벤처투자 사례에 기반한 계약방식 평가모델 도출 및 ’조건부 지분인수’ 제도 도입 타당성 검토

Abstract

Purpose In this paper, we examine prevailing venture investment contract methods employed by the venture capital community in Korea in order to assess the extent to which they are actually beneficial for developing and nurturing early stage start-ups. Design/Methodology/Approach We evaluate the validity of SAFE (Simple Agreement for Future Equity), a recently adopted investment contract modality in Korea by comparing its position relative to RCPS or Redeemable Convertible Preferred Stock which is established as the most prevailing investment contract method. In doing so, we analyze data on Venture Capital investment contract during the period from 2015~2019 in Korea, through the conduct and qualitative assessment of multiple case studies of early start-ups. Findings We find that the venture investment community in Korea has been relying disproportionately on the RCPS as the prefered venture investment contract method, which, however, works against the interests and success of the start-up by imposing too much risk on the entrepreneur and binding him/her to repay the invested capital at the expense of the longer-term viability of the firm. Research Implications The implication of our study is that striking a good balance between the investor’s risk reduction in redemption and the sustainability of the start-up operation is the key to the successful design and implementation of the institutional framework for venture investment.