Silicon Valley, which shows a successful model in new venture creation, has contributed to long-lasting economic growth in the US. It turns out to have pursued an entrepreneurial regime that is favorable to innovative entry. An entrepreneurial regime with the competitive business environment satisfies four requirements including many buyers (investors to the venture firms) and sellers (idea and/or technology holders), no barrier to the related industry, perfect informations and cooperative networks, and finally equal opportunities to the existing firms.
Small-and-medium-sized firms in Taiwan, which became well balanced and internationally competitive by pursuing the four requirements above, have also contributed to the robustic economic growth of Taiwan even in the period of Asia's financial crisis.
The high-tech ventures in Korea, which recently surpassed Japan, Taiwan and Israel in the number of venture firms, has been accelerating to have the boom. However, compared with Silicon Valley and the industries in Taiwan, the business eco-system of Korean venture has several weak points, which include the negative attitude of society against failure, not-so-well developed financial infrastructure, the lack of network-based copetition and vertical relations between firms, in the sense of perfect competitive ecological environment. The government policies supporting the venture have to be considered as forming the competitive environment, away from directly supporting strategies.

This paper surveys the alternative theories of the entrepreneur's functional role throughout the history of economic thought in order to have the implication of the desirable roles of venturer in Korea. We distinguished the functional role as arbitrageur, coordinator, innovator, decision maker, and risk-bearer. The last category contains three subgroupings: speculator, decision maker of risk, and owner. Although there is no the generally accepted theory of entrepreneur, we suggest that we can choose and develop the appropriate theory in terms of the purpose of study.
The major lessons from the discussion are as follows: (1) In the new economy, which is characterized by a knowledge-based economy, a network economy, and rapid technological change, the functional roles as decision-maker, innovator, and coordinator are required. (2) the educational system of management as well as the whole ought to be improved in order to give the successive generations creativity and problem-solving ability, which are the core qualifications of entrepreneur in the new economy. (3) Relating to the role of coordinator, the concept of 'Networked Incubator'(NI) by Hansen, et al.(2000) can be a desirable model for Korea's venture industry.

This study analyzes the effects of the characteristics of entrepreneurs and incubating organizations on new venture creation processes. Ten Korean ventures, spun off from universities, government-sponsored research institues, or private companies, were ed and examined through in-depth case analyses. Those case firms belong to IT (information technology) or BT (bio-technology) industries.
With comparative studies focused on the dynamic start-up processes, this study shows that the type of incubating organizations has effects on the start-up processes’ key activities, including opportunity identification, team formation, and resource acquisition and exploitation. Three types of incubating organizations have different strong and weak points. Universities have bigger human resources pool and high quality technologies. Government-sponsored research institues provide higher level of technologies and financial resources, while private companies bring better managerial know-how to spin-off entrepreneurs. As influencing factors other than incubating organizations, founders’ characteristics such as the level of education and experience are identified.
From the academic viewpoint, this study gives a clue to explore the real growth pattern of high-tech ventures in the diverse industries. Additional empirical investigation could be carried out in the future, based on generated hypotheses in this study. Various managerial and policy implications are suggested for potential entrerpreneurs and policy makers who should understand the startup process and figure out effective ways to promote entrepreneurship.

The objective of this research is to empirically analyze the growth of venture businesses. Based on the theory of firm growth, this research focuses on identifying and understanding those factors that contribute to the growth of venture businesses.
Based on the empirical results of the determinants of the growth of venture businesses, the growth rate of venture businesses related to individual entrepreneurs, in areas such as national public research centers, private research centers, university professors, etc., appear to record faster growth than those related to companies. The rapid growth of venture businesses related to individual entrepreneurs seems to be achieved through state-of-the-art technology often backed by research and development. In addition, older venture businesses tend to record slower growth. Although having longer experience may record higher growth rates, younger venture businesses appear to have higher potential for faster growth due to a proactive business management. The technological network activity of venture businesses positively influences growth. This in turn implies that tapping into external resources through technological networks may be a valuable resource to venture businesses. High growth is recorded for venture businesses particularly in the field of industries with a high industry growth rate. Venture businesses in high-tech industries such as telecommunications are characterized by rapid growth rates. Finally empirical evidence does not support the hypothesis that the utilization of the government's venture support policy contributes to company growth.

This research examines the relationship between venture start-ups and those that provide fund support to them, centering on the entrepreneurial spirit of ventures and their fund raising methods. Consequently, the focus of this research is a theoretical analysis of the aforementioned relationship from the standpoint of the moral hazard and adverse ion problems associated with venture companies.
Regarding adverse ion problems, it was found that the strictness of the inspection procedure for providing fund support to a venture company could be used as a measure of the entrepreneurial spirit of the venture companys employees. Meanwhile, regarding moral hazard problems, the strictness of the inspection procedure can be used as a means to encourage employees entrepreneurial spirit.
In sum, this work is a theoretical analysis on whether fund raising by venture companies can be efficiently promoted, by analyzing the problems of adverse ion and moral hazard in connection with the entrepreneurial spirit and fund raising of a venture company. The results indicated that making inspection procedure more stringent and controlling interest rates could serve as a good solution to the potential problems that could arise.

BM(Business Model) has been issued recently to business sector just because it is core procedure to establish and operate adequate business model to survive from severe competitive environment and can create payoff from BM. Whether company have or maintain competitive advantage, It depends on how to position company in the value system. In this study, like to achieve integration and rebuilding of value chain through B2E relationship and affiliation which traditional small and medium company could not achieved because of limit of manpower, cost, time. After analysis of B2E model, affiliated program, propose Affiliated B2E Frame for Small and Medium Business which guarantee distinction from another BM. Proposed frame has mutual supplemented function module which compensate mutual profit between parent company and employee company.