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  • 1. Comparative study ofStartup eco-systembetween Japan & KoreaMinHwa LeeKAIST Visiting professorDIGIST Chair Professor

2. Start up Eco-system Models2Inorganic EnvironmentSharesConsumer(Venture Capital)Funds,Business SupportSharesInvests,ProfitsSale PriceProducer(Ventures)Returnto SocietyShares(KOSDAQ, M&A)Infra such asAnalyzerWealthCreationsystems, positions, cultures, etcBig company/Small&Medium Company/VenturesSource Jungmin GohJungHo Kim(2000) Source JungHwa Han(2000)Colleges/LaboratoryAngelsInvestmentAssoc.Pension FundsUnlistedmarketFacilitator Foreign VC 3. Limits of existing Models3Insufficient descriptions of virtuous cycle of value creation and distributionInsufficient explanations about limits of ideas, business plans, and market entryLack of explanations on critical elements of modelsInsufficient explanations on detour route bypassLack of complex systematic approach12345Virtuous cycle based new eco-system 4. Business Stage and Start-up Cycle4Source: Hammerstedt and Blach(2008)Invention/IdeaAngel/BusinessModelMarket LaunchingVenture/MarketingExpansion Cycle Recovery CycleCycle(Number of Projects) Cumulative Costs (Million Dollar)3,000 Raw Ideas300 Selected Ideas125 Small ProjectsMedium/Big ProjectsPrototype ProductionCommercial SuccessNew Product development 5. Start-up Cycle 3+25Invention/Idea3 2Angel/CommercializationVenture/MarketingExpansionVirtuousRecoveryCycleBusinessActivityValueCreationInvestment Creativity TechIP ProductServiceLeadingVenturesOpenInnovationRe-tryChancegivenwhen failsOutput TechIP ProductService Customer and MarketCapitalActivityValueDistributionFunds Invention Capital Angel Capital Venture CapitalRecoveringMarketTechIP Market M&A IPO 6. Virtuous Cycle Model6Research Development Commercialization IndustrializationDevils River Death Valley Sea of DarwinResearch Development Commercialization GlobalizationDevils River Death Valley Sea of DarwinRe-tryExpansion Virtuous CycleBusinessActivityValueCreationCapitalActivityValueDistributionRecoveryCycleIdea Technology & IP Product & ServiceCompetitivenessImprovementMarket DominationInventionCapitalIP &TechnologyMarketAngelCapitalM&AVentureCapitalIPOInvention / IdeaCycleAngel/CommercializationCycleVenture/MarketingCycle 7. Comparative study of Startup eco-system between Japan & KoreaKoreasStart-up Ecosystem 8. History of Koreas Venture1st VentureBoom2002 Venture Healthiness Policy Conservative Shift of Venture Certification Conservative Shift of Stock Option System Merger of KOSDAQ and KOSPI Merger of Technology Transfer Center1996 1997 1998 1999 2000 2002~2012 2013~Korea Technology Transfer Center EstablishmentINKE Establishment (Globalized)Venture Special LawEstablishment of Korea Venture Business Association1995Establishment of KOSDAQIce Age of Venture 2nd VentureBoomLaboratory Start-up Movement (Technology Commercialization)8 9. In 2000, high-risk high-returnWorlds Best Venture EcosystemINKEGlobalizationKorea Venture Business AssociationAdvancedWorkforceStock OptionLab-Startup SystemTechnology Transfer CenterKOSDAQVenture LawWorlds FirstWorlds FirstWorlds FirstWorlds SecondWorlds FirstCompetitive System Number of Ventures: Worlds largest in the US (Industry) KOSDAQ: Worlds largest in the US (Finance)9 10. Ventures Outcomes of 19 years454 Billion Ventures 100 trillion(12)8 of 1 trillion ventures appearedOnly alternative to national growth andemploymentBig CompanyGlobal Market CompetenceGrowth TractionPolarization ProblemVentureInnovation CompetenceGrowth& EmploymentPolarization resolvedContribution toEconomic Growth 1.1%Total Sales300Trillion10Total Sales 300 TrillionTotal Employment 150 Trillion 11. Current StatusIndustrial Property Rights & Application StatusFor ventures foreign patents and international standardsstatus, Do not possess foreign patents and internationalstandards is the highest with 55.3%Angel Investment ExperiencesAmong ventures, companies previously invested by AngelInvestor were 1.9%Venture Capital Investment ExperienceFor ventures venture capital investment experience, Do nothave any experience is 96.0%M&A Consideration level and typeNever consider M&A is 94.6%Listed StatusOnly 0.9% among ventures was listed on current KOSPI orKOSDAQAverage Failures of FoundersOn average, founders fail 1.3 timesNumber of VenturesNew Technology Venture InvestmentR&DTechnology Evaluation AssuranceTechnology Assessment LoanPreliminary ventureTotal4,9342,04211,3928,7988,7789,7327,702 7,96714,01512,21818,89315,40129,13528,19326,14824,6453500030000250002000015000100005000098 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 12. Policy and ProgramMOTIP CEOPrivate/MillitaryTechnology HoldingsCompanyACTDsystemTechnology HoldingsCompanyFuture TechnologyHoldings CompanyLINCcollegeUniversity TechnologyHoldings CompanyNTBTLO1 CreationCompanyAcceleratorTechno ParkStart-up LeadingCollegeBiz-CoolRTTCLab Companylaboratorystart-upLeading Venture-relatedTechnology Start-upTIPSIP-MarketEntrepreneurshipEducationTechnologyTransfer PolicyStart-up PolicySpace for Start-upPolicyTechnologyMarket PolicyEducation ofMinistryMinistry ofScience, ICTand FutureSmall andMediumBusinessAdministrationKoreanIntellectualPropertyOfficeDepartmentofCommerceIndustryMinistry ofNationalDefenseSupport Centerfor FoundationResearchDevelopment CommercializationGlobalizationDevils River Death Valley Sea of Darwin 13. Invention/ Idea CycleConcept Invention/Idea Cycle is a cycle between Value Creation (Business Activity) in which ideastransform into technology & IP and Value Distribution (Capital Activity) that is composed ofInvention Capital, that invests into Value Creation stage, and IP Market, that transacts and re-collectsIP from the stage The importance emphasized in Creative Economy where ventures value turns into IntellectualProperty13Research Development Commercialization GlobalizationDevils River Death Valley Sea of DarwinRe-tryExpansion Virtuous CycleBusinessActivityValueCreationCapitalActivityValueDistributionRecoveryCycleIdea Technology & IP Product & ServiceCompetitivenessImprovementMarket DominationInventionCapitalIP &TechnologyMarketAngelCapitalM&AVentureCapitalIPOInvention/IdeaCycleAngel/Commercialization CycleVenture/Marketing Cycle 14. Invention/ Idea CyclePolicy and Program Invention/Idea Cycle is a process of crossing Devils River, in which values like IP are createdfrom creativity ideas via R&D, so its policy and program focuses on supports on crossingDevils River In the cycle, its business activity is composed of input stage with entrepreneurship educationthat supports creativity and idea creations and output stage where technology IP creationand commercialization are supported14Invention/IdeaPolicy Supportive ProgramsBusiness ActivityValue CreationInput Creativity Entrepreneurship EducationStart-up Leading College, LINCCollege, Biz-cool, IP-CEOOutput TechIPTechnology TransferCommercialization AccelerationPolicyTLO, Technology HoldingCompany,Laboratory Start-upCapital ActivityValue DistributionFundsInventionCapitalIP Finance Activation Intellectual DiscoveryRecoveryMarketTechIP Market IP Market ActivationNTB, NTIS,IP Market 15. Invention/ Idea CycleStatus and Problem151. Koreas IP Eco-system StatusInsufficient patent quality, but excessively biased to quantity2. Technology Commercialization StatusRate of technology transfer and technology income shows poor outcomes oftechnology commercialization3. Koreas IP Finance StatusInsufficient public-centered IP Finance, private market activation and ease of access,etc As a solution, business activity stageshould be changed to creative research In capital activity stage,1) Invention Capital reinforcement and 2) IP Recovery market activationare needed 16. Angel/Commercialization CycleConcept Angel/Commercialization Cycle is a stage where technology or IP created from the previous(Invention/Idea Cycle) are transformed into a product or service, and start-up begins inearnest in this stage Angel Capitals appear in this cycle, investing on entrepreneurs who have found businessopportunity, and angel investors usually collect funds from middle recovery market like M&A16Research Development Commercialization GlobalizationDevils River Death Valley Sea of DarwinRe-tryExpansion Virtuous CycleBusinessActivityValueCreationCapitalActivityValueDistributionRecoveryCycleIdeaTechnology& IP Product & ServiceCompetitivenessImprovementMarket DominationInventionCapitalIP & TechnologyMarketAngelCapitalM&AVentureCapitalIPOInvention/ IdeaCycleAngel/CommercializationCycleVenture/Marketing Cycle 17. Angel/Commercialization CyclePolicy and Program Technology support and investment that supports commercialization isimportant to pass Death Valley in where technology developed via R&Aturns into products and services17Angel Cycle Policy Supportive ProgramsBusiness ActivityValue CreationInput TechIPVenture CertificationPolicyAcceleratorTIPSSupport Center for foundationTechno parkGuro Digital ValleyOutputProductServiceCapital ActivityValue DistributionFunds Angel Capital Venture FundingEcosystem VirtuousCycleTechnology Guaranteed FundSmall and medium Business CorporationRecoveryMarketM&A M&A Activation Funds 18. Angel/Commercialization CycleStatus and Problem Koreas Angel/Commercialization Cycle (Start-up stage) is composed of BusinessActivity (Value Creation) that completes product and service production based ontechnology and patents, which are results of R&D, and Capital Activity (ValueDistribution) of Angel Capital and M&A market. Both are insufficientPrivate Angel Investors Status in Korea100M00 01 09 10 11 (12)5,493 3,409 346 341 428 522Roles of angel investors in the beginningof business start-up are very important tosurvive, domestic market is insufficient(1/40 of US, at least 800 billion neededper year)Koreas M&A Status# 100BOnly some markets such as m