Abstract

This study attempted to analyze success factors of art technology convergence startups using the ERIS model to provide practical insights for future startups. This case study was focused on Yeolmae Company Inc, which had launched Korea's first online art collective purchase platform 'Art & Company' and issued the first arts-based fractional investment securities. This research performed literature reviews and interviews. Key findings are as follows. Entrepreneur factor showed that the founder leveraged business knowledge as an accountant and art experience from gallery work to create a unique business model. Resource factor revealed that the company secured KRW 26.2 billion (approx. USD 20 million) in investments and resources such as advanced storage facilities and a data-based pricing system, enhancing competitiveness. Industry environment factor showed positive changes due to increased MZ generation investment in art and government amendments to the Capital Market Act. Strategy factor revealed that trust was secured through blockchain-based transparent investment platforms with artworks offered at various price points.