This case study chose APACK Incorporated among successful spin-off ventures and examined the successful factors of APACK from the start-ups to the present. We analysed the relationship between the successful spin-off ventures and organizations of spin-off matrix and also reviewed the degree of contribution of spin-off matrixes.
The factors which made APACK have become a successful venture are as follows. First, APACK has an excellent technology and one competitive technology recreates new products continuously. Second, the success of APACK is accomplished through the cooperation with various big businesses such as Samsung and LG. Third, the positive opening of foreign markets enabled APACK to take the firm growth momentum. Fourth, the endless challenging entrepreneurship is also one of successful factors.

Since their first introduction in the early 1980’s in Zhongguancun Technology Park in Beijing, high-tech ventures in China have enjoyed an amazing success. Many researchers have tried to explain this performance, however it is hard to find empirical tests on the contributing factors on this success.
Under this backdrop, this study identifies two key success factors (i.e., founding team characteristics and degree of guanxi utilization) through literature review. Specifically, founding team size, age, level of education and member career diversity are ed as founding team characteristics variables, while utilization of guanxi in employment, in public policy and in government relation are chosen as degree of guanxi utilization variables. We empirically test the effect of these factors on the earlier performance of high-tech ventures. The result shows that the founding team age affect the performance of high-tech ventures negatively, whereas the level of education positively. The degree of guanxi utilization in public policy and government relation contribute on the performance, while guanxi in employment which is emphasized as core success factors of Chinese ventures in former studies does not. Explanations and implications are discussed as a conclusion.

This study analyses venture capital’s investment decision making, using judgment analysis method, which is based on social judgment theory and lens model.
The main purpose of this study is that what kind of information cue affect, to a certain extent, venture capitalist’s overall evaluation toward venture firms as a investment object. First, through the review on previous researches, thirty five cases were addressed with five factors: venture founder and venture team’s ability, superiority of the product and service, status of the market and competitors, financial status and potential earning rate. Secondly, those factors were suggested to Korean venture capitalists, and write down overall test score by them. Finally, these were analysed by multiple regression, applying not to nomothetic regression but to idiographic regression, with five factors as independent variables and with overall test score as dependent variables.
According to the results of the research, the differences between individual relative weight regressions were very high, in case of the Korean venture capitalist. As a whole, relative weight regression of the cue was high in the order named : venture founder and venture team’s ability, potential earning rate, status of the market and competitors, superiority of the product and service, and financial status. Through the analysis of data, we find that the chemistry about generally accepted standard of judgement is not fully formed and venture founder and venture team's ability is recognized as a most important criteria.
The individual venture capitalists would know their propensity to investment and be able to review their bias and error by inducing the relative weight regression. In addition, it will be crucial information factors for a owner of the venture firm who wants to attract investment from venture capitalists.
In conclusion, this research modelize individual venture capitalists’ cognitive decision-making process quantitatively, using judgment analysis method. Therefore it is meaningful in that inducing relative weight regression can be a excellent tool for investment decision making and also this research will be able to benefit a owner of the venture firm who wants to be funded.

This article analyses the impact of the participation of venture capital (VC) firms on underpricing in 372 Small and Medium-Sized Enterprises (SMEs) brought to Initial Public Offering (IPO) during the period 1999-2001 in KOSDAQ. This period shows a stark contrast in the stock price movements in a way that hot market is abruptly followed by cold market, thus providing a good testing ground for empirical analysis to compare VC impacts in both markets. In this article, it was hypothesised that VC-backing, the reputation of VCs and the institutional affiliation of VCs would have different impacts on IPO underpricing between hot and cold markets. The empirical findings are that the VC reputation and bank-affiliation of VCs reduced underpricing, but only in the period of cold market. On the contrary, it appears that the conventionally hypothesized relationship between VC effects and less underpricing, based on information asymmetry theories, was not found in the hot market. On the contrary, security-company-affiliation of VCs that were expected to cause conflict of interests led to less underpricing in the hot market. I argue that prospect theory proposed by Loughran and Ritter (2002) could be a better framework to account for this conflicting results found in the hot market. The empirical results for impacts of offer price revision on the underpricing clearly show that highly sought-after stocks experienced greater underpricing in the hot market.

This paper studies the empirical relationship of technology innovation capability, technological performance and economic performance. we use technology rating scores of INNO-BIZ companies and 5 year financial ratios after being ed as INNO-BIZ company(Korea technology innovation company). The results are as follows.
First, R&D intensity has significant and important influence on technological performance (technology level(+), intellectual property right(+)) and on economic performance(rate of sales growth(+), rate of operating profit (-)).
Second, external network has significant positive influence on technological performance as a intermediation variable. This means that industry-university cooperation policy makes contribution on the technology development of small and medium size companies.
Third, intellectual property variable has significant positive influence on the rate of sales growth, but negatively significant influence on rate of operating profit.
According to our results, (ex-post) rate of operating profit is negatively related to (ex-ante) R&D intensity and intellectual property variable. In preceding researches, it is revealed that the relationship between R&D intensity, intellectual property and economic performance is positive significantly.
We propose some explanations about the cause of that. But, more specific discussions has not be done.

Although not conclusive, past empirical marketing strategy studies suggested a strong positive relationship between market orientation and firm performance. The purpose of this study was to conduct an investigation into the link between market orientation, technology orientation and business performance in the venture industry. Data were generated from 242 ventures in Daeduck Valley, Daejeon. The findings indicated that market orientation and technology orientation were positively and significantly associated with the new product performance and organizational performance of venture largely. The implications of the findings were discussed and the limitations of the study as well as future research directions were addressed.