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Edited by Kevin Hindle and Kim Klyver
Chapter 11: Are We There Yet? Measurement Challenges in Studying New Ventures
Phillip H. Kim and Howard E. Aldrich INTRODUCTION In the fall of 1999, John Kim met with two colleagues for dinner to discuss the possibility of starting a new business (Morse and Lim 2006). As a tenyear veteran of IBM Korea and KPMG, Kim perceived an opportunity to develop a web-based ‘back office’ software solution targeted at the business-to-business market in South Korea. Kim and his colleagues spent the rest of 1999 exploring this potential business concept. By February 2000, they had filed the necessary papers with the Korean National Tax Service to register their new company, NeoGenius, as a legally recognized entity. They also secured office space, purchased computer equipment, and used their personal savings as initial capital for NeoGenius. During the spring and summer of 2000, the founders of NeoGenius formed partnerships with other established software vendors, filed patents and raised additional angel funding. In November 2000, Kim and his start-up team launched NeoSite, NeoGenius’s flagship software product. As highlighted by the NeoGenius case, entrepreneurs navigate around multiple start-up challenges as they guide their emerging organizations through a series of phases and transitions (Hannan and Freeman 1989; Reynolds and Miller 1992; Ruef 2005). From an evolutionary perspective, business creation is not simply a discrete event, but should more accurately be viewed as a multi-dimensional process based on the achievement of start-up milestones over some period of time (Katz and Gartner 1988; Aldrich and Ruef 2006). These planning, execution or operational milestones may occur sequentially, as commonly taught in...
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