Governments of European and Asian countries are operating a policy for promoting high-tech ventures in order to replicate the Silicon Valley Model. However there is little empirical evidence on the effectiveness of such a promotional policy. Traditionally there is some controversy concerning the governmental intervention’s economic value. The institutional theories argue that the government support is crucial to organizational vitality. On the other hand, other scholars argue that firms’ strategic adaptation to the changing market is more essential to succeed. We attempt to examine whether the high-tech ventures which were certified by the Korean government and have received various governmental benefits are really entrepreneurial as expected and achieve higher rate of job creation and technological innovation. We also investigate how much influential the membership as a certified venture is to achieve the performance comparing with individual management factors including entrepreneurs’ characteristics and strategic tools.