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스타트업이 벤처캐피탈을 선택할 때 영향을 미치는 주요 요소

Key Elements that Affect Selection of the Venture Capital by a Startup

이상명|배태준|김진수
한국벤처창업학회 (The Korean Society of Business Venturing)|2021.04|벤처창업연구 (Asia-Pacific Journal of Business Venturing and Entrepreneurship)|제16권 제2호|pp. 1-17|DOI 10.16972/apjbve.16.2.202104.1

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관계relationship스타트업벤처캐피탈venture capitaliststartupVenture capital투자 심사역투자 포트폴리오가치증대활동선정요소investment portfoliovalue adding servicekey elements for selection

초록

벤처캐피탈과 신생 기업의 투자 관계를 다룬 기존 연구는 주로 투자자인 벤처캐피탈의 입장에서 스타트업을 선택하는데 초점을 맞추었다. 하지만 최근 벤처캐피탈 사이의 경쟁이 높아짐에 따라 기술력이 검증된 우수한 스타트업의 경우 역으로 벤처캐피탈을 선택하는 현상이 나타나고 있다. 본 연구는 스타트업이 벤처캐피탈을 선택할 경우, 벤처캐피탈과 관련된 어떤 요소가 선택에 영향을 미쳤는지 살펴보았다. 이를 위해 복수의 벤처캐피탈로부터 동시에 투자제의를 받은 경험이 있는 국내 스타트업을 대상으로 어떤 벤처캐피탈 회사를 최종 투자자로 택했는지 살펴보았다. 창업 초기단계(Pre-series A/Series A) 창업가 6명, 중기단계(Series B/C) 창업가 5명을 인터뷰하여 벤처캐피탈의 세 가지 요소: 1) 벤처캐피탈 명성(reputation), 2) 창업자와 투자자와의 관계(Relationship), 3) 벤처캐피탈이 제공하는 가치 증대 활동(Value adding service)이 선택에 미치는 영향력을 중심으로 연구하였다. 연구결과, 벤처캐피탈의 명성 중 투자포트폴리오는 매우 중요한 벤처캐피탈의 선정 기준이 되였다. 하지만, 벤처캐피탈의 운용기간과 펀드 운용액은 중요하지 않은 것으로 나타났다. 관계는 매우 중요한 요소로 나타났다. 마지막으로 벤처캐피탈의 가치 증대 활동에 대해서는 본 연구의 스타트업 창업자들은 중요하게 생각하지 않았다. 특히, 벤처캐피탈의 컨설팅과 모니터링은 오히려 스타트업에게 부담을 주는 요소로 작용했다. 본 연구는 투자 경쟁이 치열한 투자시장에서 벤처캐피탈의 투자 성공 확률을 높여주고, 벤처캐피탈과 스타트업 간의 상호 이해를 증진시켜 줄 수 있는 시사점을 제시한다.

Abstract

Existing research on the investment relationship between venture capital and start-up companies has mainly focused on choosing a startup from the perspective of venture capital, an investor. However, as competition among venture capital has increased recently, excellent start-ups with proven technology are choosing venture capital in reversely. This study investigated key elements that affect the selection of the venture capital by a startup. To this end, we looked at which venture capital company was selected as the final investor for startups that have received investment proposals from multiple venture capitals at the same time. Six early start-ups(pre-series A/Series A) and five mid-term (Series B/C) start-ups were interviewed to focus on the influence of the three elements regarding venture capital – 1) venture capital reputation, 2) relationship between cofounders and investors, and 3) value adding service provided by venture capital - on choice. As a result of the research, the investment portfolio among the reputations of venture capital was a very important element in selecting venture capital. However, it has been shown that the age and asset under management of venture capital are not important. Relationships have emerged as a very important element. Finally, as for venture capital's value-adding services, start-ups in this study did not consider it important. In particular, consulting and monitoring by venture capital has been found to be a burdening attribute for startups. This study suggests implications that can increase the probability of successful investment by venture capital in the investment market where investment competition is fierce, and enhance mutual understanding between venture capital and startups.

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