market attractiveness are related export performance significantly. It also showed the significant relationship between export timing and export performance.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.179-192
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• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• Proceedings of the Korean Society of Plant Biotechnology Conference
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• 2003.04a
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• pp.31-36
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• 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
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• v.2 no.2
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• pp.309-325
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• 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.

• Knowledge Management Research
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• v.14 no.4
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• pp.75-86
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• 2013

The deeping interests and research toward Entrepreneurship, which is considered as an potential alternative for solving the continuing economic recession in the $21^{st}$ century, have grown. The process and methodology of the research could not be systematically arranged and the results of the research lack in efforts on the application of increasing suceess ratio in starting new business. This study adopted corpus methodology, through which we try to analyzes the knowledge structure in entrepreneurship research, derive essential concepts and the consisting domains in venture research. Based on the results of analysis, this study constructs the knowledge structure of venture research in a form of knowledge ontology. The results of the study could be a ground for entrepreneurship research and utilized as implication for a creation of construction for the entrepreneurship knowledge ontology.

• Journal of the Korea Convergence Society
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• v.8 no.12
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• pp.329-341
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• 2017

In order to analyze how the entrepreneurship affects the commercialization performance in relation to R&D input factors, technological innovation and technology in the course of technology commercialization process. Korean manufacturing venture companies has been surveyed. The structural equation model showed technology commercialization mechanism driven by entrepreneurship. Innovativeness is one of the most important factors in the success of venture firms. Technology commercialization was dependent on innovation rather than the input of research and development resources. Technological innovation shows mediating effects in the influence of entrepreneurship on commercialization performance, but technology capability has relatively small effect. Commercialization process of new product development and product improvement was different. The government needs to actively support R&D strategies and commercialization infrastructure in order to promote innovation, assist R&D workforce and enhance product commercialization in venture companies.

• STI Policy Review
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• v.5 no.1
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• pp.75-97
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• 2014

Entrepreneurial financing, such as publicly initiated venture capital or grant schemes, serves as an important policy instrument that aims to bridge the financing gap facing young, innovative businesses, a gap that is mainly due to higher risk and growing uncertainty, and to strategically promote the creation of new ventures through the revitalization of their venture capital industries. This study examines public venture capital initiatives in Australia, Canada, and Sweden, and discovered that all three countries actively foster their venture capital industry through the formation of funds or the provision of tax incentives. It is notable that the majority of financing initiatives heavily depend on supply-side measures rather than demand-driven policies that focus on stimulating private investment in technological innovations and discoveries. This paper discusses in-depth the policy impact of public financing initiatives and their subsequent side-effects raised in the process such as overlapping in funding structure across the country, lack of monitoring and evaluation for feedback, fragmentation across the government ministries and agencies, and competition with the private sector, which may cause inefficiency as a result of public intervention. Financial constraints may arise for many reasons, partly resulting from the lack of investment readiness of young entrepreneurs. This signals a policy shift towards the creation of market-driven demand away from the traditional supply-push approach, and is a grand challenge to policymakers in entrepreneurial financing. Attention is leaning towards the efficiency and effectiveness of these public-financing initiatives in terms of their policy roles. It is worth noting that policy should focus on generating synergy so available resources can be channeled into the early, risky stage of new ventures, working as facilitator to the achievement of an intended policy goal.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.4
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• pp.247-264
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• 2016

The purpose of this study is to find the determinants for the type(Franchising or Independent Entrepreneurship) of new venture creation. This study conducted an empirical analysis on a total of 398 samples of survey gathered from people in Seoul, Gyoeng-gi, Daegu, and Gyeonsangbuk-do. This study includes not only personal traits, but also entrepreneurial intention and network as independent variables. Findings of the analysis reported that Entrepreneurial intention, Need for achievement, Autonomy, Entrepreneurship, Self-efficacy, Education, Network, Age, and Income have significant discriminant power, in order of priority, on general two groups of Franchising and Independent Entrepreneurship. However, in the study, autonomy is revealed as the sole discriminant factor on considering venture creation groups. Based on the result, the study contributes theoretical and practical implications in relation to the determinants for the type of franchising or independent entrepreneurship.

• Journal of Technology Innovation
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• v.29 no.2
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• pp.1-30
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• 2021

Recent years have witnessed various attempts of firms to acquire new knowledge. Purchasing intellectual property or merger and acquisition (M&A) can be such attempts, but joint venture can also be an effective way internalizing new complementary assets from external partners. However, due to difficulties in the formation and implementation of learning strategies, many joint ventures have failed to acquire necessary knowledge. In this respect, based on contingency theory and dynamic capability, the current research aims to investigate the failure case of knowledge transfer in an international joint venture - KEFICO established by Hyundai motors and BOSCH. Case firm optimized for hardware technology but did not establish a differentiated learning strategy and organizational structure to acquire software skills, which are intellectuals of different natures. Due to this inconsistency, it was not able for KEFICO to absorb new type of knowledge (skills related to engine control system). This study suggests the theoretical framework illustrating the case and provides some important implications for organizational learning.