2015 22

:

: ()

:

: ,

: 2015. 12. 16

: ( )

: ( )

: ( )

( )

( )

( )

Contents2015 22

1. 1

2. 5

3. 9

4. 63

5. 169

6. 189

1.

1.

3

22

. 3 10

. 3 ,

, , .

Bain&Company , . ,

, 4

, - . ,

.

.

Bain&Company .

8 . .

. ,

. . .

3

. .

: 2015. 12. 16() 14:00~16:00

: (MARU)180 B1 Think ( 180)

: (), Bain&Company,

14:0014:10 (, )

14:1014:40 (Bain&Company)

14.:40~15:20 ()

14:4015:45

- (KAIST) () - () - N15 & - -

15:45~15:55

15:55~16:00

2.

2.

7

2009

.

.

. ,

,

.

.

.

. ,

.

.

.

.

. 1.0

, 2.0 . IT

. 5

.

.

.

.

.

. . SNS

.

(Think Network)

.

.

. , , , , ,

. 1 KIST,

, , , 2

, .

8

3.

3.

11

12

3.

13

14

3.

15

16

3.

17

18

3.

19

20

3.

21

22

3.

23

24

3.

25

26

3.

27

28

3.

29

30

3.

31

32

3.

33

34

3.

35

36

3.

37

38

3.

39

40

3.

41

42

3.

43

44

3.

45

46

3.

47

48

3.

49

50

3.

51

52

3.

53

54

3.

55

56

3.

57

58

3.

59

60

3.

61

62

4.

4.

65

22

2015. 12. 16

66

2015 22

:

: ()

:

: ,

: 2015. 12. 16.

:

:

4.

67

73

1. 73

2. 74

3. 75

4. 76

. 79

1. 79

. 87

1. 87

2. 89

3. Quad Cycle 92

3.1. 92

3.2. (Quad-Cycle) 95

4. Quad Cycle 98

4.1. 106

4.2. 107

4.3. 114

4.4. 121

4.5. 122

68

. 129

1. : 131

1.1 131

1.2. 138

2. : 142

2.1. 142

2.2. 145

3. : 147

3.1. 147

3.2 149

4. : 151

4.1. 151

4.2. 155

. 161

165

4.

69

1.

,

2. 3

3. Quad Cycle

,

,

4.

8

5. ,

( , )

, (CV-Box,

, )

6. Open Innovation(

: M&A) Open Platform( ) ,

7. () ( )

8. ,

9.

4.

71

4.

73

1.

,

, , ,

- , ,

Creative Britain 2008

- , 7

21

- 2007

- ,

() (2015)

2013

-

- 3 , 6

, 24

-

-

ICT

-

,

74

2.

,

3

- ()

- () , ,

- ()

1 , ,

- Quad Cycle

, ,

- IP

, IP

- M&A IPO

- ,

- (M&A), (IPO)

- M&A,

4.

75

3.

8

, ,

2

-

-

- ,

-

- ,

- ,

- (Missing Link) M&A,

M&A

- ,

M&A

- M&A

-

76

- ,

M&A

-

- M&A

,

- M&A , ,

- ,

-

- ,

- ,

-

4.

,

-

-

-

4.

77

.

4.

79

.

1.

, ,

, ,

1)

- Creative Industries Mapping

Document(CIMD, 1998) , Howkins (2001),

Florida(2002) 2005 (CEP:

Creative Economy Program)

- (1997-2007) (Creative city)

(Creative capital) ,

- (2007-2010)

2008 : (Creative Britain: New

Talents for New Economy)

- (2010-)

- () ,

-

- ,

- , ,

1) (2013),

80

- Creative Britain 2008 , , R&D,

, ,

- 2010 (application) , ,

- 2013 1

- ,

- 18~30 Start-Up Loan 2,000 , Seed

Enterprise Investment Scheme(SEIS) 78%

2)

-

(Talent Pathway Scheme), ,

- Own-it

- 7 (, , , ICT,

, , )

,

-

, ,

3)

- ( )

Cool Japan Strategy(2010)

- 2002

-

-

- 2010 , , , 7

2) (2013)3) (2013)

4.

81

(, , , ) 21

- Cool Japan Strategy ,

, 2020 8~11

- 2013 Japan is back

( ) - ,

, ,

Spin-off Carve out,

- 45

,

- , ,

, ,

- , , , , , , , , , ,

- IT

- (Initiative Kultur-und Kreativwirtschaft der

Bundesregierung, 2007)

- , Industry 4.0

-

- (Mikrokreditfonds

Deutschland)

-

- 3

, (Spin-off)

-

82

,

- 11 (, , , , , , ,

, , , )

-

4)

- 2015 3 ( )

- ,

-

- (NEEQ) ()

- 1994 Creative Nation ,

- 2006

, , , ,

,

- ,

-

,

- 2008 2 (Building a Creative Innovation Economy)

, 8

4) (2013), (1)

4.

83

,

5

- ,

ICT

- 2008 2010 Creative Economy Report'

-

- , ,

, ,

- , ,

, ,

, (,

2013)

84

[]

: (2013)

- ( )

5%

,

- ICT

-

-

(, 2013)

-

2.0

4.

85

.

4.

87

.

1.

3 10

,

(2013) 5

, 0% ,

5)

-

1

-

- (Silo effect)

- OECD

2013 ,

2

- ,

- (1st Mover)

5) (2013),

88

-

(, , ICT )

(

, 2013)

[]

: (2015)

[] (Fast Follower) (1st Mover)

(Fast Follower) (1st Mover)

, ,

, ,

, ,

: (2014)

, ,

4.

89

3 , 6 , 24 6)

- ,

, , 3 ,

- (1),

(2),

(3), , (4),

ICT (5),

(6), 6

- 3~5

2.

- ( : ) 5 41,728 2

84,697 (, 2015)

- ( : ) 5 (13.9)

, 14

12 22.7%, 17.8%

16.8%

- ( : ) (05) 68 (06)78

(07)102( 22.5%)7)

- ( : )13

6) (2013.6.5) 7) , 20

90

- 12 11 3 9,548 , 1 3,853 ,

35.0% - ( : VC )

VC 46.8% , 11~12

2.3% 8)

* 11~12 : (, 1 ~3) 3,709.0 , 29.7% (, 3~7)

3,216.5 , 25.8% (, 7~14 ) 5,545.0 , 44.5%

* 13~14 : () 4,372.0 , 28.9% () 3,664.0 , 24.2% ()

7.083.0 46.8%

- 13~15 16.7%

11~12 9.0% 7.7%

- ( : ) 5,876

5 8.0% (2.3%), (0.8)

10

,

- (2011), , (2011),

14

9)

- Doing Business() 5 , (13) 7

2

- 34 17, 52 21,

15 5

8) (2015.11), , (2015)9) (2014.10.29.) 14 : 5

4.

91

[]

: (2015), (2015)

[]

: (2015)

92

,

(International Institute for Management Development, IMD)10)

2015 , 60 26

- 10

(& ) ()

- ,

- IMD

3. Quad Cycle

3.1.

, ,

. (Critical path, )

.

, , ,

.

,

. Quad Cycle (

, 2014). .

GEM(), GEDI( ), OECD(

), WBDB(), (DBCE)

10) , 1980 ()

4.

93

GEM

(

)

(NES)

(APS):

,

(TEA),

12 TEA

6.6 58

52

24 10

TEA

,

TEA

GEDI

(

)

,

,

3 14

14 ,

2

, 28

14 121

33

36,

59,

33

GEM ,

OECD

(

)

,

, ,

,

,

. ,

- []

[]

94

WBDB

(

)

10

, ,

, ,

, ,

, ,

,

14 189

7

(2),

(

2),

(3)

(75)

,

: (2014)

[]

: GEDI(2015)

4.

95

[] (DBCE Index)

: Bain&Company(2013)

3.2. (Quad-Cycle)

: 2014 Quad-cycle

- (co-creation)

(co-capturing) ,

-

-

()

-

96

(, -OECD)

IP

- ( OECD)

- (GEDI-World Economic Forum)

- (GEM NES)

- /(-GEM)

- (GEM)

- Angel List: List of Startups by city; (GSER)

- Quad Cycle

[] Quad-Cycle Model

: (2014)

7

7 , IP, , , M&A, IPO, ,

,

[] Quad Cycle 7

4.

97

Venture Capital

- GDP VC (-Thomson Reuters)

- (GEM)

- Availability of Venture Capita(GSER)

- Growth Index(GSER)

- Venture capital availability(-GCR)

M&A

- (-S&P)

- M&A, M&A (VC, PE-Thomson one banker)

- (GEM)

IPO

- (-)

- Level of IPO(GEMI-VCPE)

- (GEM)

- Financing through local equity market(-GCR)

- / (GEM APS)

- (GEM APS)

- Startup Experience(GSER)

- Recovery rate(vcpe-worldbank, doing business)

- 1 / (GEM APS)

[]

GEM -

R&D GDPR&DIP

GDP R&D World Bank

R&D IP IP World Bank

- -

-eban-

-11)-Angel Capital

Association

- - OECD

M&A - - S&P

IPO - - S&P

11) &ICT 68, , 2015.04

98

7

Quad Cycle

[] Quad Cycle ,

4. Quad Cycle

[] Quad Cycle

4.

99

[]

34

IP

50

, M&A

200 M&A

400 M&A

12

90

GDP IPO

12

290

IPO

2

,

IPO M&A

1.6

8

9

GDP

11

1

100

()

[]

:

, 12

M&A

- 4 , OECD

- R&D 1

- GDP 5 M&A

- (2014)

66%

20% M&A

-

- ,

-

4.

101

,

,

M&A IPO

,

()

[]

:

IP

M&A IPO

M&A IPO ,

, / /

102

()

[]

:

/ IP

/ / /

/

-

2013 60%

4.

103

()

[]

:

M&A IPO ,

,

()

[]

:

104

2000 IP

-

,

M&A

()

[]

:

R&D

(26%)

- 340 , , ,

4.

105

- 70%

-

,

,

()

[]

:

, ,

, , Tech

City UK,

- IPO 2011 2013 6

- M&A 2013 2015 14% 200

106

4.1.

[]

:

R&D /GDP

, IP

.

,

R&D ,

IP

, , ,

- IP ,

,

4.

107

[] 2012 GDP /

GDP

4.03 10.1

1.98 16.2

3.35 0.5

2.79 3.9

1.73 -2.6

2.98 3.6

: OECD, Main Science & Technology Indicators 2014-1

4.2.

,

[]

:

108

(1)

:

2013 600 25

GDP 40 1

GDP , , 0.88 ,

0.38

[]

:

:

2014 42.3 ( 7,565 )

318.8% (China Ventures(2014.11), 2014)

13 ,

4.

109

:

,

2011 9.9

:

2013 240

293

: GDP

2012 20137%

, 25~50%

GDP 0.011%

:

2013 39 3

2012 2013 26%

110

:

GDP 0.0032%

[]

:

2012 2013

24% 15%

18,000

EIS(The Enterprise Investment Scheme) 30%

SEIS(The Seed Enterprise Investment Scheme)

50%

4.

111

(2)

:

[] VC

:

2012 19% VC

(495 ) (155 )

(, )

GDP 0.061%

:

GDP

2012 2014 74% 31%

112

[] VC

:

: GDP

(, ) GDP

2012 GDP 0.026% 2013 0.038%

:

GDP

2014 495 57

, GDP 0.284% 4

4.

113

: VC

VC 2013 2014 1 6

20%

GDP 0.061%(2014)

( 0.23%, 0.38%) ,

: VC

2014 8 8

2013 , 2012 7~9

GDP 0.023%

: VC

2013 2014 50% 11

,

114

4.3.

/ , IPO

(Black and Gilson, 1988)

, IPO

(Jeng and

Wells, 2000)

[]

:

(1) M&A

: M&A

M&A GDP 2.3% 6% 1/3

4.

115

M&A

/

: M&A

2012 2014 24%

7 2 1/6

[] M&A

:

: M&A

M&A GDP 1.3% 7

2012 2014 480

116

: M&A

M&A 57

GDP 6%

: GDP M&A

2014 M&A

2015

GDP 4%

: GDP M&A

M&A 2014 960 42%

: M&A

GDP 5.9% M&A

4.

117

M&A

,

(2) IPO

: IPO

2012 121% IPO 2014 33

GDP 0.24% , VC

[] IPO

:

: IPO

IPO 2012 2014 88%

118

2014 732 539

GDP 0.71% 7

: IPO

IPO 100 3 GDP

0.24%

,

: IPO

IPO

2014 , 500

IPO

GDP 0.31~0.35% 2014 7

: IPO

GDP 0.02% IPO

M&A

4.

119

: 7 IPO

GDP 0.08% IPO

M&A

: IPO

2013 120 IPO 2014 208

GDP 0.34% IPO

IPO

[] (: %)

: (2014.7.),

*

,

120

M&A 20% M&A

50~65%

2003 61.1% 2013 49.8% M&A

, 2003 0.8% 2009 7.1% 2013 0.3%

- 3 ,

-

12)

[]

2008 2010 2012

IPO 13 53 33

M&A 292 422 363

Secondary 20 28 21

IPO 9 22 14

M&A 121 134 109

Secondary 8 16 9

:Thomson Reuters(2014.7.) .

M&A

IPO

IPO 2000 152 2012 33

M&A 2012 84%

, 78% M&A

12) , ICT , , 2012.8.

4.

121

4.4.

[]

:

- 2011 26,148

1 2004 65 2011

381 6

- , 2011

2 2,871 IT

2000 1 4,341

- (TEA) (Necessity-driven)

(Opportunity-driven)

* ,

-

122

4.5.

1

, ,

(1) 3 : M&A

,

IPO ,

, IPO

,

4.

123

,

(2) 3 : M&A

,

,

IPO

124

,

/

(3)

[]

, --

4.

125

- R&D

IP R&D

-

-

-

- M&A

( , 2006 )

4.

127

.

4.

129

.

8

Quad Cycle

,

[]

: (2013)

+ ,

,

()/()

,

,

(Open

Innovation) (Open Platform), () TRIZ13)

,

13) 1940 , , ,

130

- : (Spin-off)

,

,

(Open Innovation)

- :

, , ,

(Open Platform)

- :

,

, 8

-

[] 8

: (2014)

4.

131

1. :

1.1

,

,

- 17.6 5%

8,700 3,000

1/3 1,000

- 17.6 25%

250

- 250 70

3000 70

(, 2015)

- 70 2.1

7 14)

-

14) , , 70 , 2013.09.24.

132

,

,

[]

: (2013)

15)

2015 11 ,

- (, , ,

, ) (14 50

)

- 2019 3 3,000 17 6,000

- 1 5 8

-

10% 20%

-

15)

4.

133

- 5 4

- 7 ,

(),

-

[]

,

,

, :

:

16)

- (

)

, , , 2.0

,

P2P (peer-to-peer)

16) .2014.07. . 10

134

* (2015.07.24)

)

( 9 27 )

) ,

( 117 3, 117

4 )

) (

117 10 )

- 10

,

- ,

20

169 9

-1,000 17)

- () ,

2014 2 2015 7

-

2016 1

- : ,

, , 1 ,

, SNS

- ,

(, , )

17) . 2013.09. , 1

4.

135

) , ,

,

,

( 117 8 )

* (2015.11.23)18)

-

20% .

3

- 2500, 2017

Peer-to-Peer lending

, ,

-

2

- 20 ,

2,000 4,000

30

200 50% 10

-

-

,

18) , (2015), http://www.taxtimes.co.kr/hous01.htm?r_id=211549

136

- ,

P2P,

- ,

,

, ,

[]

100

( 10)

500

( 63)

500

( 63)

100

( 14)

1

( 10)

=

&

10

2 or 5%

X

X

500

( 70)

10

X50

( 500)

&

10

10 10%

:

10%

X

: 1000

( 140)

: 10

X50

( 500)

1 X

: (2014)

- 500

( )

- ,

( ) (, )

- , ()

,

* 1 , 47(11 / )

4.

137

- 2014 7

, ( 5%

) (500) 2~5

-

- , (1)

- ()

- ,

- 1

[]

: (2014)

138

1.2. 19)

,

- (Sorenson) 90%

, 95%

. ,

(Spin-off)

,

(Spin-out)

*

- 1994 .

,

.

6 .

19) . 2014.10. , . 12

4.

139

- ,

30%

70% 40%

, 100 140

20)

-

- ,

, ,

- ,

-

21)

[]

: (2014)

,

20) ()

21) (2013),

140

, CV-Box(-)

, ,

(Venture

for America, VFA)22)

- ()

50 1 ,

1

-

-

- Biospace CEO ,

- Daum

CV-Box(-)

-

-(Patent-Box)

- 23% 10%

22) 2012 2 , 2 10 VFA(Venture for America)

4.

141

-

[] Patent Box

: Patent Box (2013)

(RSU: Restricted Stock Uni

t)23)

- ,

-

-

- IFRS

-

23) (RSU) .

142

2. :

2.1.

(Open Innovation) M&A 24)

M&A M&A

M&A

, , 3

M&A M&A

Missing Link()

[] Missing Link

: (2014)

24) . 2015.09. , M&A: .

4.

143

M&A

- ,

M&A 3 , ,

- : R&D 20 , M&A

- : , M&A

- : VC ,

M&A

- : M&A ,

- : , ,

CVC(Corporate Venture Capital)25) PMI(Post Merger Integration)

M&A

-

CVC

- M&A

- (Post Merger Integration) -

, ,

25) CVC (Corporate Venture Capital)

144

- ,

- ,

, , , M&A

-

[]

: (2015)

4.

145

2.2.

(Open Platform) 26)

,

,

- () ()

-

- 2013 $5,000,000

2015 $5,000 27)

-

- , R&D ,

,

,

-

-

,

26) . 2015.04. . 16 27) . : 2 . 2

146

- : , IP

- /: (, 3D Printing

Lab)

- :

- :

- : , ( )

( )

[] ()

: (2014)

1. () 1%

2.

3.

4.

5. (M&A)

6.

7.

8.

9. ODA

10. ' thinking

4.

147

3. :

3.1. 28)

[]

:

Seller(), Buyer(), Dealer()

,

- , ()

Seller, () Buyer, Dealer

, M&A

28) . 2015.09. , M&A: .

148

[]

Seller Dealer Buyer2016() 1,000 10 500

2020 5,000 100 1,000 MOU

:

- Open Innovation Ecosystem

- /

29)

-

[]

: (2014)

29) (Dynamic Equilibrium)

4.

149

3.2

,

Global Entrepreneurship Index

[] Global Entrepreneurship Index (2016)

: The Global Entrepreneurship and Development Institute

151

41.7% 30)

30) (2012)http://news.ichannela.com/view.php?id=News_View_Print%7C3%7C20121003043733%7C49812375%7C3

150

, ,

, , ,

.

31)

- 2013

, , , , 4

-

32)

, ,

- ,

, 36%

-

-

2009 2013 5

80% ,

-

- ,

-

31) 1 KERI , ,

32) (2013), 2013

4.

151

4. :

4.1.

OECD

() . .

. 1

OECD .

.

.

.

[]

() ()

() ()

: (2014)

,

-

-

-

152

- ,

,

33)

[]

: (2014)

,

34)

- , 20% , 80%

- (

2.8 )

- 20% , 80%

- , ,

- 100% 1 20% 10

High Risk High Return

33) (2013)34) . 2015.10.27. . 20

4.

153

,

-

,

- , ,

-

*

. .

. 5

. .

.

.

.

(, 2013.06)

* (Tekes)

(Tekes)

. ,

, ,

.

75% , 25%

.

,

: (2015)

Positive (, ) Negative( , )

,

- ,

- ,

154

[]

:

,

- 2005

()

- 2010

-

-

,

-

- ,

-

-

4.

155

4.2.

35)

- (CEO) 100

2009 82%

- (OECD) 2012 ,

11% ,

,

- OECD ,

1, 2 OECD36)

- 4 37)

(Venture Business)

Alberta Charney&Gray Libercap

1985 1998

16

- ,

5

, 3

-

, 28

17 62%

35) . 2013.12. . 4 36) , 20 37) (2012),

156

38)

- GEM ,

- ,

- 1987 EFER(The European Foundation for Entrepreneurship Research), 2000

( ), 2004

(Entrepreneurship Action Plan) , 2006

, 2009 (WEF)

[] EU

: (2013)

2015 7 8

39)

- 2018

- Entrepreneurship Korea Initiative

, ,

- 15 18

(15.9, , ), 18 (

: 3,4, 1), 20

38) (2012)39) (2015) http://news.mk.co.kr/newsRead.php?year=2015&no=658458 (2015.07.09.)

4.

157

- (KDI ) -

- (content) (context)

, KAIST IP-CEO40)

[] 7C

: IP-CEO

40) . 2014.09. , . 11

158

2009 5 400

- (IP) (CEO) IP-CEO

- (content) (context)

200

- , ,

IP-CEO

2.0 IP CEO()

- IP-CEO (IP) (BM)

-

,

4.

159

.

4.

161

.

8

- ,

-

-

- M&A

-

-

8

-

-

- -

162

[] 8

:

[] : 8

8

CV BOX

Open Innovation

M&A,

Open Platform

,

,

,

(

, )

( )

: (2014), . 1 1

4.

163

-

-

,

- ,

, ,

- ,

- CV-Box(-)

- ,

Open Innovation

- M&A

- M&A

Open Platform

-

- ()

- , ,

-

-

164

- , ,

-

- , ,

-

,

-

-

8 ,

41)

-

-

[]

:

41) . 2015.11. , . 21

4.

165

(2012), ,

(2012), ,

2012-11

(2014), ,

2014-08

&ICT 68, 2015.04

(2015), : ,

, , 1 1.

(2013), , ,

Vol.13 No.15

(2013), (1)-20

-, , 2013-05( 71)

(2014),

Bain&Company(2013),

(2013), ,

, KOVA

, 20

(2013), ,

(2012), ,

(2013), , Entrepreneurship Second Edition,

(2014), ,

(2014), . 1 1

(2015), ,

(2015), ?,

(2015),

(2013), , , ISSUE

PAPER 2013-01

(2013.09), , 1

166

, : 2 , 2

(2013.12), , 4

(2014.03), , , 6

(2014.05), 2.0: , 8

(2014.07), , 10

(2014.09), , , 11

(2014.10), , , 12

(2015.04), , 16

(2015.09), , M&A, 19

(2015.10), , 20

(2015.11), , 21

KB (2013), KB daily : ,

13-91

(2013),

(2013),

1 (2013), "

(2013), , KIAT

, 2013-01

(2013), Japan is Back-, KIAT ,

2013-45

(2013), :Industry 4.0 -

VIP 546 13-36

[ ]

http://jmagazine.joins.com/economist/view/308854 (, 2015.11.09.)

https://www.kcti.re.kr/webzine2/ ()

http://www.sciencetimes.co.kr/ (, )

http://www.msip.go.kr/ ()

https://ko.wikipedia.org/ ()

http://www.imd.org/uupload/imd.website/wcc/scoreboard.pdf ()

4.

167

http://www.fsc.go.kr/ ()

http://ventureforamerica.org/ ()

http://www.smba.go.kr/kr/index.do ()

http://www.ftc.go.kr ()

http://www.law.go.kr ()

http://thegedi.org/2016-global-entrepreneurship-index/

(The Global Entrepreneurship and Development Institute)

http://www.gemconsortium.org/

(Global Entrepreneurship Monitor)

www.mosf.go.kr ()

5.

5.

171

6.25 , 8 . 2007 2 5 2012 , 1 22,720$ . 2018 5 , 2 . 2 .

.

, (Creative Economy) 2001 John Howkins . , , , , , , , . 2007 15 1 .

. . .

. . . . . .

. . , . .

, 1) 2) 3) . . , , .

. . .

172

. . 3.0 (keystone) . , , , 3.0 .

5.

173

[ ]

2014-10-20 11:13

, 90% . .

. . . 5 .

(mbo) . KPI (MBO) .

-- . . , . (MBE-management by exception) (cmbo- collective mbo) . . .

. . . . . .

(Spin-Out) . . , , , .

174

, . . . . 30% 40% . , . . LPGA .

. . . , 6 , SCM .

5.

175

[-]

,

.

(Cisco) 10 144

M&A .

, .

.

(IP)

(M&A) .

. (IP) M&A

.

IP . IP 2

. Invention Capital

. .

(Patent Troll) ,

. IP .

M&A .

.

. GE 10

. R&D M&A

. M&A

, (Dynamic Capability) .

10 1

GE . 5 .

. /

.

, .

.

.

IP M&A ,

.

176

. ,

.

,

. .

.

5.

177

[ ] M&A ! 2015-09-14 11:18

M&A() .

M&A

. M&A

. ,

M&A .

M&A .

M&A/GDP

. M&A

M&A .

M&A

2% . , , 90%

50% . M&A

. M&A

, M&A .

.

S&P 2014 M&A 500 , 300

. 200 .

M&A OECD .

.

, ,

.

, . 1) 2)

M&A .

M&A . 3

.

, .

.

M&A .

M&A .

M&A .

178

.

.

CVC(corporate venture capital) .

. M&A

.

. , ,

CVC .

.

CVC .

.

. IPO() M&A . CVC

.

. 80%

.

M&A CVC , .

5.

179

[ ]

2015-08-09 21:41:22, 2015-08-09 21:41:22

()

.

,

. .

.

.

.

, . 18

.

.

(G Valley) .

.

280 ,

.

.

.

, .

.

.

.

.

. .

. ,

, ,

.

.

.

,

180

.

. , , , (M&A)

.

. 1

, , , ,

.

. .

.

.

.

. .

.

[ & Segye.com, ]

5.

181

[ ]

2013-09-09 11:23

1 , 2

.

.

, 2 , 6 2

.

, .

.

2000 7% 2018 15%

. 17

.

72 , 46 , 24 .

.

. .

.

.

.

. .

.

.

. 98%

. .

, .

. 9 27

.

. .

.

. .

. . 10

10

. .

182

.

.

.

() , (). .

.

.

.

.

. .

.

. .

5.

183

[ ] 2013-03-28 11:42

(Murnane) 1960 2000

,

. . 1960

,

.

.

.

(1st Mover) .

(Fast Follower) ,

. .

.

.

. .

. .

.

.

.

.

1 , . 1

.

.

(Fun) .

.

. ,

. .

(Context) .

.

.(Less teaching, More learning)

184

.

.

.

.

. 3

.

5.

185

[ ] , 2015-08-12 09:55

. 3

10 .

? ,

, ,

. ,

.

. .

.

. , .

.

.

. , , (Tips)

. ,

, , , , , ,

. ,

1

.

2 M&A .

. 20 GE,

, , , M&A

.

186

M&A IPO( ) 4% 10

. M&A

. M&A (missing link).

2 M&A M&A .

. .

, .

.

.

.

.

. .

.

. .

1) 2) M&A

3) 4) .

. , .

5.

187

[ ]

2015-12-14 10:36

.

.

, ,

.

.

1

.

.

. .

.

. .

.

, 2000 .

3 . ,

. 1) 2) 3)

4) 4 .

. 10

. 3 2

. 3% 6% .

.

, Tips , ,

, , .

.

. ,

, .

.

.

.

188

M&A (Open Innovation)

(Open Platform) .

.

.

.

. M&A

. M&A , ,

. M&A .

. .

.

. .

.

6.

6.

191

() 32 ,

[]34 1, []24 1 .

1. : T. 02-577-8301 E. kcern@kcern.org (: )

2. : () 1005-702-535568 (: )

1.

2. 100,000 2

3. 1,000,000

4.

2015

() ()

50,000,000 ()

30,000,000

10,000,000

i-KAIST

()

5,000,000

()

()

()

()

2,000,000 ()M&A

1,000,000 ()

11 2015 12 16

11 2015 12 16

()

,

2014-000091

(06302) 28 12 3

02-577-8301 02-577-8302

www.kcern.org

, 2015

ISBN 979-11-86480-12-0

20,000