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Components and interactions of venture ecosystems : A focus on Korean case studies

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  • Components and interactions of venture ecosystems
  • Lim, Chae-Yoon; Kim, Yun-Young
  • Science and Technology Policy Institute


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Title Components and interactions of venture ecosystems
Similar Titles
Sub Title

A focus on Korean case studies

Material Type Articles
Author(English)

Lim, Chae-Yoon; Kim, Yun-Young

Publisher

Seoul:Science and Technology Policy Institute

Date 2010-12
Journal Title; Vol./Issue STI Policy Review:vol.1(no.4)
Pages 8
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Science/Technology
Industry and Technology < Entrepreneurship
Holding Science and Technology Policy Institute

Abstract

This study analyzes the establishment of venture companies and the interaction of venture
ecosystem components (the core factors of venture ecosystems) with a focus on venture companies,
venture capital, and the return market. Government support policies are understood
as a catalyst for the venture ecosystem and this study will analyze the implications of government
involvement by identifying the role of government policies in the venture ecosystem.
According to the results of the empirical analysis with data on confirmed venture businesses
by the Small and Medium Business Administration (SMBA), policies that provide direct support
to venture companies did not have a significant influence on the establishment of new
ventures. However, new investments by venture capital show a statistically significant positive
effect and signify that the new investment is an important factor in vitalizing the establishment
of new venture businesses and that the economic conditions of the return market have
a positive effect. The establishment of venture businesses responds to the changes in real and
vertical markets with greater resilience compared to government policies. Given the unique
nature of the Korean venture ecosystem that responds to the market with greater resilience
than government policies, there must be increased efforts to recover the confidence of the
capital markets for venture capital in order to promote improved efficiency.

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