• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.13-29
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• 2023

Overcoming the death valley, a period in which resources are depleted and profitability declines or stagnates in the entrepreneurial process, is an essential procedure for success. In this study, we examined how the strategic orientation(technology, customer, competitor orientations) and absorptive capacity(potential, realized capacities) of startups affect the possibility of startups to overcome the challenges of death valley, and also empirically analyzed whether support of open innovation and venture capital has a moderating influence to the overcoming of death valley. The result of this study shows that customer orientation and realized absorptive capacity have a positive influence on overcoming the death valley. In addition, we found that the support of open innovation and venture capital has a moderating effect only in the technology orientation among the three types of strategic orientations. The result of this research emphasizes (1) the need for startups to take a more customer-oriented approach to overcome the death valley. The customer-oriented behavior and strategies of startups are vital for their longterm survival and success if we consider the fact that most of the companies investigated in this study were technology-based startups and only customer orientation showed significant results in overcoming the death valley. The research outcome also shows that (2) implementing innovation in a more open way and securing venture capital funding can make it easier for startups to overcome the death valley. This study has academic significance in that it empirically analyzed the relationship of key factors influencing the overcoming of death valley in a situation where the majority of existing research remains at the conceptual level of discussion or methodology of case study. Furthermore, this research also provides practical implications for the establishment and implementation of effective strategies to confront the challenges of death valley for startups, government and related organizations.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.3
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• pp.366-376
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• 2019

Youth unemployment reached a record high in 2017, and business revitalization is emerging as a means of overcoming this situation. The number of venture companies and amounts of new venture investments are increasing year on year, and the government has upgraded Small and Medium Business Administration to the Ministry of SMEs and Startups. However, the success rate of startups is relatively poor. Over the past three years only 39.1% of Korean startups survived and 90% of companies failed in the Valley of Death phase. Survival this phase is critical for early startups, and thus, the amount and timing of investments are critical. Current models for establishing business startups do not effectively attract investments because they lack practical, corporate evaluation variables. In this paper, we develop a mixed process that incorporates the factors and business models focused on by venture capital investors. In addition, we compared our Death Valley Venture (DVV) process with current methods and provide an example of its application.

• Lingua Humanitatis
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• v.8
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• pp.129-150
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• 2006

According to John Newman's Bibliography of Imaginative Works about American Fighting in Vietnam, there are 1370 entries up to 1996 which deal with the theme of Vietnam War in literature. Among various themes such as war and gender/race and ethnicity/class, this study makes an issue of the contiguity between femininity and death in Vietnam War novels written by Americans to investigate one of the bedrocks upon which the western civilization is founded. Female figures, especially Oriental females are seen as an emblem of death in the novels such as The Thirteenth Valley, Close Quarters, Body Count, and Bamboo Bed. It has been found out that this kind of death obsessive mode of thinking is deeply embedded in Western mentality and argued that its habitual mode needs to be changed.

• Asian Journal of Innovation and Policy
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• v.7 no.3
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• pp.625-645
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• 2018

This paper's objective is to draw a decision guideline to continue research and development (R&D) investments in biotech start-ups facing the "Valley of Death" syndrome - a long negative profit period during a financial crisis. The data include financial indices as Net income, Revenues, Total stockholders' equity, Cash & equivalents, and R&D expenses of 18 major biotech companies (nine in negative profit and nine positive, in FY2008) and 15 major pharmaceutical corporations as benchmarks both in FY2008 and in FY2016 derived from the US SEC Database, EDGAR. A first methodology dealing with real options analysis assumes Total stockholders' equity as a growth option. And a second methodology, Bayesian Markov chain Monte Carlo (MCMC) analysis, is applied to test the probability relationship between the Total stockholders' equity and the R&D expenses in these three groups. This study confirms that Total stockholders' equity can play the role of a call option to support continuing R&D investments even in negative profits.

• 한국벤처창업학회:학술대회논문집
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• 2007.04a
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• pp.13-31
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• 2007

• Journal of Plant Biotechnology
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• v.35 no.1
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• pp.23-29
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• 2008

Development of genetically modified crops using modern biotechnology is regarded as a promising way to combat with ever-increasing human population. Korea attempted to develop its own genetically modified crops essentially for the past 20 years, however no example of commercialization has been announced. Here, I briefly summarized current status of development and risk assessment of genetically modified crops in Korea. Then, I attempted to identify a death valley in the process of commercialization. Based on experience of risk assessment of 15 different genetically modified organisms, I suggested that lack of the screening of elite events may serve as a death valley.

• Journal of Technology Innovation
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• v.14 no.2
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• pp.93-116
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• 2006

The purpose of this study is to contribute reference material that provides insight into innovative process management that increases R&D output in commercializing new products. A model of a process from research to commercialization with the cumulative profit and loss curve is put forward and hypotheses related to success and failure are developed at the stages up to product launch. Seventeen large projects that have resulted in successful product launches have been examined from the initial research stage to commercialization. Prefect duration, standardized cumulative R&D expenditures and research resource concentration are analyzed in terms of statistical method and patterns in cumulative profit and loss curves after product sales, as well as the reasons for and other aspects of success/failure are investigated and analyzed. Consequently, valuable information on future management tasks has been obtained such as: (1) project duration differs depending on market sectors, product types and presence/absence of materials research (2) cumulative profit and loss curves can be categorized into four patterns (3) reasons for failure can be divided into technological and market problem categories and (4) these factors have an impact on product sales.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.135-144
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• 2016

Korean government has invested about 400 million dollars to the business incubator using the facilities and human resources of universities and research institutes and successfully operated to contribute the economic development(1.6 billion dollars sales, 5,500 companies) and job creation(16,000 employee) in the end of 2013. Although incubators have grown rapidly, there is limited performance, like a hardware centered support, limited exploitation of resource in the university, less collaboration with the community, less star companies. This research provide a alternative capacity building direction based on the creativity and resource dependence theory. Specifically this paper suggest a building creative incubating center, traversing the valley of death, accelerator for the CPM(Capability, Product, Market) linkage, organic implementation of university resources.

• The Journal of the Convergence on Culture Technology
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• v.5 no.2
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• pp.305-311
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• 2019

Does the healing of life lead to a grave, or can death heal life? The healing in life exists in the emotional circuit of the space of life. So what kind of space does healing in death exist? For now, healing in death exists beyond life. Imje (林悌, 1549-1587) is famous for reciting Sadness Sijo in his beloved Hwang Jin-yi's Grave. For the Literature Therapy, this time we're trying to code the Emotions of Sijo "The Valley Which is Covered With Blue Grass", which Imje is said to have recited in the Hwang Jin-yi's Grave. This Sijo sings the love of Sadness such as Love and Death, Grave and Sadness. That is, how fuse human Emotions, which are caused by conflicting concepts of love and pain or love and separation. Imje's Sijo fuses signifiers such as Grave, Love and Sadness to code 'The Transience of Human Life.' This 'The Transience of Human Life' is a function of this Sijo's Literature Therapy. 'The Transience of Human Life' has a role of healing that relaxes the human body. With the Literature Therapy in place like this, no matter how painful life is, we have some leeway. This is because the sadness of 'The Transience of Human Life' delivered by Sijo conveys the effect of the Literature Therapy, which contemplate and tolerate the entire life. We look forward to continuing this research and achieving Emotion Coding for new life.

• Asian Journal of Innovation and Policy
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• v.7 no.1
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• pp.9-29
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• 2018

Japan's manufacturing is mostly dependent on the automotive industry in Toyota-Kariya cities. However, the nearby city of Hamamatsu is the home of a start-up ecosystem known as Japan's Silicon Valley. How is it possible to evaluate the innovative potential of each regional industry? What kind of guidelines exist for continuing R&D investment when companies' net incomes are negative in the face of the 'Valley-of-Death' or financial crisis? Is it possible to measure the regional resilience ability in the context of the financial crisis? Entrepreneurial innovation is defined as a real-option portfolio consisting of investment decision to commercialize R&D findings. The subcontractor system implies a vertical and tight industrial group. However, a start-up ecosystem means a platform for horizontal and flexible partnership. In this research, the data include the financial indices of each of 18 public companies in both regions between FY2009 and FY2017. The objective of this paper is to clarify the call option or resilience function of equity for R&D investment in the context of the financial crisis in both regions by using Bayesian MCMC analysis.