The Effects on the Performance of High-tech Startups by the Entrepreneurial Competency

기술창업기업의 기업가 역량이 기업성과에 미치는 영향

  • Um, Hyeon Jeong (Hanbat National University, Graduate School Entrepreneurial Management) ;
  • Yang, Young Seok (Hanbat National University, Graduate School Entrepreneurial Management) ;
  • Kim, Myung Seuk (Hanbat National University, Graduate School Entrepreneurial Management)
  • 엄현정 (한밭대학교 창업경영대학원 창업학) ;
  • 양영석 (한밭대학교 창업경영대학원 창업학과) ;
  • 김명숙 (한밭대학교 창업경영대학원 창업학과)
  • Received : 2021.03.13
  • Accepted : 2021.04.23
  • Published : 2021.04.30

Abstract

The government budget for promoting startup have been skyrocketed as catching up with increasing demands for high-tech startup by disruptive innovation resulted from rapid technology change. However, major trend of startup have still fallen on self-employed type of startup due to the lack of expertise and fund in spite of desperate government policy efforts. In reality, the access to high-tech startup has been very limited and too high huddle to would-be entrepreneur. This paper implement empirical analysis on the effects of entrepreneur competency and satisfaction level to government support, considering these as the KSF for the growth and success of high-tech startup, to the performance of the company. In particular, it focus on defining unique characteristics of high-tech startup through differential proving by the backgrounds of entrepreneur such as major, R&D experience, patent possession, CTO possession. This research carry out survey to 217 entrepreneurs in high-tech company in Daejon and Daegue at R&D Special Innopolis Zone. Research results are as follow. First, entrepreneurial achievement competencies, conceptualization competencies, network competencies and market recognition competencies positively affect the financial and non-financial performance and organizational and technical competencies, while organizational and technological competencies only positively impact on non-financial performance. Second, the satisfaction level of government support showed a positive moderating effect on entrepreneurial achievement competencies and financial performance, while no significant effect in other competencies. Third, positive differential effect by the technological background of entrepreneur such as Major, R&D experience, patent possession, CTO possession) have been confirmed. This paper deliver several significant implications and contributions, First, it propose classified and systematized entrepreneur competency through the domestic and foreign literature reviews. Second, it proves the need for the wider spread of team based startup culture rather then sole startup. Third, it also proves the important role of technological background of entrepreneur among the characteristics of high-tech startup.

급속한 기술변화에 대응하기 위하여 혁신을 기반으로 한 기술창업이 증가함에 따라, 정부의 창업지원 예산이 지속적으로 증가하고 있다. 그러나, 정부의 적극적인 창업활성화 정책에도 불구하고, '가벼운 창업'의 증가, 전문인력 및 자금 수급의 문제 등으로 여전히 기술창업으로의 접근에 어려움을 느끼는 것이 현실이다. 본 연구는 기술기반 창업기업의 성장 및 성공 창출의 핵심 요인을 창업가의 역량, 정부지원 만족도로 보고 기업성과에 어떠한 영향을 미치는지 실증 분석하였다. 또한, 기업가의 기술적 배경(전공연계성, 연구경험, 특허보유, CTO보유)에 따른 차이검증을 통해 기술창업의 독자적인 특성을 규명하고자 한다. 이를 위해 2020년 9월 7일부터 26일까지 대전, 대구 지역의 연구개발특구와 창업보육센터에 위치한 업력 7년 이내의 기술창업자를 대상으로 217개의 유효 설문을 수집하여 연구 검증에 활용하였다. 연구결과, 첫째 창업가의 성취역량, 개념화 역량, 네트워크역량, 시장인지 역량은 기업의 재무적·비재무적 성과에 정(+)의 영향을 미치고, 조직적 역량과 기술적 역량은 기업의 비재무적 성과에만 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 정부지원만족도는 창업자의 성취역량과 재무성과의 관계에서 정(+)의 조절 효과를 보인 반면, 다른 역량에서는 유의미한 효과가 없는 것으로 나타났다. 셋째, 창업자의 기술적 배경(전공연계, 연구 경험, 특허보유, CTO보유)에 따라 차별적인 정(+)의 효과가 확인되었다. 본 연구의 시사점은 국내외 정책 및 문헌 연구를 통해 체계화되고 분류된 기업가 역량을 제시하였다는데 의미가 있고, 개인 창업보다는 팀 창업을 제고하는 문화가 더욱 확산 되어야 함을 증명하였으며, 기술창업의 독자적인 특성인 기술적 배경의 중요성을 검증하였다는데 그 의미가 있다.

Keywords

References

  1. Ahmad, N. H., Ramayah, T., Wilson, C., & Kummerow, L.(2010). Is entrepreneurial competency and business success relationship contingent upon business environment?. International Journal of Entrepreneurial Behavior & Research.
  2. Alder, P. S., & Kwon, S. W.(2002). Social Capital : Prospects for a New Concept, Academy of Management Review, 27(1), 17-40 https://doi.org/10.2307/4134367
  3. An, S. G.(2017). A Study on the Factors Affecting the Performance of Technology-based Startups: Focusing on the Analysis of Policy Effectiveness. Korea Institute of Science and Technology Evaluation and Planning Research Report 2017-009.
  4. An, S. N.(2020). The Impact of Internal Capability and Government Support Policy on Business Performance of Innobiz SMEs in Daejeon and Chungnam Province : Focused on the Mediating Effect of R&D Performance and Moderating Effect of the Startup Period. Doctoral dissertation, Ho-seo University Graduate School of Technology Management.
  5. Bacigalupo, M., Kampylis, P., Punie, Y., & Van den Brande, G.(2016). EntreComp: The entrepreneurship competence framework. Luxembourg: Publication Office of the European Union, 10, 593884.
  6. Baek, N. Y.(2020). The effect of entrepreneur's management competencies and background characteristics on the performance of social enterprises : focusing on the moderating effect of governmental support utilization and business operating period. Doctoral dissertation, The Graduate School of Chung-ang University.
  7. Barney, J. B.(1986). Strategic factor markets: Expectations, luck, and business strategy. Management science, 32(10), 1231-1241. https://doi.org/10.1287/mnsc.32.10.1231
  8. Baron, R. A., & Markman, G. D.(2003). Beyond social capital: The role of entrepreneurs' social competence in their financial success. Journal of business venturing, 18(1), 41-60. https://doi.org/10.1016/S0883-9026(00)00069-0
  9. Beckman, C., Eisenhardt, K., Kotha, S., Meyer, A., & Rajagopalan, N.(2012). Technology entrepreneurship. Strategic entrepreneurship journal, 6(2), 89-93. https://doi.org/10.1002/sej.1134
  10. Bird, B.(1995). Toward a theory of entrepreneurial competency. Advances in Entrepreneurship, Firm Emergence and Growth, 2(1),51-72.
  11. Chandler, G. N., & Jansen, E.(1992). The founder's self-assessed competence and venture performance. Journal of Business venturing, 7(3), 223-236. https://doi.org/10.1016/0883-9026(92)90028-P
  12. Choi, J. Y.(2013). Concreteness of technological capabilities and Performance of technology based Start-up company. Asia-Pacific Journal of Business Venturing and Entrepreneurship. 8(1), 29-36. https://doi.org/10.16972/apjbve.8.1.201303.29
  13. Choi, T. M., & Joe, S. U.(2012). A study on the relationship between information technology use and performance in technology based start-up companies. Journal of the Korean Entrepreneurship Socieity, 2012, 1-16.
  14. Chrisman, J. J., Bauerschmidt, A., & Hofer, C. W.(1998). The determinants of new venture performance: An extended model. Entrepreneurship theory and practice, 23(1), 5-29. https://doi.org/10.1177/104225879802300101
  15. Colombo, M. G., & Grilli, L.(2010). On growth drivers of high-tech start-ups: Exploring the role of founders' human capital and venture capital. Journal of business venturing, 25(6), 610-626. https://doi.org/10.1016/j.jbusvent.2009.01.005
  16. Cooper, A. C.(1971). The founding of technologically-based firms. center for venture management, milwaukee,wis.
  17. Cooper, A. C., & Bruno, A. V.(1977). Success among high-technology firms. Business horizons, 20(2), 16-22. https://doi.org/10.1016/0007-6813(77)90096-9
  18. Day, G. S.(1994). The capabilities of market-driven organizations. Journal of marketing, 58(4), 37-52. https://doi.org/10.2307/1251915
  19. Dearborn, D. C., & Simon, H. A.(1958). Selective perception: A note on the departmental identifications of executives. Sociometry, 21(2), 140-144. https://doi.org/10.2307/2785898
  20. Deeds, D. L.(2001). The role of R&D intensity, technical development and absorptive capacity in creating entrepreneurial wealth in high technology start-ups. Journal of engineering and technology management, 18(1), 29-47. https://doi.org/10.1016/S0923-4748(00)00032-1
  21. DeSarbo, W., Di Benedetto, A., Song, M., & Sinha, I. J.(2005). Extending the Miles and Snow strategic framework: Strategic types, capabilities, environmental uncertainty, and firm performance. Strategic Management Journal, 26(1), 47-74. https://doi.org/10.1002/smj.431
  22. DQR, A.(2011). The german qualifications framework for lifelong learning. Retrieved 2020.09.26.
  23. Edelman, L. F., Brush, C. G., & Manolova, T.(2005). Co-alignment in the resource-performance relationship: strategy as mediator. Journal of Business Venturing, 20(3), 359-383. https://doi.org/10.1016/j.jbusvent.2004.01.004
  24. Ganotakis, P.(2012). Founders' human capital and the performance of UK new technology based firms. Small Business Economics, 39(2), 495-515. https://doi.org/10.1007/s11187-010-9309-0
  25. Garcia-Cabrera, A. M., Garcia-Soto, M. G., & Olivares-Mesa, A.(2019). Entrepreneurs' Resources, Technology Strategy, and New Technology-Based Firms' Performance. Journal of Small Business Management, 57(4), 1506-1530. https://doi.org/10.1111/jsbm.12411
  26. Gil, W. K., Shim, Y. H., & Kim, S. G.(2014). A Literature Study to Derive Success Factors for High-Tech Start-ups. Korea Society for Technological Innovation, 2014(5), 252-260.
  27. Hamel, G., & Prahalad, C. K.(1990). The core competence of the corporation. Harvard business review, 68(3), 79-91.
  28. Helms, M. M., Dibrell, C. & Wright, P.(1997). Competitive strategies and business performance: evidence from the adhesives and sealants industry. Management Decision.
  29. INNOBIZ(2014). INNOBIZ Certification Training, Retrieved 2020.09.11. from http://www.innobiz.net/selftest/board_view.asp?e_data_no=201406300001&sfield=&stext=&Page=2&MenuFg=D
  30. Jang, G. C.(2020). The Study of the Relationship between Middle-Level Managers' Entrepreneurship, MCS and Organizational Performance. Doctoral dissertation, The Graduate School of Ga-chon University.
  31. Jang, Y. H., Lee, J. H., & Kim, P. S.(2020). The Effect of Government's Fairness as the Entrepreneur's Satisfactions & Managerial Performance: Focusing on the Differences between Start-up Companies' Growth Stages. Asia-Pacific Journal of Business Venturing and Entrepreneurship. 15(4), 109-120. https://doi.org/10.16972/APJBVE.15.4.202008.109
  32. Jankala, S., & Silvola, H.(2012). Lagging Effects of the Use of Activity-Based Costing on the Financial Performance of Small Firms. Journal of Small Business Management 50(3), 498-523. https://doi.org/10.1111/j.1540-627X.2012.00364.x
  33. Joe, H. R.(1995). The Relationship between Entrepreneurial Characteristics, Product Innovativeness and Venture Firm Performance. Doctoral dissertation, The Graduate School of Kaist.
  34. Johnson, B. R.(1990). Toward a multidimensional model of en trepreneurship: The case of achievement motivation and the entrepreneur. Entrepreneurship Theory and practice, 14(3), 39-54. https://doi.org/10.1177/104225879001400306
  35. Jung, J. H.(2010). A study on the effect of entrepreneurship and competency on management performance. Master's Thesis, Chung-ang University The Graduate School of Industrial Entrepreneurial management.
  36. Jung, J. H.(2014). A Study on the Effects of Start-up Education Program on the Entrepreneurship and the Start-up and Management Performance. Doctoral dissertation, The Graduate School of Kon-kuk University.
  37. Kazanjian, R. K. & Rao, H.(1999). Research note: the creation of capabilities in new ventures-a longitudinal study. Organization Studies, 20(1), 125-142. https://doi.org/10.1177/0170840699201006
  38. K-CESA(2020). Collegiate Essential Skills, Retrieved 2020.09.11. from https://www.kcesa.re.kr/intro.do.
  39. Kim, C. G., Lee, C. S., & Kim, J. S.(2014). Analysis of Factors Influencing the Early Performance of Technology-Based Start-ups. Corporate Management Research. 21(5), 63-86.
  40. Kim, H. C.(2009). The Effect of Entrepreneurs Characteristics and Differentiation Strategy on Performance of Venture Business. Doctoral dissertation, the Graduate school of Cho-sun University.
  41. Kim, I. S., & Kim, W. B.(2015). The Impact of R&D Competences and Internal Competences on Performance: Focusing on INNOBIZ. Commercial Education Research, 29(1), 95-122.
  42. Kim, J. H.(2017). The effect of youth Entrepreneurs's Competence on entrepreneurial Performance : focusing on moderating Effect of government support. Master's Thesis, The Graduate School of Kwang-woon University.
  43. Kim, K. S.(2005). A study on the Effects of Venture Entrepreneurs' Competence in their Business Performances. Doctoral dissertation, The Graduate school of Kon-Kuk University.
  44. Kim, M. N., & Pyo, S. Y.(1997). A Study on the Direction of Technology Development Support Policy for Technology-intensive SMEs : Focusing on the Cases of Turbo Tech Co., Ltd. Industrial Development Research, 5, 173-193.
  45. Klemp Jr, G. O.(1980). The Assessment of Occupational Competence. Final Report: I. Introduction and Overview.
  46. Korea Institute of Startup & Entrepreneurship Development(2013). A Study on the Definition and Scope of High-Tech Startups. Retrieved 2020.09.26. from https://www.k-startup.go.kr/common/post/detail.do?CSRF_NONCE=RjmLMpLEwrcW0NherNBhZQOa&postSn=59209&mid=30056&bid=202&cid=0&sid=0&kid=0&boardTemplateSn=0&postTemplateSn=0®istTemplateSn=0&pageIndex=3&searchPrefixCode=&searchKeywordType=&searchKeyword=#.
  47. Korea Institute of Startup & Entrepreneurship Development(2015). Development of entrepreneurs' business capabilities and self-diagnosis kits for business items. Retrieved 2020.09.26. from https://www.kised.or.kr/board.es?mid=a10309000000&bid=0008&act=view&list_no=332&tag=&nPage=4
  48. Korea Institute of Startup & Entrepreneurship Development(2017). A Study on the Effectiveness of Entrepreneurship Based on Scope and Economic Technology. Retrieved 2020.09.11. from http://www.alio.go.kr/mobile/research_view.do?pageNo=1&idx=2331808&search_opt=&search_text=
  49. Lee, C. Y.(2016). A study on Improvement Methods and Influencing Factors Analysis for Overcoming the Death-Valley of Technology-based Start-up. Doctoral dissertation, The Graduate school of Chung-ang University.
  50. Lee, Y. J., Kim, H., & Kim, Y. G.(2006). Effects of Entrepreneurs' Characteristics in Their Business Performance -Focused on Business Incubator Company. Korea Venture Entrepreneurship Conference, 2006(11), 389-413.
  51. Lumpkin, G. T. & Dess, G. G.(1996). Clarifying the Entrepreneurial Orientation Constructed Linking It to Performance, Academy of Management Review, 21(1), 135-172. https://doi.org/10.5465/AMR.1996.9602161568
  52. Man, T. W., & Lau, T.(2000). Entrepreneurial competencies of SME owner/managers in the Hong Kong services sector: A qualitative analysis. Journal of Enterprising Culture, 8(3), 235-254. https://doi.org/10.1142/S0218495800000139
  53. McGee, J. E., & Dowling, M. J.(1994). Using R&D cooperative arrangements to leverage managerial experience: A study of technology-intensive new ventures. Journal of Business Venturing, 9(1), 33-48. https://doi.org/10.1016/0883-9026(94)90025-6
  54. Ministry of SMEs and Startups(2020). Announcement of integration of government start-up support projects in 2020. Retrieved 2020.10.11. from https://me2.do/5oQ12QBd
  55. Mitchelmore, S., & Rowley, J.(2013). Entrepreneurial competencies of women entrepreneurs pursuing business growth. Journal of small business and enterprise development. 20(1), 125-142. https://doi.org/10.1108/14626001311298448
  56. National Research Council.(2012). Education for life and work: Developing transferable knowledge and skills in the 21st century. National Academies Press.
  57. Park, S. J.(2010). A study on Determinants of the Performance of Technology Venture. Master's Thesis, Chung-ang University The Graduate School of Industrial Entrepreneurial Management.
  58. Poudel, K. P., Carter, R., & Lonial, S.(2019). The impact of entrepreneurial orientation, technological capability, and consumer attitude on firm performance: A multi-theory perspective. Journal of Small Business Management, 57, 268-295. https://doi.org/10.1111/jsbm.12471
  59. Ratinho, T., Harms, R., & Walsh, S.(2015). Structuring the Technology Entrepreneurship publication landscape: Making sense out of chaos. Technological forecasting and social change, 100, 168-175. https://doi.org/10.1016/j.techfore.2015.05.004
  60. Rickne, A., & Jacobsson, S.(1999). New technology-based firms in Sweden-a study of their direct impact on industrial renewal. Economics of innovation and new technology, 8(3), 197-223. https://doi.org/10.1080/10438599900000009
  61. Robinson Jr, R. B., & Pearce II, J. A.(1986). Product life-cycle considerations and the nature of strategic activities in entrepreneurial firms. Journal of Business Venturing, 1(2), 207-224. https://doi.org/10.1016/0883-9026(86)90015-7
  62. Romanelli, E.(1989). Environments and strategies of organization start-up: Effects on early survival. Administrative Science Quarterly, 369-387.
  63. Schriber, S., & Lowstedt, J.(2015). Tangible resources and the development of organizational capabilities. Scandinavian Journal of Management, 31(1), 54-68. https://doi.org/10.1016/j.scaman.2014.05.003
  64. Seo, S. Y., Yun, J. G., & Lym, A. R.(2019). Influence of Youth's Supporting System on Entrepreneurial Intention and Entrepreneurial Behavioral : The Mediating Effect of Entrepreneurial Intention and Moderating Effect of Creative Competence. Korean Review of Corporation Management, 10(1), 49-68. https://doi.org/10.20434/kricm.2019.02.10.1.49
  65. Sin, D. P., Bae, Y. G., & Son, S. H.(2018). Current and Implications of Technology-Based Start-up Support Policy. KISTEP Issue Weekly, Seoul : KISTEP.
  66. Song, C. S., & Park, J. P.(2013). An Study on the Effectiveness of Venture Firm Supporting Policies in Korea. Corporate Management Research. .20(5), 215-240
  67. Spencer, L. M., McClelland, D., & Spencer, S.(1997). Competency assessment methods. What works: assessment, development, and measurement, 1, 1-36.
  68. Stearns, T. M., Carter, N. M., Reynolds, P. D., & Williams, M. L.(1995). New firm survival: industry, strategy, and location. Journal of business venturing, 10(1), 23-42. https://doi.org/10.1016/0883-9026(94)00016-N
  69. Stuart, R., & Abetti, P. A.(1987). Start-up ventures : Towards the prediction of initial success. Journal of Business Venturing, Vol.2,issue 3, 215-230. https://doi.org/10.1016/0883-9026(87)90010-3
  70. Tiago, T., Faria, S., Couto, J. P., & Tiago, F.(2015). Fostering Innovation by Promoting Entrepreneurship : From Education to Intention. Procedia-Social and Behavioral Sciences, 175, 154-161. https://doi.org/10.1016/j.sbspro.2015.01.1186
  71. Tittel, A., & Terzidis, O.(2020). Entrepreneurial competences revised: developing a consolidated and categorized list of entrepreneurial competences. Entrepreneurship Education, 3(1), 1-35. https://doi.org/10.1007/s41959-019-00021-4
  72. Ucbasaran, D., Westhead, P., & Wright, M.(2008). Opportunity identification and pursuit: does an entrepreneur's human capital matter?. Small business economics, 30(2), 153-173. https://doi.org/10.1007/s11187-006-9020-3
  73. Waller, M. J., Huber, G. P., & Glick, W. H.(1995). Functional background as a determinant of executives' selective perception. Academy of Management Journal, 38(4), 943-974. https://doi.org/10.2307/256616
  74. WorkNET(2020). Start-up aptitude test, Retrieved 2020.09.24. from https://www.work.go.kr/consltJobCarpa/jobPsyExam/aduFoundAptdDetail.do.
  75. Yang, S. H., Kim, M. S., & Jung, H, Y.(2011). Effects of Entrepreneurial Competence and Technology Commercialization Capabilities of Technology Start-ups on Management Performance. Asia-Pacific Journal of Business Venturing and Entrepreneurship. 6(4), 195-213. https://doi.org/10.16972/APJBVE.6.4.201112.195
  76. Yang, Y. S., & Kim, M. S.(2016). Case Study of Applying Self-Checkup Preparation for the Successful Technology Based Startup. Asia-Pacific Journal of Business Venturing and Entrepreneurship. 11(2), 113-120. https://doi.org/10.16972/apjbve.11.2.201604.113
  77. YEEP(2020). Entrepreneurship Core Competencies Introduction, Retrieved 2020.09.25. from https://yeep.go.kr/intro/coreCmptyIntro.dohttps://yeep.kr/intro/coreCmptyIntro.do.
  78. Yun, H. B.(2015). A empirical study on the influencing of the management performance in company's characteristic of technology based startups. Doctoral dissertation, The Graduate School of Chung-ang University.
  79. Zarutskie, R.(2010). The role of top management team human capital in venture capital markets: Evidence from first-time funds. Journal of Business Venturing, 25(1), 155-172. https://doi.org/10.1016/j.jbusvent.2008.05.008