• Title/Summary/Keyword: Venture Companies

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The Effect of the fit between Innovation Strategy and Company Characteristics on Innovation Performance (혁신전략과 기업특성 간의 적합성이 혁신성과에 미치는 영향)

  • Shin, Sung-Wook;Choi, Won-Ju
    • Management & Information Systems Review
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    • v.37 no.3
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    • pp.131-145
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    • 2018
  • The purpose of this study is to analyze the effect of the fit between innovation strategy and firm characteristics on innovation performance. We conducted surveys for venture companies in the Southeast region, The results of multiple regression analysis based on 135 questionnaires are as follows : First, the higher the fitness between innovation strategy and social network level, the higher the innovation performance. Second, the higher the fitness between innovation strategy and management control system level, the more positive effect on innovation performance. Finally, the higher the fitness between innovation strategy and innovation culture, the higher the innovation performance. This result implies that the enterprise characteristics should be designed and operated in accordance with the innovation strategy implementation.

Framework for Technology Valuation of Early Stage Technologies (초기단계 기술의 가치평가 방법론 적용 프레임워크)

  • Park, Hyun-Woo;Lee, Jong-Taik
    • Journal of Korea Technology Innovation Society
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    • v.15 no.2
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    • pp.242-261
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    • 2012
  • Early stages of technology valuation have been often overlooked or under-represented. The early stage technologies are even riskier due to their inadequacy of commercial development and market applicability. More than 95% of patents fail to earn any revenues so that the majority of patents were valueless. Technology transfers from laboratories at universities and research institutes to industrial firms have increased to acquire value from invented technologies. Technology transfer, a process of transferring discoveries and innovations resulted from research to commercial sectors, typically comprises several steps: disclosing the discoveries and innovations, i.e., intellectual property (IP), evaluating the IP's economic prospects, securing a patent, copyright or trademark for the IP, commercializing the technology through licensing, forming a joint venture, or selling. At each of those stages in the research and development of technology, the value of technology would play a very important role of making decision on the movement toward the next step, however, the financial value of technology is not easy to determine due to a great amount of uncertainty in the course of research and development, and commercialization. This paper refers to technology embodied as devices, equipment, software or processes primarily developed at public research institutions such as universities. Sometimes it is also as the result of externally financed projects contracted with industry. Nearly always technology developed at public research entities results in laboratory prototypes. When it is required to define the technology transfer contract terms for the license of the university patrimonial rights to external funding companies or other interested parties, a question arises: what is the monetary value? In this paper, we present a method for technology valuation based on the identification of specific value points related to its development. The final technology value must be within previously defined value limits. This paper consists of the review of issues related to technology transfer and commercialization, the identification of characteristics of technologies in the early stage of technology development, the formulation of framework of methods to value the early stage technologies, and the conclusion and implication of the previous review.

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A Study on Success Factors of Logistics IT Companies (물류IT기업의 성공요인에 관한 연구)

  • Park Nam-Kyu;Song Gye-Eui;Choi Hyung-Rim;Lee Chang-Sup
    • Journal of the Korea Institute of Information and Communication Engineering
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    • v.10 no.6
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    • pp.1137-1146
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    • 2006
  • Under this economic circumstance, the logistics firms located in port take better advantages than those in other areas. This study observed those firms with consciousness to which matters were affected a growth of the logistics IT firms. This study considered in terms of three factors which are an economic factor, a political factor and an internal-ability factor for the matters of logistics IT firms' success through the factor analysis. According to the factor analysis, subjective factor showed positive: (1) expanding market through the ideas and abilities, (2) internal relations and government support (3) capability of market identification and focusing on regional industrialization. As a result of the internal ability analysis, there were three positive matters such as (1) a factor of organization or human resource management, (2) relationship with consumer and resource and management ability for strategy, and (3) developing unique product, networking, suitable goods of regional industrialization. The external factor, through the factor analysis was trued out (1) a emerged political factor such as a support up venture, cluster composition, investing R&D and specialist training, (2) economic factor such as tax reduction, financial support, marketing collaboration renting office in a low price by regional government.

An Empirical Study on the Failure Prediction for KOSDAQ Firms (코스닥기업의 부실예측에 대한 실증 분석)

  • Park, Hee-Jung;Kang, Ho-Jung
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.10 no.3
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    • pp.670-676
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    • 2009
  • Bankruptcy of firms in Korea can cause distress of financial institutions because these institutions have disterssed bond. Accordingly, social and economical spill-over effects by these results are very big. Even after the difficult times of IMF crisis had ended, bankruptcy of information-based small-medium companies and venture firms listed on the KOSDAQ has been continued. In this context, this study developed and adopted failure prediction models for which discriminant analysis was used. Samples of this study was 81 firms respectively for both failed and non-failed firms listed on the KOSDAQ between the year of 2000 and 2007. The results of this study are as follows. First, the accuracy of classification of the model by years was $74.5%{\sim}76.5%$, and the accuracy of classification of the mean model was $69.6%{\sim}80.4%$. Among the models, the mean model of -one year, -two years, and -three years was highest in accuracy of classification (80.4%). Second, accuracy of prediction of final model adopted on validation samples showed 85% before one year of bankruptcy. The results of this study may be significant in that the results may be used as early warning system for bankruptcy prediction of KOSDAQ firms.

Controlling Shareholders' Propping and Corporate Value in Korean Firms (지배주주의 프로핑과 기업가치)

  • Kim, Dongwook;Jung, Mingue;Kim, Byounggon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.17 no.9
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    • pp.112-119
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    • 2016
  • This study aims to examine propping by the controlling shareholders and the corporate value of Korean firms with agency problems and propping perspectives. Propping refers to a transfer of resources from a higher ownership firm to a lower ownership firm, in order to prevent the latter from going bankrupt. This study used a sample of 4,077 companies listed on the KRX data exchange from 2004 to 2014. We used proxy variables such as long-term supply contracts, asset and business sales, credit facilities, loans, and equity investments to affiliates as wealth transfer instruments of the controlling shareholders. We found that propping occurred by the equity investment of affiliates in Korean firms. Also, we found that the Korean firm's value was decreased by the affiliate equity investment.

Lessons from Haitai Distribution Inc's experience in Korea

  • Cho, Young-Sang
    • Journal of Distribution Science
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    • v.9 no.3
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    • pp.25-36
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    • 2011
  • Owing to the rapid growth of hypermarket/discount store formats since 1996, Korean retailing has suddenly attracted the significant attention from researchers. Before the emergence of large scale retailers such as E-Mart, Lotte Mart and Tesco Korea, there were the two retail formats who led the Korean retailing in the modern retailing history: department store and supermarket formats. Nevertheless, there has been little literature concerned about the two retail formats as a case study, while some authors have paid their attention to hypermarket/discount store formats. In addition, when mentioning the development process of retailing history, it is less likely that authors have made an effort to illustrate supermarket retailing history. In order to regard supermarket retailing as part of the Korean retailing, it is interesting to look at a representative supermarket retailer, Haitai, who was one of the subsidiaries of Haitai chaebol. Based on supermarket retailing, the company which was established as a joint venture in 1974 led a supermarket retailing in the Korean modernised retailing history. Before analysing whether Haitai failed or not, the definition of failure should be illustrated. With regard to the term, failure, in the academic world, authors have interchangeably used the following terms: failure, divestment, closure, organisational restructuring, and exit. To collect research data as a case study, the author adopted an in-depth interview method. The research is based on research interviews with 13 ex-staff who left after Haitai went bankruptcy, from store management department to merchandise department. By investigating Haitai's experiences through field interviews, the research found that Haitai restructured organisational decision-making process at the early stage when companies started to modernise organisational charts, benchmarking sophisticated retailing knowledge through the strategic alliance with a Japanese retailer. In respect of buying system, the company established firmly buying functions by adopting central buying system, and further, outstandingly allocated considerable marketing resources to the development of retailer brands with the dedicated team of retailer brand development. In the grocery retailing, abandoning a 'no-frill' packaging concept, the introduction of retailer brand packaging equal to, or better than national brand packaging design, encouraged other retailers to change their retailer brand development strategies. In product sourcing ways, Haitai organised for the first time the overseas sourcing team with the aim of improving the profit margins of foreign products and providing exotic products for customers, followed by other retailers. Regarding distribution system, the company introduced the innovative idea which delivered products ordered by stores directly to each store withboth its own vehicles and its own warehouse in which could deal with dry foods, chilly foods, frozen food, and non-foods, and even, process produce. In addition, Haitai developed many promotional methods to attract more customers like 'the guarantee of the lowest price', and expanded its own business to US in 1996, although withdrew, because of bankruptcy in 1997. Together with POS introduction in 1994, Haitai made a significant contribution to the development of the Korean retailing, influencing other retailers in many aspects. As a case study, the study has provided a number of lessons from Haitai's experiences for academicians and practitioners, suggesting that its history should be involved in the Korean modernised retailing.

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A Case Study on the Development of Technology Rating Model for Investment (투자용 기술평가모형 개발사례 연구)

  • Hong, Jae-bum;Bae, Do Yong;Shim, Ki Jun;Hwang, Yujin;Kim, Sung-tae
    • Journal of the Korean Data Analysis Society
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    • v.20 no.6
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    • pp.2993-3002
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    • 2018
  • This case study introduces the process of developing the technology rating evaluation model for investment. The technology evaluation rating model for investment is a project that the Financial Services Commission and the Ministry of Commerce, Industry and Energy collaborated to expand the scope of technology finance from loan to investment. The technology evaluation model for investment was developed with the aim of predicting high growth companies. The model consists of a statistical model and an expert model. Here, statistical models were modeled by using logistic regression analysis. Expert models gathered opinions of experts and identified the weight of each evaluation item and set the model. The rating system of the model is composed of 10 grades. The distribution of the model was consistent with KTRS grade distribution. Interestingly, the emphasis is on technology and marketability. In the technology valuation grade model for the goddess, there is a considerable difference from the emphasis on managerial competence or business performance.

Key Factors Affecting a Startup Entrepreneur's Choice of Accelerator (스타트업의 액셀러레이터 선택 시 의사결정요인에 관한 연구)

  • Kwon, Yong-Seok;Hwangbo, Yun;Lee, Jong-Hoon
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.1
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    • pp.33-46
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    • 2019
  • Even though Korea is strengthening the support for startups due to the limitations of growth policies focusing on large companies, the survival rate of startups is very low, so that there should be more efforts to increase the survival rate of startups. As the existing startup support institutions have provided only fragmentary supports to startups, it would be necessary to have the comprehensive support institutions. As an alternative, the accelerator providing the comprehensive support such as spatial support, education, mentoring, networking, seed investment, and connection for follow-up investment to the initial startups was legalized in Korea of 2016, based on the registration system. Currently, within less than two year from then, there have been much interest in it enough to have about 136 registered accelerators. In the United States, the accelerator was introduced more than ten years ago. In Korea, however, it is still in the initial stage, so that the researches or social consensus on the accelerator are not sufficient. Thus, this study aims to suggest the measures for the development of accelerator and the consensus on the decision making for the selection of accelerator of startups, by researching which parts are considered when startups in the accelerator stage select the accelerator. As a result of the empirical analysis, the factor that has the greatest influence on decision making factors when startup chooses an accelerator was the subsequent investment attraction. This can be explained to the accelerator as desired, considering the factor that the startup of the initial stage places the most importance on growth as investment. We hope that these research results will be sustainable in future research related to accelerators, in hopes that it will be useful for establishing accelerator policies for domestic startups and direction for revitalizing related industries.

A study on ICO-based fund investment (ICO 기반 자금 투자에 대한 연구)

  • Yoo, Soonduck
    • The Journal of the Institute of Internet, Broadcasting and Communication
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    • v.19 no.5
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    • pp.25-32
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    • 2019
  • The purpose of this study is to investigate how to make a proper investment in ICO in the market. Previously, companies used to borrow money from banks or to obtain investments from venture capital (VC) and angel investors, but now ICOs are used as a new type of funding and financing model. The ICO sells the tokens or coins created on the blockchain openly online to raise the necessary funds, and provides the market value by paying the tokens or coins as much as the investment amount. According to this study, the limitations of the ICO market are (1) difficulties in evaluating the company, (2) uncertainties in investments, (3) lack of legal safeguards, and (4) measures to secure corporate stability after recruitment. At present, there is no way to cope with this systematically since the ICO is not protected in the legal framework. Nevertheless, we investigated the ways to make proper investment in the existing ICO market. In investing in ICO, investors should (1) consider investment methods and profitability, and (2) verify and judge investment fraud through various channels (ex. Homepage, composition team profile, etc.) and make investments based on this. This study will contribute to the formation of a healthy ICO market by understanding the newly emerged ICO market and studying the considerations when investing in it, thereby contributing to the right investor training and reducing the mass production of consumer damages caused by fraud. The limitation of this study is that the domestic ICO has not yet been examined in the legal framework, so further research is needed when policy changes occur in the future.

Legal and Economic Analysis of Changes in Customer Value of Fintech and Financial Services

  • Lee, Jung Woo
    • Journal of the Korea Society of Computer and Information
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    • v.25 no.12
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    • pp.279-291
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    • 2020
  • It has already been a few years since the word Fintech in Korea started to attract attention. These days, they believed that Fintech was just a boom, but these days it is recognized as a catalyst for financial transformation. Large venture companies are also launching demonstration experiments by creating new organizations that can respond to Fintech. It feels like a big tide is coming to the cautious and conservative financial industry. Finance is made up of digital information. Fintech is an evolutionary process in which finance, expressed by digital information, is transformed into information technology (IT) and human economic activities are reorganized. It is FinTech. You won't be able to understand the real effects of Fintech by sticking to individual applications like remittance payments or household account book services. Fintech is an innovation that changes the structure of economic activity itself. In fact, it is from now on that a big impact will come. In other words, now is the time when we are thinking of a dream that we have not yet dreamed of. In this paper, I will examine how fintech originated, spread to Korea, and how it intends to change Korea's finance in the future. Financial institutions have used the fruits of information technology advances in the direction of pursuing stability and stability, without major changes in the way they work. However, the movement of Fintech that started in Silicon Valley in the United States shows that the fruit can be used in other directions. The fruit of technological progress is expected to expand year by year in the future. It is a request of the times to use it to improve user convenience and to pursue innovation that is beneficial to society. We expect the flow of Fintech to accelerate innovation in the Korean financial industry.