Growth is the important lessons for corporation. The key factors of growth are the spirit of innovation and entrepreneurship and the energy of next business. Corporate venture capital(CVC) can not only achieve these goals, but also provide many important strategic purposes, which is a innovative bridge connect to external and internal environment. However, how to effectively manipulate CVC in Taiwan is not clear. The purpose of this study is to analyze the situation of CVC in Taiwan nowadays, create the CVC categorization model and the work suggestion of each type. Through the literature discussion, we create CVC categorization model. According to the investment purposes and content, the model conclude six types, ¡§capacity strengthen, ecosystem complement, innovation probe, opportunity create, leverage harvest and venture investing.¡¨ Then, interviewing with experts who familiarity with the real business of CVC to understand the situation and comprehend the key successful factors. Finally, discuss, analyze and generalize the conclusion and suggestion. The success of CVC must match the investment strategic purposes and the operation model. Corporations should choose the right operation model type by different considerations such as organization structure, investment implement, and administration mechanism. Moreover, there are another five points of view deserve to refer. First of all, the open innovation of CVC is not equal to give up internal independent innovation. Second, the spirit of CVC can¡¦t be diverged. Third, CVC should step by step, from the ecosystem, innovation to encourage the intra-entrepreneur CVC type. Fourth, Corporations should have the courage to invest the potential business besides the current business even if will destroy the profit. Fifth, the managers must have the wider attitude and the further vision.

¡@¡@This study is to propose the idea of professional innovator and professional innovation organization. The professional innovator is a corporate venture leader who has professional, entrepreneurship and networking competency, and corporate which deploy decentralized and independent organization will achieve the best outcome of a venture development. The purpose of this study is to provide disciplines for corporate to choose venture leaders. ¡@¡@The conclusions of the study are presented as follows: ¡@¡@It¡¦s extremely important for corporate to select and develop professional talents when corporate intends to invest in new venture as an approach to search for new market opportunities. New ventures and its leader should have its own management control, and not to be influenced by the mother corporate, which usually a major reason why new corporate ventures become short-lived and ill-developed. Corporate can manage a win-win solution for the new venture and its established business, as long as corporate can leverage networking and industrial resources to help new ventures. ¡@¡@The propositions generalized in the study are presented as follows Propositions: 1.¡@Professional competency is the characteristic of an effective corporate venture leader. 2.¡@The professional competency of the corporate venture leader influences the development of the venture. Proposition II: 1.¡@Entrepreneurship competency is the characteristic of an effective corporate venture leader. 2.¡@Leader plays a core role in a corporate venture. Proposition III: Networking relationship influences the development of a corporate venture. ¡@¡@The management implication of the study presented as follows: 1.¡@Developing talents is the threshold of a corporate venture development. 2.¡@Corporate venture is similar to entrepreneurial investment. 3.¡@Corporate ventures apply professional organization mechanism. 4.¡@The corporate eternity relies on the revival of entrepreneurship. 5.¡@Developing professional innovator is important for corporate. 6.¡@Find the talents who might leave the organization. 7.¡@Professionalism is the foundation of corporate innovation. 8.¡@Leadership development should coordinate with the organization culture and environment.

<p>This paper establishes the life-cycle dynamics of Corporate Venture Capital (CVC) to explore the information acquisition role of CVC investment in the process of corporate innovation. I exploit an identification strategy that allows me to isolate exogenous shocks to a firm's ability to innovate. Using this strategy, I first find that the CVC life cycle typically begins following a period of deteriorated corporate innovation and increasingly valuable external information, lending support to the hypothesis that firms conduct CVC investment to acquire information and innovation knowledge from startups. Building on this analysis, I show that CVCs acquire information by investing in companies with similar technological focus but have a different knowledge base. Following CVC investment, parent firms internalize the newly acquired knowledge into internal R&D and external acquisition decisions. Human capital renewal, such as hiring inventors who can integrate new innovation knowledge, is integral in this step. The CVC life cycle lasts about four years, terminating as innovation in the parent firm rebounds. These findings shed new light on discussions about firm boundaries, managing innovation, and corporate information choices.</p> / Dissertation

This thesis explores the role of corporate venture capital (CVC) investment in business growth strategy. It is particularly concerned with identifying the CVC investment options for business development and growth. Business growth strategy involves choices of products (and services) or markets for an organisation to enter or exit. An organisation has a choice between penetrating its existing markets, developing new products for its existing markets, bringing its existing products into new markets, or diversifying its activities by introducing new products into new markets. A framework linking CVC investment with business growth strategy is developed and is used for identifying the relevant contribution which the different CVC investments make to business growth. Firms interested in diversifying their investment portfolio utilise CVC for this purpose. These investments, however, support organisational growth when they are aligned to business strategy, defined by the goal of increasing demand for existing products (or services), bringing new products to existing markets faster, protecting against a competitive threat which involves offering existing products to new markets, and developing new products in new markets. There are instances where CVC investments can be used as a channel for later stage funding of corporate venturing projects. This thesis highlights the fact that contrary to both popular wisdom and academic arguments, CVC funds can still be successful when they function like independent venture capital funds, with reliance on financial return on investment as critical to their success. They are, however, able to endure by executing this practice in line with the corporation’s business growth strategy. Using archival data collected from three case studies over a 34-year period, the framework developed from literature review is applied as a basis for understanding how CVC investment can be linked to business growth strategy.

<div> <p>In this dissertation, I investigate how entrepreneurial ventures and industry incumbents enter into interorganizational relationships in the context of corporate venture capital (CVC) investments. In Essay 1, drawing from the literature on employee mobility and entrepreneurship, I investigate how the competitive tension between spinouts and their parent firms with regard to potential knowledge diffusion influences other industry incumbents’ decisions to invest in spinouts. Specifically, I suggest that a high level of technological overlap between a spinout and its parent firm deters other industry incumbents from investing in the spinout due to anticipated hostile actions by the parent firm. Moreover, such negative effects can be amplified when the parent firm has a strong litigiousness to claim its intellectual property rights. I also consider that the negative effects can be mitigated when industry incumbents expect to benefit from gaining indirect access to parent firms’ technological knowledge through investing in spinouts.</p><p><br></p> <p>In Essay 2, I focus on academic hybrid entrepreneurs—defined as individuals who found their own ventures while working at academic institutions (e.g., professors, scientists)—and investigate how their intended exit strategy influences their decisions regarding CVC financing. Specifically, I first propose that academic hybrid entrepreneurs may have strong preferences for acquisitions over initial public offerings as an exit strategy for their ventures because of the high level of opportunity/switching costs associated with transitioning between their academic roles and entrepreneurial activities. Drawing from the literature on mergers and acquisitions, I then suggest that compared to other ventures, those founded by academic hybrid entrepreneurs are more likely to receive funding from CVC investors to effectively disclose the quality of their resources and knowledge to potential acquirers.</p><p><br></p> <p>In Essay 3, I examine how the industry incumbents’ relative positions in technology domains vis-à-vis other firms influence their CVC investment activities. Drawing upon the literature on factor market, I conceptualize CVC investments as external knowledge acquisition activities in knowledge factor markets consisting of several different technology domains. Building on this conceptualization, I emphasize that industry incumbents’ choices of investment areas are dependent on their positions vis-à-vis their rival investors in a given technology domain. This is because a firm’s technology position in a given domain can simultaneously influence the opportunities and incentives that jointly determine the likelihood of CVC investments in the domain. The theoretical arguments and empirical results suggest that firms with intermediate technology positions (i.e., technology intermediates) with moderate levels of opportunities and incentives are more likely to make CVC investments than are technology laggards and leaders with the lowest levels of opportunities and incentives, respectively.</p></div>

Entrepreneur is the destructor of present mechanism, but entrepreneur also can be the value creator of company. If company can make good use of the energy of the entrepreneur, entrepreneur will create enormous value for the company. So how to manipulate the power of entrepreneur becomes an important issue. This article discusses this issue from a perspective of Corporate Venture Capital. According to the independent-unit characteristic of CVC, start-up can avoid rigid bureaucracy and culture. The whole value creation process is as follows: Through CVC, parent company supports entrepreneur to build up business, and parent company will receive strategic value when start-up succeeds. There are two kinds of strategic value; one is the purpose of investment plan, another one is the activation of Corporate Entrepreneurship. As we know, when the core element of investment plan is entrepreneur, the plan is basically different from other plans. The essence of the investment plan which is based on the power of entrepreneur is Corporate Entrepreneurship. The definition of CE in this article is the process in which company makes use of individual entrepreneurship under the common vision to do innovative activities to create strategic value for the organization. In other words, from CVC perspective, the managing model of CE is the new venture growth model. CVC can follow the new venture growth model to support entrepreneur to build up business, and the success of start-up can return strategic value to parent company and promote the Corporate Entrepreneurship of parent company. After the discussion of the ecosystem, culture and investment cases of IC design industry in Taiwan, we interview three professional in CVC area to get further details. Then we build the new venture growth model for company to make good use of the power of entrepreneurs.

Hochsch. für Unternehmensführung, Diss.--Vallendar, 2002.

米国のICT業界において、コーポレートベンチャーキャピタル(CVC)を活用したベンチャー企業との資本提携や、ベンチャー企業の買収によるR&Dの外部化は、事業開発上の標準的な手法として定着している。日本に於いても、近年大手企業によるCVCの設立が続くが、未だ米国程の成功を収めることのできた事例は少ない。本稿では、米国の先行研究を基にCVCの成功要因を抽出すると共に、日本のCVCの組織とパフォーマンスに関する実態調査を行い、米国CVCの成功要因が日本でも有効であるかどうかについて、分析を行った。 / In the US, IT companies used Open Innovation through Corporate Venture Capital (CVC) and M&A as a standard practice of corporate development to remain at the forefront of innovation. However in Japan, the number of successful CVC practices continues to be limited despite growing number of Japanese corporations launching a CVC practice. To explain this difference, this thesis first performed comprehensive review of US past researches regarding US CVC and sort out key success factors. Then, conducted a survey of Japanese CVC's organization profile and investment performance and undertook a statistical analysis to investigate whether US CVC's key success factors works in Japan. / 博士(技術・革新的経営) / Doctor of Philosophy in Technology and Innovative Management / 同志社大学 / Doshisha University

Há um crescente interesse das grandes empresas em se aproximarem das startups como forma de desenvolver inovação aberta. Entre as 500 maiores empresas do ranking Forbes Global 500, 262 já têm iniciativas de engajamento com startups de alguma maneira: seja investindo, seja acelerando, incubando, realizando eventos ou buscando outros tipos de relacionamento. Nessa relação, a grande corporação pode se beneficiar da estrutura leve, da propensão a tomar riscos, da velocidade de operação e de tomada de decisão das startups, enquanto as startups podem se aproveitar do acesso à grande base de consumidores, do capital, da credibilidade e da estrutura voltada à eficiência da grande corporação, gerando ganhos mútuos. Para que uma grande empresa tenha sucesso nesse relacionamento, ela precisa saber quais são os seus objetivos, os seus resultados esperados, escolher a melhor forma de engajamento e criar uma operação equilibrada e integrada ao ecossistema empreendedor. Ter clareza de como cumprir essas etapas não é uma tarefa fácil. No mercado brasileiro, o desafio é ainda maior. O tema é recente e não há uma fonte de dados que consolide e analise as principais iniciativas de relacionamento entre startups e grandes empresas e as melhores práticas no país. Por meio de pesquisas exploratórias com dados secundários, este estudo identificou, mapeou e categorizou 137 programas de engajamento entre grandes corporações e startups no país. As informações encontradas foram confrontadas com o levantamento teórico e enriquecidas com informações coletadas em entrevistas com executivos responsáveis por algumas das principais iniciativas existentes no Brasil. Desta forma foi possível construir uma visão do mercado brasileiro e entender o nível de maturidade nessa área. Foi possível também identificar os objetivos das corporações, os modelos de relacionamento praticados, o perfil de interesse em startups, as formas como selecionam esse tipo de negócios, como operam os programas, os riscos envolvidos e as formas de mensuração de resultados. / There is increasing interest from the big companies to be closer to the startups as a way of fostering the open innovation. Among the 500 major companies of the Forbes Global 500 ranking, 262 are already running startup engagement programs in any way: investing, accelerating, incubating, running events or any other kind of relationship. In this relationship, the big company can benefit from the innovation focus, the willingness to take risks, the speed of operation and decision taking of the startups, meanwhile the startups can benefit from the access to the big consumer base, the capital, the credibility and the efficiency of the big corporations. To be successful in this journey the big company have to be clear about what are their objectives, the expected results and chose the best model of engagement to create a program that has to be balanced and integrated with the startup ecosystem. Being clear about how to achieve that can be challenging. The topic is recent and there is little literature about that. In Brazil, the challenge is even greater. There is no data source with consolidated data and information about the main startup engagement programs and its best practices. Trough exploratory research with open data this paper have sourced and categorized 137 startup and big companies engagement programs in the country. The gathered data was analyzed taking in consideration the related bibliography and enriched with information collected from interviews with executives responsible for some of the main initiatives in Brazil. This way it was possible to build a consolidated view of the market and its level of maturity. It was also possible to identify the main objectives of the big companies, the engagement models adopted, the startup target profile, the way they select the startups and run the programs, the risks and how they measure the results

Submitted by Rodrigo Burgers (rodrigoburgers@uol.com.br) on 2013-06-04T00:40:36Z No. of bitstreams: 1 Dissertacao_Rodrigo Burgers_v2_final.pdf: 1237500 bytes, checksum: 1beb396b58ec32bc62d4818b036e6fa0 (MD5) / Rejected by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br), reason: Bom dia Rodrigo, Por favor, alterar o ano da dissertação de 2012 para 2013. Grata. Suzi 3799-7876 on 2013-06-04T13:42:29Z (GMT) / Submitted by Rodrigo Burgers (rodrigoburgers@uol.com.br) on 2013-06-04T14:24:06Z No. of bitstreams: 1 Dissertacao_Rodrigo Burgers_v3_final.pdf: 1524277 bytes, checksum: d0a55e7f9f8c89dd47d638bfcbbbbd51 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-06-04T14:29:20Z (GMT) No. of bitstreams: 1 Dissertacao_Rodrigo Burgers_v3_final.pdf: 1524277 bytes, checksum: d0a55e7f9f8c89dd47d638bfcbbbbd51 (MD5) / Made available in DSpace on 2013-06-04T14:52:02Z (GMT). No. of bitstreams: 1 Dissertacao_Rodrigo Burgers_v3_final.pdf: 1524277 bytes, checksum: d0a55e7f9f8c89dd47d638bfcbbbbd51 (MD5) Previous issue date: 2013-05-10 / Devido as constantes mudanças nos setores industriais e nas organizações, se tornou extremamente importante estar adaptado estrategicamente e estruturalmente. Estratégias de investimento e inovação são fundamentais para o sucesso corporativo, que não pode contar mais apenas com o aumento da eficiência operacional. O Corporate Venture pode ser esta alternativa estratégica e elevar a performance das empresas quando executado com sucesso e alinhado com a estratégia corporativa. Este estudo inicia-se com uma revisão da literatura sobre o corporate venture, estratégias deliberadas e emergentes e a organização empreendedora, que fornece subsídios para a pesquisa empírica realizada na empresa multinacional Whirlpool. Após a revisão e consolidação da base teórica em um framework, utilizou-se o método de estudo de casos para aprofundar a compreensão do tema no Brasil, buscando identificar sua importância estratégica para a empresa e quais os elementos influenciadores do desenvolvimento do novo negócio estavam presente e como eles se modificaram ao longo da jornada. Este estudo observou evidências que o desenvolvimento de novos negócios é uma alternativa estratégica não somente para o crescimento dos lucros econômicos da empresa, mas também uma alternativa para desenvolver novas competências e diversificar os negócios para uma empresa que enfrentava baixas taxas de crescimento em seu principal mercado de atuação. Observou-se a presença de diversos elementos influenciadores do corporate venture, com destaque para a disponibilidade de recursos fornecidos pela empresa-mãe (marca, financiamento e pessoas), suporte do top management e sistema de recompensas. Os resultados deste estudo são uma contribuição tanto acadêmica quanto executiva, possibilitando que gestores de novos negócios e altos executivos possam enriquecer seu conhecimento sobre a gestão e estratégia de novos negócios em organizações estabelecidas.