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This study focuses on the evolution of platform companies from the perspective of venture ecosystem development. Since traditional tycoons have a governance structure of owner-oriented companies, they can be a platform for production assemblers who have led outsourcing of H/W ventures through closed innovation activities. On the other hand, since IT platform companies have the governance structure of professional management companies, it can be a platform for market makers who mediated the commercialisation of S/W ventures through open innovation activities. Based on these discussions, this study conducted an empirical analysis on Naver, a representative IT platform company in Korea, to investigate the effects of open innovation activities on IT platform companies’ market value. As a result, among the outward-type open innovation activities, ‘Affiliated companies divided into affiliates’ and ‘Affiliated companies started new businesses’ had a positive effect on Naver's market value rather than Naver's headquarter. Second, among inward-type open innovation activities, ‘Headquarter invested in a venture fund’, ‘Affiliated had J/V with external companies’, and ‘Headquarter acquired external companies’ had a positive effect on Naver's market value.

The impact of a platform company's open innovation activities on its firm value: in the perspective of the venture ecosystem