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Corporate Venture Capital (CVC) Seeking Innovation and Strategic Growth

Author: Ian MacMillan

Publisher: CreateSpace

Published: 2012-04-28

Total Pages: 44

ISBN-13: 9781475275285

This report examines corporate venture capital (CVC) as a model of innovation. CVC programs in established corporations invest in and partner with entrepreneurial companies. By doing so, established companies are able to identify and source new emerging technologies from entrepreneurial companies. CVCs typically make a financial investment and receive a minority equity stake in an entrepreneurial company. CVCs also facilitate investment of in-kind resources into portfolio companies. In return, the parent corporation gains a window on new technologies and strategically complementary companies that could become strategic partners. CVCs generally invest with a combination of financial and strategic objectives. Strategic objectives include leveraging external sources of innovation, bringing new ideas and technologies into the company, and taking "real options" on technologies and business models (by investing in a wider array of technologies or business directions than the company can pursue itself). Corporate venture capital may be viewed in the broader context of corporate venturing, including both internal and external venturing. Internal venturing programs "go inside" the firm and create entrepreneurial ventures from within the corporation. External venturing programs "go outside" the firm and tap external sources of innovation, whether through research collaborations with universities, strategic alliances with other firms, or partnerships with entrepreneurial companies. Often, the firm's internal and external venturing efforts are closely related and interact with each other. CVC programs in established corporations face both inward and outward. They face outward to build relationships with the entrepreneurial venture community, learn about new technology and business directions, and make investments that create new strategic opportunities for the corporation. They face inward to interact with the firm's R&D and business operating units, in order to identify operating units' interests and priorities. CVCs support the corporation's existing businesses by introducing new technologies and partnerships to its operating groups. At the same time, CVCs help identify technologies and opportunities that fall between or beyond the corporation's existing businesses. This report uses industry data and original survey data to describe trends and characteristics of CVC organizations and investments. These data provide insight on a range of issues relating to CVC operations and investments. U.S. Department of Commerce, National Institute of Standards and Technology. NIST GCR 08-916

Corporate Venture Capital

Author: Percival Barretto-Ko

Publisher:

Published: 2011

Total Pages: 77

ISBN-13:

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The decline of innovation has hampered the growth of many large corporations as they seek to remain competitive in increasingly challenging conditions. To complement, and at times, replace their internal Research and Development activities, corporations have attempted to seek innovation externally, through collaborations with academia, government, and start-ups. Over the past half-century, companies seeking innovation and growth have launched Corporate Venture Capital (CVC) arms with varied success. This thesis focuses on the CVC - the challenges it faces, and the opportunities it brings to the sponsoring organization. I contend that, despite a highly cyclical and mediocre performance over the last 50 years, CVCs do create value for the corporation and can be used as a strategic tool for seeking innovation. I introduce The Four O's Framework, which illustrates my recommendation for shaping, developing, and managing CVCs. The framework addresses several issues and hurdles CVCs face today, and provides a prescription for its success as corporations seek to reinvent themselves for the future.

Corporate Venture Capital

Author: Kevin McNally

Publisher: Routledge

Published: 1997-07-10

Total Pages: 349

ISBN-13: 1134733631

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This book addresses the lack of academic and practical research into corporate venturing by examining the role of this activity as both a form of large firm-small firm collaboration and as an alternative source of equity finance for small firms. These issues are explored through surveys of independent fund managers, coporate executives and technolo

Corporate Venturing

Author: Dado Van Peteghem

Publisher: Die Keure Publishing

Published: 2018-05-31

Total Pages: 192

ISBN-13: 2874035076

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Different strategies and tactics to accelerate innovation and growth through collaboration. This is not the hype story of how cool startups are and why you should invest in them with a fund or setup an accelerator. Corporate Venturing is so much more than CVC - Corporate Venture Capital. The aim of this book is to provide insights in the different strategies and tactics to accelerate innovation and growth through collaboration, as well as plenty of cases as examples where these models are successfully applied. This is not a book for people that are looking for complex innovation theories around venturing. Rather it’s a no-nonsense, ready-to-apply comprehensive guide for creating and reviewing your corporate venturing strategy as strategic growth. The book will provide guidance, insights, perspective and inspiration for anyone that has intrests in corporate venturing as a strategy to accelerate growth. Whether you are a large corporate or an upcoming player in the market. With cases from Ricolab, BNP Paribas Fortis, Roularta Media Group, SNCF and Cartamundi. Discover a ready-to-apply comprehensive guide for creating and reviewing your corporate venturing strategy as strategic growth. EXTRACT Attract a-typical ventures For starters, you will attract ventures that you may not have found yourself, because you’re too focused on specific fields. While a company may not fit the profile you’re looking for at first sight, digging deeper may reveal that they are solving the same problem in a different industry, or that they are doing breakthrough work that you hadn’t even considered yet. It’s a more passive approach than scouting, but you will need to keep creating content to keep it going, so don’t underestimate the work. ABOUT THE AUTORS Dado Van Peteghem is one of the leading experts in the digital sector. He is a frequent keynote speaker and entrepreneur. Dado is Founding partner at the consulting firm Duval Union Consulting, co-founder of several startups including Social Seeder, Speakersbase and TrendBase, giving more than 150 speeches per year internationally on topics as digital disruption and transformation, corporate innovation and startup thinking. Omar Mohout, currently Entrepreneurship Fellow at Sirris, is a former technology entrepreneur, a widely published technology author, C-level advisor to high growth startups as well as Fortune 500 companies and Professor of Entrepreneurship at the University of Antwerp, the Antwerp Management School, ULB and Solvay Brussels School of Economics and Management.

Capturing and Measuring the Strategic Value in Corporate Venture Capital

Author: Timothy Chiang (S.M.)

Publisher:

Published: 2018

Total Pages: 66

ISBN-13:

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Corporations are increasingly utilizing corporate venture capital (CVC) as a significant component of their external innovation strategy. Over the past several years, these CVCs have grown to contribute a large percentage of all startup funding in the US. The growing role of CVCs in the innovation ecosystem presents pressing questions around the structures, objectives, and stability of this particular source of funding. After several decades of CVC history, nearly all CVCs have converged onto the dual objective of investing for both strategic and financial returns. It is the existential need to return strategic value back to the parent corporation that separates CVCs as distinct from institutional venture capital (VC) firms. While the survivability and growth of institutional VCs depend solely on financial return performance, the survivability and growth of CVCs depend on demonstrations of both a respectable financial return, as well as relevant and significant strategic returns. This research explores and examines the capture and measure of strategic value in CVC investments through a series of interviews with prominent CVC units representing a cross section of various industries. A framework for characterizing four taxonomies of strategic investment objectives is proposed and used to landscape a sample of CVCs in order to determine whether the capture of strategic value in CVCs is emergent from the system design of a CVC's structure, practices, and organizational linkages. A survey on how CVCs measure direct and indirect strategic value revealed that the vast majority of CVCs were unable to, or do not attempt to measure the performance of this primary investment objective. Both quantitative and qualitative treatments were given to the analysis of the research data on the structures, practices, and strategies related to value capture in strategic VC investments. This research found a wide range of approaches towards capturing strategic value in CVC investments. However, the measurement of such value remains elusive. Very few instances of actual measurement of strategic value were observed, which paints a picture of a significant funding source of US innovation largely unjustified by the lack of performance measurements on existential investment objectives.

Initiating Successful Corporate Venture Capital Investments

Author: Ian C. Yates

Publisher: Forgotten Books

Published: 2015-06-24

Total Pages: 49

ISBN-13: 9781330302620

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Excerpt from Initiating Successful Corporate Venture Capital Investments Abstract 49 large U.S. corporations that make corporate venture capital (CVC) investments as part of their new business development strategies were studied. Venture capital firms were found to be the key deal source of the more successful CVCs. Market familiarity was found to be even more important than technological familiarity in initiating strategically successful investments in small enterprises. Later round investments performed better strategically than did early round financings. CVC financial success flows from its strategic success, which in turn is influenced favorably by strategic focus. Executive Summary The strategies of 49 large U.S. corporations using corporate venture capital (CVC) for new business development were studied and evaluated. Venture capital firms were found to be the key deal source for CVCs making investments in small ventures that the CVCs judge to be successful strategically. Successful CVCs frequently first invest in venture capital funds as a venture capital limited partner, then take a more proactive long-run approach by investing side-by-side with private venture capitalists directly in start-ups. Corporate familiarity with the ventures market was found to be more important in determining strategic success than familiarity with the venture's technology. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Corporate Venture Capital as a Viable Instrument to Foster Innovation

Author: Thomas Kunzmann

Publisher: diplom.de

Published: 2003-05-20

Total Pages: 108

ISBN-13: 3832468331

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Inhaltsangabe:Zusammenfassung: Immer mehr junge Unternehmungen erobern Märkte, die vormals von etablierten Konzernen dominiert waren. Innovationen können verhindern, dass Konzerne langfristig von solchen Unternehmungen verdrängt werden. Corporate Venture Capital (CVC) stellt eine geeignete Form dar das Innovationsmanagement zu unterstützen. Obwohl es eng mit dem Venture Capital Finanzierungskonzept verwandt ist, stellt CVC eine für Unternehmen variierte Form Innovation zu schüren dar. Die Diplomarbeit beschäftigt sich in einem empirischen Teil mit dem Einsatz dieses Instrumentes in einem Entwicklungsland, wo naturgemäß Innovationsaktivitäten weniger ausgeprägt sind. Deswegen stoßen Konzerne beim erfolgreichen Einsatz von CVC auf Hindernisse und Grenzen. Eine Analyse des Brasilianischen CVC Marktes und eine integrierte Fallstudie eines großen nationalen CVC Gebers offenbaren Unterschiede zu Industrieländern. Die gegenwärtige Forschung, welche meist auf Industrieländer beschränkt bleibt, stuft strategische CVC Aktivitäten als sehr sinnvoll sein. Die Analyse ergibt jedoch, dass finanzielle Zielsetzungen in Brasilien überwiegen. Unterschiedliche Markt und Regulierungsbedingungen, Kulturunterschiede, Schwachstellen im der Makroökonomischen Umwelt, im Anreizsystem sowie andere Herausforderungen, erfordern Anpassungen beim Einsatz von CVC, um mit erhöhten Risiken besser umzugehen, unabhängig in welcher Phase des CVC Prozesses. Nichtsdestotrotz erscheint CVC ein geeignetes Innovationsinstrument in Brasilien zu sein und besitzt noch Entwicklungspotential. Abstract: Corporations require innovation to maintain business, since small enterprises with new products can rapidly overtake slow established ones. Corporate venture capital seems attractive to generate radical innovation. While CVC is closely related to the financing concept of venture capital, corporations increasingly use corporate venture capital to foster innovation efforts. In developing countries, where innovation activities are scarce, corporations face many obstacles and barriers to deploy successfully corporate venture capital. An empirical study of Brazil's corporate venture capital market reveals business practices different from conventional concepts in industrialized countries. According to conventional knowledge, strategic corporate venture capital investments make most sense, but in practice financial objectives dominate in Brazil. Different market and regulatory conditions, [...]

Masters of Corporate Venture Capital

Author: Andrew Romans

Publisher: Createspace Independent Publishing Platform

Published: 2016-08-18

Total Pages: 280

ISBN-13: 9781530088690

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Andrew Romans captured wisdom from interviews with 100+ Corporate Venture Capitalists (CVCs), independent VCs, CEOs of startups, bankers and lawyers to write the definitive book on the topic of CVC. Masters of Corporate Venture Capital is packed with invaluable advice about how to best raise capital from CVCs, unlock synergies of partnering startups with large corporations for rapid international growth and avoid potential disasters and other dangers related to CVC.More than 20% of all Venture Capital financings include at least one CVC and thus startups need to understand this previously misunderstood area of funding. Corporations need to establish their own CVC arms to access external innovation and learn how to bring this inside via VC investing, partnerships and M&A. We work in a very complex ecosystem and this book captures stories that bring the complexity to life with simple lessons.This book is for:* Entrepreneurs* VCs* Angel investors* Family offices* CVCs* Corporates thinking about launching a CVC* Anyone advising startups.

The Impact of Corporate Venture Capital

Author: Timo B. Poser

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 311

ISBN-13: 3322814688

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Timo B. Poser shows that Corporate Venture Capital offers a broad set of advantages, but has a limited impact on sustainable competitive advantage of the investing firm.

Corporate Venture Capital and Financing Innovation

Author: Jean-Michel Sahut

Publisher:

Published: 2014

Total Pages: 12

ISBN-13:

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Corporate venture capital (CVC) is a real driving force behind the development of technology-based innovation. It is an entrepreneurial strategy used by big corporations who go outside the company because they can no longer depend solely on creating innovations in-house. CVC enables them to reduce the risk of innovation whilst keeping some control over the target firm or a purchase option on the innovation once it has passed the early stage. This type of operation offers technology-based start-ups both an input of equity capital and technical and strategic expertise and experience. In spite of economic downturns, CVC continues to develop in the high-tech sectors which have been least affected; in particular in biotechnologies. The advantages which it brings to each stage of the project (launching, refinancing and exiting) compared to financing by traditional venture capital funds make its future development secure.