دانلود رایگان مقاله نقش طرف تقاضا در شکل گیری فرصت و تصویب

abstract

This paper analyzes the strategic effects of corporate venture capital investments. Specifically, by studying the deals of 163 corporations over a four-year period, it documents the effects of driving, emerging, enabling, and passive investments on the pool of innovative opportunities available to incumbents and the scale efficiency gains they experience as a result of these investments. The study suggests that by making driving and enabling investments, incumbents position themselves in the industry to take advantage of increased pools of innovative opportunities and improve scale efficiency yields. At the same time, emerging and passive investments are detrimental for both of the strategic goals considered in this paper.

9. Discussion and conclusion

The present study demonstrates the need to analyze a finer-grained picture with respect to CVC activities of corporations than empirical CVC research has done previously. Rather than looking at the aggregated effects of CVC programs or dichotomizing programs into financial/strategic, significant insights can be learned from paying close attention to the kinds of deals incumbents make. Because nothing precludes corporations from making deals of different nature—which is what we see in our data—one needs to carefully consider the implications of the deals for the strategic benefits corporations are said to seek when establishing CVC programs. Only about 20% of corporate investments are beneficial in terms of either access to innovative opportunities or scale efficiency gains. The majority of deals are either detrimental or have no discernable effect on the strategic benefits corporations seek. The implications of these findings are very straightforward. In that driving and enabling investments are clearly beneficial and emerging and passive are not, strategically minded corporations should focus on what now constitutes the minority of their contributions. Importantly, we have not studied the financial effects of these types of deals; therefore, it is possible that they may be justified in terms of the returns they provide, although we doubt this is the case. Future research should explore these issues. It appears that pull from the market is at least as important to ensure access to innovative opportunities as is push from the technological side.