Pivot of Bio Venture Firms
For ventures and start-ups, the flexible shift in managerial strategy （pivot） has recently been mentioned as a factor influencing their survival and success. On the other hand, it is hard to say that there is enough empirical research why ventures and startups select a pivot.
In this paper, we quantitatively analyzed the factors that determine the pivot of bio venture firms from the point of managerial environment and psychological factors by using questionnaire data obtained from 148 domestic bio venture firms. From the perspective of responding to managerial issues, the results showed that companies with better
quality control are less likely to conduct pivots, and that companies with better understanding of the external environment are more likely to conduct pivots. On the psychological perspective, the results showed that if the CEO is included in founding members, it is difficult to conduct pivots. This result will be an important suggestion for ventures and start-ups whether to choose a pivot.