• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.4
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• pp.1-15
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• 2020

As the entrepreneurial ecosystem turns out to be a leading factor in improving nation's entrepreneurship, many studies are underway in the country to develop the start-up ecosystem. Although the entrepreneurial ecosystem is receiving attention as an essential factor for the nation's economic growth as well as entrepreneurship due to its inter-relationship with start-ups, government agencies and investors, criticism of measurement indicators has been increasing due to the different institutional and political contexts of each country, including the various definition of start-up ecosystem. In this study, we develop indicators that are suitable for domestic conditions in Korea and that can measure the level of start-up ecosystems in each regional level. FGI and Delphi surveys by scholarly experts in each field of start-ups & entrepreneurship were conducted to verify how well existing indicators fit the domestic situation and to develop indicators that can measure the local entrepreneurial ecosystem in Korea through close examination. As a result, the local entrepreneurial ecosystem consisted of three to four sub-components and 38 sub-components, each consisting of seven indicators, including Policy, Investment, Culture, Market, Human Capital, Support and Knowledge. It is expected that this research will be used to diagnose local start-up ecosystems and to propose discriminatory policies that can complement regional strengths and weaknesses.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.47-65
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• 2020

With the era of the Fourth Industrial Revolution in sight, innovative business models utilizing new technologies are emerging, and startups are enjoying an abundance of opportunities based on the agility to respond to disruptive innovations and the opening to new technologies. However, what is most important in creating a sustainable start-up ecosystem is not the start-up itself, but the process of research-start-investment-investment-the leap to listing and big business-in order to build a virtuous circle of startups that leads to re-investment. To this end, the environment created in the hub area where start-ups were conducted is important, and these material and non-material environmental factors are described as being inclusive by the word "entrepreneurial ecosystem." This study aims to provide implications for Korea's entrepreneurial ecosystem through the study of the interaction of the elements that make up the start-up ecosystem and the relationship of ecosystem participants in Singapore. Singapore has been consistently mentioned as the top two Asian countries in assessing the start-up environment and business environment. In this process, six elements of the entrepreneurial ecosystem presented by Isenberg(2010)-policies, finance, culture, support, human resources, and market-are the best frameworks for analyzing entrepreneurial ecosystems in terms of well encompassing prior studies related to entrepreneurial ecosystem elements, and a model of regional transformation is formed focusing on some elements to suit Singapore, the target area of study. By considering that Singapore's political nature would inevitably have a huge impact on finance, Smart Nation policy was having an impact on university education related to entrepreneurship, and that the entrepreneurial networks and global connectivity formed within Singapore's start-up infrastructure had a significant impact on Singapore's start-up's performance, researches needed to look more at the factors of policy, culture and market. In addition, qualitative research of participants in the entrepreneurial ecosystem was essential to understand the internal interaction of the elements of the start-up ecosystem, so the semi-structured survey was conducted by visiting the site. As such, this study examined the status of the local entrepreneurial ecosystem based on qualitative research focused on policies, culture and market elements of Singapore's start-up ecosystem, and intended to provide implications for regulations related to start-ups, the role of universities and start-up infrastructure through comparison with Korea. This could contribute not only to the future research of the start-up ecosystem, but also to the creation of a start-up infrastructure, boosting the start-up ecosystem, and the establishment of the orientation of the start-up education in universities.

• Asian Journal of Innovation and Policy
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• v.7 no.1
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• pp.79-102
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• 2018

In an entrepreneurial ecosystem, the failure rate of startups is extremely high at 90%, and every startup that fails becomes an orphan. This phenomenon leads to higher costs of failure for the entrepreneurs in the ecosystem. Failed startups have many lessons to offer to the ecosystem and offer guidance to the potential entrepreneur, and this area is not fully explored compared to the literature on successful startups. We use a case based method distinguishing a failed startup and a successful startup, studying the entrepreneurial characteristics and firm level factors which cause the failures, in the technology startup ecosystem of Bangalore. We study one of the modes of exit adopted by failed startup entrepreneurs and draw key lessons on causes that culminate in failures. We have identified that factors such as the time to minimum viable product cycle, time for revenue realization, founders' complementary skillsets, age of founders with their domain expertise, personality type of founders, attitude towards financial independence and willingness to avail mentorship at critical stages, will decisively differentiate failed startups from the successful ones. Accordingly, implications have been derived for potential entrepreneurs for reducing the cost of failures in the entrepreneurial ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.1
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• pp.23-30
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• 2018

Recent global economic recession and recession of employment have made various efforts to revitalize entrepreneurial ecosystem by presenting entrepreneurial spirit and creative talent development as national top priority strategy in major developed countries. Based on data from the Global Entrepreneurship Trend Report (GETR), which has been conducted by the Venture Small Business Division and the Korea Entrepreneurship Foundation since 2015, the study will be conducted by the entrepreneurs of 10 countries in 2015 and 2016 The components of mental ecosystem were compared and verified. The results showed that entrepreneurship education effect and entrepreneurial environment showed positive relationship with entrepreneurship of individual and organization. Also, entrepreneurship education effect, entrepreneurial environment, individual entrepreneurship. On the other hand, organizational entrepreneurship was not found to have a significant effect on entrepreneurial type (livelihood / opportunistic entrepreneurship). In this study, entrepreneurship education as a lifelong education is required in order to enhance entrepreneurial ecosystem in Korea and to increase the quality of entrepreneurship which is increasing quantitatively. Finally We emphasizing the importance of creating a favorable entrepreneurial environment and offer some suggestions.

• STI Policy Review
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• v.8 no.2
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• pp.94-109
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• 2017

Entrepreneurship is a creation of new combinations of goods and services. Today, every aspect of business operations has been changing, which we call development. The conventional business included production and manufacturing of goods and serving things the customer needed. Today, the business has changed form so that the demands of customers are shaped by the good or service which has been created by the businesses. Entrepreneurship in Mongolia is not a new concept but nowadays the number of entrepreneurs in Mongolia has grown sharply. Mongolia was a nomadic culture during its history and is probably the only nomadic culture left in the world today. Mongolian herders are the largest and the most powerful representation of successful entrepreneurs in Mongolia. Another practice of herders in the world are in Australia. Along with a comparison of the policy and government support system of Australia, this study intends to assess how 6 factors of the entrepreneurial ecosystem fit herders in Mongolia. As a result of this assessment, we propose policy to support the entrepreneurial mechanism of herders and identify cultural factors which support the existence of herding.

• World Technopolis Review
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• v.8 no.1
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• pp.43-58
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• 2019

This paper examine the changing ecosystems in Malaysia, starting with the government policy driven greenfield cluster of Cyberjaya, which is part of the Multimedia Super Corridor (MSC) mega project. In this context of an emerging economy, predominantly production oriented, the role of the government was crucial with respect to implementing policies and building infrastructure for the ecosystems. First, the roles played by the cluster development agency, universities, and industry are explained. As the cluster developed, this paper, taking an entrepreneurial ecosystem approach, explores how some actors evolved and changed their roles to become catalyst organisations established for the cluster now serving nationwide. This was followed by the emergence of new actors in the ecosystems, for example, knowledge intermediaries, and new roles for universities. In addition to actors such as universities and industry, this paper recognizes the emergence of media organisations as new actors in the entrepreneurial ecosystems in Malaysia.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.83-91
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• 2013

Korean government recently plan to transform Korean economic system into so called "creative economy" in which entrepreneurial activities play major role. Therefore, a large number of new public support program for entrepreneurs have been announced. On the other hand, there has been growing needs for fairness of economy: large companies are regarded to have abused their negotiating power so far. These two very apparent social trend may require active role of large companies to develop sustainable entrepreneurial ecosystem in Korea. In this study, the author tries to review current situation and to find what would drive active participation of large companies as seen in other countries.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.25-37
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• 2022

The purpose of this study is to survey startup founders within 7 years of founding the importance and satisfaction of the components of the scale-up entrepreneurial ecosystem at the national level in Korea and analyze the direction of scale-up policy by component using IPA (importance-performance analysis). Since the perception of founders, who are the subjects of the entrepreneurial ecosystem, affects the quantity and quality of start-ups, research is needed to analyze and diagnose the perception of scale-up components. For the development of the national economy and entrepreneurial ecosystem, companies that emerge from startups to scale-up and unicorns must be produced, and for this, elements for the scale-up entrepreneurial ecosystem are needed. The results of this study are as follows. First, the importance ranking of the components of the scale-up entrepreneurial ecosystem recognized by founders was in the order of "Financial support by growth stage," "Support for customized scale-up for enterprises," "Improvement of regulations," "Funds dedicated to scale-up," "large-scale investment," and "nurturing technical talents." Second, the factors that should be intensively improved in the importance-satisfaction matrix in the future were 'Pan-Government Integration Promotion Plan', 'Scale-Up Specialized Organization Operation', 'Company Customized Scale-Up Support', 'Regulatory Improvement', and 'Building a Korean Scale-Up Model'. As a result, various and large financial capital for the scale-up entrepreneurial ecosystem, diversification of scale-up programs by business sector, linkage of start-ups and scale-up support, deregulation of new technologies and new industries, strengthening corporate-tailored scale-up growth capabilities, and providing overseas networking opportunities can be derived. In addition, it is expected to contribute to policy practice and academic work with research that derives the components of the domestic scale-up entrepreneurial ecosystem and diagnoses its perception.

• Journal of Engineering Education Research
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• v.21 no.6
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• pp.108-117
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• 2018

Given the substantial industrial and economic contributions of university start-ups, a growing number of studies have adopted the ecosystem perspectives to systematically explain creating start-ups in universities. Despite the huge theoretical potential, few studies have analyzed the complex, complimentary interactions of the core components in the university entrepreneurship ecosystems (UEEs). Addressing the limitation, this research not only discusses the role of the core ecosystem components, such as patents, entrepreneurship education, and student entrepreneurship clubs, but also analyzes their discrete and complimentary effects on the productivity of UEEs. Based on a national survey of universities, this study shows that all the core components have a positive effect on the ecosystem productivity. More importantly, this study investigated the complimentary relationships among components and tested the moderation effects of both the entrepreneurship education and the student clubs on the relationship between the patents and the productivity of UEEs. The analysis results show that the student clubs intensify the patents' positive effect on the productivity of UEEs. The research results could provide the crucial policy insights for the successful design of UEEs.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.1
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• pp.551-562
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• 2021

Strategic management of universities is crucial for the regional competitiveness due to the high impact of universities on the economic growth of regions through entrepreneurial training and support. The study aimed to investigate the HEInnovate self-assessment tool, valuable in building entrepreneurship-oriented strategy, by considering the case of Turan University. The tool can be used to study entrepreneurial capabilities of the university and make strong management decisions. The self-assessment allows getting feedback from all stakeholders, including external ones, which helps to make institutional changes to influence the regional economic growth. The framework of the research is based on the theories of strategic management and regional competitiveness, which can be deployed with the HEInnovate self-assessment recommendations and findings. The research methodology comprises objective and functional approaches to system analysis. HEInnovate self-assessment by Turan university revealed some weaknesses in the university strategy and helped make some recommendations, namely, the university's entrepreneurial ecosystem must act as part of a regional business support ecosystem to provide input into local economic development, attract more international faculty and faculty with more practical experience, create an entrepreneurial culture across staff of the university, address a lack of internal structures to support staff, and improve university-business cooperation.