Sungkonghoe University Professor Wins Best Paper Award for Deep Tech Startup Research

A research team led by Professor Lee Sang-yoon from Sungkonghoe University's Graduate School of Impact Management has received the Best Paper Award at the 2026 Korea Convergence Academic Conference. The award was presented at the Korea Association of Small and Medium Business Studies (KASBS) session, held in Jeju from August 18 to 20.

The winning paper, titled "What Do Regional Funds Bring to Regional Deep Tech Startups: Quantity and Quality of Capital, Complementarity of Research Capacity, and Remaining Gaps," was a collaborative effort by Professor Lee Sang-yoon, Professor Kang Kwang-wook of Salisbury University, and Dr. Kim Sun-woo from the Science and Technology Policy Institute (STEPI).

The research examined the performance of regional funds not just by investment volume but by the 'quantity and quality of capital.' It empirically analyzed the current state of regional funds and policy initiatives like TIPS in Korea, comparing them with regional deep tech ecosystems in the United States and China to identify characteristics and development directions for Korean regional funds.

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This research is meaningful in that it examined the performance of regional funds from the perspective of 'which capital and investors were connected to the region,' beyond just 'how much capital was supplied.'

The analysis revealed that regional funds have contributed to expanding the quantitative base of regional startup ecosystems by increasing regional public venture investments and new startups. However, the study found less significant effects on attracting private and external capital or diversifying investors. It also noted limitations in expanding risk-taking capital, particularly in the very early stages of deep tech.

Based on these findings, the research team proposed that for the development of regional deep tech ecosystems, policy approaches should focus not only on increasing the scale of regional funds but also on enhancing the 'quality of capital.' This includes encouraging the participation of specialized venture capital firms, fostering syndication networks among investors within and outside the region, and strengthening infrastructure for technology commercialization.

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It is also highly significant that this was a joint study combining Professor Kang Kwang-wook's comparative analysis of the US and China with Dr. Kim Sun-woo's research on Korean regional funds and TIPS policy.