This study reports dynamic patterns of key management challenges as experienced by 5r Korean software venture firms base on survey data. Analysis is focused on the differences and similarities between high-and low-growth software ventures over their life cycles from start-up to maturity in five management dimensions such as funding, technology, marketing, management system, and entrepreneur's managerial competencies. Successful high-growth ventures experience a high need for technical human resources during the maturity period for a continued success. They emphasize marketing activities in the earlier period, but later on marketing becomes a relatively easier task for them thanks to their earlier success. However, after achieving a certain degree of business success, entrepreneurs of high-growth ventures tend to neglect the increasing importance of their strategic vision and management capabilities for continued high growth as their firms get on the high-growth and maturity track.

The purpose of this study is to examine the question: what are the factors that contribute to the success of new high-tech ventures? This study investigates the key success factors of Korean high-tech ventures in their early stages. The field survey methodology using the interviews with venture founders in utilized. Eleven high-tech ventures are ed under the criteria of size, firms' age and founders' age. Based on the in-depth interviews, the pattern of ventures' growth stages and the key success factors per stage are scrutinized, and eight hypotheses regarding founders' capabilities are formulated. Limitations and implications to venture capitalists and industry policy-makers are noted.

This paper aims to establish the effective internal corporate venturing(ICV) process in Korea. Based on the research framework composed of ICV stages such as i) idea generation, ii) new venture team formation, iii) venture exe cution, and iv) application of venturing results, case studies are performed including two overseas firms (3M, Xerox) and five Korean firms.
The results of this paper can be summarized as follows. First, the ICV process of Korean and overseas firms follows a sequence of stages. This paper examines characteristics of each ICV stage. Second, the types of ICV in Korean firms are somewhat different from those of US firms. The differences and implications are explained in this paper. Third, ICV projects in Korean firms can be categorized into three types such as i) technology application type, ii) new business activity type, and iii) related diversification type according to purposes of their ventures and relatedness of ICV business areas with existing ones. Characteristics and issues of each type are discussed in this paper. Finally, strategic decision flow and guidelines are presented based on the case studies.

This paper explores the common characteristics among successful high-technology venture companies in Korea. In order to find them, it includes such factors a s entrepreneur characteristics, environment, competitive strategies, and organizational structure, which have been considered as the key success factors for entrepreneurial firms. It also chooses four successful venture companies such as Medison, Dooin, Turbo-Tek, and Conin to pursue a case study. The findings of the study are as follows. Most of successful venture companies in the case were founded by highly educated scientists and engineers. They tend to directly compete against multinational companies in domestic or foreign markets with global visions and business objective. They also develop and commercialize innovative products by depending heavily upon in-house R&D and utilizing external technical sources, and attempt to derive strong commitment to the organization from employees with new types of management ideology and organizational culture.

This study examines the characteristics of Korean venture businesses and proposes some policies for promoting them.
For these purposes, a broad survey was conducted of 203 venture businesses in April 1997. The survey shows that Korean venture businesses are characterized by their small size, independence, newness in age, intensity of knowledge and technology, and fast growth and willingness to take risks.
To foster venture businesses in Korea, the following strategies are proposed at the policy level. First, it is necessary to strengthen the foundation for developing technology. Second, venture capital must be expanded more than ever. Third, stock markets need to be activated so that many venture businesses can be listed and raise funds. In this respect, the Kosdaq stock market must transform into one which can compete with the Korean Stock Exchange, just as the Nasdaq stock market competes with NYSE in the U.S. Fourth, various locational aids need to be provided to venture businesses in order that the conglomeration effects hold.

The lack of high risk-high return investment opportunities can explain why the venture capital industry is not active in Korea. Investment opportunities will be expanded of venture capital can be directed to finance the R&D activities for medium-size companies. The restriction imposed by the current law on venture capital industry, however, makes such financing possible only through a very costly multi-layer structure. To minimize transaction costs, venture partnership should be permitted to invest its capital in R&D activities for other companies.

This paper reviews the role of the stock market in the financing of new technology based firms(NTBFs). We emphasize the importance of the stock market in terms of financing and harvesting of the ventures. In the US, the NASDAQ stock market has much contributed the development of new technology based firms through providing the market of financing and harvesting for NTBFs and the related investors including the venture capitalists. In recent years European countries such as the UK, Germany and France have established the new markets for financing of NTBFs. In order to promote NTBFs in Korea, NTBFs should be able to finance easily in the stock market or through the financial institutions. In particular, this paper focuses on the development of KOSDAQ which is the stock market for the financing and harvesting of NTBFs in Korea. We suggest that KOSDAQ should secure the identity as the specialized market for NTBFs and the liquidity of the shares of listed companies.

Venture businesses and the characteristics of venture management in Korea have received growing attention due to the economic reform program mandated by the International Monetary Fund. The creation of venture business would be limited in the near future owing to the environmental restrictions. Therefore, the transformation of conventional small companies into venture businesses and the innovation of large firms adopting the paradigm of venture management should be considered simultaneously. In line with this view, this paper illustrates the characteristics of venture management including the nature of paradigmatic change in management philosophy and systems. In addition, policy issues as well as policy alternatives for the promotion of venture activities and suggested.