新創事業吸引外來資金關鍵成功因素研究

New start-ups to attract foreign capital Critical Success Factors

湯凱莉(KAI-LI TANG)

指導教授 ： 許嘉文

國立中正大學/管理學院/高階主管管理碩士在職專班/碩士(2015年)

摘要

本研究所謂新創事業，根據中小企業處創新育成中心的定義係以設立5年內的企業，並符合中小企業認定標準之中小企業均屬之。台灣企業數量有99.7％為中小企業，而在中小企業裡面新創事業比重達80％以上，因此新創事業佔台灣整體企業比重頗高，若能健全發展對台灣產業至關重要。
新創事業隨著業務成長，資金的需求也會隨之提升，以用來支應產品/技術研發、生產、通路拓展、市場行銷….等一切費用，擁有穩健的資金來源如同生物流動不絕的血液，因此，新創事業如果能夠獲得外來資金穩健的投入，將是確保新創事業能夠長久經營的關鍵，也是本研究的核心思維。
新創事業的外來資金類型，本研究分為「公部門」與「私部門」兩類，從孕育期、嬰兒期、學步期到青春期，每個階段獲得的資金來源也會不同，孕育期多半資金來自個人、家人與朋友這類的自有資金，用於產品及技術開發，等到商品與技術具備雛形，準備到市場銷售邁入嬰兒期時，就會開始導入外來資金。此時外來資金，以公部門的優惠政策補助為主要的來源，因為成功取得的機會高。運用公部門資源，企業擴張邁入學步期，此刻開始會有營業成果，與私部門的資金往來就會開始出現，尤其是小額信用貸款或是公部門的優惠貸款。學步期的成果，加上資源協助朝向青春期發展，邁入青春期的新創事業，在產品、服務、通路方面會有一個基本的營運成效，此刻開始接觸私部門的天使投資人，以獲得更多的資金，加速企業邁進。
本研究發現，要成功獲得公部門與私部門的外來資金，必須要有以下的關鍵特性：
1.公部門政策補助前三大首重：「創新性分析」、「市場需求分析」、「競爭力分析」。
2.私部門創投資金前三大首重：「投資報酬/營運績效分析」、「風險評估分析」與「創新性分析」。
由於，公部門是希望資金的投入，能提升整體產業與國家的經濟實力，而私部門則是以投資人的投資報酬率為主，因此新創事業在募集資金的過程必須了解，在當下企業的營運體質，是否已經具備吸引私部門高投資報酬的吸引力，以及低投資風險的條件，如此才有高成功機會。

關鍵字

個案研究 ； 關鍵成功因素 ； 企業生命週期 ； 外部資金

並列摘要

According to the definition of the Small and Medium Enterprise Administration of the Ministry of Economic Affairs (SMEA), “New start-ups” means those businesses which set up in five years. There are more than 99.7% small and medium enterprises (SMEs) in Taiwan. Among which more than 80% are new start-ups. For this reason, it is important to build a healthy environment for the new start-ups.
With business growing, new start-ups will need more funds for product/ technology research and development, production, channel development, and marketing. Like blood to nature beings, stable funds resources are keys to keep new start-ups survive and long term operation. It is the core concept of this study.
This study divided the outside fund resources into two categories, "the private sector" and the "public sector". The business life-cycle (stage) of new start-ups will from gestation, infancy, toddlers to adolescence. The resources of funding will be different at each stage. At the incubation period, most funds come from founders, family and friends. When product and technology more and more mature, the goods and technology developed into prototype and are ready for market, business will begin to get outside capital. At this stage, most of the outside funds will be grant from government/public sector. With the support of public funds, new star-ups expand into the toddler stage. At the toddler stage, new start-ups will operate their business with the market, and they will start to deal with the private funding sectors. Especially small amount credit loans or concessional loans from the public sector. With profits from operation, new start-ups grow into adolescent stage. They will get performance in products, services, channel and marketing. Base on the performance, they will start to contact with angel fund and private investors to get more money, and accelerate their enterprises.
The study found in order to successfully acquire outside funds from public and private sector, the new start-ups should have the following critical features:
1. In order to get the public sector policy grants, they have to provide: "innovation analysis", "market analysis" and "competition analysis."
2. In order to get the private sector venture capital, they have to provide: "investment returns / operational performance analysis", "risk analysis" and "innovation analysis."
The major goal for public sector to invest funds is to enhance industry and macro economy development. And the private sector is focus on the return of investment. Therefore, when new start-ups raise funds, they have to understand which stage they are now. And what is the major concern for the funds provider. Only when they meet the key factors, then they can successfully attract the private sector and the public sector to provide fund.

並列關鍵字

case studies and outside funding ； critical success factors ； corporate life cycle

參考文獻

湯安正（2012）。企業成長與關鍵成功因素之研究-以C公司為例（未出版之碩士論文）。國立中正大學，嘉義縣。

Adizes, I. (1998). Corporate Lifecycles: How and why Corporations Grow and Die and What to do about it. Paramus, NJ: Prentice Hall.

一、中文部分

Startup 2.0 工程師創業手冊–高科技創業經驗分享(2012)。募資–3, 了解Due Diligence (DD，投資風險評估) 的過程，2012年9月22日，取自：http://startup20.org/2012/09/22/%E5%8B%9F%E8%B3%87-3-%E4%BA%86%E8%A7%A3due-diligence-dd%EF%BC%8C%E6%8A%95%E8%B3%87%E9%A2%A8%E9%9A%AA%E8%A9%95%E4%BC%B0-%E7%9A%84%E9%81%8E%E7%A8%8B/

文化部(2011)。文化創意產業優惠貸款要點，2011年1月27日，取自：http://cci.culture.tw/cci/cci/subsidy.php?act=detail&c=299&sn=130