In today's competitive market, innovation stands as a cornerstone of organisational success, with Corporate Venture Capital (CVC) emerging as a pivotal tool for injecting innovative ideas and technologies into established corporations. However, maintaining strategic focus within CVCs presents notable challenges. This thesis delves into the complicated dynamics of how CVCs can effectively navigate their strategic objectives while delivering value to both their parent companies and startups. Collaborating with Company Z, this research employs a robust qualitative approach to ensure the validity and reliability of its findings. Through qualitative methods, this study develops a comprehensive framework aimed at offering a structured yet flexible approach, empowering CVCs to optimise their operations, foster innovation, and sustain long-term success. The research design encompasses interviews segmented into "pre-study" and "main" phases. The pre-study phase involves unstructured interviews with Company Z to establish foundational insights and identify key challenges and themes. Subsequently, semi-structured main interviews delve deeper into these themes, allowing for flexibility while maintaining consistency. From the literature review and pre-study interviews, four components emerged as critical for strategic success: Organisational structure, Governance, Investment process, and Performance metrics. Building on these insights, this study develops a framework with actionable insights and practical solutions to assist CVCs in navigating the complexities of strategic alignment and value creation across these five themes. By examining organisational structure, governance, investment practices, performance metrics and sustainability this study offers insights into optimising communication, fostering sustainability, and building high-performing teams. Inspired by the concept of 'simple rules,' this framework provides a comprehensive guide for navigating the intricacies of CVC operations, ensuring alignment with parent company objectives while driving innovation and strategic growth.

Henkel's New Business team is a corporate venturing unit that explores corporate entrepreneurial activities on behalf of Henkel Adhesives Technologies. The new business ideas are implemented through one of these models: incubator, venturing or innovation ecosystem. In current practice, there is no systematic framework in place to choose the implementation model. The goal of the thesis is to propose a framework for choosing the most appropriate model for implementation of a new business idea in Henkel. The thesis approaches the topic on practical and theoretical grounds. The first part outlines the related literature and theoretical focus. The literature covers definitions and theories of incubator, corporate venturing, corporate venture capital, innovation ecosystem and investment decision-making process. The practical approach relates to the company case studies of Philips, 3M and BASF. In this thesis, each model is analyzed based on a broad literature review, case studies and personal interviews with experts. The second part is the main discussion and analysis of the topic assembling with practical examples in Henkel. It comes to a recommendation that Henkel should prioritize and choose the most appropriate model for the new business proposal after the "concept scoping" stage, and before detailed investigation. It also proposes a scorecard framework that entails 14 key criteria for choosing the mode: degree of market competition, potential disruptiveness, technological risk, time to market, strategic alignment, degree of customization, dependency of related industries, technological newness of related industries, idea source, protectability of intellectual property, internal expertise, technological competence, commercial competence and parenting advantages. Furthermore, a new business developing strategy matrix is constructed based on two dimensions: strategic importance and operational relatedness. It is to further check the accuracy and validity of the results from the scorecard framework. Finally, it is suggested that future research can be done to improve the framework by adding weightings and scale of each criteria within the framework.

Submitted by charlotte jacobs (charlottejacobs.cj@gmail.com) on 2015-09-10T17:46:17Z No. of bitstreams: 1 Master Thesis Final Version - Admin.pdf: 1191432 bytes, checksum: db40c711ee427f3d470b11d6d1b47aad (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2015-09-10T19:47:33Z (GMT) No. of bitstreams: 1 Master Thesis Final Version - Admin.pdf: 1191432 bytes, checksum: db40c711ee427f3d470b11d6d1b47aad (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-09-16T17:29:24Z (GMT) No. of bitstreams: 1 Master Thesis Final Version - Admin.pdf: 1191432 bytes, checksum: db40c711ee427f3d470b11d6d1b47aad (MD5) / Made available in DSpace on 2015-09-16T17:29:46Z (GMT). No. of bitstreams: 1 Master Thesis Final Version - Admin.pdf: 1191432 bytes, checksum: db40c711ee427f3d470b11d6d1b47aad (MD5) Previous issue date: 2015-08-20 / In this paper, the learning intentions and outcomes for corporate venture capital are questioned. Through qualitative research in the oil and gas sector, we identified a desire to control the direction and pace of innovation as the main driver for this type of investments. A new model and framework for CVC are presented. Contrary to the traditional model of CVC, which features a dyadic relation between corporate investor and venture entrepreneur, our model shows that CVC investments create a more complex conjoint of relations between multiple stakeholders. These relations challenge the neo-Schumpeterian model of competition. Using the grounded theory approach, we created a theoretical framework explaining and predicting outcomes of corporate venture capital other than learning. At firm level, our framework conceptualizes CVC programs as dynamic capabilities, and suggests a competitive advantage for the corporate investor through its ability to faster and better integrate the new technology. At market level, we proposed that CVC investments positively affect the pace of innovation in the market through an increased speed of acceptance of technologies supported by corporate investors.

Cette thèse porte sur les enjeux encore non explorés du capital-risque d’entreprise (Corporate Venture Capital, ou CVC). Cette recherche mobilise l’approche basée sur les ressources, l’approche fondée sur les connaissances, l’apprentissage organisationnel avec un focus particulier sur le concept d'ambidextérité, l’approche par les options réelles et la théorie des réseaux. L’analyse empirique couvre la période de 1998 à 2017 et est basée sur 4 206 entreprises américaines pour le premier essai, 1 547 entreprises américaines de biotechnologie pour le deuxième et 12 895 investissements effectués par 274 investisseurs en CVC nord-américains pour le troisième. Pour tester toutes nos hypothèses, nous utilisons des régressions multiples (MCO, régression binomiale négative, méthode des doubles moindres carrés,…). Dans le premier essai, nous montrons, en utilisant l’approche par les options réelles, que lorsque l’incertitude exogène est réduite, les entreprises financées par CVC bénéficient de montants d’investissement plus élevés et d’une durée d’investissement plus longue. Deux facteurs réduisent l'incertitude et améliorent le processus d'apprentissage organisationnel: la force des liens et la proximité géographique entre l'investisseur et l’entreprise financée. Les apports supplémentaires d’investissement conduisent à une entrée en bourse plus fréquente pour les entreprises soutenues par le capital-risque indépendant tandis qu’une durée plus importante de l’investissement débouche sur une sortie par acquisition plus fréquente pour les entreprises soutenues par le CVC pour des raisons liées à l’apprentissage organisationnel. Dans le deuxième essai, les entreprises soutenues par CVC affichent des taux d'innovation plus élevés que leurs homologues soutenues par IVC. La performance en termes d’innovation des entreprises soutenues par CVC dépend de leur capacité à tirer parti des ressources complémentaires de leurs investisseurs. Nous proposons trois mécanismes qui améliorent le taux d'innovation: la capacité d'absorption des entreprises financées, la force des liens et la proximité géographique entre les entreprises qui financent et les entreprises financées. Dans le troisième essai, l'ambidextérité séquentielle conduit à une meilleure performance financière pour l’investisseur que les formes équilibrées ou simultanées d'ambidextérité des investissements en CVC. Enfin, la combinaison des formes d'ambidextérité équilibrées et simultanées produit des synergies et améliore la performance financière de l’investissement en CVC. / This thesis addresses unexplored issues on corporate venture capital (CVC). This research is designed on insights from resource-based view, knowledge-based view, organizational learning with a special focus on ambidexterity, real options lens, network theory. Our empirical analysis covers the period between 1998 and 2017 and is based on 4206 U.S. companies for the first essay, 1547 U.S. biotechnology companies for the second essay and 12895 investment-deals from 274 North American corporate investors for the third one. To test all hypotheses, we employ multivariate -regression analyses (e.g., ordinary least squares, negative binomial regression, two-staged least squares). In the first essay, we find that CVC-backed companies exercise real options when exogenous uncertainty is mitigated and as a result, experience higher financial injections and prolonged duration. Two influential factors reduce uncertainty and improve the organizational learning process: tie strength and geographic proximity between the corporate investor and the entrepreneurial company. Additional investment amounts lead to a higher frequency of IPO exit for independent venture capital (IVC) backed companies while longer investment durations motivate a higher frequency of acquisition exit for CVC-backed companies for organizational learning reasons. In the second essay, CVC-backed companies display higher rates of innovation output than their IVC-backed counterparts. The performance of CVC-backed companies is responsive to their ability to leverage the complementary resources of corporate investors. We propose three mechanisms that improve the innovation output: absorptive capacity of entrepreneurial companies, tie strength, geographic proximity. In the third essay, sequential ambidexterity drives to higher corporate investors’ financial performance than balanced or simultaneous forms of ambidexterity in CVC investments. Finally, the combination of balanced and simultaneous forms of ambidexterity produce synergy and enhance the financial performance of CVC investments.

This publication-based dissertation concerns the syndication and value creation activities of heterogenous corporate venture capital funds over six chapters. The first chapter serves as an introduction to venture capital heterogeneity and syndication and provides an overview of the four research papers included in the dissertation. The second chapter is a systematic literature review of recent research on heterogeneous venture capital syndication. Therein the underlying motivation, dynamics and results of fund- and affiliation-heterogenous syndicates are clearly identified, integrated and promising avenues for further research are specified. The third chapter is a research paper on the value creation activities of investment syndicates among independent and corporate venture capital funds. Building on a cross-industry sample of 35 interviews this inductive study identifies the determinants of value creation, integrating them in a matrix comprising shareholder relationships, corporate setup, venture lifecycle and deal terms. Chapter four is a research paper that empirically observes how corporate venture capital units leverage the resources of their incumbent parents to generate value for their portfolio firms. Based on case studies of 11 corporate venture capital units the paper reveals the mechanism behind corporate venture capital value creation holistically and identifies eight design elements that result in a typology of four distinctive archetypes. The last research paper is chapter five and concerns the distinct impact structurally heterogeneous corporate venture capital funds have on portfolio firms operating efficiency. Employing the longitudinal, European Union sponsored VICO dataset the paper finds differences in CVC structure, autonomy and objectives to have implications on firm efficiency. The present dissertation is concluded in the sixth chapter, highlighting contributions, limitations and promising avenues for further research.

The virtual economy has been gaining attraction since the increase of blockchain and web 3.0technology adoption. However, regarding the rise of web3.0 startups, the corporate pursuing this technology are still limited. Due to the early stage of technology, this research aims to study the critical driving forces in thriving internal capability enhancement and achieving long-term sustainable competitive advantages. Furthermore, the corporate venture builder mechanism will be investigated and analyzed in terms of essential barriers to incubating, accelerating, and successfully spin-off the web 3.0 venture from the corporate. This research aims to identify critical barriers regarding the five following aspects: Governance, Resources management, Corporate venture builder structure and processes, Ecosystem, and Technology and business capabilities. This research extracts empirical data from the semi-structured interviews from multi-stakeholders perspectives and the result shows that most interviewees have a similar understanding of fundamental VB structure and processes, while some details might be adapted based on each corporate’s context, size, prerequisite expertise, and capabilities. Moreover, the critical drivers can be considered a long-term aspiration of sustainable internal capability enhancement and competitiveness advantages. While the leadership in the governance aspect is one of the most critical barriers for a new venture toestablish. / Den virtuella ekonomin har sett ett växande intresse i samband med den ökade adaptionen av blockchain- och web3.0-teknologi. Men när det gäller uppkomsten av web3.0-startups är det fortfarande begränsat med företag som eftersträvar att arbeta med denna teknik. På grund av teknikens tidiga skede syftar denna forskning till att studera de kritiska drivkrafterna för blomstrande intern kapacitetsförbättring och för att uppnå långsiktigt hållbara konkurrensfördelar. Dessutom kommer mekanismen för internt företagsbyggande att undersökas och analyseras i termer av väsentliga hinder för att inkubera, accelerera och framgångsrikt spinna av web3.0-satsningar från företaget. Denna forskning syftar till attidentifiera kritiska barriärer för de fem följande aspekterna: Styrning, Resursförvaltning, Corporate venture builder-struktur och processer, Ekosystem och Teknik och affärs kapacitet. Denna forskning extraherar empirisk data från de semistrukturerade intervjuerna från perspektiv av flera intressenter, och analyserar och kombinerar även de sekundära datakällorna för vidare diskussion. Resultatet visar att de flesta intervjupersoner har en liknande förståelse för grundläggande VB-struktur och processer, medan vissa detaljer kan anpassas baserat på varje företags sammanhang, storlek, förutsättningsexpertis och kapacitet. Dessutom kan de kritiska drivkrafterna betraktas som en långsiktig strävan efter hållbar intern kapacitetsförbättring och konkurrensfördelar. Medan ledarskapet i förvaltningsaspekten är en av de mest kritiska barriärerna för att en ny satsning ska etableras.

This thesis has the main purpose of uncovering the stages and success-failure factors to implement corporate entrepreneurship in energy and automotive companies. The goal is driven by the implication that not understanding the process and factors to be considered can result in the failure of new business development. The corporate entrepreneurship implementations within many corporations are heterogeneous and variative. Therefore, instead of looking at corporate entrepreneurship from a general standpoint, this research combines the two cases to figure out the practice of corporate entrepreneurship more deeply by looking at the similarities and differences between the two of them. The research is conducted in Sweden with the case of two Swedish Companies with different business focus: Volvo (automotive company) and Vattenfall (energy company). This research uses comparative case studies which use semi-structured interviews and analysis of company information. The interview respondents were seven people from the corporate level from different divisions in both companies and nine people from the venture level with different corporate venture projects. The findings of this thesis have identified a total of 21 critical activities in the development stages and 17 success factors in the corporate venture development based on the incorporation of practice in Volvo and Vattenfall. Both companies have many similar activities in the development stages and success factors in the internal venture development. Both of them give a similar picture of corporate entrepreneurship implementation. It shows that the practice of corporate entrepreneurship in Swedish companies has a pattern of firm behaviours. The differences between activities and success factors occur due to different types of projects and organizational structures. / Detta examensarbete har som huvudsyfte att undersöka stadierna och framgångs faktorerna för att implementera entreprenörskap i energi- och fordonsföretag. Målet drivs av implikationen att om man inte förstår processen och faktorerna som ska beaktas kan det leda till att ny affärsutveckling misslyckas. Implementeringarna av entreprenörskap inom företag är heterogena, och vi måste undersöka variationen djupare utveckla mer om variationen. Därför, istället för att titta på entreprenörskap inom företag från en allmän synvinkel, kombinerar denna undersökning de två fallen för att ta reda på praktiken av företagsentreprenörskap djupare genom att titta på likheterna och skillnaderna mellan de två. Undersökningen bedrivs i Sverige med två svenska företag med olika affärsinriktning: Volvo (fordonsföretag) och Vattenfall (energiföretag). Denna undersökning forskning använder sig av jämförande fallstudier som i sin tur använder sig av semistrukturerade intervjuer samt analys av företagsinformation. Intervjurespondenterna var sju personer från företagsnivå från olika divisioner i båda företagen och nio personer från företagsnivå med olika företagsprojekt. Resultaten av denna undersökning avhandling har identifierat totalt 21 kritiska aktiviteter i utvecklingsstadierna och 17 framgångsfaktorer i företagsutvecklingen baserat på inkorporeringen av praxis i Volvo och Vattenfall. Båda företagen har många liknande aktiviteter i utvecklingsskedet och framgångsfaktorer i den interna venture-utvecklingen. Båda ger en liknande bild av genomförandet av entreprenörskap inom företag. Den visar att utövandet av entreprenörskap i svenska företag har ett tydligt mönster. Skillnaderna mellan aktiviteter och framgångsfaktorer uppstår på grund av olika typer av projekt och organisationsstrukturer.

The venture capital (VC) landscape is a crucial driver of economic growth and innovation, comprising a diverse range of capital investors. This dissertation highlights the heterogeneity, performance, and massive and rapid scaling efforts in this sector, focusing on the two dominant actors: Independent Venture Capital (IVC) and Corporate Venture Capital (CVC). The first study examines the contrasting lifespans of CVCs and IVCs, highlighting the early termination patterns of CVCs. The second study delves into the diverse nature of CVCs and analyzes their influence on the efficiency of portfolio firms. The third study probes the hypercompetitive environment in the VC landscape. It examines its implications and funds' strategies to provide quality signals to investors and startups in a hypercompetitive market. The fourth study looks deeper at the beneficiaries of VC funding: digital startups. Specifically, it delves into massive and rapid business scaling dynamics, shedding light on the key drivers behind this growth trajectory and its tensions. In sum, this dissertation advances the prevailing knowledge on venture capital and digital entrepreneurship, offering a deeper exploration of the heterogeneity of the VC landscape with a spotlight on CVCs. Additionally, it provides frontier research into hypercompetition and the underlying dynamics of massive and rapid business scaling.

The topic of sustainability has found its way into the corporate entrepreneurship activities of large corporations. The Sustainable Corporate Entrepreneurship (SCE) strand is still in its infancy. Since most large corporations engage in corporate entrepreneurship and are exploring new business models inside and outside corporate boundaries, several questions arise from different viewpoints. First, from corporate perspective researchers and business leaders wonder which internal modes of SCE activities have emerged in business practice and how large corporations explore sustainable value propositions. Second, from entrepreneur and investor perspective, the question emerges which factors influence the likelihood of corporate ventures, such as spin-offs from corporations, raising venture capital to scale sustainable business models. Therefore, to further develop the field of SCE, this cumulative dissertation presents three research papers analysing sustainable corporate entrepreneurship at the intersection of corporations and start-ups.

Portés par des changements technologiques, des cadres juridiques nouveaux, une demande de financement croissante de la part des entreprises innovantes et une montée en maturité des opérateurs du marché, les professionnels du financement de l’innovation ont pour partie modifié leurs pratiques et de nouveaux outils émergent. Ces nombreuses évolutions posent des questionnements théoriques essentiels.La thèse vise à investiguer trois de ces modes de financement. Le premier, les Social Impact Bonds (autrement dénommés en France Contrats à Impact Social) sont un mode de financement de l’innovation sociale non entrepreneuriale apparu en 2010 en Grande-Bretagne. Le second outil analysé est celui du financement participatif (crowdfunding). Forme émergente de financement des projets entrepreneuriaux par la foule sur internet, il connait une croissance forte depuis une décennie. La thèse questionne l’impact du degré d’innovation sur la réussite des campagnes. Le troisième et dernier outil évoqué dans la thèse est celui des fonds de Multi Corporate Venture Capital (MCVC), et leurs formes organisationnelles. / Driven by technological change, new legal frameworks, growing demand for cash from start-ups, and a growing maturity of market operators, innovation finance professionals have partly modified their practices. On the one hand, traditional financing tools have modernized their organizations and methods, and on the other, new forms of financing have emerged. These numerous evolutions open essential theoretical questions, while questioning the traditional theories of the financing of innovation as well as suggesting new theoretical considerations.The thesis investigates three of these modes of financing. The first, the Social Impact Bonds (otherwise known as Contrats à Impact Social, in France) are a way of financing the non-entrepreneurial social innovation that appeared in 2010 in Great Britain. The second tool analyzed is about equity crowdfunding. Emerging form of financing entrepreneurial projects by the crowd on the internet, it knows a strong growth since a decade. The thesis analyzes the impact of innovation degree on campaigns’ success. The third and last tool mentioned in this thesis is that of the funds of Multi Corporate Venture Capital (MCVC).