• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.29-43
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• 2019

This paper empirically analyzed the relationship between the characteristics of venture business founders and management performance, setting the management strategy as a parameter to provide a suggestion for the survival and development of venture companies that play an important role in the national economy and job creation. Previous studies in Korea have analyzed the relationship between the characteristics of business founders, management strategies and management performance in a single dimension. This paper, however, explained the business performance of a company from a multi-dimensional perspective while setting the characteristics of business founders as independent variables and setting the business strategy of the enterprise as a parameter. The first result of the analysis shows that the characteristics of venture business founders have a positive effect on business performance. In particular, among the characteristics of venture business founders, a progressive spirit has had the greatest impact on business performance. On the other hand, the influence of risk sensitivity was very weak. Second, the characteristics of venture business founders were found to have a positive effect on business strategy. In particular, innovation was an important variable that affected the technological innovation differentiation strategy, and a progressive spirit was the most influential factor in the marketing differentiation strategy. Third, management strategies of venture firms were found to have a positive effect on business performance. In particular, the technology innovation differentiation strategy has a greater impact on business performance than the marketing differentiation strategy. Fourth, it was revealed that management strategy partially has a mediated effect on the relationship between the characteristics of venture business founders and management performance. In other words, it was found that the characteristics of the founders have a direct impact on business performance but if it is linked to management strategy it has an indirect effect on business performance. The results of this study show that business performance improves when venture business founders' personal characteristics and the firms' management strategy are combined.

• Knowledge Management Research
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• v.13 no.3
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• pp.17-36
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• 2012

With wide recognition of significant roles of venture companies in economic and industrial developments, substantial academic attention has been paid to understanding venture success and numerous policy measures have been made to help them. A serious problem, however, is that only a few limited number of venture could successfully grow to be large firm. The goal of this paper is to identify critical factors to drive 'leapfrogging' growth of venture companies by analyzing the success cases in Daejeon area. The theoretical analysis and case study suggest 1) founders' entrepreneurship continuity as a significant internal organization factor for growth and highlight importance of 2) exploring foreign markets and globalization of business operation in the early stage of growth. Furthermore, the research results identify two critical innovation strategies, 3) ambidextrous R&D strategy and 4) open innovation strategy, for entrepreneurial founders to effectively catch the business chances brought by environment change.

• Korea Trade Review
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• v.47 no.6
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• pp.97-117
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• 2022

Amid the growing importance and growth potential of venture firms worldwide, this study aimed to figure out the effect of new product development capabilities (NPDC) on the internationalization of Korean venture firms and the moderating impact of founders' human capital. NPDC is a core competency that can cope with the rapidly changing market environment and is required when entering multinational markets. Therefore, we subdivided founders' human capital into professional experience, startup experience, education level, and marketing capacity and examined each moderating effect on a venture firm's internationalization. As a result of empirical analysis of 1,362 Korean venture firms using the Tobit model, this study found that venture firms with excellent NPDC tend to achieve a higher level of internationalization. In addition, among the founder's human capitals, professional experience, education level, and marketing competency moderated the positive relationship between NPDC and internationalization. In contrast, the founder's startup experience was insignificant. The results of this empirical analysis explain the factors that trigger the internationalization performance of venture firms from the perspective of dynamic capabilities and suggest that the founder's human capital played an essential role in the internationalization.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.1
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• pp.1-21
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• 2024

Recently, venture capital investment has been shrinking globally due to high interest rates and economic slowdown. Korea is no exception. Due to the downturn in the M&A and public markets, increasing economic uncertainty, and the aftermath of corporate bankruptcies, venture capitalists are facing many difficulties in raising funds. In the changed economic environment, the investment decision factors of venture capitalists have also changed. However, studies on VCs' investment decisions have focused on the general economic environment. This study examines how VCs' investment decision-making factors change during economic recessions and booms. To this end, we interviewed active investors who have experienced both economic recessions and booms to compare how VCs' investment decision factors change: 1) personal characteristics of founders, 2) experience of founders, 3) product/service, 4) market, 5) financial situation, 6) contract terms and 7) venture capital co-investment. The results showed that founder's personal characteristics, experience, and product/service were more important during the economic recession. Market is slightly more important during economic booms. The importance of financial situation and investment conditions increased sharply during the recession compared to the boom. Finally, venture capital co-investment did not differ significantly between recessions and booms. By understanding the investment decision-making factors of venture capitalists in the recent difficult venture investment environment, this study aims to help startups raise funds and survive in a difficult market.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.179-192
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• 2024

Purpose - The purpose of this study is to examine the effect of entrepreneurial experience, business model innovation and financing on new venture performance. Design/methodology/approach - This study analyzes survey data on new ventures in Korea and investigated research hypothesis by multiple regression analysis. Findings - Founders' prior startup experience have different impacts on performance depending on whether they had a successful or failed startup. Successful experience has a positive impact on early performance, while failure experience has a negative impact. Business model innovation shows a positive and significant relationship with early performance. External financing has different effects depending on the type of funding source and performance variables. VC funding is positively related to employment creation, while government R&D funding is negatively related to sales volume. Research implications or Originality - This study confirms that the impact of entrepreneurial experience on early performance varies depending on the characteristics of successful and unsuccessful entrepreneurs. It also empirically confirms that business model innovation has a significant impact on early performance. We empirically examine the relationship between various external financing sources of venture firms and early performance. Since the effects of entrepreneurial experience, business model innovation, and external financing on early stage performance may be different, entrepreneurs should consider these relationships when pursuing early stage business opportunities.

• Asian Journal of Innovation and Policy
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• v.8 no.1
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• pp.97-121
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• 2019

The Korean government has focused on universities or colleges as the main targets of its startup policy since the 2010s. However, the performance is not so good, with a low survival rate. The purpose of this study is to examine the factors that underpin the success of student startups. First, through a review of the literature, this study compared the success factors of student startups with those of venture startups, which means the general startup sector, as well as youth startups, also a focus of startup policy targeting youngsters outside universities or colleges. Second, we analyzed case studies of startup companies connected University H. The literature review showed that the main target of student startups is the employment of university students. There is a lack of studies on success factors; existing studies only emphasize the entrepreneurship of students. The results of case studies showed several factors of success similar to those of general venture startups: founders, business model and resources including team, and mentoring.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.85-96
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• 2017

There are many people who start business because of unstable employment due to income polarization. There are many people who start business because of unstable this study is to present the necessary situation and direction for the prospective founders who are hesitant to start their own business by lacking self - confidence and information about Preparing for start-up the purpose of this study is to investigate the effect of pre - founder's psychological characteristics and start - up preparation characteristics on entrepreneurship intention. In order to conduct this study, 144 male and 114 female who were temporary workers and about to retire were analyzed for validity and reliability using 258 questionnaires. As a result of analyzing the adjustment effect of entrepreneurship education as an interaction term in the psychological characteristics and the preparation characteristics of the entrepreneurship, the risk taking tendency and the preparation period for entrepreneurship were significant for entrepreneurship education. In addition, the greater the necessity and importance of entrepreneurship education, the greater the effect on entrepreneurship education. It is a meaningful study that can give confidence to the subjects who want to start a business but are afraid of failure. This study is expected to contribute to the government's start - up policy by analyzing the influence of pre - founders on the intention of start - up.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.4
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• pp.27-37
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• 2015

Start up a company is critical to the regional economy and job creation and so get support from government and other organizations, but there are still exist of high rate of failure and CEO's stressful fear of failure. New firms are of utmost importance for the vitality of national economic driving forces but for those failed firms, they caused social and economic problems directly and indirectly, and brought frustration to the founders. The many education and research programs about entrepreneurship and venture creation were undertaken by the country and organizations, but the education and research about the vigilance of failed to start up company were almost ignored. If the attention can be put into the research about failed companies and the research can make the founders and pre-CEOs aware the failure of establishing a company, that would be very valuable as scenarios to see the company risks. This case study shows the finding the reasons which caused the failure of small venture companies and it's implications in the filed of establishing companies. The technology based venture company which had run 10 years in Daedeok's IT field was selected as the research object. The results show that the important factors such as entrepreneur characteristics(lack of communication and management knowledge), business management(lack of business expertise) and technology(loss of unique feature of product and lack of product extension) were the root cause of failures.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.5
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• pp.129-139
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• 2016

In this study, we analyzed the effect of entrepreneurial spirit of the start-up real estate founder gives to management achievements, founding education and it was confirmed whether they have a regulatory effect between them. For this reason, we conducted a questionnaire survey of real estate founder of start-up, were analyzed using the SPSS 18.ok. To summarize the research results are as follows. First of all, prefer achieve desire and venture start-up founder, it has become a direction of a significant and positive and management achievements of the dependent variable (+). This can be seen to affect the establishment go management achievements prefer to achieve desire is higher or of the venture. Second, the satisfaction of the business with the contents of the management achievements, may be mentioned whether the business recommendation, factors of these management achievements, each of the major contents of the management outcomes can be seen as an impact to some extent. While factors of independent variables were clearly private that there is a difference on the basis of its founding education as an adjustment variable in relation to the impact on business performance, some the only adjustment variables, such as whether to recommend satisfaction and business of business it was confirmed that shown. In this study, which provide us with the knowledge of information that can be derived to provide the basic information of implementation and policy-making that it is possible to promote the success activation of the start-up real estate in the successful establishment and operation of the business It is expected.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.4
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• pp.1-18
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• 2019

Venture capitalists (VCs) play an important role in finding and growing innovative venture companies with high growth potential but high risk. Venture capital investment does not depend on the system, unlike the investment for listed companies. Korea's venture capital industry has entered a period of growth, but lack of data has led to a lack of research on venture capital. Based on this background, this study attempts to analyze various factors affecting investment decision criteria of Korea VCs. In this study, I examined the major factors that VCs consider in decision making of investment through literature review, and I have drawn the research question accordingly. I will focus on the characteristics of founders, products / services, markets, financials, and networks that scholars share common investment decision criteria in Korean VCs. For the purpose of this study, the data were collected through the questionnaire surveyed by investment vetters working in current venture capital and analyzed using AHP analysis. Through this study, I tried to understand the Korean venture capital which has been poorly studied and what criteria and priorities Korean VCs make investment decisions in the Korean venture investment environment. The results of this research will contribute to the vitalization of venture investment, which is important for the upbringing of companies, by providing guidelines for establishing investment attraction strategies of venture companies.