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A Taxonomy of High - tech Ventures and their Performance
  • - Jang Woo Lee (Kyungpook National University)
  • - Hyun Suk Lee (Kyungpook National University Graduate School)
[Abstract]
The purpose of this study is to derive the taxonomy of high-tech venture in Korea, and identify the relationships of types and performance. A Taxonomy of high-tech ventures are examined by cluster analysis using the data generated from questionnaire response from 116 entrepreneurs. As a result, a taxonomy describes four types of venture business in Korea.
These types are profiled across five dimensions:entrepreneurs, strategy, structure, environment, resource and capability.
A taxonomy is an ideal type generated by cluster analysis. It is a composite summary of the case descriptions of the venture that fell into each particular cluster.
Although each venture taxonomy is a complex combination of many different characteristics. It is outlines to provide an overall view of the taxonomy in Korea.
Development of Internet Business and Policy Directions for Establishment of Venture Business
  • - Sang Ho Lee (Sejong University)
  • - Haing Deuck Chung (Kwangwoon University)
[Abstract]
Internet business utilizing internet is expected to be a direct factor which largely improves productivity of firms engaging in venture business by resulting in cost reduction.
Internet business as a leading part in the digital period has potential energy which can change previous paradigm of economic activity into totally different feature. Under such a rapidly changing dynamic industry environment an importance of venture business which are free from entry and exit of the market is more increasing. Establishment and growth of venture business contribute to enhance competitiveness of the national economy in both mid and long term by enhance competitiveness of the national economy in both mid and long term by enhancing an efficiency of market function through promoting competition, creating new employment and at the same time increasing mobility of labor, and promoting structural adjustment of industry by means of leading demand-oriented development of technology.
Therefore, various and detailed policies are required to promote establishment of venture business which is the most relevant participant in the world rapid spread of internet business.
An Empirical Analysis on Investment Behaviors for Risk Control of Venture Capital Firms in Korea
  • - Suk Kyoo Lee (Sejong University)
[Abstract]
This paper aims to test hypotheses about investment behaviors of Korean venture capitalists for risk control. The major findings of this study can be Summarized as follows.
First, venture capitalists founded by firms(A-type VCFs) tend to prefer the early venture stage and less industry diversity relative to venture capitalists founded by private persons of financial institutions(B-type VCFs). Second, B-type VCFs tend to prefer the late venture stage and more industry diversity relative to A-type VCFs. Third, the earnings performance of A-type VCFs is superior to B-type VCFs.
These findings, especially in case of A-type VCFs, are fairly robust empirical evidences in favor of the perspective that venture capitalists control portfolio risk through their efforts to specialize at certain industries and stages, to build reputation capital, and to become important members of information and deal flow networks.
Growth of Startups and Spinout under Schumpeterian Competition : the Medison Case
  • - Je Ho Lee (KAIST Business School)
  • - Sang Moon Park (KAIST Business School)
  • - Hyun Guk Chang (NEOWIZ Corporation)
[Abstract]
This study explores spinouts as an alternative to the conventional growth strategy, diversification of a business portfolio under the umbrella of a single organization. We argue that in the context of schumpeterian competition the spinout strategy is more appropriate for high-tech startups than the conventional diversification strategy. Through the case analysis of spinout in Medison Co. Ltd., a Korean high-tech startup, we found that spinouts offer the following benefits: (1) reducing a parent company's exposure to the risk associated with diversification, (2) providing appropriate incentives for motivated employees and keeping entrepreneurship alive, and (3) minimizing communication complexity and administrative costs. On the other hand, it was observed that spinouts can increase transaction costs when function departments such as marketing department are spun out.