• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.265-278
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• 2022

R&D projects for product development are crucial for ventures' growth and success. Current study summarizes existing studies that identify the relationship between startup ventures' R&D department, R&D investment, and R&D cooperation on product development performance, and highlights the effects of business model as well as the roles of R&D activities for product development project that have been traditionally emphasized. In order to consider the effects of business models that were not previously available, the effects of these factors on product development performance were comprehensively analyzed. The research results with 180 venture cases surveyed on venture companies in the growth stage in Korea, showed that the effect of product development project activities measured by R&D department, R&D investment and R&D cooperation on product development performance is not evident. However, the effect of business model on product development time and product development performance measured by product innovation was confirmed. In particular, it was found that the clarity and uniqueness of the business model interacted with the R&D investment to shorten the product development time and directly increase the innovativeness of the developed product. Based on these analysis results, the implications of this study, limitations of the study, and the future research directions were described.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.125-146
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• 2013

Nowadays, the performance of the mobile game sales is influencing the ranking of game companies listed on KOSDAQ. In the meantime, venture capital companies had focused on online game. Recently, however, they have great interest in mobile games and mobile game companies. In addition, angel investors and accelerators are increasing investment for the mobile game companies. The most important issues for mobile game investor is how to evaluate the mobile game companies and their contents. Therefore, this study derived the evaluation factors for the mobile game company. And research method converged of the opinions of both supply side and demand side of the game industry. Ten professionals who are responsible for the supply of the game industry and CEO group & development experts of game development company were selected for survey in this study. Also ten professionals who are responsible for the demand of the game industry and the investment company were selected for survey in this study. And Delphi technique was performed according to the survey. Management skills, development capabilities, game play, feasibility, operational capabilities has emerged as five evaluation factors to evaluate the mobile game company. And the 20 sub-factors including CEO's reliability were derived. AHP(Analytic Hierarchy Process) theory is applied to analyze the importance of the qualitative elements which were derived by Delphi technique. As a result, the analysis hierarchy of evaluation factors for the mobile game company was created. Pair-wise comparison for each element was performed to analyze the importance. As a result, 'Core fun of the game' (12,2%), 'Involvement of the game' (10.3%), 'Security Reliability' (8.9%), 'Core developers' ability' (7.6%) appeared in order of importance. The significance of this study is offering more objective methodology for realistic assessment and importance of elements to evaluate mobile game company.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.13-24
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• 2022

The purpose of this study is to examine whether the existence of related personnel in KOSDAQ technology special listed firms has a signal effect on the market and affects performance when listed. The KOSDAQ technology special listing system is a system introduced to enable future growth by securing financing through corporate public offering based on the technology and marketability of technology-based startups and venture companies. As a result of analyzing 135 special technology companies listed from 2005 to 21 (excluding SPAC mergers and foreign companies) whether or not related personnel affect corporate value and listing period when they are listed, it was analyzed that the presence of related personnel did not significantly affect corporate value or listing period. The same was found in the results of the verification by reducing the scope to related personnel such as public officials and related agencies. However, under certain conditions, significant results were derived from the presence of related personnel on the listing of companies listed in special technology cases. It was found that the presence of related personnel and VC investment had a significant effect on corporate value, and in the case of bio-industry, there was a slight significant effect on the duration of listing. This study is significant in that it systematically analyzed the signal effect of the existence of related personnel for the first time for all 135 companies. In addition, as a result of the analysis, the results suggest that internalized efforts to secure technology and marketability are more important, such as parallel to VC investment, rather than simply recruiting related personnel.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.109-124
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• 2024

The value of platform companies is rapidly increasing, exerting significant influence across industries. Identifying and fostering promising platform companies is crucial for enhancing national competitiveness. Consequently, tailored evaluation standards are necessary for such companies. This study derived investment decision factors specific to platform companies and compared the importance of each factor using Analytic Hierarchy Process (AHP) analysis. Key factors included platform characteristics, finance, entrepreneur (team), market, and product/service attributes. The findings revealed that platform characteristics were deemed the most crucial factor for investors. Specifically, factors such as platform size, ease of value fixation, core participant group, and data value were identified as pertinent for evaluating platform companies. Moreover, analysis distinguished between investors with prior platform investment experience and those without. Significantly, investors with platform investment experience placed greater emphasis on the value of data secured by platform Furthermore, it was observed that investors prioritized future value and growth potential over current value when investing in platform. Notably, founder/team characteristics, typically highly regarded in previous studies, ranked lower in importance in this study, highlighting a shift in focus. The discrepancy between this study's results and prior research on investment decision factors is attributed to the specificity of the questions posed. By focusing on investment decision factors for platform startups rather than generic startup inquiries, investor responses aligned more closely with platform-focused considerations. Given the burgeoning venture investment landscape, there's a growing need for detailed research on startups within specific sectors like IT, travel, and biotech. This approach can replace extensive research covering all startup types to identify investment decision factors suited to the characteristics of each individual industry.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.4
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• pp.597-615
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• 2016

Since 1997 the United Kingdom has pursued creative industry and creative city development in accordance with the New Labor Party policy, strengthening its cluster policy by assigning creative city policies to traditional manufacturing-oriented regions. Tech City in London, one of the most successful examples of digital clusters, is an area in which diverse ecosystems for venture business integration have been established, as the once barren space began to spontaneously develop. For this region, systematic linkages including universities, private companies, start-ups, and accelerators have been added, along with the UK government's active support system. As a result of this opportunity, the scale of the UK start-up ecosystem has significantly grown, the number of local companies has surged, and brand effect has greatly improved. Tech City is an example of a well-balanced combination of public effort and private governance, based on the region's historical background and its potential for growth. It is an effective coordination of public policy and private active investment, services, research, and education. The market platform for institutional technology and commercialization, and aggressive investment shares in the risk, have lead to its growth as a start-up and an innovative city. Britain's efforts to expand the nationwide cluster for the future-oriented digital economy is most noteworthy.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.1
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• pp.225-232
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• 2012

The purpose of this study is to explore the necessity of technology commercialization aiding service from government-supported R&D institutions and find key success factors for market performance improvement of business ventures and SMEs. For this aim, we researched relevant theories and KICET(Korea Institute of Ceramic Engineering and Technology)'s "Ceramic Hidden Champion Supporting Project. As government-supported R&D institutions, KICET is not only providing its original main service which is technology advising and development, but also providing a full range of technology commercialization aiding service for business ventures including diagnosis, strategy planning, capital procurement, overseas marketing activity. Qualitative analysis based on relevant theories and meta-analysis framework suggest that such expansion of services is desirable for government-supported R&D institutions to increase market performance of business ventures and SMEs. To lead this business to success, we should develop effective management system and incentive system for external supporting companies and client companies. Also, coordination between team member's activities and budget procurement issue should be solved for further performance creation.

• Management & Information Systems Review
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• v.28 no.4
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• pp.27-44
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• 2009

Economic value of a certain technology is of great interest and importance in a wide variety of investment circumstances. These vary from companies considering investing in R&D projects, to venture capitalists funding start-up companies. However, such valuation is extremely difficult in any case, and the cost of failure can be very high. Many techniques have been proposed to assist managers facing this issue, from traditional discounted cash flow analysis to more recent methods based on real options. In the meantime, the discounted cash flow method has limitations in applying the valuation of technology. At the same time, there have been various solutions to overcome theoretical problems of the method. Real options have been thought as a solution. However, there are another problems in using them in real world. This paper reviews the previous studies on the valuation of technology in several aspects, discusses the practicability of the various methods available, and explore the application of a hybrid model, which aims to make these rather aore the ideas more accessible to practicing managers.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.3
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• pp.147-161
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• 2017

Korea is a country having shortage of natural resources, but to overcome this issue and to nurture national competitiveness it is challenging for national-lead economic policy, citizen's dedicated efforts and technological innovation for achieving economic growth. Since the financial crisis, the government has boldly promoted policies to nurture venture companies to make structural adjustments for the sophistication of the industrial structure and job creation. Various policies for establishing the foundation of the entrepreneurial ecosystem in which the process of start-up, growth, recovery and reinvest are virtually circulated are presented by the Business Incubators. Recently the Business Incubators neither present a direction differentiated from the vocation of Business Incubator, and nor the operating methods for leading the changing of Business Incubator environment, which threatening the role of Incubating and growing early startup companies. In order to explore the development change of the business incubator, in this research we analyzed the published papers from 1998 to 2016 of business incubator government polices, research methods, related research topics and other major variables. The analysis of the research trends of business incubator revealed the lack of depth case studies, diversity of research topics, and the study of certain limited variables. For the development of the business incubator, case studies of the institutions which carried out excellent incubator and research on the incubation system of the institutions, that are similar to the incubation center are required. This research suggest further research on the case studies of excellent business incubator and agencies, and the center director and manager, which is the center of human resources, and hopes for the revitalization of business incubator researches.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.129-146
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• 2014

In order to be successful in the very changeable competitive environment, the organization has to creative not only on the research and development but also on the Value Chain. Especially for the middle and small venture companies, they have to be creative on the Value Chain to get new profit. For the value innovation, kinds of factors which initiate the value innovation such as Meaningful Work, Risk Taking, Customer Orientation, Agile Decision-Making, Business Intelligence, Open Communication, Empowerment, Business Planning, Learning Organization and other similar factors should be included in the organization culture. By focusing on the above 9 factors with value innovation culture, the study practically analysis the effect of the Value Innovation Culture on the Individual Creativity, and the followings are the result of the study. Firstly, meaningful work, empowerment and risk taking are positively associated with expert knowledge which is one component of individual creativity. Secondly, open organization is confirmed to be positively associated with creative thinking skills. Thirdly, learning organization, empowerment and innovativeness are the factors which is positively associated with Intrinsic Motivation. These results have showed the employees' individual recognized Value Innovation Culture is confirmed to be helpful on inducing Individual Creativity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.235-243
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• 2020

The more consumers feel the brand as authentic, the better the brand image and the higher the purchase intention, so companies actively seek to build brand authenticity. On the other hand, the quality of products perceived by consumers comprehensively in consideration of various factors such as performance, durability, and materials can affect brand authenticity. The purpose of this study is to present useful implications by building a research model for quality and brand authenticity from a marketing point of view, and empirical analysis. For this, product quality and brand authenticity were theoretically defined, the relationship between them was identified, and ultimately the influence of these concepts on brand image was examined. In detail, a survey was conducted on a total of 286 consumers to find out the quality of the product, authenticity of the brand, and brand image, and the product to be surveyed was S20, the latest mobile phone of S Electronics. As a result of empirical analysis, although quality had a statistically significant positive effect on brand authenticity, the degree was not greater than expected. In addition, quality had a statistically significant positive effect on brand image, and its degree was large, but when quality and brand authenticity were considered together, it was found that the regression coefficient of brand authenticity was larger than that of quality. This means a partial mediating effect of brand authenticity. Therefore, in order to enhance the brand image and purchase intention of SMEs/Venture companies, a strategy that build brand authenticity simultaneously in consideration of the components presented in this study will be more effective than a strategy that focuses only on quality. This study proposes a variety of theoretical and practical implications by empirically examining the relationship between brand authenticity and brand image perceived by consumers through quality from a marketing perspective, based on a research model that was not discussed in previous studies. In particular, this study proposes a plan to build brand authenticity from the perspective of SMEs/Ventures.