When Do Incumbents Learn From Entrepreneurial Ventures?: Corporate Venture Capital and Investing Firm Innovation Rates

Topics:
Equity,
Investment Strategy,
Venture Capital
Tags:
Entrepreneurial,
Entrepreneurship,
Finance,
Financing Startups,
Investment,
Management,
Venture Capital
Source:
Reed Elsevier

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Overview: In this paper, one focuses on the potential innovative benefits to Corporate Venture Capital (CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. This paper proposes that corporate venture capital programs may be instrumental in harvesting innovations from entrepreneurial ventures and thus an important part of a firm's overall innovation strategy. It hypothesize that these programs are especially effective in weak Intellectual Property (IP) regimes and when the firm has sufficient absorptive capacity. This paper analyze a large panel of public firms over a 20-year period and find that increases in corporate venture capital investments are associated with subsequent increases in firm patenting.

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Format: PDF | Size: 382KB | Date: Apr 2005 | Pages: 25

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