This study aims to diagnose the structural problems hindering the sustainable growth of domestic green bio companies and to propose effective industry promotion measures by empirically analyzing the impact of key growth drivers—external collaboratio...
This study aims to diagnose the structural problems hindering the sustainable growth of domestic green bio companies and to propose effective industry promotion measures by empirically analyzing the impact of key growth drivers—external collaboration, Research and Development (R&D), and productization—on business performance.
For the analysis, data from the 'Annual Survey of the Bio Industry' conducted by the Ministry of Trade, Industry and Energy and the Korea Bio Association were utilized, selecting a sample of 1,680 venture-certified companies from 2020 to 2023. Multiple regression analysis was performed to test the research hypotheses.
The analysis revealed that the business performance (sales revenue) of green bio companies is significantly and positively influenced by external collaboration activities, such as joint ventures and collaborative R&D, as well as by internal R&D investment and productization success. This implies that the process of utilizing external resources, accumulating internal capabilities, and converting them into marketable products is essential for corporate growth.
These findings provide the practical implication that, for domestic green bio companies at their current stage, a strategy of enhancing the efficiency and success rate of technology development through collaboration with external partners is more effective. In conclusion, this study proposes policy recommendations, including strengthening support for external collaboration by vitalizing joint R&D platforms that connect industry, academia, and research institutes. It also calls for tailored support measures for small-scale enterprises, such as simplifying regulatory approval processes for productization, expanding public infrastructure, and facilitating market entry through public procurement programs.