Corporate venture capital

Corporate venture capital (CVC) is the investment of corporate funds directly in external startup companies. CVC is defined by the Business Dictionary as the "practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise; the objective is to gain a specific competitive advantage." Examples of CVCs include GV and Intel Capital. The definition of CVC often becomes clearer by explaining what it is not. An investment made through an external fund managed by a third party, even when the investment vehicle is funded by a single investing company, is not considered CVC. Most importantly, CVC is not synonymous with venture capital (VC); rather, it is a specific subset of venture capital. In essence, Corporate Venturing is about setting up structural collaborations with external ventures or parties to drive mutual growth. These external ventures are startups (early stage companies) or scaleup com

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Le capital risque ou capital-risque (capital de risque au Québec ; en anglais : venture capital) est une activité d'investissement capitalistique spécialisée dans le financement de j

Une start-up (de l'anglais start-up , de même sens), jeune pousse ou entreprise en démarrage en français, est une entreprise innovante nouvellement créée, généralement à la recherch

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FIN-522: Venture capital

The course applies finance tools and concepts to the world of venture capital and financing of projects in high-growth industries. Students are introduced to all institutional aspects of the venture capital industry. Students analyze various aspects of VC finance using an investors' perspective.

Financing Biomedical Ventures - Myths and Realities

Jeffrey Scott Behrens

Angel funding is an important source of capital for startup ventures (J. Sohl 2019), providing a similar level of capital as institutional venture capital (OECD 2011). But angel funding is challenging to study due to the informal nature of the activity. A common paradigm for new venture funding argues that new ventures initially fund their activities with angel investment and then, as they show success, make progress to commercialization and de-risk core venture propositions, ventures transition to more professional institutional (venture capital) funding. A belief in this paradigm can strongly influence early venture creation activities, and assumptions about the later availability of capital from institutional venture capital underpin many startup business plans. However, the literature exploring this phenomenon is very sparse, and the question of the relationship of angel to venture funding transition has rarely been studied. By analyzing a large and robust dataset, this thesis advances the understanding of the actual behavior of investors and the impact this early behavior, and the funding choices involved, have on company outcomes. This thesis also explores a novel form of venture investing and places it into a broader context of new venture funding that may help explain some of the key observations discussed. These fundamentally empirical studies examine the nature/reality of important entrepreneurial phenomena of interactions between angel and venture funding in novel ways, pose questions, and identify a set results that point to a potential market failure. Attempts are made to understand these results and place them into the contexts of both research theory and a broader understanding of entrepreneurial behavior; there certainly remain a set of unanswered questions and potential fruitful directions for future research.

EPFL2020

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Additivity and Complementarity in External Technology Sourcing: The Added Value of Corporate Venture Capital Investments

Vareska van de Vrande

Innovating firms often invest in a number of different technology projects, in different stages of development, using a wide range of distinct technology sourcing modes, such as strategic alliances, joint ventures, and mergers and acquisitions. Recently, firms have also gained an increasing awareness of the potential benefits of corporate venture capital investments. This paper investigates the particular role of corporate venture capital investments in the technology sourcing portfolio of firms. More specifically, we focus on the extent to which corporate venture capital investments are additive or complementary to other modes of technology sourcing when explaining the innovative performance of firms. The results indicate that corporate venture capital investments are particularly beneficial for the innovative performance of firms when they are used in combination with other technology sourcing modes.

Institute of Electrical and Electronics Engineers2011

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Technology In-Sourcing and the Creation of Pioneering Technologies

Vareska van de Vrande

This study analyzes the effect of different external technology sourcing modes on the creation of radical innovation in companies. Moreover, since prior research has indicated that exploration consists of looking beyond both organizational and technological boundaries, the role of technological distance between the partnering firms and the role of technological newness are also included. In particular, this paper examines how they affect the relationship between external technology sourcing and the creation of pioneering technologies (technologies that do not build on any existing technologies), which are used as a proxy for radical innovations. Using a sample of companies that were from the pharmaceutical industry, the results indicate that strategic alliances and corporate venture capital investments have a positive effect on the creation of pioneering technologies, whereas the effect of M&As is found to be negative. Additionally, the results show that the impact of these governance modes on the creation of pioneering technology is indeed affected by the newness of the technology and relatedness of the technological portfolios of the partnering firms. A larger technological distance between the two partnering firms increases the effect of strategic alliances on the creation of pioneering technologies. In addition, the results indicate that technological newness weakens the positive effect of CVC investments and non-equity alliances on the creation of pioneering technologies.

2011

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Le capital risque ou capital-risque (capital de risque au Québec ; en anglais : venture capital) est une activité d'investissement capitalistique spécialisée dans le financement de j

Une start-up (de l'anglais start-up , de même sens), jeune pousse ou entreprise en démarrage en français, est une entreprise innovante nouvellement créée, généralement à la recherch