1. C M Y CM MY CY CMY K

2. 10 1. 1 2. 5 3. 11 4. 51 5. () 161 6. 189 7. ( ) 205 3. 1. 4. 31. 10 ()( ) . , , . . 2013 90% 51 . , , 3 . 2007 31 , . JOBS , , FSA . 2013 . . . , . . . : 2014. 07. 15() 14:00~16:00 : KT 1 ( 100) : () / : 14:0014:05 (, ) 14:0514:30 14:3015:40 () 15:40~15:55 () 15:55~16:00 / 5. 2. 6. 72. 2009 . . . , , . . . . , . . . . . 1.0 , 2.0 . IT . 5 . . . . . . . SNS . (Think Network) . . . , , , , , . 1 KIST, , , , 2 , . 7. 8 10 2009 6, 2010 ~ 2012, 2013 7, 2013 9 ~ , 1 Open Think Network . 1. 2. 3. 4. 5. 1. , 2. 3. OSMU(One Source Multi Use) 8. 92. IT () 9. 10 10 [] [] 10. 3. 2 11. 133. 12. 14 10 13. 153. 14. 16 10 15. 173. 16. 18 10 17. 193. 18. 20 10 19. 213. 20. 22 10 21. 233. 22. 24 10 23. 253. 24. 26 10 25. 273. 26. 28 10 27. 293. 28. 30 10 29. 313. 30. 32 10 31. 333. 32. 34 10 33. 353. 34. 36 10 35. 373. 36. 38 10 37. 393. 38. 40 10 39. 413. 40. 42 10 41. 433. 42. 44 10 43. 453. 44. 46 10 45. 473. 46. 48 10 47. 493. 48. 4. 49. 534. 10 2014. 7. 15 50. 54 10 2014 10 : : () 28 12 3 : : : 2014. 7. 15 : ( ) : ( ) ( ) ( ) : ( ) ( ) 51. 554. . 57 . 68 1. ? 68 2. 74 3. 80 . 87 1. 87 2. 96 . 113 1. 113 2. 117 3. 122 4. 128 5. 130 6. 133 7. 137 8. 140 . 141 1. 141 2. 144 3. 149 . 152 1. 152 2. 155 158 52. 574. . . (1) , , 2013 90% 51 - G , , , 3 , 2007 31 , - JOBS, , FSA 2013 , - , , , - , , , ( 53. 58 10 ) - - , - , 100 - () - - , , , 54. 594. . , - - - , - (2) () - - 100 90 2013 (, , 2013) 55. 60 10 - 3 , - , - , , - 170 - 2000 3 - , - 2000 , , 2% 56. 614. . , , - , 1/4 - 40, 4 160 - () - , - , ( ) 1 - - 2 57. 62 10 - , (3) - - GDP 1/40 , 2000 17 , , () , , - , , 58. 634. . , , - 6%, 9%, 27% - , - , 3 2 , , 1/40 2 , 59. 64 10 - - , (FDS, Fraud Detection System) - , , - , SNS , (4) : 1950 , , , 60. 654. . 90% , 10% - , - 3 100 - , , , , , , , - 9%, 27% 61. 66 10 - 25 2 , - 1 10 500 - ( ) - - 6 , - , , : - , 2 - , 62. 674. . - 100 20 20 , 63. 68 10 . 1. ? (1) (Crowd funding) (crowd) (funding) , ( ) - , , (Crowd Sourcing) , - (, 2013) - , , , (Crowd) (, 2013) - SNS , (, 2013) (Crowd funding) , , , 2.0 , P2P(peer-to-peer) - 2.0 , , 64. 694. . - 2.0 (social network) , , 1997 (Marillion) 6 1998 '100 ' , , , (, 2013) (2) 1) (www.local- motors.com) - (design) -> (build) -> (Sell) - , 2.0 1) (2013, 3.0), 3.0 , 3 , 2013.11 65. 70 10 (, wisdom of crowds) - (www.quirky.com), (www. kickstarter.com), (Inno-centive.com) 9(ninesigma.com) - 2009 , Surowiecki(2004) - (social funding) , ( ), , 1 (screening) , 1 (, 2013) - , - ( 66. 714. . Zopa ) 3(, 2013) 5(, 2013) [ ] : (2013) (3) 2.0, (SNS) , - , , 3 , 67. 72 10 [ ] , 2007 2008 (, 2013) [ ] : (2014) 68. 734. . , 2.0, 3.0 + 4.0 2012 4 5 JOBS(Jump start Our Business Startups) - 2013 10 - Jobs (Steve Jobs) 2013 2 Crowdcube - Crowdcube FSA(Financial Service Authority) 31,000 578 ( , 2013) 2013 7 , (KIAT, 2013) 69. 74 10 - [ ] 2. (1) 4 SNS , () (Donation), (Reward), (Lending), (Equity) 70. 754. . - (reward) - [ ] All-or-Nothing, Keep-in-All - All-or-Nothing - Keep-in-All - All-or-Nothing, Keep-in-All 2 71. 76 10 (2) (Donation) , - 1,000 , 10 , 10 , - (, 2012) (Reward) (rewards) , , , , , - ( , 2013) - , (, 2013) 2008 (indiegogo.com) - 72. 774. . (backer ) (, 2013) 2009 4 (kickstarter.com) (reward) - Kickstarter.com Scott Wilson - 3D , , 2 10 , 1,030 (3) (Lending) , - 2005 zopa.com , 2007 P2P(peer-to-peer) - 2007 lendingclub.com 2013 4 16 (, 2013) , , , , - , 73. 78 10 peer-to-peer lending , - , , ( , 2013) , , - (, 2013) (Equity) , , , - 2010 crowdcube.com , 2011 symbid.com (Direct Public Offering: DPO) (Initial Public Offering: IPO) , ( , ) - (DPO) 74. 794. . , , () , - (DPO) , (Startup: ) - JOBS , , - , - (, 2013) - 75. 80 10 - - [ ] 3. (1) 2013 51 89% , 2007 5 - 2012 27 81% , 2011 64% 76. 814. . 95% - 2012 105% , 65% [ ] : (2013), Massolution(2012) [ ] : Worldbank, (2013) 77. 82 10 - 2011 59% 2012 125% , 2012 12 111% , 9.79 45% - , , 2012 30% 1 15 , - 2012 19 40 , 2011 2 [ ] : Massolution(2013) , (2013) 78. 834. . , 2012 65%(68) , 22%(25), 15% 50% , 91% , (, 2013) [ ] : Massolution(2013) , (2013) Massolution 15 , 10 - 27.4% 41 , 16.9%, 11.9%, 7.5%, 5.9%, 5.5%, 4.8%, 4.8%, 3.5%, 3.2% (2) 2006 2007 , 79. 84 10 P2P(peer-to-peer) - 2007 , 2010 , , , 3013 31 , - 2, 4, 3, 22 , () - 2013 (opentrade.co.kr) , 49 2013 9 [ ] 80. 854. . , 2012 177, 23, 17 ( 2012, 2013) - P2P 300 (, 2013) , - 2010 2012 12.6%, 15.3%, 11.7% , 28% (, 2013) 2012 913 , 129, 29, 22, 10 (, 2013) 2011 7 2012 24 300% (, 2013) 530 , 8,000 (, 2013) 81. 86 10 [ ] : (2013) 82. 874. . . 1. (1) JOBS (Equity) (Startup: ) JOBS 2009 ProFounder - , (Securities and Exchange Commission, SEC) , 2011 (, 2013) , , 2010 The Sustainable Economies Law Center(SELC) The Small Business and Entrepreneurship Council(SBE) , 2011 (, 2013) (JOBS) , CROWDFUND Act Jump-Start Our Business Start-Ups Act (JOBS Act) 2012 3 27 , 2012 4 5 83. 88 10 FundersClub, AngelList - FundersClub (Investment Committee) (Panel) , 5% , (, 2013) - AngelList SNS 2012 9 - 100 20 , (, 2013) JOBS IPO 2007 - IPO JOBS 2) (JOBS) , 10 (emerging growth company) - 5 - (SEC) 500 2,000 - 5 5 , 2) , IPO , JOBS , 343, 2013.11. 84. 894. . - 1 2 - 1 SEC - () - SCE (SEC ) 2013 10 23 , , - 10 2,000 5% , 10 10% 10 , , , SEC (, 2013) (2) - 2011 2 Crowdcube 2013 2 FSA(Financial Service Authority) , FSA 85. 90 10 UKIE(The Association for UK Interactive Entertainment) 2013 10 FCA(Financial Conduct Authority) Consultation Paper , 2014 4 - , , , , 10% (, 2013) - : 500 ( 63) - : 10% - : 3 (crowdcube.com) 3) - () , - , - 10 - FOC(Financial Ombudsman Service) , FSCS(Financial Services Compensation Scheme) - 1 , 15 3) (2013) 86. 914. . - (all or nothing) - - - 5% - 2013 11 5 , 1 - 83 1 6 (FSA 40 ) Seedrs(seedrs.com) - Seedrs 2012 7 FCA(Financial Conduct Authority) , Seedrs (, 2013) - , SEIS(Seed Enterprise Investment Scheme) 9 21 100 (, 2013) 2012 11 Bank-to-the-Future (, 22 15) EIS SEIS (, 2013) - EIS(Enterprise Investment Scheme) 87. 92 10 1994 - SEIS(Seed Enterprose Investment Scheme) EIS 2012 4 EIS SEIS 30% 50% , 28% 58% 78% - , [ ] EIS SEIS : (, 2013) (3) 2008 , , 2012 10 (Decreto Cresita bis) (, 2013) - 9 88. 934. . 2013 7 - 2012 11 (Crowdfuture.net) 2013 10 9 (, 2013) 4) () - , , , () 4 , 500 - () 500 ( 70 ) ( ) ( ) - : 500, 5,000 - : 1,000, 5,000 ( ) , 5% ( ) , 2 - : 50 25% - : 180 27% 4) (2014), (2013), (2013) 89. 94 10 (4) '' , - '14 1 ( ) ( ) - - 2014 5 () 1 ( 10 ) ( ) 50( 500 ) ( ) 50( 500 ) 2009 9 (Music Securities) 30 , 100 33 5) 5) , , 22 33, 2013.8. 90. 954. . - 2009 12 AQUSH 7 6) - AQUSH [ ] : (, 2013) 6) , , 22 33, 2013.8. 91. 96 10 2. (1) (co-creation) (co-capturing) - , , () (IP) , , , () - , IP IP - , - , , - , () 4 , , 92. 974. . - - (Micro-Angel Investment) , 2013 [ ] , , , (2012, ) 99% - 466( 461.4, 4.9), 0.7, 5(, 2013) - , 88.4%, 5.8%, 1.3% (, 2012a) 93. 98 10 - 78% [ ] (2012) : (2013) 2013 755 1 3845 - 18.3 3 [ ] : (2014) 3 2001 72.4% 2012 25.4% , (7 ) 2001 9.8% 2012 44.6% ( , 2013) 94. 994. . - 10% 2011 GDP 0.10% 0.91%, 0.19% [ ] OECD GDP (2009) : OECD, Entrepreneurship at a Glance, 2012 7) 2011 296 2000 5,493 94.5% [ ] ( ) * ( ) 3 , 2015 6 : (2014) 7) 95. 100 10 2000 , 10 2011 ( 3 ) - (225 ) (VC) (291 ) , (11.77 ) 2% (, 2013) - 2011 2013 4 180 117 1.5 2011 619 [ ] : (2013) [ ] : (2012) 96. 1014. . , [ ] : (2014) A() 7,300 (, 2014) - 461.4 , (Onoffmix.com): - - 48 6 9 , 347% - Post-money Valuation 46.9 97. 102 10 - 158 [ ] Onoffmix : (2014) BCNX: - 1400 % , - 5 VC - Post-money Valuation 35 - 91 - 2014 5, M&A Exit [ ] BCNX : (2014) 98. 1034. . (2) , GEM , , () - 2013 11 5667000 - 27.2% 7% 4 , [ ] () : GEM (2011) , 7 2 99. 104 10 [ ] : GEM (2011) [ ] : (2013) 100. 1054. . () 20 169 9 , 1 8) , , 9) - KB 1 18.5%, 3 46.9% - 2012 437 357, 40% 217 145 - 1490 2013 877 3 2010 113(11.4%) , 877 , 187 - , 2012 395 56% 221 100 - 2003 2007 5 -1.7%, 2008 2012 1.5% ( 2008 -6.8%, 2009 2.2% ) - 2010 36% 2011 38%, 2012 39% - 1 2013 3 12000, 1 4000 3 8) (2013), , 1 , 2013. 9. 9) , , , 1060. 2014.1.14 101. 106 10 , - 2013 50 217 30.7% - 2012 9927 2013 11760 1 18.5% (, 2014) () , - 2 1 135 , 100 80 2 [ ] (3) 10% 45% (, 2013) - 1% 1997 7% 2005 10% , 2012 12.41% 102. 1074. . - 0.05% 28% , [ ] 1%, 10% : (2014.7.7) , (rent) , 10) - 2014 4 6 716 , 47 2011 30 10) " " , 2014.4.22 103. 108 10 - 2012 2011 1 2013 9 , 30% 11) - , [ ] 200 (: ) : (2013.5.29) , - , Hedge 11) , , 2013.05.29. 104. 1094. . [ ] : (2013.10.25) (3) , - 6%, 9%, 27% (: Morgan, Lewis&Bockius LLP) , - , 105. 110 10 - ( ) , - , [ ] : , , 1 (, 2014) 169 , (, 2014) 106. 1114. . [ ] , 7,300 , , - 107. 112 10 [ ] 108. 1134. . . 1. [ ] (1) , - ( ) 109. 114 10 - 1/2 1/2 - , - (historical annualized returns) 6%, 9% 27% (2) - 29 2 22 - 7 7 GDP 110. 1154. . [ ] 29 : Small Business Institute(2013) 2000 [ ] : (2013) 111. 116 10 - 30% 2015 3 1500 100% , 5000 50% - 40% 50% 3 - 3 - 2014 7 - - - 112. 1174. . [ ] : (2014) - 5% , 2. (1) JOBS , 100 2 113. 118 10 - 100 (Securities and Exchange Commission, SEC) - , () 10 2 5% , 10 10 10% - , - () 5~10% : 10% - (, 2013) - FSA(Financial Services Authority) - 2013 2, FSA FSCS(Financial Services Compensation Scheme) FOS(Financial Ombudsman Service) 114. 1194. . : 5% - 500 , 1000 10 , : , ( ): 500 , 1000 - - (2013) , () , , , 115. 120 10 [ ] (2) JOBS - JOBS , , - 116. 1214. . - - 5% - - , - (, 2014) 500( ) , ( ) (, ) - , () , 117. 122 10 * 1 , 47 (11 / ) 2014 7 , ( 5% ) (500) 2~5 3. (1) : 1 1 - , , SEC , SEC (, 2012) 1 1 (, 2013) 118. 1234. . : 2 - 50 25% , 180 27% : 3 - EIS SEIS 30% 50% , 28% 58% 78% win-win [ ] : 1 , (1) () 1 , 119. 124 10 - ( ) , 2 ( ) () , , 1 - Exit (6), (3~6), 3 (1) , - 2 , 1 , (2) - 2~3 , 3 2 - , , - 1 , 120. 1254. . - , - - 2 - - (Positive System) - 1~2% , (FDS, Fraud Detection System) - FDS(Fraud Detection System, ) - 121. 126 10 [ ] Fraud Tracking - - 1/40 - (3) : 2 , 2 - 2005 7 , 122. 1274. . - 2 - 2 1) 2) 3) 2 [ ] - Tracking system - $190,000(2 4) 2 2 - 123. 128 10 4. (1) 12) , , , : ( ) - () 12) (2012) 124. 1294. . (2) ( 5% ) 1 - , - , 5% , , - 3%( , 5%), , () 3( ) , 125. 130 10 5. (1) 13) , , - Investment Advisors Act of 1940( IAA) 202(a)(11) - (, 2012) - - - , SEC : () - , 13) (2012) 126. 1314. . () (2) - - , - , , , - , - ( ) (3) 14) - 14) 127. 132 10 , , , ( ) - , - , , , - , - , , , - , , ( ) 128. 1334. . 6. (1) : , (direct) (, 2013) - , , , , , , , (, 2014) - , (, 2012) , (, 2013) : , () , - 129. 134 10 ( ) (2) - 2012 , - , , (unsophisticated investor) , - JOBS Act , (, 2012) , 130. 1354. . , , ( ) - - - , , , - ( , 2013) (3) : , , , 131. 136 10 , , - TV , - - [ ] - , , 132. 1374. . , ( ) , - SNS, , , , , - , 7. (1) () , - ( ) , ( ) , - , 133. 138 10 (2) () , - ( ) , , ( ) , (3) ( ) , ( ) ( ) , , - > (4) ( ) , () - , , ( ) 134. 1394. . (5) ( ) , () , ( ) , , (6) () ( ) () ( ) , ( ) , , , , 135. 140 10 8. [ ] 136. 1414. . . 1. , , - , , - 200 , , - - , 2010 , - , 7 - , 137. 142 10 , - 15) - , - , 8 , [ ] : (2013) , - 4 2012 10 7 3708 - 8 - , 15) (2013), 138. 1434. . - [ ] : , : 1(2012.11.15.) , - - , , 139. 144 10 [ ] : (2013) , 2. (1) P2P(Peer-to-Peer) G P2P , P2P 2010 P2P , 2010 5 24 P2P 16) 16) H.R.4173 Sec. 4315(Page 8p, Page 987~990) P2P , (Consumer Financial Protection Agency) 140. 1454. . [ ] : (2012.02.22.) ? , P2P, 17) - , 3% , (SEC) .(, 2010, ) 17) , 2012.02.22. , http://www.etnews.com/201202220001 141. 146 10 - 80% (2012) 13.4%, 26% 7.3 (2) ? , 1 - , , , , , , , - , , - 4~8 , 10 2011 7 2012 24 3 , 2012 913 (129) 7 18) 18) () (2014.5.) 142. 1474. . - (3) - ( ) - , - P2P , 1.3 3.7 , 1.6 35 143. 148 10 [ ] : KB(2012) - , - - 27.5% , - , , 144. 1494. . - [ ] *, , : , , 3. (1) , , , , , E-Market Place 145. 150 10 (2) , - 50% 200 5% 10 , [ ] , 4~7 146. 1514. . [ ] 147. 152 10 . 1. (1) 1950 - , 90% 10% - , - 3 100 - , , - , , 148. 1534. . - , - 9% , 27% - 25 2 - - 1: 1 10 500 - 6 - 149. 154 10 (2) ( 10 ) - 2003 65000 2009 108000, 2012 163000 ( 12 ) - 2007 182 2012 366 5 , , (PB) - PB PB - 2: 2012 366 2012 163000 20 - 28.2%, 26.1%, 20.0%, 15.7%, 10.1% (KB , 2013) 10% 5% 1 - 20 500 150. 1554. . 3 80.7% 10 64.1% 3 20 16 10 12 - BCNX() 1 1,400% 1 20% ( 27%) 2,000 [ ] 2. 151. 156 10 2 - , 20 , 2000 4,000 30 [ ] , , , - 200 50% 200 5% 10 - 152. 1574. . - Grameen Bank [ ] 153. 158 10 [] KIAT(2012), , KIAT [2012-47], 2012.11. (2013), : , KISTEP, ISSUE PAPER 2013-18. , , 2013. , , 2013. (2013), , , 2013. , , , 2013. , , 2013. (2012), JOBS , . (2012), , . (2012), , KB . , , KB daily , KB , 2012 , , 21-42, 2012. (2013), , . (2014), , , 1060. 2014.1. (2013), , , 2013. , , , 2013. (2014), . (2013), ICT , . 154. 1594. (2012a), 2012 . (2013), 2013 ICT . (2013), , 2013. , , 2013.05.29. , " " , 2014.4.22. (2013), , 3 27, . (2012), Crowdfunding , 26.2, 2012. (2014), , , 2014.6. (2013), , . (2013), , . (2013), , . (2012), , 2012.02.22 (2013, ), , 1 , 2013.9. (2013, ), , 4 , 2013.12. (2013, 3.0), 3.0 , 3 , 2013.11. (2014, IP), IP, 7 , 2014.4.29. (2014, 2.0), 2.0: , 8 , 2014.5. (2013), , , 2013.6. (2013), , , 2013. (2013), IPO , JOBS , 343, 2013.11. 155. 160 10 (2013), , Weekly Hana Financial Focus 3 16. (2013a), , . (2013b), , . (2013c), , 22 33, . (2013d), SEC, , . 156. 5. () ( ) 157. 1635. () : 2014. 7. 15. : ( ) (crowdfunding) . JOBS , , , , . , . , , , , . 158. 164 10 . 22 ( 92 7 ). . , ( 1173, 117 4 ). . , ( 1175 ). . ( 1176 ). . , ( 1177 ). 1) , . 2) . 3) , , . 4) . . , , , 159. 1655. () , ( 1178 ). . , (SNS ) , , ( 1179 ). . ( 1 1710 ). 1) 10 , . 2) . 3) , 7 . 4) 1 (500) , . 5) . . , , ( 11711 ). . ( 11712 ). . , ( 11713, 11714 ). 160. 166 10 11845 . 9 27 . 22 19) , , , ( ) . 2 5(1173 11715) . 5 1173( ) . 1174() 12 . 1 . 1. . . ( . ) , 2. 120) 19) 1 20) 5 Kickstarter, Open Trade , , 161. 1675. () 3. 21) 4. 22) , 5. 24 6. 23) 7. 24) 8. 25) 1 . 3 2 , . . 4 . 4 . 1. 2 2. 3 3. 4 4 , . 1 . 21) 22) 23) 24) , 25) . 1177 7 , 1177 2 . 162. 168 10 2 ( 2 ) 26) . 1 8 , , . 1175( ) ( ) . . 1176( ) , 1174 .27) . 28 31 . 1177( ) 40, 46 53, 59, 61 , 66 70, 72 78 . , .28) , 29). 26) . 27) . 28) , . . 29) . , 163. 1695. () , , .30) . . , .31) . 117101 5 . . 1. 11791 2. 117102 3. . . 4. 117102 ( ) , ( ) . 30) . , . 31) . . 164. 170 10 , 1178( ) , . ( ) . 2 . 2 ()( ) , .32) , 2 . 1179( ) ( . ) (SNS . ) 33) . .34) . 32) 33) . 34) , , . 165. 1715. () . 11710( ) 10 35) 119 . , . . 7 1177103 . 2 7 2 . ( ) . 1. 1 : 500 3095 .36) . 11711( ) . 1. 2. 35) 10 10 , 36) 1 . 1 . 166. 172 10 3. 4. 5. 1 . 11712( ) 117102 (117104 ) , . , . 1. 2. ( , )37) 3. 40121 1 126 . 1 1 7 3 . 11713() , ( 37) , . 167. 1735. () . ) . 11779 . 1 . 1 . , , . 11714( ) ( ) . 1 . 1. 2. 3. 2 . , , . 35821 2 . 11715( ) 4192 4 8 . 4201 , 3 . 12 18 1174 . 3. 15 , 20 11748 168. 174 10 421 1 18 18 1174 . 444 112 113 . 112. 11776 113. 11781 445 182 84 . 182. 1173 ( ) 183. 1174 ( ) 184. 117710 446192 198 , 192 197 . 192. 1175 193. 11772 38) 194. 11773 ()39) 194. 11774 195. 11777 40) 197. 11792 4491 352 358 . 352. 11762 353. 11779 354. 11791 355. 117102 356. 117103 38) 1177 2 39) 1177 3 40) 169. 1755. () 357. 117104 358. 117111 4492 62 63 . 62. 11761 63. 11778 6 . 170. 176 10 9( ) ( ) 9( ) ( ) < > 2 2 , , , ( ) . < > 5 < > 1173( ) . < > 1174() 12 . 1 . 1. . . ( . ) , 2. 1 171. 1775. () 3. 4. , 5. 24 6. 7. 8. 1 . 3 2 , . . 4 . 4 . 1. 2 2. 3 3. 4 4 , . 2 ( 172. 178 10 7 , 2 6 ) . 1 8 , , . < > 1175( ) ( ) . . < > 1176( ) (231 ) 1174 . . 28 31 . < > 1177( ) 40, 46 53, 59, 61, 66 70, 72 78 173. 1795. () . , . , . , , . . . , . . 117101 5 . 174. 180 10 . 1. 11791 2. 117102 3. . . 4. 117102 < > 1178( ) , . ( ) . 2 . 2 ()( ) , 175. 1815. () . , 2 . < > 1179( ) ( . .) (SNS . ) . . . . < > 11710( ) 10 119 . 176. 182 10 , . . 7 1177103 . 2 7 2 . ( ) . 1. 1 : 500 3095 . . < > 11711( ) 177. 1835. () . 1. 2. 3. 4. 5. 1 . < > 11712( ) 117102 (117104 ) , . , . 1. 2. ( , ) 3. 40121 178. 184 10 1 126 . 1 1 7 3 . < > 11713() , ( . ) . 11779 . 1 . 1 . , , . < > 11714( ) 179. 1855. () ( ) . 1 . 1. 2. 3. 2 . , , . 35821 2 . < > 11715( ) 4192 4 8 . 420( ) 12 18 . 420( ) 12 18 1174 . 1. 2. ( ) 1. 2. ( ) 3. 15 3. 15 , 20 180. 186 10 20 11748 4. 8. ( ) 4. 8. ( ) ( ) ( ) 421( ) , 12 18 . 421( ) -------------- ------------------------- ------------------------- ------------------------- - - - - - - - - - - - - - - - - - - - ---------------------------18 1174 ----------. 1. 6. ( ) 1. 6. ( ) ( ) ( ) 444() 5 2 . 444() -------------------------- ---------------------------------- ---------------- . 1. 11. ( ) 1. 11. ( ) < > < > 112. 11776 113. 11781 12. 29. ( ) 12. 29. ( ) 445() 3 1 445() -------------------------- ---------------------------------- ---------------- . 181. 1875. () . 1. 18. ( ) 1. 18. ( ) < > < > < > 182. 1173 ( ) 183. 1174 ( ) 184. 117710 19. 48. ( ) 19. 48. ( ) 446() 1 3 . 446() -------------------------- ---------------------------------- ---------------- . 1. 19. ( ) 1. 19. ( ) < > < > < > < > < > < > 192. ( ) 192. 1175 193. 11772 194. 195. 11774 196. 11777 197. 11792 198. ( 192 20. 63. ( ) 20. 63. ( ) 182. 188 10 449() 5 . 449() ---------------------- ---------------------------------- --------------- . 1. 35. ( ) 1. 35. ( ) < > < > < > < > < > < > < > 352. 11762 353. 11779 354. 11791 355. 117102 356. 117103 357. 117104 358. 117111 36. 49. ( ) 36. 49. ( ) 1 . -------------------------------- ---------------------------------- --. 1. 6. ( ) 1. 6. ( ) < > < > 62. 11761 63. 11778 7. 19. ( ) 7. 19. ( ) ( ) ( ) 183. 6. P2P , , , 184. 1916. P2P company P2P 2010.06.03 17:06:14 | 2010.06.03 18:03:21 . 2% 7 . . . . . . . . . . . . . . 10 2000 20% 820 20 1% . . . . 20% . . 7~10 . . 185. 192 10 20% . 10% 10% . P2P(Peer-to-Peer) . G P2P . . P2P . 24 P2P . . . . . () . www.homin.go.kr [ KAIST ] 186. 1936. (JOBS Act: Jump-start Our Business Stratup Act) . . (GEM) . . . . . 2000 1000 380 . 70 . . . . 7000 , 1 9000 . 3 , 4 50% . . . (OECD) . 187. 194 10 . 2000 5000 2010 350 . . . . 3 (JOBS Act: Jump-start Our Business Stratup Act). (Crowd Funding) 2000 . . . . . . . . . 188. 1956. [ ] , , , 2014-03-24 10:55 1 . 2 1 . 2 , , . , . . . , . M&A . M&A . ( ) M&A ( ) . M&A 5~10 . . M&A . , . . . , . OTCBB 1 . 189. 196 10 2 38 . . , . 3 50% , 5 50% . , . . , . 2 . . . . 2 2 . , 2 . 190. 1976. [ ] 2014-06-23 10:59 . . . 100 90 . 3 . . , . . . . . . 2000 . , . 170 . 2000 3 . . , . 191. 198 10 . . , 2% . . . . . . , 3 . 50 , 3 150 . . . , . , . 1 . . 2 . , . . 192. 1996. [ ] 2014-06-30 10:48 . 90% 51 . G , . , , 3 . . . , , . . . ? ? . 2007 31 , . Jobs , , FSA . 2013 . . . , . . . . . . . , 100 193. 200 10 . . . . . . . , . . . . . . . . . 194. 2016. [ ] 2014-07-14 . . GDP 1/40 . , 2000 17 . . . . . . , . . , . . . , . 6%, 27% . . . . . . , 3 2 . , . , 195. 202 10 . . 1/40 . . 2 . . . , (FDS, Fraud Detection System). . . . , . . , SNS . . , . 196. 2036. [ ] 1950 . , . . 90% . 10% . . , . . 3 100 . , , . . . , . . . . . , . . 9% , 27% . 25 . 2 . . . . 197. 204 10 . 1 10 500 . . . . 6 . . . . . . , 2 . . . . . 100 20 20 . . . 198. 7. ( ) 199. 2077. ( ) 10 14:0014:05 (, ) 14:0514:35 14:3515:45 () 15:4515:55 () 15:5516:00 / [ ] ()( KAIST ) ( , ) 7 15() . 90% . 2 . , 2 . . , , 1 SNS . 200. 208 10 [ ] 10 . . () 2 . . , . . , . , 1 . SNS . " . , ." . . . 201. 2097. ( ) . , . . / ., . " , " . . . [ Title ] , ' ' , 15 ' ' ` `... , [] , " "... ... [] ", " , 202. 210 10 [ ] < ()> . , . . . 1929 1933 1934 . . . . . , . . 70 , 1930 . . ? . . 1930 ? . 4 . 2 , . . . 203. 2117. ( ) < > . . 1998 . . . , . . . 100 . 2006 P2P . . . . . . . . 2 . 2000 ? . . . 7 . 8 2 . 2 ? . ? , ? . 8 . , . , . , . , . . . . 204. 212 10 . . . . . ? . . . , , , IT . . . . . 30 IT . . . . . . , . . . 100 10% . 50% Exit . . . . 300 . 5~8% . 1000 . 100 . . . . . . 500 200 . 1 500 10 500 . () 5%, 1 5%, 10 5% . , 205. 2137. ( ) , , . . . . . . . . . < > . . . . < > . 4 . . . , . . 1999 , 3 3 . 2005 . . , , , M&A , . 206. 214 10 21 300 20 . . . , . . . 8 25 . 1 5 1 , 2 . , . 2 . . 3 . 8 20 70 SDS, , . 30 10 . . . , . . < ()> . . , . . . 207. 2157. ( ) < > . . , . 5 15 . . . . . , . . . . . . 3 . . . . . , . , , . . . . () . . . . , 90% . 208. 216 10 . . . . , , . , . , , . . . , . , , , . , . . . . , . . , . ICT . ICT , LG, . . , ICT SNS . 209. 2177. ( ) . . . . . (Ron Conway) (Mike Maples) . , , , . Angel Investor . . . , . . . , , . . . PB . ? . , . . , . . , . . . 210. 218 10 < > . . . , , ? . . . . , . , . < > . ? . . . , . . . 10! ? 5 4~5 . . . , . . . , 211. 2197. ( ) . 2012 100 . , . , , . . 100 . . , , , , . . , . . , . , , . . . . . . , . 100% , , . , ? , , . . , , . , . 212. 220 10 JOBS Act, . , Title 1,2,3,4 . . JOBS Act Title 2 , . Title 3 , 2000 . Title 3 . . 1 , . Title 2 . 100% . , . Title 3 . Next Version , . , , . . . , . . . . 2012 , . , . 213. 2217. ( ) < > . . , SEC , SEC . , . General Solicitation( ) . . ( ). . . . , . . , . . . . . . . < > . . . 214. 222 10 . . . 1 . , . . , . Fraud Detection( ) . . 3 . , . . . . . . , 9 . . . . , . , 215. 2237. ( ) . . , . 5 7 (Mezzanine Fund: (BW), (CB), ) . . . . 2 track . ? . . . . . . . . , . . . . . . 216. 224 10 . . . . . . . . . . 200. 500 . . . 2000 1 . Title 2 Title 3 . 2 . , . , . , . , 2 . , . . . . . . ? . SEIS . . ? (Secondary 217. 2257. ( ) Fund) . . . . . , . ( ) ( ) . . . . . 3 Crowd Fundable . , . . . . 2~3 . . < > ? , . 2000 . burst() . 218. 226 10 . . , . , . . . . . . . 219. 227 1: 2: M&A 3: 3.0 4: 5: 6: , 7: , IP 8: 2.0: 9: , (kcern.org) . 220. 11 2014 7 15 21 2014 7 21 () 2014-000091 (135-855) 28 12 3 02-577-8301 02-577-8302 www.kcern.org , 2014 ISBN 979-11-952630-4-2 10,000