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The Formation And Outcome Of Corporate Venture Capital Investments Between Incumbents And New Ventures
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Book Synopsis The Formation and Outcome of Corporate Venture Capital Investments Between Incumbents and New Ventures by : Ji Youn Kim
Download or read book The Formation and Outcome of Corporate Venture Capital Investments Between Incumbents and New Ventures written by Ji Youn Kim and published by . This book was released on 2014 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the formation and outcomes of interorganizational partnerships between industry incumbents and new ventures. New ventures are often a powerful competitive force threatening established firms, but incumbent firms can also benefit from collaborating with them and acquiring external knowledge. Although there has been significant research on the topic, relatively little is known about relational factors that influence who partners with whom and how. Also, strategic benefits of partnering with new ventures for incumbent firm's learning have not been scrutinized; in particular, whether making such formal arrangements is the best way for incumbents to attain knowledge from new ventures, and whether there are any alternative learning mechanisms available have not been examined. I address these issues in the context of corporate venture capital (CVC) investments, typically the first relationships formed between new ventures and incumbent firms. First, I examined how new ventures' social ties with potential corporate investors based on founders' employment or prior co-investments of the lead venture capital firm influence the formation of CVC investment deals. Second, I examined the relative effects of multiple mechanisms including CVC investments on incumbent firm learning from new ventures. I find that 1) the formation of investment relationships between new ventures and incumbents is a joint function of social ties between them, an incumbent firm's integrity regarding the intellectual property of others, and technological links between them; 2) CVC investments have little independent effect on incumbent firm learning from new ventures when alternative knowledge transfer mechanisms such as hiring inventors from new ventures, prior knowledge spillover links and outbound inventor mobility are simultaneously accounted for.
Book Synopsis When Do Incumbents Learn from Entrepreneurial Ventures? Corporate Venture Capital and Incumbent Firm Innovation Rates by : Gary Dushnitsky
Download or read book When Do Incumbents Learn from Entrepreneurial Ventures? Corporate Venture Capital and Incumbent Firm Innovation Rates written by Gary Dushnitsky and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we focus on the potential innovative benefits to corporate venture capital (CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. We propose that corporate venture capital programs may be instrumental in harvesting innovations from entrepreneurial ventures and thus an important part of a firm's overall innovation strategy. We hypothesize that these programs are especially effective in weak intellectual property (IP) regimes and when the firm has sufficient absorptive capacity. We analyze a large panel of public firms over a 20-year period and find that increases in corporate venture capital investments are associated with subsequent increases in firm patenting.
Download or read book VC written by Tom Nicholas and published by Harvard University Press. This book was released on 2019-06-03 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: From nineteenth-century whaling to a multitude of firms pursuing entrepreneurial finance today, venture finance reflects a deep-seated tradition in the deployment of risk capital in the United States. Tom Nicholas’s history of the venture capital industry offers a roller coaster ride through America’s ongoing pursuit of financial gain.
Book Synopsis Venture Capital and Innovation by : Robert Premus
Download or read book Venture Capital and Innovation written by Robert Premus and published by . This book was released on 1985 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Venture Capital by : Douglas Cumming
Download or read book Venture Capital written by Douglas Cumming and published by John Wiley & Sons. This book was released on 2010-04-29 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential guide to venture capital Studies have shown that venture capital backed entrepreneurial firms are on average significantly more successful than non-venture capital backed entrepreneurial firms in terms of innovativeness, profitability, and share price performance upon going public. Understanding the various aspects of venture capital is something anyone in any industry should be familiar with. This reliable resource provides a comprehensive view of venture capital by describing the current state of research and best practices in this arena. Issues addressed include sources of capital-such as angel investment, corporate funds, and government funds-financial contracts and monitoring, and the efficiency implications of VC investment, to name a few. Opens with a review of alternative forms of venture capital Highlights the structure of venture capital investments Examines the role venture capitalists play in adding value to their investee firms This informative guide will help you discover the true potential of venture capital.
Book Synopsis Corporate Venture Capital by : Kevin McNally
Download or read book Corporate Venture Capital written by Kevin McNally and published by Routledge. This book was released on 1997-07-10 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis The Founder’s Investor Choice by : Alexander G. W. Schröder
Download or read book The Founder’s Investor Choice written by Alexander G. W. Schröder and published by Springer Nature. This book was released on 2021-09-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: A founder’s decision for an investor can substantially influence the new venture’s success. Two common types of venture capital (VC) are independent venture capital (IVC) and corporate venture capital (CVC). Previous research focused on the investor’s perspective and studied the distinct differences between IVC and CVC, their value-adding capabilities, and risks. In contrast, as founders’ investor options have been rising, this research focuses on the founders and studies, which of the two types they prefer and why. The author outlines which investor characteristics founders favor and quantifies the value of these VC characteristics in terms of accepted equity dilution. The results show that founder preferences for the two VC types are highly heterogeneous. The author provides recommendations for founders on how to find the right investor and outlines how investors can position themselves to attract the most promising ventures and founding teams.
Book Synopsis The Effects of Corporate Venture Capital, Founder Incumbency, and Their Interaction on Entrepreneurial Firms' R&D Investment Strategy by : Yongwook Paik
Download or read book The Effects of Corporate Venture Capital, Founder Incumbency, and Their Interaction on Entrepreneurial Firms' R&D Investment Strategy written by Yongwook Paik and published by . This book was released on 2017 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate venture capital (CVC) investment has increasingly become an important source of entrepreneurial finance. Accordingly, while scholars have traditionally focused on understanding the main motivations behind CVC activity and its impact on the investing corporate firm, more recently, scholars have also started to emphasize the importance of understanding the impact of CVC investment on the investee venture. In particular, these recent studies commonly show that CVC investment has a positive effect on the venture's innovation. While the positive link between CVC investment and the venture's innovation output is well established in the literature, the organizational mechanisms through which this relationship unfolds within the venture remain relatively underexplored. In this study, we fill this gap in the literature by examining the effects of CVC ownership, founder incumbency, and the CVC-founder interaction on R&D investment strategies in VC-financed, technology-based entrepreneurial ventures. In doing so, we aim to provide a novel explanation of the organizational mechanisms that lead to greater investment in R&D, especially with regard to the interaction between CVC investors and founder managers. We argue that CVC ownership and founder incumbency positively affect entrepreneurial firms' R&D investment and, more importantly, that the CVC ownership effect is effectively amplified when the founder is an incumbent top manager because of goal congruence and knowledge spillover from the CVC firm. Our empirical analysis supports our hypotheses while addressing potential endogeneity concerns. Our results also support various mechanisms by utilizing the data on CVC board membership, CVC investor heterogeneity, the founder's technological background, and the investee venture's industry.
Book Synopsis Initiating Successful Corporate Venture Capital Investments by : Ian C. Yates
Download or read book Initiating Successful Corporate Venture Capital Investments written by Ian C. Yates and published by Forgotten Books. This book was released on 2015-06-24 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Cooperation Between Established Firms and Startups in Order to Address Technological Discontinuities by : Tobias Gebhardt
Download or read book Cooperation Between Established Firms and Startups in Order to Address Technological Discontinuities written by Tobias Gebhardt and published by GRIN Verlag. This book was released on 2015-04-22 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2014 in the subject Business economics - Company formation, Business Plans, grade: 2,3, University of Southern Denmark (Department of Marketing & Management), course: Management of Innovation Processes, language: English, abstract: Technological discontinuities have been characterizing many markets for several years. Essential drivers for that are the Internet and startups, which make use of this technology in order to create new business models. This progress is quite often challenging established firms and call for them to leave their “comfort zone”. In contradiction to this competitive perspective, this paper aims to highlight the synergies between companies that have already been operating for many years and new market entrants. By doing so, it is examined how both may interact with the aim of commercializing products and sustaining innovation. Thereby, corporate incubators, corporate venture capitalists and non-equity relationships between established firms and startups are considered as forms of cooperation. In addition to that and by using the data of a conducted survey, insights into the experiences and expectations of incumbents and startups will be also provided. Following this, managerial implications shall serve as a base for future cooperation and the management of technological discontinuities.
Book Synopsis New Venture Strategy by : Dean A. Shepherd
Download or read book New Venture Strategy written by Dean A. Shepherd and published by SAGE Publications, Incorporated. This book was released on 1998-06-24 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: If an opportunity exists, is it best to ensure that your product is first to the market or is performance enhanced through waiting and following? What factors should an entrepreneur consider in deciding when to take the lead in being the first to introduce a new product or service? What can be done to improve new venture performance? New Venture Strategy examines the process of introducing a new product or service and offers readers a framework for thinking through the issues involved in new venture performance. Examples include entry timing, market conditions facing the entrant, focus or breadth of entry scope, product or process mimicry, creation and development of entry barriers, and differences between independent and corporate ventures. New Venture Strategy will be useful as a core text in courses on entrepreneurship, corporate entrepreneurship, new product development, small business, and strategic planning. It will also be of interest to those developing business plans and others involved in new venture funding, marketing, and business development.
Book Synopsis Handbook of Research on Corporate Entrepreneurship by : Shaker A. Zahra
Download or read book Handbook of Research on Corporate Entrepreneurship written by Shaker A. Zahra and published by Edward Elgar Publishing. This book was released on 2016-12-30 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate entrepreneurship is about remaking organizations; it affects organizational cultures and systems, which, in turn, influence the magnitude, direction and content of corporate entrepreneurship activities. This Handbook hopes to synthesize what we know and clarify what we need to know about key issues such as strategic renewal, innovation and venturing activities within established companies, giving direction to future research.
Book Synopsis Essays on the Venture Capital Market by : Suting Hong
Download or read book Essays on the Venture Capital Market written by Suting Hong and published by . This book was released on 2014 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are two ways for a venture capital (VC) firm to enter a new market: initiate a new deal or form a syndicate with an incumbent. Both types of entry events are extensively observed in the data. This dissertation examines (i) the causes of syndication between entrant and incumbent VC firms, (ii) the impact of entry on VC contract terms and survival rates of VC-backed start-up companies, and (iii) the effect of syndication between entrant and incumbent VC firms on the competition in the VC market and the outcomes of incumbent-backed ventures. This dissertation contributes to the existing literature by developing an analytical framework to examine the strategic interactions between entrant and incumbent VC firms, and to investigate the impact of VC firms' entry and syndication on the survival of VC-backed start-ups. The baseline model characterizes the endogenous matching between entrepreneurs and VC firms. In particular, the model captures the following salient features of the VC market: (i) bilateral negotiations between VC firms and entrepreneurs, and (ii) interdependent negotiations of different pairs of VC firms and entrepreneurs. By extending the baseline model to allow for coalition formation among VC firms, this dissertation explores the motive of VC firms to syndicate. Consistent with the empirical observation, the model shows an incumbent VC firm may strategically form syndicates with entrants to maintain its bargaining power. The theoretical analysis provides the following predictions. First, an incumbent VC firm is less likely to syndicate with entrants as the incumbent's expertise increases. Second, entry of VC firms increases the likelihood of survival for incumbent-backed start-up companies, while syndication between entrants and incumbents dampens the competitive effect of entry. Using a data set of VC-backed investments in the U.S. between year 1990 and 2006, this dissertation provides empirical evidence that is consistent with the theoretical predictions. To control for the endogeneity of VC firms' entry and syndication, this dissertation follows instrumental variable approach, and the estimation results remain robust.
Book Synopsis Strategic Investment by : Han T. J. Smit
Download or read book Strategic Investment written by Han T. J. Smit and published by Princeton University Press. This book was released on 2012-01-12 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on the same broad problem, investment decision-making, the gap between the two sides--and between theory and practice--remains embarrassingly large. This book synthesizes cutting-edge developments in corporate finance and related fields--in particular, real options and game theory--to help bridge this gap. In clear, straightforward exposition and through numerous examples and applications from various industries, Han Smit and Lenos Trigeorgis set forth an extended valuation framework for competitive strategies. The book follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy. Thinking in terms of options-games can help managers address questions such as: When is it best to invest early to preempt competitive entry, and when to wait? Should a firm compete in R&D or adopt an accommodating stance? How does one value growth options or infrastructure investments? The authors provide a wide range of valuation examples, such as acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions in consumer electronics, infrastructure, and oil exploration investment. Representing a major step beyond standard real options or strategy analysis, and extending the power of real options and strategic thinking in a rigorous fashion, Strategic Investment will be an indispensable guide and resource for corporate managers, MBA students, and academics alike.
Book Synopsis Competition, Syndication, and Entry in the Venture Capital Market by : Suting Hong
Download or read book Competition, Syndication, and Entry in the Venture Capital Market written by Suting Hong and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are two ways for a venture capital (VC) firm to enter a new market: initiate a new deal or form a syndicate with an incumbent. Both types of entry are extensively observed in the data. In this paper, I examine (i) the causes of syndication between entrant and incumbent VC firms, (ii) the impact of entry on VC contract terms and survival rates of VC-backed start-up companies, and (iii) the effect of syndication between entrant and incumbent VC firms on the competition in the VC market and the outcomes of incumbent-backed ventures. By developing a theoretical model featuring endogenous matching and coalition formation in the VC market, I show that an incumbent VC firm may strategically form syndicates with entrants to maintain its bargaining power. Furthermore, an incumbent VC firm is less likely to syndicate with entrants as the incumbent's expertise increases. I find that entry increases the likelihood of survival for incumbent-backed start-up companies while syndication between entrants and incumbents dampens the competitive effect of entry. Using a data set of VC-backed investments in the U.S. between year 1990 and 2006, I find empirical evidence that is consistent with the theoretical predictions. The estimation results remain robust after I control for the endogeneity of entry and syndication.
Book Synopsis How Alliance Formation Shapes Corporate Venture Capital Investment by : Gary Dushnitsky
Download or read book How Alliance Formation Shapes Corporate Venture Capital Investment written by Gary Dushnitsky and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate venture capital (CVC) investments serve as interfirm relationships that enable established firms to tap into emerging technology markets. Nevertheless, firms may also leverage their strategic alliances to this end. Does alliance formation reinforce or attenuate a firm's tendency to invest in entrepreneurial ventures? We introduce a resource-based perspective whereby resource complementarity and network resource visibility prompt a reinforcing association between CVC investment and alliance formation. In turn, external resource redundancy and internal resource allocation constraints yield an attenuating effect of alliance formation on CVC investment. Analyzing the alliances and CVC investments of 372 software firms during the 1990s, we reconcile these opposing arguments by revealing an inverted U-shaped association between CVC investment and alliance formation. Accordingly, CVC investments first increase but then decrease with the number of alliances formed. Moreover, the positive association between CVC investment and alliance formation diminishes as firms invest in their internal resource stocks, mature, and accumulate experience with prior CVC investments. We advance strategic entrepreneurship research by elucidating the tendency of established firms to engage in CVC investment and by unpacking the complex association between different types of interfirm relationships that these firms leverage.
Author :United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Growth and Credit Formation Publisher : ISBN 13 : Total Pages :224 pages Book Rating :4.3/5 (121 download)
Book Synopsis Equity Investments, Venture Capital, and the Federal Role in the Availability of Financing for High-technology Companies by : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Growth and Credit Formation
Download or read book Equity Investments, Venture Capital, and the Federal Role in the Availability of Financing for High-technology Companies written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Growth and Credit Formation and published by . This book was released on 1994 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
