• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.151-165
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• 2020

Recently, the government has been spending a large amount of money to support start-ups with its major policies aimed at economic growth and job creation under the keynote of innovative growth. Nevertheless, the Global Entrepreneurship Development Institute (GEDI) gave a very low assessment of the social and cultural support areas of Korea's start-up ecosystem in the 2018 Global Entrepreneurship Index (GEI), indicating that unlike the government's interest, our perception of start-ups has not been positive. This study surveyed 300 prospective entrepreneurs and entrepreneurs. In addition, this study empirically analyzes how social support of those around them is related to their entrepreneurial intentions and behaviors. As a result, it was not possible to confirm whether social support affects entrepreneurial intentions, but social support had positive influences on entrepreneurial behaviors. In addition, social support was found to have positive influences on entrepreneurial behaviors with dual mediation of entrepreneurial self-dfficacy and entrepreneurial intentions. Therefore, it was confirmed that social support is a factor that influences entrepreneurial behaviors and that entrepreneurial self-efficacy has important parametric effects. The findings of this study suggest that the government and entrepreneurship support agencies need to reflect programs in start-up support poject to promote social support for start-ups and to enhance entrepreneurial self-efficacy.

• 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 Venturing and Entrepreneurship
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• v.17 no.3
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• pp.1-17
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• 2022

This study studied the effect of the TIPS support project of the Ministry of SMEs and Startups on the entrepreneurship of TIPS start-ups. The Tips start-up company, which is the subject of the study, was selected for the TIPS support project, participated in all commercialization funds, incubation facilities, and capacity building programs, and was selected as a company that received private investment. One-on-one in-depth interviews were conducted for about eight weeks from January 14, 2022 to March 11, 2022. For this study, the TIPS support project was subdivided into four categories: commercialization funds, incubation facilities, capacity building programs, and private investment attraction, and entrepreneurship factors were classified into four categories: innovation, challenge spirit, leadership, and risk-taking. As a result of the in-depth interview, the influence of the TIPS support project on entrepreneurship factors was in the order of challenge spirit, innovation, risk-taking, and leadership. Specifically, it was found that commercialization funds influenced innovation and risk-taking, incubation facilities had a challenge spirit and risk-taking, competency-building programs had a challenge spirit and leadership, and attracting private investment had an influence on innovation and challenge spirit. The implications of this study are that the TIPS support project, a private investment-led technology start-up support program, was introduced in 2013 and as of the end of March 2022, and a report was prepared focusing on visible performance such as private investment performance and employment rate. However, through this study, by analyzing whether the TIPS support project contributed to the cultivation of entrepreneurship for TIPS start-ups, it was found that it had a positive influence not only on quantitative growth but also on qualitative growth.

• Journal of the Korea Safety Management & Science
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• v.23 no.4
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• pp.113-120
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• 2021

In the past, manufacturing-oriented industries focused on improving labor productivity to achieve economic growth. Korea is changing from a labor-intensive industry to a technology-intensive industry in order to occupy a competitive edge compared to other countries. Recently, a lot of investment has been made not only in technology-intensive industries but also in information industries. Therefore, it is developing in various forms such as special technology, platform industry, and virtual reality as a technology-intensive industry and information industry field. In this social phenomenon, the necessity of starting a business using new ideas and technologies is increasing. Therefore, universities also need entrepreneurship education for their students, and it is necessary to investigate how the contents of the university's start-up education support, individual achievement needs, and the degree of acquisition of start-up knowledge affect the establishment of business strategies necessary for start-ups.

• Asia pacific journal of information systems
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• v.29 no.2
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• pp.283-307
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• 2019

Although crowdfunding has emerged as a promising route to fundraising success, little is known about the specifics of equity-based crowdfunding. Using a data set of 1,111 start-ups with investment funding totaling over $4.67 billion, we analyzed the association between a start-up's underlying characteristics and its funding outcome. We found that a start-up's funding outcome is positively associated with its human capital, but negatively associated with earlier investors' business experience. Furthermore, our analyses revealed that investors have higher levels of social capital are a noise signal to later investors. These findings shed light on the critical role of human capital, investors' experience, and social capital as credible signals for start-up investment in equity crowdfunding.

• Journal of Technology Innovation
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• v.25 no.1
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• pp.35-60
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• 2017

In this study, the effects of Venture Start-up's Technological Capabilities on Financial Stability and Possibility of Insolvency was investigated by use of SEM(Structural Equation Model). Technological Business Capabilities include CEO's Technological Capability, Management Specialization and the Feasibility of the Investment plan. The empirical data for this study were taken from the technology assessment data of Korea Technology Guarantee Fund(KTGF) on 1,419 Venture Start-ups from 2011 until 2012 and the financial data of the following 2 years of the sample. Venture Start-ups established within 7 years, were selected for this study's sample from viewpoint of their 'High-Risk High-Return' characteristic. The results are as follows : Manpower including CEO's Technology-related Knowledge and Experience, Management Organization's Technological Specialization and Cooperativeness, Reasonable Investment and Financing Planning etc. were proved to improve Financial Stability, and therefore reduce Possibility of Insolvency.

• The Journal of the Korea Contents Association
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• v.20 no.11
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• pp.268-280
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• 2020

This research conducted an empirical analysis of factors that influence the process of job choices and start-ups among the youth. By conducting a comparative analysis on 6 countries with adequate career systems and booming startup industries (China, Indonesia, the UK, Germany, Israel, the US.). The statistical sample is based on the Global Entrepreneurship Trend Ratio and covers a total of 7,082 youth across 7 countries. Multivariate variance analysis and correlational analysis were conductedto compare the average figures among different countries and analyze the regulation effect of parental influence. Job satisfaction, parental influence, and willingness to change future job were selected as the factors that influence job choices. Korea's job satisfaction was the lowest among 7 countries and a willingness to change future job was the highest. Meanwhile, Korea's parental influence was at a medium level among 7 countries. It was proven that job satisfaction had a quasi-control effect on the process of influencing willingness to change future job. Entrepreneurial education, willingness to start-up, job satisfaction, and parental influence were chosen as the factors that influence start-up. Two-way ANOVA were conducted to comparatively analyze each country's average, mutual influence among different factors, and analyze the regulation effect of parental influence. In all countries, start-up education has the effect of raising the willingness to start-up. Also, it was verified that parental influence had a quasi-control effect in the process of career satisfaction influencing the willingness to start-up. The research results will provide meaningful implications for the government and educational institutes including universities when designing policy directions to guide overall career for the youth in the future.

• Journal of Convergence for Information Technology
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• v.8 no.1
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• pp.301-312
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• 2018

The purpose of this study is to propose strategies for enhancing competitiveness through the utilization of policy funds, especially in the start-up companies supported by the Korea Credit Guarantee Fund. And then, the Korea Credit Guarantee Fund should develop 'user-centered policy funding model' in order to increase start-up's utilization of policy fund and support start-ups that are supported in the long run. The competitiveness of domestic start-up companies has been strengthened by 'user-centered policy funding model' and new innovations have been introduced through 'Living Lab', an open innovation. But, in order to overcome the limitation of reaching the stage of commercialization, the 'user-centered policy funding model' proposed in this study enables start-ups to be the subject of actual policy funding, and also allows users to freely apply for necessary funding at any time. Therefore, the Korea Credit Guarantee Fund has a significance in suggesting 'user-centered policy funding model' as a support model to be customized. However, since SMEs recognize the actual situation and limit acceptance of all the difficulties, the systematic analysis of the actual situation of the policy funds of the start-up by the credit guarantee fund and the related support institutions for the scientific approach of the user-oriented policy funding model need.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.3
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• pp.97-109
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• 2016

In Korea, the survival rate of start-up of 5-year after foundation is as low as 29.6% of the country. This low survival rate is from because of insufficient resources in start-ups compared to those of mid-sized companies. Therefore, the marketing characteristics of entrepreneurship has emerged as a major cause. Therefore, In this study, because learning orientation, marketing experience, competition orientation and etc are differently owned in start-ups, marketing impact to marketing strategy in start-up companies are differently investigated. Therefore, the relationship of learning orientation, marketing experience, competition Orientation with marketing strategies was examined. Based on this, Business performance was examined to suggest contents related to eco-system of start-up companies to representative of start-up companies. For this study, Survey was conducted for 250 start-up entrepreneurs within 3 and half year since foundation from Nov. 20 to Dec. 20, 2015. In result of data-cleaning, 207 meaningful samples were gathered. Based on these, conclusion was obtained. Using SPSS 20.0 statistical program, frequency analysis, reliability analysis, correlation analysis and regression analysis were conducted. the following conclusions were drawn. First, in the impact of marketing environment of Phase 1 start-up companies on marketing strategy, product strategy, distribution strategy and promotion strategy were positively affected by learning orientation, marketing experience and competition orientation. Second, in the effect of 2nd phase marketing strategy to business performance, the financial performance and the non-financial performance. Were positively affected by product strategy, distribution strategy and promotion strategies. Third, The effect of learning orientation, marketing experience and competition orientation to financial performance was positively mediated by product strategy and distribution strategy among 3rd phase meditation strategies. the effect of learning orientation, marketing experience and competition orientation to non-financial performance was positively mediated by products strategy. In comprehensive summary, in order to increase business performance in start-up companies, marketing strategy should be applied in. Especially, the role of learning orientation and marketing experience is vital. In increasement of business performance to characteristics of star up marketing, financial performance can be increased by product strategy and distribution strategy. And, both of financial and non-financial performance can be increased by product strategy. Therefore, in conducting of marketing characteristics of start-up, to increase business performance, the apply of marketing strategy to marketing characteristics of start-up should be required.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.63-73
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• 2019

Recently, as young and senior entrepreneurs are getting interested in starting a business, the domestic startup rate is gradually increasing. However, the survival rate of start-ups is so low. In this regard, this study empirically examines how the entrepreneurial intention affects both financial and non-financial start-up performances through the intermediation effects of experiential competence, financing competency, marketing competence and differentiated competitive advantage. In doing so, the purpose of this study is to find out the key elements to successful start-ups. To this end, the survey results of 200 start-ups in Pohang from January 21 to February 1, 2019 were used to test the research hypotheses. The results of the study are summarized as follows. First, it is shown that the entrepreneurial intention have a positive effect on the experiential competence, financing competence and marketing competence. Second, it is found that both experiential competence and marketing competence have significant positive effects on the differentiated competitive advantage. On the other hand, the financing competence has not been shown to have a significant effect on the differentiated competitive advantage, which might result from the characteristic of the data that most of the respondents are from new businesses. Third, it is shown that the differentiated competitive advantage has a positive effect on both financial and non-financial performances. In conclusion, the results of this study suggest a theoretical basis for the successful start-up performance. Namely, it is necessary for the founders of start-ups to secure differentiated competitive advantage through the entrepreneurial intention and the entrepreneurial competences such as financing competence and marketing competence because the differentiated competitive advantage leads to the successful financial and non-financial start-up performances. In addition, the results of this study suggest to both entrepreneurs and managers that for the successful business performance, it is important for them to make continuous efforts to come up with new ideas and to reinforce financing and marketing activities in order to achieve the differentiated competitive advantage.