Today intangible assets are noted as a factor which reinforces sustainable competitiveness of a company. Especially, ventures are known to retain much more of intangible assets than other companies. This study is conducted to verify the difference in intangible asset scale through paired-test between KOSDAQ-registered venture companies group and ed matching companies group according to types of business, size, and profit. In the train of the study, the venture group exhibits larger scale of intangible assets than matching companies in which the scale difference reveals statistical significance. In addition, the result of comparative analysis for determinants for intangible assets indicates that the scale of intangible asset of both venture and matching companies increases in concurrence with the increased investment in research and development. Also, venture companies demonstrate increased intangible assets when retaining accumulated technology and as well as high growth rate. Furthermore in the analysis for determinants of intangible assets scale, it is found that difference in technology and in profit exhibit significant influence in (+) and (-) direction, respectively. The research analysis implies that venture companies are more technology-intensive than other companies, which explains for relatively high estimation for corporate value when including intangible assets.

This paper investigates how IT small-medium and venture firms deploy R&D, market orientation and innovation for a higher financial performance. This paper suggests that R&D has significant effects on innovation, that market orientation moderates relationship between R&D and innovation, and that innovation has significant effects on financial performance. To test the hypotheses, data were collected from IT small-medium and venture firms. The survey data of 95 firms were collected and integrated as the empirical base for testing the hypotheses.
Major results are as follows: Firstly, when R&D as well as control variables are considered, R&D had significant and positive effects on innovation. This result implies that R&D is an important means by which IT small-medium and venture firms can promote innovation. Secondly, the interaction between R&D and market orientation had a positive and significant effects on innovation. This result implies that market orientation should be considered as a moderator in order to capture important differences on relationship between R&D and innovation. Thirdly, innovation generally had significant and positive effects on financial performance. This result implies that innovation guarantees the success of firms.

This paper aims to extend the understanding of age-varying determinants of venture firm's failure. Specifically, like as Thornhill and Amit’s(2003) research, we examine the impact of firm-level resources and capabilities along with environmental changes to the firm age at failure. We also attempt to extend their research by considering the role of the entrepreneur and to compare the failure of venture firms between Korea and Australia. Analysis of data from Korean failed ventures suggests that failure is attributable to different reasons at different firm ages. Just as Thornhill and Amit’s(2003) research, failure among young firms is attributed to deficiencies in managerial knowledge and raising capital abilities. Failure among older firms, on the other hand, may be attributable to an inability to adapt to environmental changes. Through the analysis of comparing between 48 Korean and 50 Australian failure firms, this paper also found that the willingness of Korean entrepreneurs enables young venture firms to survive beyond the liabilities of newness. These findings are consistent with the expectations of the resource-based view, and complementary to age-dependence studies. The results also reinforce the importance of resource and capability development by young venture firms as well as confirming the hazards of inertia among more established venture firms. Especially, this paper suggests that entrepreneurship is an important factor that enables new Korean venture firms to survive longer in competitive environments.

This study explored the system of internal corporate venturing in public companies. The alternatives on its problems were provided by conducting literature review a case study. The problems of internal corporate venturing in a public company were as follows: First, lack of the CEO's willingness in venture business was shown. The culture of venture business also was not mature. Second, the employees were behind the effort to develop their business ability. Third, the objective views are needed to screening venture items evaluation. Fourth, to measure performance of internal corporate ventures, a clear basis measure system were needed. Fifth, the reward was restricted. Finally, the mother-company did not invest any money for the spin-outed ventures. The alternatives on the matters are as follows: First, the CEO's support effusion of venture culture are needed for successful internal corporate ventures system. Second, a public company has to provide education program for venture information-sharing system. Third, outside consultant may be utilized in finding venture items feasibility evaluation. Fourth, each venture team may be provided a clear object specific evaluation system based on the characteristic of each team. Fifth, performance-based reward system is needed to enhance employee's motivation. Finally, the public company has to provide the spin-off venture team with capital injection fund support, utilizing government system forming venture capital funds.

MISSHA is the first domestic cosmetic company which expanded its business into Thailand. Competition in the cosmetic market of Thailand had been intense because of numerous foreign cosmetic brands. Although preference on foreign goods and rapid economic development in Thailand could have been threatening points to MISSHA, Korean culture and growth of rational customers were big opportunities in the market. The success factors of MISSHA in Thailand market are:
1. Discovery of the segment market which won a favor of the market
2. Development of the step-by-step marketing strategies
3. Efficient uses of market opportunities such as the increase of rational consumers, the preference on Korean culture, and the change of recognition to cosmetics
Through the marketing strategies mentioned above, MISSHA is overcoming the difficulties in domestic market by making inroads into new a one.