earticle

영어

There are many barriers in the road of bio-venture start-ups to success, such as long term investment, much R&D fund requirement, strict attestation and qualification process, etc. So, there may be different success factors in the bio-industry to other industries. Many researcher demonstrated that the entrepreneurship is important factor to the success of venture business start-up. Also most researcher proposed the entrepreneur's characteristics as critical success factors. This study tried to disclose the main determinants of bio-venture success factors and it's effects on the firm's performance focused on the entrepreneurship and entrepreneurial orientation. From the literature review, many success factors were observed, next step, the screened factors were classified as three aspects, such as characteristics of entrepreneur or manager, organizational external networking capabilities, and entrepreneurial orientation. In the empirical study, to find promising factors, the factor analysis were conducted. As result, four entrepreneurial orientation factors, such as innovative organization, technology enhancement, market orientation, agility were discovered. These four entrepreneurial orientation factors affected significantly to the performance of the bio-venture firms. In the analysis, also, the other factors such as leadership and manager's intrinsic characteristics, and the organization's capabilities to use external resources were important success factors to the bio-venture start-ups.