벤처기업의 성장과 정책과제

The Growth of Venture Businesses and Policy Recommendations

The objective of this research is to analyze the growth of venture businesses and suggest future policy tasks. Based on the theory of firm growth, this research focuses on identifying and understanding those factors that contribute to the growth of venture businesses in order to provide policy recommendations geared towards the development of the venture industry. In addition, the Influences and Issues of short-term growth in the venture industry such as venture capital and KOSDAQ are studied. After the financial crisis, venture businesses, venture capital and KOSDAQ experienced rapid growth. Although venture businesses mushroomed, the Increase of venture businesses through the Venture Designation Policy is inherent with various problems such as the 'newness' of venture business and advanced technology. Moreover, with venture capital grown rapidly, sweeping changes from the increased supply of venture capital in the form of loan to investment was observed. Although largely driven by government measures, the KOSDAQ market experienced rapid growth, which resulted m a venture bubble. Many problems have surfaced as well. Based on the empirical results of the determinants of the growth of venture businesses, the education level of the founder and prior experience in setting up businesses do not carry any meaningful implication to the growth of venture business. The growth rate of venture businesses related to individual entrepreneurs, in areas such as national public research centers, private research centers, university professors, etc., appear to record faster growth than those related to companies. The rapid growth of venture businesses related to individual entrepreneurs seems to be achieved through state-of-the-art technology often backed by research and development. In addition, older venture businesses tend to record slower growth. Although having longer . experience may record higher growth rates, younger venture businesses appear to have higher potential for faster growth due to a proactive business management. The technological network activity of venture businesses positively influences growth. This m turn Implies that tapping into external resources through technological networks may be a valuable resource to venture businesses. High growth is recorded for venture business particularly m the field of industries With a high industry growth rate. Venture businesses in high-tech industries such as telecommunications are characterized by rapid growth rates. Finally empirical evidence does not support the hypothesis that the utilization of the government's venture support policy contributes to company growth. The following policy recommendations follow the analyses of this study. First, government intervention in the venture industry such as the Venture Designation Policy should be reevaluated towards being minimized. In fact, its elimination needs to be considered since the resource allocation function to venture businesses should be performed by venture capital markets, as well as KOSDAQ markets. Public agencies that have assumed the role of venture capital which require high expertise, and has high potential for inefficiencies. Therefore, direct investment by the pubic sector such as the central government or provincial governments should be avoided. Incubation organization and technological networks are Important determinants of the growth of venture businesses. Venture businesses related to individual entrepreneurs exhibit faster growth than companies related venture enterprises. It is Judged that venture businesses related to individual entrepreneurs such as those related to national public research centers or universities are generally equipped with advanced technology. Educational programs providing knowledge on business management need to be strengthened to enable enhanced Convenience m setting up venture businesses related to national public research centers, private research centers, universities