• Journal of Venture Innovation
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• v.6 no.4
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• pp.1-21
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• 2023

This study is related to the performance of open innovation collaboration between startups and large corporations and financial institutions. In the life cycle of a typical company, the growth of a startup is difficult to predict. Startups that possess innovative technology but have only recently been established seek to verify their technology and capabilities by participating in open innovation with large corporations and financial institutions, and further strive to lay the foundation for corporate growth. However, if you approach it only as a theoretical coexistence plan, it will be viewed as a vague attempt from the startup's perspective. The purpose of this study is to differentiately verify the benefits of open innovation by analyzing the difference in sales growth of startups for the purpose of sales performance based on the open innovation participation of large companies and small and medium-sized companies(startups). In verifying this, the analysis was based on the sales results of the actual open innovation collaboration B2C model, and the difference was confirmed by comparing before and after collaboration. Here, the differentiation of the study was added by reflecting the corporate growth stage theory, a growth theory. When the corporate growth stage theory was excluded, it was confirmed that sales growth due to open innovation of startups was applied from the third month, and sales growth depending on participation was confirmed to be significant. On the other hand, when the corporate growth stage theory was applied, sales growth was not significant, but the difference in growth could be confirmed from the fourth month, and it was also confirmed in sales growth depending on participation. As a result, this study objectively confirms the effects that can be gained when startups participate in Open-innovation, and it is expected that Open-innovation led by large corporations, financial institutions, and government agencies will develop into a high-quality program environment.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.22 no.11
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• pp.1495-1504
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• 2018

The Moon administration has proposed three major directions for startup growth: the creation of a new environment, active investment, and the creation of a virtuous cycle in venture investment. The policy is progressive but not sufficient to create a startup innovation boom in the current Korean economic environment. ICT Startup support policies must pay more attention to the product release stage. For growth of startups and small businesses it is important to establish a close value chain to secure competitiveness in the global market. It is necessary to secure a bridgehead to advance into the global market, including technical cooperation with large companies and joint advancement overseas. The final goal of the startup policy should be the continuous growth of the national economy and the expansion of employment. The establishment of fair trade and the strengthening of the startup ecosystem are important to foster a startup-friendly environment. Funding programs requires a shift from general support to enhanced choice and focus.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.40 no.4
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• pp.120-128
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• 2017

More people travel oversea as the economic size of Korea is getting larger and more new jobs are requested to be created by the society. To respond to these trend and request, Incheon International Airport Corporation (IIAC) is about to expand its processing capability with a new terminal; 54 million passengers to 72 million. IIAC is also introducing new strategies such as open innovation (OI) and creating shared value (CSV). With these changes, IIAC faces new challenges of restructuring its business and organization with new ideas. Most organizations including IIAC are becoming more dependent on external resources to keep their competitive advantages under the turbulence of global business environmental changes. Therefore, they focus on the OI paradigm which is reported as a convincing strategy to improve competitiveness in terms of budget and time-to-market. OI is to quickly react to the rapidly changing business environment and is adopted to support startup incubation. In the previous research with IIAC, three major tasks were defined; utilizing the IIAC brand power for external vendors, building a technology road-map, and introducing a collaboration support system. This paper deals with the collaboration system as proposed in the previous research. We focused on the collaboration process for startup incubation. Cases were studied; the K-startup model by the government, a university model to explore youth startups, and a R&D institute model to study professional startups. Based on the case studies, we defined an IIAC model and proposed issues to take care of. The model is distinguished from the other studied models since IIAC is a prospective customer of new technology.

• International journal of advanced smart convergence
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• v.10 no.3
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• pp.97-104
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• 2021

The Industrial Revolution 4.0 has significantly improved labor productivity, upholding the role of people as the creator of core values and the focus of sustainable development. Vietnam is facing an important turning point when GDP growth has gradually slowed down in the context that natural resources are beginning to dry up. This requires Vietnamese businesses to innovate to promote economic growth and improve competitiveness. This paper focuses on clarifying the activity and policy Vietnam's innovation. Thereby to propose the solution for supporting and promoting of innovative startup enterprise in accordance with the conditions and circumstances of Vietnam in the context of Industry 4.0

• The Journal of Industrial Distribution & Business
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• v.12 no.9
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• pp.19-29
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• 2021

Purpose: To thrive a competitive advantage in the highly competitive global market, a company must establish a strong startup culture, which creates a workplace environment that values innovation and creativity in solving business-related problems. This study investigates the importance of enhancing startup culture in a competitive environment to improve organizational performance, production and hence produce higher returns. Research design, data and methodology: We conducted the qualitative content analysis and its steps seek to ensure that the researcher adheres to a systematic analysis of the data. The method is used for subjective examination of content in any text data and the five steps minimize cases of errors or repetition in used content. Results: Our investigation based on previous literature resources indicates that leading strategies and creating a pleasant working environment are vital behaviors that companies should consider adopting and implementing to achieve a beneficial startup culture full of productivity and massive returns. Conclusion: This research aimed to discuss the necessity of startup culture's enhancement for for-profit companies and found that the adoption of a startup culture in a company is critical to its success. It is vital to building a solid startup culture to grow and gain a competitive advantage in the highly competitive business world.

• Journal of Korea Technology Innovation Society
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• v.20 no.3
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• pp.642-663
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• 2017

The purpose of this study is to investigate the factors that affect professor startups and their performances in Universities in Korea. We included 5 categories of factors: University's size and reputation, University's technology commercialization staff number and startup deregulation, University's resources for research and technology commercialization, University's patents and professors' publication, and student startups. We analyzed 150 Universities, using Korean government's Academyinfo database, and additional data for University ranking and government's projects for University startups. Our analysis shows that Universities' fund amount for research and technology commercialization, Universities' amount of patents give a positive impact on Universities statistically significantly, while Universities' size or reputation does not. In addition, the amount of patents and startup projects funded by the government give a significantly positive impact on the annual sales of the professor startups. Furthermore, student startups are in a positive relationship with professor startups and their sales, showing a synergy effect between the two startup groups in Universities. The result implies that Universities and government need to focus on supporting patenting activities, providing technology commercialization funds, and collaboration activities between professors and students for their startup activities.

• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.2
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• pp.95-111
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• 2023

Korea has achieved a high startup rate by promoting government-led startup policies for national economic and industrial development. However, as high as the startup rate is, the closure rate of startup companies can be judged to be insufficient for the qualitative growth of the domestic startup ecosystem. This study aims to investigate how to improve the survival rate of startups by overcoming the valley of death from a location environment perspective. It analyzes the effects of technology orientation and market orientation of start-ups on management performance and the moderating effects of economic, accessibility, and network factors that constitute the location environment. To achieve the research objectives, the empirical analysis was conducted on start-up companies that received corporate support projects from innovation intermediary organizations. The results show that R&D capability of technology orientation has a significant effect on management performance, and market information generation and market information response of market orientation have a significant effect on management performance. As for the moderating effect, accessibility, a sub-factor of the location environment, has a positive moderating effect on the relationship between technological innovation and managerial performance, and the location environment (economy, accessibility, and network) has a positive moderating effect on the relationship between market information generation and managerial performance. This study compared and analyzed previous studies on the success and failure of start-ups and identified common factors. In addition, this study provides policy implications for the sustainable growth of startups through empirical analysis and interview with stakeholders. For future research, it is necessary to compare and analyze start-ups in metropolitan areas and non-metropolitan areas. In addition, it is necessary to study startups that have moved out of the region and into the metropolitan area to find ways to develop the regional startup ecosystem.

• 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.

• Journal of Distribution Science
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• v.12 no.6
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• pp.81-88
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• 2014

Purpose - Entrepreneurship promotion is emerging as an important economic growth agenda. However, in Korea, entrepreneurship has weakened because of the collapse of the venture bubbles of the 2000s and the global economic recession in 2008, which have induced the business community to choose stability over risk. The Korean government has been implementing several support projects to inspire and promote youth entrepreneurship through various means including financial assistance; however, the perpetuation rate of young entrepreneurship is still low as compared to advanced economies such as the US and EU. This case study focuses on the Youth Start-Up Business Support Program of the Small & Medium Business Corporation, and explores practical alternatives. Further, it aims to suggest managerial factors and a conceptual model for change management factors affecting the business performance creation of a startup company, based on the Small and medium Business Corporation's young venture startup fund. Research design, data, and methodology - Many studies examine the current progress and issues of startup firms, for example, a lack of systematic cultivation of entrepreneurship and startup business training, lack of commercialization funding for youth startup businesses, lack of mentoring, and inadequate infrastructure. From prior research, we address four factors, namely, personal managerial capabilities, innovative business model, sufficient cash flow, and social network, affecting startup companies' business performance. This study involved a sample survey of 200 young entrepreneurs to investigate casual relations between the four factors and business performance. A regression analysis was used to verify the hypotheses. Results - First, in relation to differences in the founder's personal characteristics, age, sales amount, and number of employees significantly impact business performance. Second, regarding the causal relation between the four factors for creating business performance, an innovative business model and social networking have supported the hypotheses, revealing that the more that a start-up founder has an innovative business model and social networking, the more the start-up firms are likely to have better performance (e.g., sales volume, employment, ROE, ROI, etc.). Although the founder's competency and sufficient cash flow have no significant relationship with business performance, the mean value was higher performance for high founder's competency and sufficient cash flow. Conclusions - This study provides basic data on policy support strategies of the Small and Medium Business Corporation, to help young entrepreneurs achieve their start-up business goals. It shows that young entrepreneurship startup firms should strive to explore ideas to satisfy customers' needs, and that changes in customer value and the continuous innovation of business model differentiation are required to actively respond to change management. Moreover, at the infant startup stage, they should activate social network programs to share information, thereby offsetting resource scarcity and managing business risk. Further, the establishment of a long-term vision and the implementation of training programs in related specific fields should be supported to strengthen founders' personal capabilities.