Ulteriori informazioni
This research project was driven by curiosity about the actual impact of Corporate Venture Capital activities on the investing company. At the end of 1998 when I developed the idea of analyzing CVC further, corporate venturing activities began to increase again after they had gone through two earlier boom and bust cycles. At that time, I did not envision how large the dimensions of CVC investments would become and how sharp the decrease afterwards would be. This latest cycle confirmed my desire to determine the impact of CVC and contribute to the understanding of CVC ,in theory and management practice. This research project was accepted as a dissertation by the "PromotionsauBschuss der Wissenschaftlichen Hochschule fUr Unternehmensfiihrung (WHU), -Otto-Beisheim Hochschule-", in Vallendar entitled "Impact of Corporate Venture Capital on Sustainable Competitive Advantage of the Investing Firm - A Resource Based Approach" in June 2002. I want to thank several people who contributed to this research project. I am grateful to Prof. Dr. Klaus Brockhoff and Prof. Dr. Markus Rudolf for their guidance and support. I want to thank several interview partners from industry for their time and insights. Thanks also to NVCA, EVCA and Asset Alternatives Inc. for the permission to cite Corporate Venture Capital figures.
Sommario
1. Introduction.- 1.1. Relevance of topic.- 1.2. Open issues and research objective.- 1.3. Structure and Approach.- 2. Theoretical foundation.- 2.1. Sustainable competitive advantage.- 2.2. Venture capital.- 2.3. Corporate Venture Capital: definition and objectives.- 2.4. Corporate Venture Capital process.- 2.5. Process of setting up Corporate Venture Capital activities.- 2.6. Process of running Corporate Venture Capital activities.- 2.7. Challenges for generating benefits through Corporate Venture capital.- 2.8. Overview of previous research on Corporate Venture Capital.- 3. CVC-Impact-Model.- 3.1. CVC-Impact-Model: linking CVC to sustainable competitive advantage.- 3.2. Operationalizing the CVC-Impact-Model.- 3.3. Critical activities for impacting sustainable competitive advantage.- 4. Case studies.- 4.1. Research approach.- 4.2. Company background.- 4.3. CVC activity.- 4.4. Targeted and realized benefits.- 4.5. Potential impact on sustainable competitive advantage.- 4.6. CVC challenges.- 4.7. Overall applicability.- 5. Summary.- 5.1. Implications for research.- 5.2. Implications for management.- 5.3. Limitations and outlook.- Appendix - Questionnaire.
Info autore
Dr. Timo B. Poser promovierte bei Prof. Dr. Klaus Brockhoff am Lehrstuhl für Unternehmenspolitik der Wissenschaftlichen Hochschule für Unternehmensführung (WHU) in Vallendar. Er ist als Inhouse Consultant bei BMW tätig.
Riassunto
During the venture capital boom, the use of Corporate Venture Capital (CVC) reached unprecedented levels, but it has been going down fast recently.
Timo B. Poser discusses the question if Corporate Venture Capital has the potential to create a lasting impact on the investing company's success. Based on the resource-based view of competitive advantage, he develops a conceptual CVC-Impact-Model and tests its applicability in four case studies. The author shows that Corporate Venture Capital offers a broad set of advantages, but has a limited impact on sustainable competitive advantage of the investing firm.
