정부지원을 받는 신생 ICT 벤처기업의 특성에 관한 연구

This paper empirically analyzes which new technology-based firms (or venture companies) are more likely to receive public support. The paper investigates the effects of firm-specific factors on the likelihood of receiving the support, by using the sample of venture firms less than three years old in the ICT industries where technological intensity is high and public supports for start-ups are abundant. The factors are divided into several types: founding characteristics (a founder’s pre-entrepreneurial experience, the proportion of public subsidy in financing since birth), innovation (the number of innovation types, technology level of main product), strategy (the relative importance of strategy types), and corporate growth stage. Hypotheses on each factor are tested, by analyzing the data. Empirical results show that new technology-based firms with an inexperienced founder, more dependence of public subsidy for financing, a moderate level of innovation activities, more marketing-oriented strategies, or early stage of growth are more likely to generally receive public support than their counterparts. The results also find that these characteristics have selectively significant effects on receiving different types of support. For example, new technology-based firms with a inexperienced founder, more dependent on public subsidy or more marketing-oriented strategies tend to receive financing support, while those with a moderate level of innovation activities or focusing on quality-improvement and cost-reducing tend to receive supports for R&D alliance and human resources. In addition, those on early, expansion, or mature stage are more likely to receive support for financing, marketing, or R&D alliance, respectively.