This thesis comprises three studies on the static and dynamic characteristics of new ventures to pursue business opportunities in both local and global markets. Researchers have paid little attention to investigation on the static and dynamic characteristics of entrepreneurship, especially new venture strategy for business opportunities and dynamic growth. This study examines i) the effects of determinants on new venture strategies and new venture performance, ii) the new venture strategies in the local and global markets, and iii) the growth paths and strategies from local start-ups to global ones.
The first study investigates the influences of various factors on new venture performance and key dimensions of business opportunities. The result are based on the analysis of 105 new ventures in Korea. New ventures targeting global market from their inception, competing in emerging markets, and armed with technological capabilities obtain higher performances in rapidly changing technology-intensive industries. Also the experiences of founders and early entry in global markets are positively related to the degree of internationalization. Technological capability is positively related to the higher ratio of R&D employees, numerous technological collaborations, and the existence of a CTO.
The second study develops an integrative framework of new venture strategies from a global perspective. The framework and seven different new venture strategies are based on three key dimensions, the level of technological capability (pioneer vs. follower), product/market maturity (emerging vs. existing), and the target market (local vs. global). Using the framework, case studies on successful new ventures in Korea shows two different growth strategies, strategic replication and strategic change, and two phases of internationalization processes. These patterns of growth and internationalization are influenced by the initial conditions of new ventures, capabilities of founders, and technology strategy.
It also explores the growth paths and influencing factors through case studies This study focuses on the growth paths on internationalization from local start-ups to global ones. Although there are many possible paths, four distinctive growth paths are suggested, and the characteristics among these growth paths are examined.
Also this study analyses and traces and the current situation and development history of entrepreneurship in Korea. The habitat of entrepreneurship including new ventures, venture capital, and business incubation in Korea has quantitatively grown by the active and intensive support of government.
