Is Equity-Financing Always Optimal for Innovative SMEs? --How ...

第 25 期much larger scope. An article from The Economist 22points out that Israel succeededthrough YOZMA Fund only to the extent that they learned from U.S. how to make deals atinflated prices out of already existing competitiveness, such as the army’s technologicalprowess 23which provided the know-how behind many an Israeli start-up.Another article 24also points out that Israel is seriously lagging behind when it comesto igniting private-sector creativity other than several areas of traditional strength such asinternet security and falls short of building SMEs that mature through time and create wellpayingjobs domestically and decent incomes for middle-class Israelis. The article criticizedIsrael’s business model as being based on selling its existing brains to be adopted overseas.In both articles, it is clear that SME innovation contains multiple areas, not limited toselecting stars, businesses with excellent scalability within a foreseeable time period.Ranging from identifying and selecting R&D projects with commercial feasibilities tonurturing healthy enough SMEs which would increase stability in the ecosystem ofCorporate Korea, the big picture is very complicated and thus requires broadly coordinatedperspectives and proper policy mix.A global solution positively affecting the overall landscape of innovative SME policysegment cannot be found even if Korea creates a program synonymous with YOZMA Fund.Especially, it will hardly solve “Youth Unemployment” problem. It is in fact a mistake.Silicon Valley and YOZMA Fund alike select and grow potential superstars thoroughly22 “Beyond the start-up nation,” Dec 29 th 2010, The Economist: Schumpeter23 The article exemplified camera pills (which transmit pictures from inside human body) came from missilesthat can “see” their targets24 Start-up Nation? Why Israeli Tech Companies Still Often Fail, Samuel Scott, August 17 th 2011162