• The Journal of Society for e-Business Studies
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• v.26 no.3
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• pp.1-20
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• 2021

As the Great Reset is discussed at the World Economic Forum due to the COVID-19 pandemic, artificial intelligence, the driving force of the 4th industrial revolution, is also in the spotlight. However, corporate research in the field of artificial intelligence is still scarce. Since 2000, related research has focused on how to create value by applying artificial intelligence to existing companies, and research on how startups seize opportunities and enter among existing businesses to create new value can hardly be found. Therefore, this study analyzed the cases of startups using the comprehensive framework of the multi-level perspective with the research question of how artificial intelligence based startups, a sub-industry of software, have different innovation patterns from the existing software industry. The target firms are gazelle firms that have been certified as venture firms in South Korea, as start-ups within 7 years of age, specializing in machine learning modeling purposively sampled in the medical, finance, marketing/advertising, e-commerce, and manufacturing fields. As a result of the analysis, existing software companies have achieved process innovation from an enterprise-wide integration perspective, in contrast machine learning technology based startups identified unit processes that were difficult to automate or create value by dismantling existing processes, and automate and optimize those processes based on data. The contribution of this study is to analyse the birth of artificial intelligence-based startups and their innovation patterns while validating the framework of an integrated multi-level perspective. In addition, since innovation is driven based on data, the ability to respond to data-related regulations is emphasized even for start-ups, and the government needs to eliminate the uncertainty in related systems to create a predictable and flexible business environment.

• 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.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.3
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• pp.53-63
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• 2017

With increasing the importance of venture startup in the national economy, a trend shows that the government's policy support for venture startup is not only strengthened, but also entrepreneurial enthusiasm is increasing. In order for this trend to continue as an ongoing phenomenon, not a temporary phenomenon, venture startups should continue to grow with survival competitiveness. In this respect, there is a time when it is necessary to study the factors affecting the success of venture startups more than ever. There is a limit to seeing main factors, which affect the entry into the growth stage with survival competitiveness for the success of venture startups, as only 'entrepreneur capacity' and 'differentiation strategy' claimed by existing previous studies. As a more fundamental factor, entrepreneurial behavior is important in terms of opportunity discovery and opportunity utilization, but research into this falls short of expectations. This study is intended to look into success factors of venture startup. To achieve this, a survey was empirically carried out to CEOs in 100 small and medium venture startups through AHP analysis. The results are as follows. As stated above, entrepreneurship of success factors in venture startups is considered most critical, followed by innovation, economics, and technology. And 'entrepreneur's competency', 'positive entrepreneurial motivation', 'creative technology utilization', and 'continuous investment in technical development' are considered most critical for 'entrepreneurship', 'innovation', 'technology', and 'economics' as sub-factors, respectively. Consequently, entrepreneur's entrepreneurship that has been required in general startups is a critical factor to be also in common required in venture startups. This means that they can secure the competitiveness of venture startup along with continuous investment support in business startup with a positive mindset and their own technological competence as innovators to overcome the risk and uncertainty of business startup as entrepreneurship that marks the start of a new enterprise.

• Journal of Venture Innovation
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• v.5 no.1
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• pp.1-18
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• 2022

There is growing empirical evidence that passion is an important part of entrepreneurship and influences the intentions, behaviors and performance of entrepreneurs, employees and startups. Passion is especially important in an entrepreneurial context, given the effort and challenge that entrepreneurs starting a startup must overcome. The purpose of this study was to confirm the effect of the passion of startup entrepreneurs participating in the accelerator incubation program and the passion of accelerator entrepreneurs and managers on the entrepreneurial performance of incubator startups. In addition, we tried to confirm whether entrepreneurial self-efficacy plays a mediating role in this influence relationship. The survey was conducted online by startups entrepreneur who completed the accelerator incubation program. A total of 330 questionnaires were used for the analysis. As a result of the empirical analysis, it was confirmed that the passion of startup entrepreneurs and the passion of accelerator entrepreneurs and managers all had a positive (+) effect on the entrepreneurial performance of incubator startups. The influence of passion was found to be high in the order of startup entrepreneurs, accelerator entrepreneurs, and accelerator managers. It was confirmed that entrepreneurial self-efficacy plays a mediating role between the passion of startup entrepreneurs, the passion of accelerator entrepreneurs, and the entrepreneurial performance of incubator startups, respectively. However, no significant mediating role was identified between the passion of accelerator managers and the entrepreneurial performance of incubator startups. This study is significant in empirically confirming for the first time that the passion of accelerator entrepreneurs and managers has a positive effect on the entrepreneurial performance of incubator startups. The passion of accelerator entrepreneurs and managers is playing an important role as a hidden lynchpin in creating the entrepreneurial performance of incubator startups. In particular, since the passion of accelerator entrepreneurs has a great influence on the performance of incubator startups, it is necessary to recognize this fact and carefully examine their passion reputation when startups select accelerators.

• Asian Journal of Innovation and Policy
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• v.10 no.1
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• pp.155-158
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• 2021

Entrepreneurial ecosystem is a very active area of research both conceptually and empirically, yet most literature that emerged over the last two decades predominantly pertain to developed economies. At the same time, transitioning and emerging economies have continued to grow rapidly, making a strong case to study entrepreneurial ecosystems in emerging economies (Bruton et al., 2018). Ecosystems are broad constructs and the constitutive elements of an ecosystem are themselves complex (Stam, 2015). Hence exploring key elements of the ecosystem in depth to understand the mechanisms of how entrepreneurship is supported through intermediary organizations like incubators is a fruitful exercise. In this context, we review the book "Technology Business Incubators in India Structure, Role and Performance" which is a timely synthesis for academic researchers and practitioners, looking to explore the topic as it pertains to emerging economies. The book is part of the De Gruyter Studies in Knowledge Management and Entrepreneurial Ecosystems series, that covers pertinent ecosystems issues around universities, and sustainability by leading authors.

• Journal of Technology Innovation
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• v.26 no.1
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• pp.59-83
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• 2018

University spinoff is a type of high-quality tech-startup that has high level of growth potential and ripple effects. Thus, the Korean government has been making continuous efforts to vitalize university spinoffs. However, existing legislation does not take into account clear definition of university spinoff as well as conflict of interests among its main agents (university, professor, graduate student, etc.). As a result, there exist various types of conflict of interests related to the university spinoff in Korea and that hinder activating university spinoffs. In this study, therefore, we reviewed studies of university spinoff and clarified types of conflict of interests related to university spinoff. Taken together, we diagnosed problems of university spinoff in Korea and proposed plans to vitalize it.

• 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.16 no.2
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• pp.19-34
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• 2021

The government budget for promoting startup have been skyrocketed as catching up with increasing demands for high-tech startup by disruptive innovation resulted from rapid technology change. However, major trend of startup have still fallen on self-employed type of startup due to the lack of expertise and fund in spite of desperate government policy efforts. In reality, the access to high-tech startup has been very limited and too high huddle to would-be entrepreneur. This paper implement empirical analysis on the effects of entrepreneur competency and satisfaction level to government support, considering these as the KSF for the growth and success of high-tech startup, to the performance of the company. In particular, it focus on defining unique characteristics of high-tech startup through differential proving by the backgrounds of entrepreneur such as major, R&D experience, patent possession, CTO possession. This research carry out survey to 217 entrepreneurs in high-tech company in Daejon and Daegue at R&D Special Innopolis Zone. Research results are as follow. First, entrepreneurial achievement competencies, conceptualization competencies, network competencies and market recognition competencies positively affect the financial and non-financial performance and organizational and technical competencies, while organizational and technological competencies only positively impact on non-financial performance. Second, the satisfaction level of government support showed a positive moderating effect on entrepreneurial achievement competencies and financial performance, while no significant effect in other competencies. Third, positive differential effect by the technological background of entrepreneur such as Major, R&D experience, patent possession, CTO possession) have been confirmed. This paper deliver several significant implications and contributions, First, it propose classified and systematized entrepreneur competency through the domestic and foreign literature reviews. Second, it proves the need for the wider spread of team based startup culture rather then sole startup. Third, it also proves the important role of technological background of entrepreneur among the characteristics of high-tech startup.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.75-91
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• 2024

Recently, global business environment is changing dramatically along with the acceleration of technological innovation amid the war, climatic change, and geopolitical instability. Accordingly, it is difficult to predict or plan for the future as the volatility, complexity, ambiguity, and uncertainty of the industrial ecosystem continue to increase. Therefore, organizations are undergoing inevitable restructuring in accordance with their survival strategy, for instance, removing marginal businesses or firing. Accordingly, office workers are seeking a startup as an alternative for their continuous economic activity amid rising anxiety factors that make them think they would lose their jobs unintentionally. Here, this study is aimed to verify through what paths office workers' self-determination influences the process of converting to a startup. For this study, an online survey was carried out, and 310 respondents' valid data were analyzed through SPSS and AMOS. To sum up the results, first, office workers' self-determination did not have significant effects on entrepreneurial intention. However, it was confirmed that self-determination had positive (+) effects on innovativeness and perception of the startup support system. This result shows that their psychology works to prepare step by step by accumulating innovative experiences and increasing perception of the startup support system from a long-term life path perspective rather than challenging startups right way. Second, innovativeness is found to have positive (+) effects on entrepreneurial intention. Also, perception of the startup support system had positive (+) effects on entrepreneurial intention. This implies that when considering startups, they are highly aware of the government's various startup support systems. Third, innovativeness is found to have positive (+) effects on perception of the startup support system. It is judged that perception of the startup support system is valid for prospective founders to exhibit their innovativeness and realize new ideas. Fourth, it was confirmed that innovativeness and perception of the startup support system mediated correlation between self-determination and entrepreneurial intention, and perception of the startup support system mediated correlation between innovativeness and entrepreneurial intention, which shows that it is a crucial factor in entrepreneurial intention. Although previous studies related to startups deal with students mostly, this study targets office workers who form a great part in economic activities, which makes it academically valuable in terms of being differentiated from others and extending the scope of research. Also, when we consider the fact that the motivation for self-determination alone fails to stimulate entrepreneurial intention and the complete mediation of innovativeness and the startup support system, it has great implications in practical aspects such as the government's human and material support systems. In the selection and analysis of samples, this study exhibits a limitation that the problem of common method bias is not completely resolved. Also, additional definitive research is needed on whether entrepreneurial intention is formed and converted into startup behavior. Academically and practically, this study deals with the relationship between humans' psychological motives and startups which has not been handled sufficiently in previous studies. The conversion of office workers to startups is expected to have effects on individuals' economic stability and the state's job creation; therefore, it needs to be investigated continuously for its great value.

• Journal of Information Technology Services
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• v.16 no.4
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• pp.47-64
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• 2017

Three years after establishment, companies are said to face a period of risk called the "valley of death." To start a venture company and make it sustainable, the chance of failure must be minimized. According to an in-depth assessment report on special taxation in 2015, the one-year survival rate of Korean companies was about 60 percent and the five-year survival rate about 30%. These rates are low compared to those of major OECD member countries. Worse, such rates in Korea are decreasing year by year. The purpose of this study is to classify the success factors behind venture companies into human capital, social capital and financial capital, and verify through empirical analysis the factors influencing the success of venture companies based on the mediating roles of capability of the startup team and that for innovation. To find the success factors behind venture companies, this study first examined the theories derived from previous studies. SPSS 21 was used as the study method, while descriptive statistics, exploratory factor analysis and CMB test were conducted. In addition, SmartPLS 2 was used for confirmatory factor analysis, hypothesis test, mediation effect. The results of this study can help efforts toward job creation and economic revitalization pursued by the creative economy policy of the incumbent Korean administration. They can also be used as the cornerstone for venture companies in their pursuit of success.