Entrepreneurship in Emerging Regions Around the World

Entrepreneurship in Emerging Regions Around the World

Theory, Evidence and Implications

Batten Entrepreneurship series

Edited by Phillip H. Phan, Sankaran Venkataraman and S. Ramakrishna Velamuri

The contributors to this book look at the phenomenon of entrepreneurship in emerging regions in India, China, Ireland, Eastern Europe, North and South America, and North and South-East Asia. The organization is designed to take the reader from a general framework for understanding the relationship between economic development and entrepreneurship to more specific examples of how entrepreneurs and their firms respond to the opportunity and threats that are dynamically evolving in such places. The book represents the first serious attempt to suggest new theoretical frameworks for understanding the emergence of entrepreneurship in regions that do not have all of the classical prerequisites (such as financial and human capital, favorable geography, institutional infrastructures, and so on) predicted in extant development models.

Chapter 7: Policy Intervention in the Development of the Korean Venture Capital Industry

Seungwha (Andy) Chung, Young Keun Choi, Jiman Lee, Sunju Park and Hyun-Han Shin

Subjects: business and management, entrepreneurship


1 Seungwha (Andy) Chung, Young Keun Choi, Jiman Lee, Sunju Park and Hyun-Han Shin INTRODUCTION Many governments around the world actively design and implement policy initiatives to promote small businesses as they are an important source of the national income and employment. The public policy for entrepreneurial companies with technological orientation is a differentiated part of those policy initiatives. The success of entrepreneurial companies is defined more by uncertain market forces once they start up with unproven technological ideas. Generally speaking, the serious application of competitive market mechanisms to start-up companies is the best way to promote innovative activities among private companies. However, governments of developing countries trying to catch up with technological advancement have a legitimate incentive to seriously consider socioeconomic externalities of sponsoring entrepreneurial companies. Thus they often intervene in the market for corporate creation and development. From the late 1990s the Korean economy in general shifted its focus from traditional heavy industries to the information and telecommunications industry as a strategic policy sector. Faced with the unexpected financial crisis that started in late 1997, the economy accelerated industrial restructuring processes toward the new economy, supporting the rise of high technology ventures. The purpose of this study is to review the Korean government’s unique policy drivers for promoting venture related industries under changing economic environments, to evaluate their effects on the development of entrepreneurial capabilities at a societal level, and also to draw out new propositions by comparing the pattern the Korean venture industry has...

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