第一個由政府主導的創業競賽－科技部創新創業激勵計畫始於2013年。邁入第三年，已舉辦了六個梯次。根據科技新報指出，截至2015年4月，其中真正走向新事業發展的僅有38間。因此，本研究欲瞄準獲得優勝的參賽團隊，研究其在創業的歷程中面臨到什麼樣的改變因素，使得參賽團隊改變其方向。 本研究採用個案研究的方式，從FITI計畫歷屆獲得前十名優勝隊伍中挑選出四組作為研究個案，並搭配Timmons Model中所提到的「機會」「團隊」、「資源」及「動態關係」，透過這些面向來探討個案後續新創企業發展的改變因素，及如何與此理論相呼應。 研究結果發現，參與FITI計畫的創業團隊，其後續改變最主要的兩大原因為對未來機會拿捏的不確定性及團隊之間的不協調性；參照Timmons Model，可以很清楚地界定出創業團隊後續改變的因素為何；創業者對「機會」的可控程度為Timmons Model尚未考慮進的因素。 另外，針對研究結果亦提出建議給予未來參賽隊伍，及如何給予FITI計畫政策上的建議。對於參賽團隊而言，一切的因素如合作模式、股權分配等都應在事前談妥。而針對FITI計畫亦提出評審機制、白皮書、技轉三點未來可改進之建議。 / The first entrepreneurial contest held by government was the From IP to IPO (FITI) in 2013. FITI contest had held over two years, nearly 160 entrepreneurial teams, but only 38 of them established companies. Thus, this study aims to explore the reasons why these winning entrepreneurial teams change after the FITI contest. With the method of case study used in this study, four of the top ten winning entrepreneurial teams from over the past years had been chosen as case studies. And by the support of “Opportunity”, “Teams”, “Resources” and “Dynamic Relationships” from Timmons Model, this study aims to explore the reasons why these entrepreneurial team’s changing reasons, also to see how it fits in Timmons Model, and how it interacts with each other. This study finds out that the entrepreneurial teams change because of two reasons, which is the uncertainty to opportunity and the incoherence between team members. Next, the changing reasons can be clearly defined by the use of Timmons Model. Lastly, how much of the controlling power the team held to the opportunity, is one of the factors that Timmons Model had not been considered yet. Last but not least, this study also gave suggestions to the entrepreneurial teams that wanted to attend to FITI contest that everything like division of work should be negotiated at the very first place. On the other hand, three suggestions are also given out to FITI.

隨著經濟全球化的發展，創新創業在國際競爭的地位越來越重要，創新不僅是國家經濟增長的動力，也是企業長期競爭力的關鍵。我國創業投資在電子產業快速發展進程中，扮演緩解新創企業融資障礙的重要角色。近期各項經濟數據均顯示，伴隨國家產業創新政策，電子新創企業在研發投入過程中有嚴重的資源錯置問題。本研究以台灣創投投資電子產業之研發效率為例，研究結果證實電子新創企業於首次公開發行期間具研發效率不足現象，主要原因為企業致力於美化財報，提高資本支出以利當期產出反應高財務績效，而抑制研發投入作為上市（櫃）經營策略。 / Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misallocations of venture capital supported business and identified significant underinvestment of new ventures right before their initial public offerings (IPOs). This is because new ventures have the incentives to adjust the reported earnings by cutting the R&D investment that is supposed to cut the current expense but not to affect short-term operational performance in the market. Therefore, new ventures would typically incur underinvestment in innovation activities right before IPOs.