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Internal Corporate Venture(ICV) is becoming a core competence that Korean companies must organize in order to seize new business opportunities and encourage Entrepreneurship in the firm. One of the key success factors for ICV depends upon the integrative strategy that they pursue. However, despite the importance of this integrative strategy, few studies have been done on this issue. This paper proposes integrated requirements that should be considered in designing a successful ICV strategy, and suggests the enhancement factors of ICV for a Korean company with existing ICV. In order to verify the objectivity of this proposal, literature review and case studies on 5 US companies(3M, Xerox, Stanford Research Institute, Lucent, Exxon) have been done. Through literature review and case studies, this study found 4 factors to consider in building a successful ICV strategy; 1) congruence among the management policies, 2) selecting criteria for new venture businesses, 3) the designing principles for operating rules, 4) management plans for after the succeed in new venture. This paper will be a useful reference for Korean companies who are in the initial stage of ICV. Also, companies with existing ICV can refer to this paper to validate their own. In building a ICV strategy, a company must consider the 4 factors proposed in this paper.

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This thesis aims to establish the effective corporate venturing process in Korea. Based on the review of various literatures and corporate venturing cases in US and Korea, stages of corporate venturing process are identified such as; i) idea generation, ii) organization of new venture team, iii) venture execution and application of venturing results. Also research framework and five preliminary propositions are generated. To validate these propositions, in-depth case studies are performed including two overseas firms (3M and Xerox) and five Korean firms. Content analyses for overseas firms and interviews with Korean firms are carried out. Qualitative analysis is done for the corporate venturing process of each company through longitudinal and in-depth case studies. In addition, through comparing overseas firms and Korean firms, several success factors are found which can be summarized as follows: First, the types of corporate venturing in Korean firms are somewhat different from those of US firms. Usally, the Korean corporate venturing runs internal ventures as well as venture spin-off. Second, Korean corporate ventures generate and select the business ideas in official manner compared to US firms. Also, Korean corporate ventures do not impose responsibility when they fail in the business. Third, as presented in the research model, the corporate venturing process of Korean and overseas firms operates according to the sequence of stages such as idea generation, organization of new venture team, venture execution and application of venturing results. Finally, the types of venture projects in Korean firms are typically divided into three categories such as; i) technology application type, ii) new business activation type and iii) related diversification type according to the purpose of their corporate ventures and relatedness of business areas for new venture business. Through these case studies, the types of venture projects in Korea are identified. In addition, strategic decision flow diagram of corporate venturing process with critical issues for each stage is presented. The results of this study will be useful to introduce the new venturing system and also to renovate the venturing process in existing companies.

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¼Ò±Ô¸ð ½Å»ý ±â¾÷µéÀÌ ´ë±â¾÷À¸·Î ¼ºÀåÇϸ鼭, ¼ºÀåÀÇ ¹ßÆÇÀÌ µÇ¾ú´ø ±â¾÷ ³» ÀýÂ÷¿Í ±Ô¹üµéÀÌ Á¶Á÷À» ¿ÀÈ÷·Á °ü·áÈ­ÇÏ°í ±¸¼º¿øµéÀÇ Çõ½Å°ú âÀÇÀû ¹ß»óÀ» ÀúÇØÇÔÀ¸·Î½á °á°úÀûÀ¸·Î ±â¾÷ÀÇ °æÀï¿ìÀ§¸¦ ¾àÈ­½ÃÅ°´Â ÁÖ¿äÇÑ ¿äÀÎÀ¸·Î ÀÛ¿ëÇÏ°í ÀÖ´Ù. ±â¾÷µéÀº »ç³» ±â¾÷°¡Á¤½Å(Corporate Entrepreneurship)À» ÅëÇؼ­ ÀÌ·± ¹®Á¦Á¡µéÀ» ±Øº¹ÇÏ°í Çõ½Å°ú âÀÇÀû ¹ß»óÀ» Áö¼Ó½ÃÄÑ ³ÃȤÇÑ °æÀï »óȲÀ» È¿°úÀûÀ¸·Î ´ëÀÀÇÏ·Á°í ³ë·ÂÇØ ¿Ô´Ù. ÃÖ±Ù ¼±µµ ±â¾÷µéÀ» Áß½ÉÀ¸·Î »ç³» º¥Ã³ ÇÁ·Î±×·¥À» SeedÁ¶Á÷À¸·Î ÇÏ¿© »ç³» ±â¾÷°¡Á¤½Å °­È­¸¦ ½ÃµµÇÏ°í ÀÖ´Ù. ÁÖ¿ä Ư¼º °­È­¸¦ ÅëÇؼ­ ±â¾÷°¡Á¤½ÅÀ» È®»ê½ÃÅ°°í ÀÖ´Â »ï¼ºÀüÀÚÀÇ »ç³» º¥Ã³ ÇÁ·Î±×·¥ÀÎ C-Lab »ç·Ê¸¦ ½ÉÃþ ºÐ¼®ÇÏ¿© »ç³» ±â¾÷°¡Á¤½Å Á¦°íÃø¸é¿¡¼­ 1) SeedÁ¶Á÷ÀÌ ¾ÈÂøÇϱâ À§Çؼ­ ±â¾÷ÀÌ Á¶¼ºÇØ¾ß ÇÒ È¯°æÀû Ư¼ºÀÌ ¹«¾ùÀÎÁö 2) »ç³» ±â¾÷°¡Á¤½Å°ú °ü·ÃÇÑ ¾î¶² ÁÖ¿ä Ư¼ºµéÀÌ SeedÁ¶Á÷À» ÅëÇؼ­ °­È­µÇ¾î¾ß ÇÏ´ÂÁö 3) ÁÖ¿ä Ư¼º °­È­¸¦ ÅëÇØ ¾î¶°ÇÑ ¼º°ú°¡ ÀÌ·ç¾î Áú ¼ö ÀÖ´ÂÁö 4) ÁÖ¿ä Ư¼ºµéÀÌ ¾î¶»°Ô ±â¾÷ Àüü·Î ÀüÆĵǴÂÁö µîÀ» Á¶¸íÇÏ¿´´Ù. À̸¦ ±â¹ÝÀ¸·Î »ç³» ±â¾÷°¡Á¤½Å °­È­ ÀýÂ÷¸¦ Á¦½ÃÇÏ¿´´Ù. SeedÁ¶Á÷ÀÇ ¿î¿µÀ̳ª ÀüÆÄ ¹æ½Ä¿¡ À־´Â ±â¾÷ÀÇ °­Á¡°ú ¾àÁ¡¿¡ µû¶ó ¼­·Î ´Ù¸¥ Á¢±Ù ¹æ½ÄÀÌ ÇÊ¿äÇϱ⠶§¹®¿¡ »ç³» ±â¾÷°¡Á¤½Å °­È­ ÀýÂ÷¿¡´Â ¹Ýµå½Ã '±â¾÷ ³»ºÎ ¿ª·® Æò°¡' ´Ü°è°¡ Æ÷ÇԵǾî¾ß ÇÑ´Ù. ÀϹÝÈ­µÈ ÀýÂ÷¿Í C-LabÀÇ »ç·Ê¸¦ Âü°íÇÏ¿© °¢ ±â¾÷Àº Àڽſ¡ ¸Â°Ô ÀýÂ÷¸¦ ±¸Ã¼È­ÇÏ¿© »ç¿ëÇÔÀ¸·Î½á »ç³» ±â¾÷°¡Á¤½ÅÀ» °­È­½Ãų ¼ö ÀÖÀ» °ÍÀ¸·Î º»´Ù.

[ÇØ¿Ü³í¹®]

The history of In-house counsel in Korea started late 1990s not by any laws but by needs of some companies. Up to now, even with a rapid increase of the number of In-house counsel, Korean Lawyers Act does not recognize any section dealing with In-house counsel. In Japan, 2 articles were already enacted in order to regulate the In-house counsel.In case of US and UK, in spite of the financial crisis in those countries the number of In-house counsel has been increased since then. During that time period, the number of law firm attorneys was stagnant. In case of Japan, a country which adopted Law School system a bit earlier than us,no noticeable increase of the number of In-house counsel can be found. A phenomenon observed recently was the decrease of the quality of the law school students in Japan which may resulted in the decrease of the quality of the lawyers years later.In my opinion I believe that the success of the law school graduates as In-house counsels in Korean companies would be the barometer of the success of Korean Law Schools, For the success of the law school, now is the timing to ponder upon the revision of the Korean Lawyers Act in consideration of the double status theory(¡°Doppelberufstheorie¡± in Germany) recognized by German Supreme Court. In other words, In-house counsels shares two different features as a lawyer and employee of the companies under employer-employee relationship. Issues such as Attorney-Client-Privilege, Corporate Social Responsibility, Compliance could be the topics in the revision process.

[ÇØ¿Ü³í¹®]

[Purpose] The term ¡®Sanaeyubogeum¡¯ has drawn great attention from business and political leaders and the press in the recent decade. Corporate Sanaeyubogeum is often being pointed out as the cause for slowdown of Korean economy. It, however, is a misconception caused by a lack of understanding regarding the accounting fundamentals. This study thoroughly reviews the use of the term Sanaeyubogeum and resolve the misunderstanding about the term in the context of accounting.[Methodology] In order to define Sanaeyubogeum which is not an accounting term, we review the accounting standards of Korea, the U.S., and Japan. In addition, we review the current use of the term in common practice. Then this study presents logical explanations for misunderstanding related to Sanaeyubogeum. Finally, this study provides actual corporate cases which are contradictory to the common misconceptions about Sanaeyubogeum, facilitating the in£­depth understanding of the accounting concept.[Findings] There are three typical misunderstandings about Sanaeyubogeum which is defined as the sum of additional paid£­in£­capital and retained earnings. First, Sanaeyubogeum is cash in a corporate safe. Second, increase of Sanaeyubogeum results in the decrease of corporate investment. Third, the retention rate is excessively high. We conclude that these mistandings stem from the lack of understanding about the accounting fundamentals. For example, Sanaeyubogeum is not an asset, but an equity which is the claim for the asset. In addition, there is no correlation between changes in assets (e.g., increase in fixed assets) and changes in Sanaeyubogeum, as they are independently determined.[Implications] This study provides practical implications by clarifying the definition and scope of Sanaeyubogeum which is frequently used as a basis for policy proposals. In addition, this study presents logical explanations for misunderstanding about Sanaeyubogeum, helping the information users understand business activities in a balanced manner. The study also provides a stepping stone for the future studies that may investigate the empirical analysis of Sanaeyubogeum and other aspects of it.

[ÇØ¿Ü³í¹®]

[Purpose] The term ¡®Sanaeyubogeum¡¯ has drawn great attention from business and political leaders and the press in the recent decade. Corporate Sanaeyubogeum is often being pointed out as the cause for slowdown of Korean economy. It, however, is a misconception caused by a lack of understanding regarding the accounting fundamentals. This study thoroughly reviews the use of the term Sanaeyubogeum and resolve the misunderstanding about the term in the context of accounting.[Methodology] In order to define Sanaeyubogeum which is not an accounting term, we review the accounting standards of Korea, the U.S., and Japan. In addition, we review the current use of the term in common practice. Then this study presents logical explanations for misunderstanding related to Sanaeyubogeum. Finally, this study provides actual corporate cases which are contradictory to the common misconceptions about Sanaeyubogeum, facilitating the in£­depth understanding of the accounting concept.[Findings] There are three typical misunderstandings about Sanaeyubogeum which is defined as the sum of additional paid£­in£­capital and retained earnings. First, Sanaeyubogeum is cash in a corporate safe. Second, increase of Sanaeyubogeum results in the decrease of corporate investment. Third, the retention rate is excessively high. We conclude that these mistandings stem from the lack of understanding about the accounting fundamentals. For example, Sanaeyubogeum is not an asset, but an equity which is the claim for the asset. In addition, there is no correlation between changes in assets (e.g., increase in fixed assets) and changes in Sanaeyubogeum, as they are independently determined.[Implications] This study provides practical implications by clarifying the definition and scope of Sanaeyubogeum which is frequently used as a basis for policy proposals. In addition, this study presents logical explanations for misunderstanding about Sanaeyubogeum, helping the information users understand business activities in a balanced manner. The study also provides a stepping stone for the future studies that may investigate the empirical analysis of Sanaeyubogeum and other aspects of it.

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