한국 일본 창업 생태계 비교 연구
Transcript of 한국 일본 창업 생태계 비교 연구
Comparative study of
Startup eco-system between Japan & Korea
Min Hwa LeeKAIST Visiting professorDIGIST Chair Professor
2
Start up Eco-system Models
Source Jungmin Goh‧JungHo Kim(2000) Source JungHwa Han(2000)
Shares
Shares
Funds,Business Support
Invests, Profits
Sale Price Return to Society
Infra such as systems, positions, cultures,
etc
Inorganic Environment
Consumer (Venture Capital)
Producer (Ventures)
Analyzer (KOSDAQ, M&A)
Shares
Wealth Creation
Big company /
Small&Medium Company
/Ventures
Colleges/ Labora-
tory
Angels
Investment Assoc.
Pension Funds
Unlisted market
Foreign VCFacilita-tor
3
Limits of existing Models
Insufficient descriptions of virtuous cycle of value creation and distribu-tion
Insufficient explanations about limits of ideas, business plans, and mar-ket entry
Lack of explanations on critical elements of models
Insufficient explanations on detour route bypass
Lack of complex systematic approach
1
2
3
4
5
Virtuous cycle based new eco-system
4
Business Stage and Start-up CycleSource: Hammerstedt and Blach(2008)
Invention/IdeaAngel/Business
ModelVenture/Marketing
Expansion Cycle Recovery Cycle
Cycle
(Number of Projects) Cumulative Costs (Million Dol-lar)
3,000 Raw Ideas
300 Selected Ideas
125 Small Projects
Medium/Big
Projects
Prototype Produc-tion
Commercial SuccessMarket Launching
New Product development
5
Start-up Cycle 3+2
Invention/
Idea
Angel/
Commercialization
Venture/
Marketing
Expansion
Virtuous
Recovery
Cycle
Business
Activity
Value
Creation
Investment Creativity Tech·IP Product·Service
Leading
Venture’s
Open
Innovation
Re-try
Chance
given
when fails
Output Tech·IP Product Service‧ Customer and Market
Capital
Activity
Value
Distribution
Funds Invention Capital Angel Capital Venture Capital
Recovering
Market Tech·IP Market M&A IPO
3 2
6
Virtuous Cycle Model
Devil’s River Death Valley Sea of Darwin
Research Development Commercialization Industrialization
Research Develop-ment
Commercializa-tion
Globalization
Re-try
Expansion Virtuous Cycle
Recov-ery Cy-
cle
Business Activity
Value Cre-ation
Capital Activity
Value Dis-tribution
Idea Technology & IP Product & ServiceCompetitiveness
Improvement Market Domina-
tion
Inven-tion Cap-
ital
IP & Technol-ogy Market
Angel Capital
M&AVenture Capital
IPO
Invention / Idea Cycle
Angel/Commercialization
Cycle
Venture/Marketing
Cycle
Devil’s River Death Valley Sea of Darwin
Korea’s Start-up Ecosystem
Comparative study of Startup eco-system between Japan & Korea
1st Venture Boom
1996 1998 1999 2000 2002~2012 2013~ 1997
Establishment of Korea Venture Business Association
1995
Establishment of KOSDAQ
Venture Special Law
Ice Age of Venture 2nd Ven-ture Boom
Laboratory Start-up Movement (Technology Commercial-ization)
INKE Establishment (Globalized)
Korea Technology Transfer Center Establishment
2002 Venture Healthiness Policy
① Conservative Shift of Venture Certifica-
tion
② Conservative Shift of Stock Option
System
③ Merger of KOSDAQ and KOSPI
④ Merger of Technology Transfer Center
History of Korea’s Venture
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In 2000, high-risk high-return World’s Best Venture Ecosystem
Korea Venture Business Association
Ad-vanced Work-force
Stock Op-tion
Lab-Startup Sys-tem
Technology Transfer Center
KOS-DAQ
Venture Law
INKE
Globalization
World’s First
World’s First
World’s First
World’s Sec-ond
World’s First Competitive System
Number of Ventures: World’s largest in the US (In-
dustry)
KOSDAQ: World’s largest in the US (Finance) 9
Venture’s Outcomes of 19 years
454 Billion Ventures 100 trillion(‘12)
8 of 1 trillion ventures appeared
Only alternative to national growth and employment
Big Com-pany
Global Market Compe-tence
Growth Traction
Polarization Prob-lem
VentureInnovation Compe-
tence
Growth& Employ-ment
Polarization re-solved
Contribution to Economic Growth 1.1%
Total Sales
300 Trillion
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Total Sales 300 TrillionTotal Employment 150 Trillion
Current Status
•For ventures’ foreign patents and international standards status, ‘Do not possess foreign patents and international standards’ is the highest with 55.3%
Industrial Property Rights & Application Status
•Among ventures, companies previously invested by Angel Investor were 1.9%
Angel Investment Experi-ences
•For ventures’ venture capital investment experi-ence, ‘Do not have any experience’ is 96.0%
Venture Capital Investment Ex-perience
•‘Never consider M&A’ is 94.6%
M&A Consideration level and type
•Only 0.9% among ventures was listed on current KOSPI or KOSDAQ
Listed Status
•On average, founders fail 1.3 times
Average Failures of Founders’98’99’00’01’02’03’04’05’06’07’08’09’10’11’12’13
0
5000
10000
15000
20000
25000
30000
35000
2,042
4,934
8,798
11,392
8,7787,7027,967
9,732
12,218
14,01515,401
18,893
24,64526,148
28,19329,135
신기술
벤처투자
연구개발
기술평가보증
기술평가대출
예비벤처
합 계
Number of Ventures
New Technology
Venture Investment
R&D
Technology Evaluation Assur-anceTechnology Assessment Loan
Preliminary venture
Total
MOT
IP CEO
Policy and Program
Private/Millitary Technology Hold-
ings Company
ACTDsys-tem
Technology Hold-ings Company
Future Technology Holdings Com-
pany
LINCcol-lege
University Tech-nology Holdings
Company
NTB
Accelera-tor Techno Park
Start-up Lead-ing CollegeBiz-Cool
RTTC
TLO
Lab Com-pany
laboratory start-up
Leading Venture-re-lated Technology
Start-up
TIPS
IP-Market
Entrepreneurship Education
Technology Transfer Policy
Start-up Policy
Space for Start-up Policy
Technology Market Policy
Education of Min-istry
Small and Medium Business Administra-
tion
Ministry of Sci-
ence, ICT and Fu-
ture
Depart-ment of
Commerce Industry
Korean In-tellectual Property
Office
Ministry of Na-
tional De-fense
Support Cen-ter for Foun-
dation
1 Creation Company
Re-search
Develop-ment
Commercializa-tion
Globalization
Devil’s River Death Valley Sea of Darwin
Invention/ Idea Cycle Concept Invention/Idea Cycle is a cycle between Value Creation (Business Activity) in
which ideas transform into technology & IP and Value Distribution (Capital Ac-
tivity) that is composed of Invention Capital, that invests into Value Creation
stage, and IP Market, that transacts and re-collects IP from the stage
The importance emphasized in Creative Economy where venture’s value turns
into Intellectual Property
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Research Develop-ment
Commercializa-tion
Globalization
Re-try
Expansion Virtuous Cycle
Recov-ery Cy-
cle
Business Activity
Value Cre-ation
Capital Activity
Value Dis-tribution
Idea Technology & IP
Product & ServiceCompetitiveness
Improvement Market Domination
Inven-tion Cap-
ital
IP & Tech-nology Mar-
ket
Angel Capital M&A
Venture Capital IPO
Invention/ Idea Cycle
Angel/Commercialization
Cycle
Venture/Marketing
Cycle
Devil’s River Death Valley Sea of Darwin
Invention/ Idea Cycle Policy and Program Invention/Idea Cycle is a process of crossing Devil’s River, in which values like
IP are created from creativity · ideas via R&D, so its policy and program focuses
on supports on crossing Devil’s River
In the cycle, its business activity is composed of input stage with en-
trepreneurship education that supports creativity and idea creations and out-
put stage where technology · IP creation and commercialization are supported
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Invention/ Idea Policy Supportive Programs
Business Activity
Value Creation
Input Creativity Entrepreneurship Education Start-up Leading College, LINC
College, Biz-cool, IP-CEO
Output Tech·IP
Technology Transfer
Commercialization Acceleration
Policy
TLO, Technology Holding
Company,
Laboratory Start-up
Capital Activity
Value Distribution
FundsInvention
Capital IP Finance Activation Intellectual Discovery
Recovery
Market Tech·IP Market IP Market Activation
NTB, NTIS,
IP Market
Invention/ Idea Cycle Status and Problem
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1. Korea’s IP Eco-system Status
2. Technology Commercialization Status
3. Korea’s IP Finance Status
Insufficient patent quality, but excessively biased to quantity
Rate of technology transfer and technology income shows poor outcomes of technology commercialization
Insufficient public-centered IP Finance, private market activation and ease of access, etc
As a solution, business activity stage should be changed to creative research
In capital activity stage, 1) Invention Capital reinforcement and 2) IP Recovery market
activation are needed
Angel/Commercialization Cycle Concept Angel/Commercialization Cycle is a stage where technology or IP created from
the previous (Invention/Idea Cycle) are transformed into a product or service,
and start-up begins in earnest in this stage
Angel Capitals appear in this cycle, investing on entrepreneurs who have found
business opportunity, and angel investors usually collect funds from middle re-
covery market like M&A
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Research Develop-ment
Commercializa-tion
Globalization
Re-try
Expansion Virtuous Cycle
Recov-ery Cy-
cle
Business Activity
Value Cre-ation
Capital Activity
Value Dis-tribution
IdeaTechnology
& IP Product & Ser-vice
Competitiveness Improvement
Market Domination
Invention Capital
IP & Technology Market
Angel Capital
M&AVenture Capital IPO
Invention/ Idea Cycle
Angel/Commercializa-
tion Cycle
Venture/Marketing Cy-
cle
Devil’s River Death Valley Sea of Darwin
Angel/Commercialization Cycle Policy and Program
Technology support and investment that supports commercialization
is important to pass Death Valley in where technology developed via
R&A turns into products and services
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Angel Cycle Policy Supportive Programs
Business Activity
Value Creation
Input Tech·IP
Venture Certification
Policy
Accelerator
TIPS
Support Center for foundation
Techno park
Guro Digital Valley Output
Product·
Service
Capital Activity
Value Distribution
Funds Angel Capital Venture Funding
Ecosystem Virtuous
Cycle
Technology Guaranteed Fund
Small and medium Business Corporation
Recovery
Market M&A M&A Activation Funds
Angel/Commercialization Cycle Status and Problem Korea’s Angel/Commercialization Cycle (Start-up stage) is composed of Busi-
ness Activity (Value Creation) that completes product and service production based on technology and patents, which are results of R&D, and Capital Activity (Value Distribution) of Angel Capital and M&A market. Both are insufficient
Private Angel Investors Status in Korea
’00 ’01 ’09 ’10 ’11 (’12)
5,493 3,409 346 341 428 522
100M\
Roles of angel investors in the begin-
ning of business start-up are very im-
portant to survive, domestic market
is insufficient (1/40 of US, at least
800 billion needed per year)
Korea’s M&A Sta-tus
Only some markets such as mobile ventures or game industry have relatively active win-win M&A (A&D), when mostly shake-up M&A in Korea
100B\#
Limited government’s supply-driven funding for expanding small scale angel in-vestment
Introduction and activation of cloud funding as micro angel Angel funding recovery market (Korea Technology Transfer Center) needed via
M&A recovery market activation
Venture/Marketing Cycle Concept Venture/Marketing Cycle is a stage that secures domestic markets beyond
commercialization stage and enters global market, crossing Darwin’s Sea, and
it is Maturity/Growth stage in Venture’s developmental stages
The cycle crosses Darwin’s Sea, securing and expanding domestic and interna-
tional customers and markets with products and services succeeded in com-
mercialization, and market entry and expansion requires much more expense
than technology development
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Research Develop-ment
Commercializa-tion
Globalization
Re-try
Expansion Virtuous Cycle
Recov-ery Cy-
cle
Business Activity
Value Cre-ation
Capital Activity
Value Dis-tribution
Idea Technology & IPProduct & Service
Competitiveness Improvement
Market Domina-tion
Invention Capital
IP & Technology Market
Angel Capital
M&AVenture Capital IPO
Invention/ Idea Cycle
Angel/Commercializa-
tion Cycle
Venture/Market-ing Cycle
Devil’s River Death Valley Sea of Darwin
Venture/Marketing Cycle Policy and Program Ventures secure domestic markets, and depends on direct financing
via institutional investors like venture capitals and IPO to approach to
global market
Therefore, the core of venture/marketing cycle policy is to make in-
vestment securement from venture capitals and financing in
KOSDAQ market easy
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Venture Cycle Policy Supportive Programs
Business Activity
Value Creation
InputProduct·
Service Global hidden
champions upbringing
policy
World Class 300 Project
Global hidden champions upbringing policy
Korean hidden champions upbringing
Frontier Champ
Trade Champs ClubOutput
Customer·
Market
Capital Activity
Value Distribution
Funds Venture Capital Venture Funding
Ecosystem Virtuous
Cycle
-
Recovery
Market IPO -
Venture/Marketing Cycle Status and Problem As recovery market has rapidly declined after mergers with KOSPI, listed com-
panies has reduced from 200 per year to 20 per year and overall venture in-vestment and recovery cycle are not operating properly
Ventures has fallen into swamp of growth (history 10~20years): Sales in-creased and net profits decreased
Number of Billion Ventures increased 10 times, Market Recovery de-creased 1/10
2005
2006
2007
2008
2009
2010
2011
2012
2013
050
100150200250300350400450
68 78102
152202
242
315
381416
천억벤처수#
Billions Ventures NumberKOS-DAQIPO
Reduction
Increase
Time re-quired for IPO
Longest 7 yrs
Longest 14 yrs
Long-term element to IPO KOSDAQ New listing reduction
Recovery/Virtuous Cycle Concept Because 98% of small and medium company’s funds are provided from loans,
entrepreneur · CEO can be delinquent borrowers and resurgence can be hard
Due to increase number of delinquent borrowers by business failure, increases
of preference to socially safe jobs occur, and as a result, the young tends to fo-
cus on civil service examinations rather than start-ups
22
Research Develop-ment
Commercializa-tion
Globalization
Re-try
Expansion Virtuous Cycle
Recov-ery Cy-
cle
Business Activity
Value Cre-ation
Capital Activity
Value Dis-tribution
Idea Technology & IP Product & ServiceCompetitiveness
Improvement Market Domina-
tion
Inven-tion Cap-
ital
IP & Technol-ogy Market
Angel Capital
M&AVenture Capital
IPO
Invention / Idea Cycle
Angel/Commercialization
Cycle
Venture/Marketing
Cycle
Devil’s River Death Valley Sea of Darwin
Recovery/Virtuous Cycle Status and Problem
Lack of ‘Safety net of Innovation’ that can solve ‘Fear of Failure’
- Obstacles to start-up in earnest and re-challenge activation
Very big personal burdens on social· cultural, systematic failures
- Especially joint surety lowers business will, and acts as high exit barri-
ers
Safety Net of Innovation
= Entrepreneur's joint surety + Angel Investment Ecosys-
tem Failure in complex system like venture ecosystem is only matter of
probability. Therefore, should always take account of unpredictable
situations
It is better to have various policies related to resurgence·rechallange
than nothing, but need venture safety net to prevent future credit
defaulters
Japan’s Venture Ecosystem
Comparative study of Startup eco-system between Japan & Korea
Sources by Hyung-Oh Lee/ TaeHun Oh
Venture-related Policy History1970s 1980
s1990s
After 2000Appearance of R&D
CompanyGrowth of Venture
CapitalEducational-Indus-trial-National Inte-
grated
Government and Peo-ple Joint Fund Private
sector Activation1st Boom
1970~19732nd Boom
1982~19863rd Boom
1994~19994th Boom
2013~
Venture introduced ‘Knowledge-intensive
industry’ by Industrial Standards Commis-sions
Japan Venture Busi-ness Association launched
Kyoto Enterprise De-velopment (KED) es-tablished
JAFCO established VEC established
Bond with Warrant Sys-tem founded
Japan ASEAN Invest-ment established
First investment asso-ciation, JAFCO 1 estab-lished
KSP established, Techno-police law en-actment
IPO market revolution New Business Confer-
ence, Foundation Tech-nique Laboratory Cen-ter established
Small&medium In-vestment Promotion privatized
JAFCO going public Recruit incident hap-
pened New Business Act en-
actment
New Business Investment foundation
JASDAQ established Ministry of International
Trade and Industry estab-lished New Industry Promo-tion department at Indus-trial Policy Bureau
Small & Medium creative activity promotion law en-acted and Venture Founda-tion established
New Business Law enacted (Stock Option system in-troduced)
Revision of commercial law (Stock Option banned)
Angel Tax founded LPS law enacted University Technology
Transfer law (TLO law) en-acted
Small & Medium Integrated business group started Venture Funding Business
Industry Boost up Law
IT Bubble Decay Planned 1000 University Ven-
tures (Hiranuma Plan) Small&Medium Challenge
support law Small&Medium Invest Busi-
ness Limited Company Law enacted
LLP law enacted Company law, Financial In-
struments Exchange law en-acted, Livedoor shock
Angel Tax Expansion Industrial Innovation Organi-
zation established New JASDAQ launched Listing Standards like Mothers
enacted Financial Strategy, Growth
Strategy presented at Abe-nomics
Japan Stock Exchange group launched
Various National-and People’s fund established
Japan Venture Industry Status
26
There is no venture certification policy in Japan, but about 5-6 thousands of ventures are esti-
mated | Targeted venture type distribution |
Category Jobs% in
2012 111 An-
swered
% in 2013 118 An-
swered
IT-related
Communications/ Network 3.6 6.8
Computer Software 29.8 38.2
Computer Hardware. IT Service 18.0 12.7
Semiconductor/Other Electron-ics 9.0 4.2
Bio/Health-care
Bio Technology 2.7 5.1
Medical, Healthcare related 6.3 7.6
Energy/ Envi-ronment
Industry, Energy 8.1 4.2
Environment related 6.3 1.7
Product/ Ser-vice
Consumer service, Sales 8.1 5.9
Finance, Insurance, Real estate 0.9 0.9
Business Service 7.2 12.7
| Targeted venture stages distribution |
later
expan-sion
early
seeds
2013yr(119 answered)
2012yr(108 answered)
| Targeted venture prospect |
2013 Future Research( 117 answered in March
2015)
2013 Current Research( 117 answered in March
2014)
2012 Future Research( 110 answered in March
2014)
2012 Current Research( 110 answered in March
2013)
Sales decreased/Profit de-creasedSales decreased/Profit in-creased
Sales increased/Profit in-creased
Sales increased/Profit de-creased
| Targeted venture challenges |
Others
Technology Develop-
ment
Market Expan-
sion
Funding
The tal-ented se-curement
2013yr(119 an-swered)2012yr(108 an-swered)
University and Ventures
27
| Number of Ventures founded by Univer-sity |
Number of Establishment each yearCumula-tive
Number of Establish-
ment each year
Be-fore
1994
Planned to estab-lish 1000 of univer-sity ventures for 3 years from 2002 to
2004 (Hiranuma Plan)
| University venture’s income situations (2012) |
New establishments (To-tal2027) Liquidation/closure/dissolution/bankruptcy/suspension/sleep(Total154) Company sale / merger / transfer of some business (Total 49) IPO (Total 24)
New estab-
lish-ments
Be-fore
1994
| Number of New foundations and Changes after the estab-lishment |
Number of Changes after es-tablish-ment
Total Number of
Company
Numbers per years
Com-posi-tion
Ratio(%)
Less than 5 years
Less than 5 – 10
years
Less than
10-15 years
Less than
15-20 years
Over 20
years
Surplus 166 9 66 70 10 11 54.6
Deficit 138 17 52 52 11 6 45.4
Total 304 26 118 122 21 17 100.0
Enterprises and Venture
28
Venture Distribution year distribution
New Business proposal and House Venture System actually used in past 3 yearsThere were systems, but never used in past 3 years
No systems, but interested
No systems, Not interested
No answers
Current Situation of New Projects Proposal System and House venture system (n=308)
Cannot evaluate effectively used values
Lack of matching chances with ventures, High Search Cost
Complexity of cutting parts of company off
When invested, value evaluation of enterprises and business is hard
Decision making process and speed in Big company &
medium company
Taxes on Organizational Di-vision
Taxes on Procurement
External Man-agement
Volunteering Activity
Common
Internal Man-agement
Volunteering Activity
Network formation between Big companys and Ventures
Provide Know-How and support tasks for applicants
Reform of awareness of management class
Incentives by supporting funding and taxation preference
Corporate Venturing related assignments and policy
Japan Venture Industry Financing Market
29
Financing Source (Number of rates : Multiple responses)
Financing Source(Amount Ratio : Multiple responses)
Number of financing highly depends on oneself, relatives,
friends
Financing amount depends on venture capital
Self, Relatives, Friends
Bank (Loans in-cluded)
Venture Capital
Private Company
Public Institutions
Private Investors (Angels)
Foreign Capital (In-vestments from foreign)
2013 (116 An-swered)2012 (105 An-swered)
2013 (116 An-swered)2012 (105 An-swered)
Self, Relatives, Friends
Bank (Loans in-cluded)
Venture Capital
Private Company
Public Institutions
Private Investors (Angels)
Foreign Capital (In-vestments from foreign)
Japan Venture Capital
30
Comparison of yearly VC Investment in US, Eu-rope, Japan VC Invest-ment
Investment per one VC in-vestment in Japan, US, Eu-rope(2006)
USA EU Japan(100M¥ )
(Million ¥ ) USA EU Japan
Japan Angel Investment
31
Number of companies with pre-checkNumber of companies actually in-vestedAnnual Direct Investment
One million yen
Comparisons of Angel Investment in Japan and USA
Japan USA
# of Investors About 10,000 About 230,000
Annual InvestsAbout 1,000,000-3,000,000
yenAbout 50 million yen
Annual Total Invests About 20 billion yen About 2.5 trillion yen
Japan Venture Industry Recovery Market
32
Numbers and gravity for each recovery type
Number
Others
stock repur-chase
disposal
refund
going public
Others
stock repur-chase
disposal
refund
going public
Japan IPO Market
33
Annual IPO numbers
Others
# of com-pany
# of Company in Existing Market
# of Company in New Market
# of Funded Company by VC
Number of IPO has significantly decreased after reaching 188 of IPO in
2006
Number of IPO reached 54 in 2013 after Abe government in 2012
Venture-related Supportive Policy Status
34
Cabinet, Congress
Ministry of Economy, Trade and Industry
Ministry of Education, Culture, Sports, Science and Tech-
nology
Finance Ministry
Ministry of internal af-fairs and communica-
tions
LocalEconomic and Indus-trial De-partment
Local Gov-ernment
JST
Colleges and Com-
panies
Ventures
Japan Fi-nance Corpo-
ration
NICT
IT Ventures
Economic Industrial Policy BureauNew Industrial
Chamber
Small and Medium Business Administra-
tion
SME-based organiza-tions
Industrial Innovation Agency
Korea & Japan Venture Ecosystem Com-
parison
Comparative study of Startup eco-system between Japan & Korea
Korea’s Venture Ecosystem Analy-sis
36
특허출원
IP 로열티
엔젤 캐피탈
M&A벤처 캐피탈
IPO
평균 실패 횟수
0.0
0.5
1.0
Korea
Supply-centered Korea’s Venture Ecosystem (Too much government inter-
vention)
Need to activate Angel capitals and Recovery market (M&A, IPO) 요
Strong Patent Applications
IP loyalty deficit
Angel Capital only 1/40 of US
M&A 1/6 of China
1.2 trillion scale of Venture Capi-tal
IPO can’t catch up with Venture capital
Average 1.3 times of failure
Patent Application
Average failures
IP Loy-alty
Angel Capital
Venture Capi-tal
Japan’s Venture Ecosystem Analy-sis
37
특허출원
IP 로열티
엔젤 캐피탈
M&A벤처 캐피탈
IPO
평균 실패 횟수
0
0.5
1
Japan
Technology-centered Japan Venture Ecosystem
Invention/Idea cycle is the strength, rests (recovery market) are
weak
340,000 Patent Applications per year
IP Loyalty Surplus, Competitive Patents
Small Angel Capitals
Small M&A relative to economy
Smallest scale of venture capital among 4 countries
Need to expand IPO scale
Hard resurgence of venturers
Patent Application
Average failures
IP Loy-alty
Angel Capital
Venture Capi-tal
Venture Ecosystem Type and Fea-ture
특허출원
IP 로열티
엔젤 캐피탈
M&A
벤처 캐피탈
IPO
0
0.5
1
특허출원
IP 로열티
엔젤 캐피탈
M&A
벤처 캐피탈
IPO
0
0.5
1
특허출원
IP 로열티
엔젤 캐피탈
M&A
벤처 캐피탈
IPO
0
0.5
1
특허출원
IP 로열티
엔젤 캐피탈
M&A
벤처 캐피탈
IPO
0
0.5
1Patent Application
Venture Capital
IP Loyalty
Angel Capi-tal
Patent Application
IP Loyalty
Angel Capital
Patent Application
IP Loyalty
Angel Capital
Patent Application
IP Loyalty
Angel Capital
Venture Capital
Venture Capital Venture
Capital
Korea China Japan USA
Supply-centered Market-oriented Technology-oriented Balanced
• Highest patent applications relative to populations
• Insufficient excellent patents
• Patent application amount increased
• Can’t keep up with eco-nomic growth
• 340,000 patent applica-tions per year
• Increasing IP loyalty
• 500,000 patent applica-tions per year
• High quality of patents
• Angel capital, , lowest M&A
• University Technology hold-ings company as angel capital
• $20 billion scale M&A mar-ket
• Similar to Korea
• Overwhelming scale of Venture capital
• $ 40 billion scale of M&A market
• Venture Capital with a scale of $1.2 billion
• $ 9,000,000,000 scale ven-ture capital
• World’s largest IPO market relative to GDP
• $ 1.2 billion scale venture capital
• $ 29 billion scale of ven-ture capital
• World’s largest IPO market
Korea·Japan Venture Ecosystem Comprehensive Comparative Anal-ysis
39
Cycle Element Analysis
Invention/Idea Cycle
Patent Applica-tion
○ High number of patent applications relative to popula-tion○ USA, Japan, Korea in order of absolute quantity basis
IP Loyalty ○ More incomes than expenses via IP in USA and Japan○ Deficit in Korea
Angel/Commer-cialization Cycle
Angel Capital ○ Overwhelming scale of USA Angel Capital○ Korea.Japan are short of 0.01% relative to each coun-try’s GDP○ Korea and Japan in similar levels
M&A ○ About 400 billion in US○ Unsatisfied in Korea and Japan
Venture/Market-ing Cycle
Venture Capital ○ USA, Korea, Japan in order of largest GDP relative scale
IPO ○ Especially Japan has small IPO scale ○ Rapidly declined since 2001 in Korea
Recovery/Virtu-ous Cycle
Average failure number
○ On average, 2.8 in US○ On average, 1 in Korea and Japan