제조업 내 벤처기업의 스케일업 과정과 결정 요인:성숙기업과 스타트업의 사례 분석

This paper investigates the process and determinants of scale-up (i.e., 20% or more rate of average sales growth over the three years) for venture firms in the manufacturing sector. It proposes propositions on the determinants of scale-up by literature review. It tests them by analysis of multiple cases on three firms (TCK, M2I Corporation, and Twinny). The main findings are as follows. First, venture firms in the manufacturing sector achieved scale-up by securing superior technology-based resources and innovation capability to link the resources to market performance. In addition, the firms obtained their sales through B2B transactions and thus expanded or created market demand through collaboration with their customer firms. They also achieved scale-up based on the environment of fast-growing industries. Second, the scale-up determinants differ between mature venture firms and startups (i.e., new venture firms) in the manufacturing sector. For the resources complementary to technology-based resources for scale-up, mature firms utilized reputation and customer base through long duration of business, while startups utilized their advantages in actively adopting emerging technologies and securing R&D employees. Based on corporate entrepreneurship, mature firms conducted scale-up in the process of major product change and business transformation and startups did in the process of new market pioneering through new product development. Finally, the firms used strategy to enhance market shares in the process of scale-up.