In light of the emergence of corporate venture capital activity in developed markets, resulting in a large portion of start-ups being invested in by corporate venture capital investors, this research paper explored the activities, objectives, outcomes, limitations and enablers of corporate venture capital investments in South Africa. The research process consisted of a literature review that analysed international literature and where available, literature pertaining to the South Africa, focusing on objectives, outcomes, limitations and enablers of corporate venture capital investments in other markets. Twelve unstructured interviews were conducted with corporate venture capitalists, entrepreneurs and independent venture capitalists. Ethical compliance was observed during every interview, ensuring that the integrity of the data was maintained. The data was analysed with the assistance of computer-assisted qualitative data analysis software (CAQDAS). The research found that the corporate venture capital market in South Africa is underdeveloped in comparison to international markets. There are no distinct strategies employed by those individuals interviewed. However, the outcomes, objectives, limitations and enablers were similar to those in international markets. A framework has been suggested to assist corporate venture capital investors in South Africa, ensuring that they are aware of the objectives, outcomes, limitations and enablers that they could encounter when performing corporate venture capital investments. / Dissertation (MBA)--University of Pretoria, 2013. / mngibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

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What do FedEx, Apple Computers, Microsoft, and Starbucks have in common? They all were started with venture capital investments. Venture capital investments have been an important aspect of many successful companies and will continue that importance in future business growth and development. During the forty plus, years that venture capital investments have been a part of business development many changes and morphologies have taken place. Despite this, the process and procedures that define how venture capital companies operate and make decisions can be generally classified into a five stage process. The characteristics of these stages along with the investment opportunities are examined. The amount of funds invested in each of these stages is analyzed to determine if there are trends in the investing patterns of the venture capital companies.

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by Leung Chun Ming, Timothy, Sau Chi Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 74-75). / ACKNOWLEDGEMENT --- p.iii / ABSTRACT --- p.iv / TABLE OF CONTENTS --- p.viii / LIST OF TABLES AND ILLUSTRATIONS --- p.x / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Project Objectives --- p.2 / Definitions --- p.3 / Nature of Venture Capital --- p.5 / Stages of Development --- p.6 / Advantages of Bring in Venture Capital --- p.8 / Venture Capitalist Activities --- p.10 / Investment Environment in China --- p.11 / Venture Capital Investment In China - General Background --- p.13 / Chapter II. --- RESEARCH METHODOLOGY --- p.16 / Literature Review --- p.16 / Preliminary Interviews --- p.17 / Survey Research --- p.17 / Follow up Interviews --- p.21 / Research Limitations --- p.21 / Chapter III. --- an analysis of the venture capital investment activities IN PRC --- p.22 / Profile of Respondents --- p.25 / Representativeness of Respondents --- p.27 / Step 1: Deal origination --- p.28 / Step 2: Screening --- p.30 / Step 3: Evaluation --- p.41 / Step 4: Deal Structuring --- p.49 / Step 5: Post-investment activities --- p.56 / Chapter IV. --- conclusion --- p.59 / apprenddc - questionnaire --- p.67 / bibliography --- p.74

by Woo Kwok Yin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 45-47). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / ACKNOWLEDGMENT --- p.vi / CHAPTERS / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 2. --- METHODOLOGY --- p.2 / Chapter 2.1 --- Literature review --- p.2 / Chapter 2.2 --- In-depth interviews with top executives of 5 venture capital firms --- p.3 / Chapter 2.2.1 --- Interview generation & description --- p.3 / Chapter 2.2.2 --- Interview outline --- p.4 / Chapter 2.3 --- Elaboration & analysis of findings --- p.6 / Chapter 2.4 --- Research limitations --- p.6 / Chapter 3. --- WHAT IS VENTURE CAPITAL? --- p.8 / Chapter 3.1 --- Definition of Venture Capital --- p.8 / Chapter 3.2 --- Functions of Venture Capital --- p.9 / Chapter 3.3 --- Different stages of Venture Capital investment --- p.11 / Chapter 3.4 --- General overview of an investment process --- p.12 / Chapter 4. --- PREVIOUS RESEARCH ON VENTURE CAPITAL --- p.15 / Chapter 5. --- WORLDWIDE VENTURE CAPITAL DEVELOPMENT --- p.19 / Chapter 5.1 --- Venture Capital development in United States --- p.19 / Chapter 5.2 --- Venture Capital development in Europe --- p.20 / Chapter 5.3 --- Venture Capital development in Asia --- p.21 / Chapter 6. --- FACTORS CONTRIBUTING TO THE GROWTH OF VENTURE CAPITAL IN ASIA --- p.23 / Chapter 7. --- COMPANY PROFILE AND INTERVIEW ARRANGEMENT --- p.24 / Chapter 8. --- THE FRAMEWORK OF VENTURE CAPITAL INVESTMENT IN ASIA --- p.25 / Chapter 8.1 --- Investment objectives --- p.25 / Chapter 8.2 --- Investment stage --- p.26 / Chapter 8.3 --- Industry preference --- p.28 / Chapter 8.4 --- Selection criteria --- p.28 / Chapter 8.5 --- Evaluation / negotiation process --- p.30 / Chapter 8.6 --- Valuation method --- p.31 / Chapter 8.7 --- Financial instrument --- p.32 / Chapter 8.8 --- Equity size --- p.34 / Chapter 8.9 --- Post-investment involvement & relationship --- p.35 / Chapter 8.10 --- Exit strategies --- p.36 / Chapter 8.11 --- Other considerations when investing in Asia --- p.38 / Chapter 9. --- CONCLUSION --- p.40 / Chapter APPENDIX I: --- MAP OF ASIA --- p.42 / Chapter APPENDIX II: --- ECONOMIC DATA OF ASIAN COUNTRIES --- p.43 / BIBLIOGRAPHY --- p.45

Thesis (Ph.D.)--Hong Kong University of Science and Technology, 2007. / Includes bibliographical references (leaves 130-134). Also available in electronic version.

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

published_or_final_version / Business Administration / Master / Master of Business Administration

This thesis explores institutions under which venture capital investment operates in China and whether and how these institutions affect venture capitalists’ (VCs) investment preferences, ex-ante project screening strategies, and ex-post monitoring activities in China. Based on an analysis of about 50 unstructured and semi-structured interviews and an examination of more than 800 venture capital backed deals, this study finds that regulations on corporate governance impact VCs’ investment activities in China. Due to regulatory restrictions, most foreign venture capital firms are structured under limited partnerships, whereas all domestic venture capital firms (VCFs) are structured as limited companies in China. The difference in corporate governance of VCFs heavily affects VCs’ investment strategies in China. VCFs under limited partnerships show more risktaking capability than those structured as limited companies by investing more in younger projects with higher R&D intensity. Associated with the difference in investment preferences, VCFs under limited partnerships employ stage financing more frequently than those structured as limited companies do. At the same time, the stage financing strategies deployed by VCFs under limited partnerships are closely related to agency problems and transaction uncertainties. The more serious agency problems are the more intensive stage financing will be. However, VCFs structured as limited companies rarely employ stage financing and there is no visible pattern shown in their stage financing arrangements. Finally, similar to the practices in developed countries, VCs in China also take human capital factors as the utmost important criteria. However, they are more demanding in project screening by imposing additional criteria. Further, VCFs under limited partnerships are more demanding and more sensitive to market growth rate and financial returns, and more concerned about public policies. These results may be explained by the weak regulatory institutions in China and the incentives provided by different governance structures. VCFs structured as limited companies are organized hierarchically. Their incentive structure is designed to discourage risk taking and responsibilities. VCFs under limited partnership are more independent in governance that their incentive structures are designed to encourage risk taking and responsibilities.