The study on success factors in strategic corporate venturing is based on extensive qualitative and quantitative market research among corporate venturing units and independent venture capitalists. The research project was established in close collaboration with Berlin Institute of Technology and the Steinbeis University Berlin.
The values we live by got us to this point. And we are naturally, completely, and utterly Bundl.
Find out more about our purpose, method, culture, and habits in our ‘This is Bundl’ book.
Corporate Venture Capital best practices from interviews and researchMark S. Brooks
Summary research from interviews with 13 CVCs to identify best practices in creating a corporate venture capital (CVC) unit or a corporate accelerator.
Key takeaways include having clear objectives, clear processes and structure, easy to measure metrics, having patience and board or executive support, and making contributions to select startups that go well beyond capital.
I hope you find it useful. Feel free to distribute further to others who might find value in it.
You can reach me at https://www.linkedin.com/in/markbrooks
Guest lecture corporate venture capital (herman kienhuis)Herman Kienhuis
Guest Lecture about Corporate Venture Capital by Herman Kienhuis for Corporate Venturing course, MSc Business Administration, Amsterdam Business School (University of Amsterdam - UvA)
CB Insights’ Growth Collective demystifies the growth strategies of the world’s largest organizations. We surveyed 365 corporate venture capital arms to understand how CVCs govern, set objectives, compose their teams, embed processes, and use technology. This research is the most comprehensive look at how CVCs operate and drive growth in their organizations. Growth Collective members also have access to best practices and tools to better deliver on their corporate venture capital goals.
The values we live by got us to this point. And we are naturally, completely, and utterly Bundl.
Find out more about our purpose, method, culture, and habits in our ‘This is Bundl’ book.
Corporate Venture Capital best practices from interviews and researchMark S. Brooks
Summary research from interviews with 13 CVCs to identify best practices in creating a corporate venture capital (CVC) unit or a corporate accelerator.
Key takeaways include having clear objectives, clear processes and structure, easy to measure metrics, having patience and board or executive support, and making contributions to select startups that go well beyond capital.
I hope you find it useful. Feel free to distribute further to others who might find value in it.
You can reach me at https://www.linkedin.com/in/markbrooks
Guest lecture corporate venture capital (herman kienhuis)Herman Kienhuis
Guest Lecture about Corporate Venture Capital by Herman Kienhuis for Corporate Venturing course, MSc Business Administration, Amsterdam Business School (University of Amsterdam - UvA)
CB Insights’ Growth Collective demystifies the growth strategies of the world’s largest organizations. We surveyed 365 corporate venture capital arms to understand how CVCs govern, set objectives, compose their teams, embed processes, and use technology. This research is the most comprehensive look at how CVCs operate and drive growth in their organizations. Growth Collective members also have access to best practices and tools to better deliver on their corporate venture capital goals.
Venture Builder / Start-up Factory Model One-slider Infographic Floyd DCosta
Deploying a venture builder / start-up factory model to smartly develop and scale a set of innovative ventures.
A structured, experimental, iterative approach to craft value and generate returns
Discover and understand the critical actions needed on the venture journey to scale successfully.
What is it for?
To help corporate entrepreneurs identify and successfully navigate each critical action that will ultimately become the foundation of a corporate venture’s scaling effort. Based on the insights from 200+ corporate innovation and venture tracks, this practical guide provides a deeper understanding of what’s needed early-on for long-term venture growth.
Benefits:
Identify the right measurement approach that shines a light on your path forward.
Create an ideal team setup with access to the right talent at the right time.
Select the appropriate ownership structure and legal entity format.
Laicos is a technology Startup Studio led by Ryan Negri and Kyle Matthews. With 20 years combined operational and startup experience, Negri and Matthews want to shape the up-and-coming startup ecosystem of Tampa, Florida, developing their own ideas to create a new tech hub of innovation and entrepreneurship.
A “Startup Studio” is a structure whose aim is to repeatedly build products into companies. Thanks to its infrastructure and resources, a startup studio increase a product’s chance of success and optimize its creation and growth.
The difference between incubators/accelerators and Startup Studios is the vested human capital involved around an idea. At the core of the startups studio model are dedicated teams helping business ideas develop into beautiful products and successful companies.
Laicos’ flagship inaugural product, Fuse, is a social media management platform for the consumers and power users, with a simple price model and a clean and attractive UI. In addition, Laicos is developing four additional products: BusFinder, currently in beta version, an app utilizing data from the Tampa Public Transportation System; $1Market, to offer many different services to users for $1 dollar/mo, Order to Seat, for fans to order food to their seat while at a stadium or arena, and FoodStops, a food truck tracking app for consumers and marketing platform for vendors. In 20I7, we plan to work with other founders to help turn their ideas into reality.
Notation Capital Fund 2 - VC Pitch Deck ExamplesPitch Decks
Notation Capital is a first-check venture fund based in Brooklyn, NY founded by Nick Chirls and Alex Lines in 2015. The company focuses on very early-stage technical teams, often pre-market or even pre-product, primarily in New York, and provide capital and support to help go-to-market and scale the company.
Here's a look at the Notation Capital pitch deck from 2014, used to raise their Notation I fund (original $6M, oversubscribed at $8M).
Gorilla Labs is a Venture builder (startup studio) designed to internalize ideation, rapidly iterate MVPs, and deploy accelerated go-to-market strategies for commercialization using Lean Startup methodology.
Co-founded by 2 INSEAD MBAs (Class of 2015)
Nikhil Jacob
Rubens Nigoghossian
More about venture builders:
http://venturebeat.com/2015/01/18/how-venture-builders-are-changing-the-startup-model/
What is a startup studio?
http://upstart.bizjournals.com/multimedia/interactives/2015/04/what-the-heck-is-a-startup-factory.html
Author's blog on experience in the Southeast Asia venture capital ecosystem
http://theventurevault.com/
Building Startups: the "3rd co-founder model"eFounders
Among the myriad of types of structures breeding startups (incubators, accelerators, etc.), a new successful model has emerged: the startup studio. Brand new, this model is already controversial, as show the announced IPO of Rocket Internet. Here is how we see the startup studio model: as being a 3rd co-founder. You can reed the full version on our blog: http://efounders.co/blog/startup-studio-the-3rd-co-founder-model/
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
Presented at the Digital Ventures/Siam Commercial Bank Faster Future Fintech Forum (28 Feb 2017, Bangkok) by Paul Ark, Managing Director of Corporate Venture Capital of Digital Ventures
FasterCapital is an incubator that is offering a unique model of cofunding and cofounding. FasterCapital will become the technical cofounder and invests 50% of the money needed.
Slash - the Startup Studio Playbook (13 dec2018)Slash
New models for collaboration emerge between corporates, startups and investors.
In his keynote at the Asia Startup Summit, Slash CEO Andries De Vos shares how Slash (www.slash.co) has developed a startup studio model which can be applicable to corporates, investors and entrepreneurs.
Primer on raising seed capital for first time and experienced startup founders and employees. In this slideshare, I provide insight into the following questions:
-What is seed capital?
-Why should I raise?
-What is the current state of the seed market.
-Who invets in startups?
-How do I prepare?
-What is the close process?
-What are some useful resources?
Slash | The Venture Builder Playbook (5 may2021)Slash
Talk delivered to tech and corporate community on the Venture Builder Playbook.
We covered:
1) Why Venture Building is the new "growth" strategy for corporates worldwide
2) Flavors of Venture Building
3) The Venture Builder Playbook (at a high level)
The Startup Studio Playbook is the World's first professional book dedicated to startup studios, a.k.a. venture builders, startup factories. It is a book for entrepreneurs and innovators. Read about exciting case studies and best practices, discover how the startup studio model enables you to build startups easier
You will benefit from this book if you are interested in entrepreneurship or innovation. Startup studios are on the rise, quickly becoming the new trend in building startups. If done right, model enables you to build startups in a less risky and more cost-efficient way. Discover how this model can benefit you.
The main goal of the Startup Studio Playbook is to make startup studios more transparent, and make it easier to create and grow new studios. In this book you will learn about:
- Who are the founders behind the most exciting studios;
- How are are these organizations funded;
- Where do studios take the idea for their startups;
- How startup studio organize their team and operations;
- What are the spin-off and exit strategies;
- What are the pros and cons of the model;
- How different startup studios operate across the Globe;
- How corporations can leverage the benefits of the model;
- How you can build your own startup studio?
Find out more:
http://www.startupstudioplaybook.com/
Get the book. Use the offer code 'earlybird' to get a discount.
https://gumroad.com/l/startupstudioplaybook
Venture Builder / Start-up Factory Model One-slider Infographic Floyd DCosta
Deploying a venture builder / start-up factory model to smartly develop and scale a set of innovative ventures.
A structured, experimental, iterative approach to craft value and generate returns
Discover and understand the critical actions needed on the venture journey to scale successfully.
What is it for?
To help corporate entrepreneurs identify and successfully navigate each critical action that will ultimately become the foundation of a corporate venture’s scaling effort. Based on the insights from 200+ corporate innovation and venture tracks, this practical guide provides a deeper understanding of what’s needed early-on for long-term venture growth.
Benefits:
Identify the right measurement approach that shines a light on your path forward.
Create an ideal team setup with access to the right talent at the right time.
Select the appropriate ownership structure and legal entity format.
Laicos is a technology Startup Studio led by Ryan Negri and Kyle Matthews. With 20 years combined operational and startup experience, Negri and Matthews want to shape the up-and-coming startup ecosystem of Tampa, Florida, developing their own ideas to create a new tech hub of innovation and entrepreneurship.
A “Startup Studio” is a structure whose aim is to repeatedly build products into companies. Thanks to its infrastructure and resources, a startup studio increase a product’s chance of success and optimize its creation and growth.
The difference between incubators/accelerators and Startup Studios is the vested human capital involved around an idea. At the core of the startups studio model are dedicated teams helping business ideas develop into beautiful products and successful companies.
Laicos’ flagship inaugural product, Fuse, is a social media management platform for the consumers and power users, with a simple price model and a clean and attractive UI. In addition, Laicos is developing four additional products: BusFinder, currently in beta version, an app utilizing data from the Tampa Public Transportation System; $1Market, to offer many different services to users for $1 dollar/mo, Order to Seat, for fans to order food to their seat while at a stadium or arena, and FoodStops, a food truck tracking app for consumers and marketing platform for vendors. In 20I7, we plan to work with other founders to help turn their ideas into reality.
Notation Capital Fund 2 - VC Pitch Deck ExamplesPitch Decks
Notation Capital is a first-check venture fund based in Brooklyn, NY founded by Nick Chirls and Alex Lines in 2015. The company focuses on very early-stage technical teams, often pre-market or even pre-product, primarily in New York, and provide capital and support to help go-to-market and scale the company.
Here's a look at the Notation Capital pitch deck from 2014, used to raise their Notation I fund (original $6M, oversubscribed at $8M).
Gorilla Labs is a Venture builder (startup studio) designed to internalize ideation, rapidly iterate MVPs, and deploy accelerated go-to-market strategies for commercialization using Lean Startup methodology.
Co-founded by 2 INSEAD MBAs (Class of 2015)
Nikhil Jacob
Rubens Nigoghossian
More about venture builders:
http://venturebeat.com/2015/01/18/how-venture-builders-are-changing-the-startup-model/
What is a startup studio?
http://upstart.bizjournals.com/multimedia/interactives/2015/04/what-the-heck-is-a-startup-factory.html
Author's blog on experience in the Southeast Asia venture capital ecosystem
http://theventurevault.com/
Building Startups: the "3rd co-founder model"eFounders
Among the myriad of types of structures breeding startups (incubators, accelerators, etc.), a new successful model has emerged: the startup studio. Brand new, this model is already controversial, as show the announced IPO of Rocket Internet. Here is how we see the startup studio model: as being a 3rd co-founder. You can reed the full version on our blog: http://efounders.co/blog/startup-studio-the-3rd-co-founder-model/
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
Presented at the Digital Ventures/Siam Commercial Bank Faster Future Fintech Forum (28 Feb 2017, Bangkok) by Paul Ark, Managing Director of Corporate Venture Capital of Digital Ventures
FasterCapital is an incubator that is offering a unique model of cofunding and cofounding. FasterCapital will become the technical cofounder and invests 50% of the money needed.
Slash - the Startup Studio Playbook (13 dec2018)Slash
New models for collaboration emerge between corporates, startups and investors.
In his keynote at the Asia Startup Summit, Slash CEO Andries De Vos shares how Slash (www.slash.co) has developed a startup studio model which can be applicable to corporates, investors and entrepreneurs.
Primer on raising seed capital for first time and experienced startup founders and employees. In this slideshare, I provide insight into the following questions:
-What is seed capital?
-Why should I raise?
-What is the current state of the seed market.
-Who invets in startups?
-How do I prepare?
-What is the close process?
-What are some useful resources?
Slash | The Venture Builder Playbook (5 may2021)Slash
Talk delivered to tech and corporate community on the Venture Builder Playbook.
We covered:
1) Why Venture Building is the new "growth" strategy for corporates worldwide
2) Flavors of Venture Building
3) The Venture Builder Playbook (at a high level)
The Startup Studio Playbook is the World's first professional book dedicated to startup studios, a.k.a. venture builders, startup factories. It is a book for entrepreneurs and innovators. Read about exciting case studies and best practices, discover how the startup studio model enables you to build startups easier
You will benefit from this book if you are interested in entrepreneurship or innovation. Startup studios are on the rise, quickly becoming the new trend in building startups. If done right, model enables you to build startups in a less risky and more cost-efficient way. Discover how this model can benefit you.
The main goal of the Startup Studio Playbook is to make startup studios more transparent, and make it easier to create and grow new studios. In this book you will learn about:
- Who are the founders behind the most exciting studios;
- How are are these organizations funded;
- Where do studios take the idea for their startups;
- How startup studio organize their team and operations;
- What are the spin-off and exit strategies;
- What are the pros and cons of the model;
- How different startup studios operate across the Globe;
- How corporations can leverage the benefits of the model;
- How you can build your own startup studio?
Find out more:
http://www.startupstudioplaybook.com/
Get the book. Use the offer code 'earlybird' to get a discount.
https://gumroad.com/l/startupstudioplaybook
Corporate ParentingDesigning the corporate HQ MGT 214 CorpAlleneMcclendon878
Corporate Parenting
Designing the corporate HQ
MGT 214 Corporate Strategy
Spring 2021
Dr. Paul Kirwan
1
Recurring theme…
The goal of the corporate strategist is to exploit synergies through administrative control that cannot be replicated by mere investors.
Corporate advantage comes broadly from either portfolio assembly (“selection”) or portfolio modification (“synergy”).
2
Recurring theme…
“Synergy” is an umbrella term to describe the various ways in which the cash flows and discount rates of businesses in a portfolio can be modified through administrative influence.
Synergy is the means through which corporate advantage is created relative to a typical investor who can assemble the same portfolio of investments (without exercising administrative influence over them, as she lacks the decision rights to do so).
3
Introduction
This chapter explores how the appropriate influence model for HQ is contingent on the choice of how corporate advantage is being pursued.
The appropriate influence model is defined as the way HQ influences individual businesses in the portfolio
4
Introduction
The HQ, where the corporate strategists reside, is ultimately the custodian of corporate advantage.
Its goal is to ask (and help answer) the question of why the collection of businesses they administer is worth more than what they would be worth if operated independently.
5
Understanding HQ
“HQ” refers to:
the corporate HQ in a multi-divisional corporation
any administrative unit making strategic decisions that cut across multiple businesses
Including regional, national, or divisional HQ
the holding company of a portfolio of companies (as in a business group)
the organizational or physical location of shared service units.
6
Holding Company Structure, simple example
7
Heineken’s Premium Brand Portfolio, simple example
8
Basic facts about the corporate HQ
Studies decompose the variance in profitability to:
(1)business unit,
(2)corporate parent, and
(3)industry level factors
Found that the corporate parent factor represents around 10 to 20 percent of total variance (and 20 to 25 percent of explained variance), using the most recent techniques (McGahan and Porter, 2002).
This is in between that for industry and that for business unit.
9
Basic facts about the corporate HQ
This may be a significant under-estimate of the impact of the corporate HQ because of data limitations and the methodology, which mainly has to do with the fact that many business unit specific factors actually originate through HQ decisions.
The size of the corporate HQ relative to the total size of the corporation varies enormously across sectors and geographies.
Primary drivers of differences in HQ size are the scale of shared service functions provided to the businesses in the portfolio, as well as the extent of linkage influence exercised by the HQ.
10
Basic facts about the corporate HQ
The cost of the corporate ...
Accelerate Value Creation: The Virtuous Cycle of Using Technology to Maximize...FindWhitePapers
Explore the relationship between IT investment and performance and productivity gains. This paper describes how companies can best maximize value from their IT investments and can take part in the virtuous cycle of IT.
Do successful companies think differently and act differently? Do they fear recession? How do they stay
at the helm as market or technology leaders? Do they pile on cash for future or invest now?
This white paper is intended to stimulate thought and discussion for measuring the return on intranet and corporate portal investment.
It also documents different benchmarks and success stories of leading enterprises that successfully measure such value.
To download a PDF version of the report, please visit: http://www.prescientdigital.com/articles/finding-roi-white-paper?searchterm=finding+roi
Business Transformation Outsourcing (BTO) is an extension of BPO, a strategic partnership between the customer and the outsourcer with the advantage of sophisticated financing mechanisms. BTO involves sharing risks and gains with an outsource business partner. It is all about governing the priorities, people and processes of organizations. It merges IT and business strategy of a company while optimizing quality, performance and business availability.
The most important factor in determining whether an acquisition becomes successful or not, is how well the post-merger integration is done. The post-merger integration takes many times the effort of closing the deal, but is a lot less glamorous and often shortchanged. This presentation will provide some guidelines for an effective integration, such as having a single integration leader and open communication and will highlight potential pitfalls to avoid such as believing the sales force can easily represent both product lines. The integration involves not just combining the two companies but also finding better ways to run the combined business. The business improvements can often be as large as the synergies.
Mergers and acquisitions are both aspects of strategic management, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or new location, without creating a subsidiary, other child entity or using a joint venture. M&A can be defined as a type of restructuring in that they result in some entity reorganization with the aim to provide growth or positive value. Consolidation of an industry or sector occurs when widespread M&A activity concentrates the resources of many small companies into a few larger ones, such as occurred with the automotive industry between 1910 and 1940. The distinction between a "merger" and an "acquisition" has become increasingly blurred in various respects (particularly in terms of the ultimate economic outcome), although it has not completely disappeared in all situations. From a legal point of view, a merger is a legal consolidation of two companies into one entity, whereas an acquisition occurs when one company takes over another and completely establishes itself as the new owner (in which case the target company still exists as an independent legal entity controlled by the acquirer). Either structure can result in the economic and financial consolidation of the two entities. In practice, a deal that is a merger for legal purposes may be euphemistically called a "merger of equals" if both CEOs agree that joining together is in the best interest of both of their companies, while when the deal is unfriendly (that is, when the management of the target company opposes the deal) it is almost always regarded as an "acquisition". Change management is an important component of talent management, and materially contributes to the success of M&A integration. Talent Management System (TMS)
Success with mergers, acquisitions, divestitures, integration (MADI), including M&A due diligence, requires the design and execution of a customized MADI Plan to ensure achievement of business outcomes, and optimal integration and alignment of the organization’s talent and cultures. A sample framework for M&A, and M&A integration (including talent, process, technology, and execution tools) is presented and discussed herein. Actual approach, techniques, tools, and resources remain to be determined based on business needs, industry practices, geographical practices, organizational preferences, etc.
Factors Influencing the Growth of Venture CapitalIntroduct.docxmecklenburgstrelitzh
Factors Influencing the Growth of Venture Capital
Introduction
Many people dream of starting their businesses. There are several reasons why entrepreneurs would be willing to start their businesses. However, many of them get stuck because of a lack of capital since many financial institutions don't lend in the absence of collateral security. Some get lucky enough to get financial support from their savings or families and friends. But for others, there is only one alternative to obtain funds and start their businesses, and that is through venture capital. This is a part of private equity capital that is normally given for new start-ups that promise potential growth in the aim of getting a return on investment. In other words, venture capital investment is generally refers to cash in exchange for a share in the invested business.
Structure of Venture Capital
Venture capitalists (VC) refer to an investment firm or a person making venture investments. Apart from the issuance of capital, venture capitalists (VCs) also play a role in managing the business at an early stage, thus adding expertise skills. Kwak (2019) tells us that because there is a high risk of losing all investment in a given start-up company, most venture capital investments are done a pool format, where investors combine their portfolios into one large fund that invests in different start-ups. By doing this, they spread out risks hence improve their return on investments
According to Wallmeroth, Wirtz & Groh (2018), venture capital is generally used as a tool for economic development in underdeveloped countries. For the past few decades, venture capital has attained substantial growth especially in the developing economies where a considerable increase in economic activities has been observed of late. The main reason for this could be the search for different profitable markets that have gone through economic maturity, given that the developed markets have shown a slight decrease in profitability levels due to trade wars currently at play. Despite venture capital being widely disseminated worldwide, but the activity is mostly concentrated in America. In this paper, I will aim to understand the factors that drive the growth of venture capital.
Motives that drive Venture Capital
The venture capital market contains three elements namely management organization, capitalists, and invested corporations. In simplifying the dynamic market, capitalists invest their investments which are controlled by management organizations, which in turn, buy a stake in investment firms for a specified period (Maula, Autio & Murray, 2010).
· Organization Innovativeness
To clearly illustrate motives for venture capital, it’s essential to analyze the level of growth and development as a result of the effectiveness of measures at the organizational level. Generally, the organizations’ interest in creating venture funds has been largely influenced by the venture capital climate. Most companies gene.
Factors Influencing the Growth of Venture CapitalIntroduct.docxlmelaine
Factors Influencing the Growth of Venture Capital
Introduction
Many people dream of starting their businesses. There are several reasons why entrepreneurs would be willing to start their businesses. However, many of them get stuck because of a lack of capital since many financial institutions don't lend in the absence of collateral security. Some get lucky enough to get financial support from their savings or families and friends. But for others, there is only one alternative to obtain funds and start their businesses, and that is through venture capital. This is a part of private equity capital that is normally given for new start-ups that promise potential growth in the aim of getting a return on investment. In other words, venture capital investment is generally refers to cash in exchange for a share in the invested business.
Structure of Venture Capital
Venture capitalists (VC) refer to an investment firm or a person making venture investments. Apart from the issuance of capital, venture capitalists (VCs) also play a role in managing the business at an early stage, thus adding expertise skills. Kwak (2019) tells us that because there is a high risk of losing all investment in a given start-up company, most venture capital investments are done a pool format, where investors combine their portfolios into one large fund that invests in different start-ups. By doing this, they spread out risks hence improve their return on investments
According to Wallmeroth, Wirtz & Groh (2018), venture capital is generally used as a tool for economic development in underdeveloped countries. For the past few decades, venture capital has attained substantial growth especially in the developing economies where a considerable increase in economic activities has been observed of late. The main reason for this could be the search for different profitable markets that have gone through economic maturity, given that the developed markets have shown a slight decrease in profitability levels due to trade wars currently at play. Despite venture capital being widely disseminated worldwide, but the activity is mostly concentrated in America. In this paper, I will aim to understand the factors that drive the growth of venture capital.
Motives that drive Venture Capital
The venture capital market contains three elements namely management organization, capitalists, and invested corporations. In simplifying the dynamic market, capitalists invest their investments which are controlled by management organizations, which in turn, buy a stake in investment firms for a specified period (Maula, Autio & Murray, 2010).
· Organization Innovativeness
To clearly illustrate motives for venture capital, it’s essential to analyze the level of growth and development as a result of the effectiveness of measures at the organizational level. Generally, the organizations’ interest in creating venture funds has been largely influenced by the venture capital climate. Most companies gene ...
Performance Management - Beyond the Numbers CBIZ, Inc.
To better measure an organization’s success in carrying out its vision and strategy, many are now looking beyond the numbers and utilizing broader, far-reaching performance management measurements that capture both financial and
non-financial performance metrics.
Similar to Success Factors Corporate Venturing (20)
In Kooperation mit Google Deutschland durchgeführte Studie um Energieunternehmen zu helfen, Konsumenten besser zu verstehen und Input für strategische Positionierungen sowie konkrete Vertriebsmaßnahmen liefern.
Gamificationist vor allen Dingen ein Trend, der dem User Experience und User Interface Design zuzuschreiben ist. Es geht also um das Design von SocialInterfaces. Weitere Bestandteile sind die Motivationspsychologie und Verhaltenspsychologie.
By opening the innovation process your company can become even more successful. We ask the deciding questions: How can idea-finding and product development processes be improved through social media? What is the most sensible approach to your concrete problem: to stimulate idea development amongst staff members and/or to use customer knowledge? t+d provides the strategies and tools to exhaust your company’s innovation potential!
The success of digital campaigns is measurable! With our ‘benchmark analysis’ your digital campaigns become comparable and your success can be assessed.
“Don’t use social media if you don’t know what you want to achieve.” As banal as it sounds – anyone who invests in social media without a concrete goal will find it difficult to succeed. Only once it is clear exactly what should be accomplished is it possible to determine which measures should be taken, through which channels, and which technologies will be relevant in the short and long term. We support you in translating your company goals into concrete social media objectives and develop a custom-made social media road map for your company.
The Student Council Team of TU Berlin featured the subject MADE IN CHINA - Potentials and Challenges in the Chinese market with its series "Evenings VII – Bricks”. Lars-Alexander Mayer, partner at trommsdorff +drüner participated in the event. In 2010, t+d opened an office in Beijing, China.
Our ambition - understanding consumer needs. This is the only way to successful marketing. Through our proximity to research and our close contact to scientific institutions, t+d possesses cutting-edge analytical competencies and methodological expertise. We can suggest suitable instruments and services for all innovation and marketing questions.
Sustainability and Corporate Responsibility Identification of subjects that will be relevant to the future of marketing, a study by the Steinbeis University Berlin and TU Berlin.
With TrendPanel trommdorff+drüner and forward2business, together with trend experts from German companies, regularly analyze current trends using a 2-tier online survey.
Trend orientation and innovative power, trend management in German companies and current trends under examination. A study of the situation of trend management in German companies and current top trends.
Trend orientation and innovative power, trend management in German companies and current trends under examination. A study of the situation of trend management in German companies and current top trends.
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2. P02.
Key InsIghts »Benefits of corporate venturing are
diverse. Thus corporate venture capital
units can pursue multiple goals
simultaneously, as long as they are
aligned to corporate needs, clearly
communicated within the organisation »Understanding internal and external
and monitored on a long-term basis by deal sources and innovation hot spots,
a concisely defined metric set. in terms of market and technologies,
constitutes an integral part of corporate
venturing activity.
»Financial interests and innovation-
related strategies are not mutually
exclusive. »Assessment of investment opportuni-
ties has to be done in cooperation with
external partners and can be a time-
»Corporate venturing units have to critical issue in some industries.
operate autonomously, but be deeply
rooted in corporate innovation
strategy and connected to business »Processes integrating internal
units to unfold their full potential. and external parties, inspired by new
venturing approaches, have to be
established, either by collaboration
agreements or joint equity (syndication).
Introduction
Methodology
Strategic Setup
Investment Process
Internal Collaboration
Conclusion
Contact
3. P03.
IntroductIon The importance of corporations in
venture capital (VC) has increased
120.000
Rather Financial Focus Rather Strategic Focus
30%
Corporate venturing continuously, especially with respect
100.000 25%
becomes a core to the number of deals they are invol-
tool in innovation ved in.
management. 80.000 20%
Defining and At the same time corporate venturing
measuring success (CV) strategies shifted from financial 60.000 15%
factors is the key to more strategic objectives supporting
performance driver.
the innovation process. 40.000 10%
The shift had no impact on the amount 20.000 5%
of funding, but can explain the incre-
asing share of deals with corporate
0 0%
venture capital (CVC) involvement, as
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
many innovation-related objectives are Data: National Venture Capital Association 2011
based on deal diversity rather than on
Total VC Investment in $M (LHS)
deal size.
Total CVC Investment in $M (LHS)
% of $ Coming from CVCs (RHS)
Definition and measurement of suc-
% of Deals with CVC Involvement (RHS)
cess factors is the most critical factor in
75 0/0 of the underperformers launching and running a successful CVC
but only 22%0/0 of the unit. This challenge intensifies as CVC
top performers regard the units shift their emphasis from purely
definition and measurement of financial to innovation-related goals.
success factors as a major General developments, such as shorter
challenge. technology life cycles and the fragmen-
tation of knowledge, further challen-
ged traditional processes. Introduction
Methodology
Strategic Setup
Investment Process
Internal Collaboration
Conclusion
Contact
4. P04.
ACTIVITy (Number of Portfolio Companies)
Methodology In this study performance is approxi-
mated by a function of continuity and
50 Positive Performance
Negativ Performance
45
Financial returns activity, since financial returns are fre-
do not represent the quently disclosed and do not represent 40
entire strategic the entire strategic value. It is assumed
35
value of corporate that continuity of the CVC units in the & ICT
Media
venturing activities. market and the respective current level 30
Performance can of activity provides an approximation to 25
only be approxima- the strategic value added to the corpo-
ted and has to be
ration. Firms would limit the venturing 20
ICPS
seen in an industry
activity in case of no value creation. To
context. 15
control for differences in industries, the
sample was segmented by investment 10
focus resulting in the two clusters (1) 5
Media & Information and Communica- CoNTINuITy (years of Experience)
tion Technology (ICT) and (2) Industry 0
0 2 4 6 8 10 12 14 16 18 20
and Consumer Products and Services
Analysis based on global online survey (CVC units, n=19; VCs, n=98) and focus interviews (n=91) among managing directors of CVC and VC
(ICPS). The Media & ICT cluster is charac- units; Absolute performance represents the distance to the industry averages, divided by the industry specific standard deviation.
terized by a larger deviation of activity
and continuity and more venturing
experience. Top performers are located 1. Media & ICT 2. Industry & Consumer Product Services (ICPS)
Electronics, Media & Entertainment, Chemicals, Business Products & Services, Consumer Products &
above the respective industry averages Telecommunications, Computer & Peripherals, Services, Financial Services, Life Science & Healthcare, Supply Chain/
(trendlines), underperformer below. Software & IT Services Logistics, Energy & Renewables, Materials, Manufacturing
The data used originates from a
comprehensive online survey among
19 CVC units from 8 countries.
The questionnaire was based on a large
number of focus interviews among Introduction
CVC units and independent venture Methodology
capitalists (IVCs). In addition, an Strategic Setup
adapted version of the online survey Investment Process
was conducted among almost 100 IVCs. Internal Collaboration
Conclusion
Contact
5. P05.
Methodology Strategic Setup (1) is defined
as the initial setup of strategy
HyPoTHESIzED SuCCESS FACToR By PRoCESS PHASES
Three phases and objectives and the respective 1. 2. 3.
constitute the performance measurement. Further, re- STraTegIC InveSTMenT InTernal
SeTuP ProCeSS CollaboraTIon
corporate levant process capabilities, in particular
venturing process: process acceleration capabilities, have Strategic orientation deal Sourcing relationship to bus
(1) The Strategic to be developed.
Setup,
(2) The Investment inveStment proceSS (2) related factors financial orientation external Collaboration relationship to CP
Process and (non equity partnering)
range from deal generation to external
(3) Internal
relations and are regarded on a deal
Collaboration.
basis, but implemented parallel.
Strategic ambiguity Syndication long-Term Horizon
(joint equity partnering)
Continuous internal collaboration
(3) with the corporate parent (CP)and
its business units (BUs) is a major point Performance Measurement venture Support
of differentiation of CVC units from IVCs.
SuCCESS FACToR IN CoRPoRATE VENTuRINg MoDEL
Process Capabilities exit Strategy
InTernal
CollaboraTIon
InveSTMenT
ProCeS external Communication
STraTegIC
SeTuP DIMENSIoNS oF ANALySIS
InduSTry effeCT on
SPeCIfICS PerforManCe
Introduction
Methodology
Strategic Setup
The corporate venturing framework is based Investment Process
on a literature review and focus interviews. Internal Collaboration
Conclusion
Contact
6. P06.
STRATEgIC goALS By PERFoRMANCE TyPES...
strategIc Strategy
Contrary to conventional wisdom top 100%
setup
Technical Innovations + 0%
100%
performers tend to follow a wider
89%
range of innovation-related strate- Window on Technology
67% + 32%
Defining innovation- gies rather than focusing on one core Business Model Innovations
67%
+ 0%
67%
related goals, business line, while taking into account 78%
open New Markets + 77%
without neglecting the importance of financial benefits. 44%
67%
financial objectives The dual focus on financial and strategic Financial Interest
44%
+ 52%
is a core performance objectives of top performer showcases 44%
+ 16%
Improve Corporate Image on Innovation 38%
driver. Performance on the one hand the multiple benefits 44%
measurement should Ecosystem Development + 100%
of corporate venturing in the manage- 22%
be based on either 22%
- 33%
ment of innovation, on the other hand Control for Potential Future Competition 33%
a qualitative or
the need of financial return to legitimate Make use of Non-Streategic Intellectual Property
33%
+ 154%
quantitative metric 13%
the venturing activities in the long run. 33%
set. Promote Corporate Entrepreneurship + 154%
13%
11%
performance meaSurement Improve Consumer orientation
25%
- 33%
Top performers measure the impact of Attract and Retain High Potentials 11%
+ 100%
their corporate venturing activities by a
clear set of either qualitative or quanti- Top Performer
tative Key Performance Indicators (KPIs) underperformer
with a long-term horizon.
STRATEgIC PLANNINg oN KPIS QuALITATIVE VS. QuANTITATIVE KPIS
44% 57% 56% 44% Top Performer
14% 43% 43% 22% 22% 56% underperformer
Short-Term (<6 Month) Quantitative
Medium-Term (6-24 Month) Qualitative
Long-Term (>24 Month) Dual
Introduction
Methodology
strategic setup
Investment Process
Internal Collaboration
Conclusion
Contact
7. P07.
strategIc Strategy & performance
meaSurement MedIa & ICT
STRATEgIC goALS By PERFoRMANCE TyPES...
ICPS
setup Accessing technological innovations
is the major focus of all CVC units.
+ 0%
100%
100%
Technical Innovations 100%
100%
+ 0%
100% Window on Technology 80%
Industry This underlines the role of CVC in the + 33%
75% 60%
+ 33%
background shapes management of innovations. - 50% 50%
Business Model Innovations
80% + 33%
75% 60%
strategic setup. Creating a ‘window on technology’ is 75% 80%
+ 200% open New Markets + 33%
Process acceleration generally considered important, but is 25% 60%
75% 80%
capabilities are more relevant in the Media & ICT cluster, +50% 50%
Financial Interest
60% +33%
primarily relevant due to shorter technology life cycles. 60%
-100% Improve Corporate Image on Innovation + 50%
in the Media In the ICPS cluster top performers show
50% 40%
50% 20%
and ICT cluster. + 100% Ecosystem Development + 100%
a stronger focus on ‚soft‘ objectives 25%
25% 40%
related to image, culture and human - 100% 50%
Control for Potential Future Competition
20%
+ 100%
resources. + 100%
25% Make use of Non-Streategic 20%
+ 0%
Intellectual Property 20%
25% 40%
+ 100% Promote Corporate Entrepreneurship + 60%
Quantitative performance indicators 25%
25% 60%
are more common in the Media & ICT + 0%
25%
Improve Consumer orientation
50%
+ 50%
cluster, which can be explained by - 100% Attract and Retain High Potentials 60%
+ 200%
50% 20%
their greater emphasis on financial
objectives and their generally larger Top Performer
experience in venturing. underperformer
10 0/0 of the CVC units in proceSS capabilitieS
the ICPS cluster regard their In the Media & ICT cluster process
processes as fast compared capabilities, in particular investment
to 63 0/0 in the Media and speed but also process flexibility, are
ICT cluster considered to be more relevant and media
should be part of the strategic setup. and ict
Introduction
icps Methodology
strategic setup
Investment Process
Internal Collaboration
Conclusion
Contact
8. P08.
InvestMent Deal Sourcing
Even though proactive and structured
process deal sourcing is broadly acknowledged,
not all CVC units seem to have long-
Top performers, term-oriented processes in this regard. venturIng trends
especially in Deals are primarily sourced through New venturing approaches will rethink traditional
ICPS cluster, do the personal network, whereas top deal sourcing, external collaboration and venture
recognize the need performers concentrate further on deal support models.
for a systemized ap- sourcing via syndication partners.
proach in deal sour- Top performers have a much CVC units show a very po-
cing and defining stronger ambition to open- sitive attitude towards more
This network dominated deal source up their processes by incor- external collaboration and
relevant technology
structure suggests an opportunistic porating open innovation communication, especially
and market targets.
behavior, which explains the barely elements in their venturing in the Media & ICT sector,
long-term oriented approaches in deal approaches than underper- nevertheless CVC units are
sourcing. The ICPS cluster shows the formers. They appreciate less open than VCs. The
approaches related to sour- progressive attitude in the
strongest interest in this issue, which
cing and nurturing seed Media & ICT sector and
can be explained by their limited expe- and early stage ventures of IVCs indicates that an
rience in corporate venturing and the and mainly value benefits established venturing cul-
fast development of technologies in such as networking with ture has a positive effect on
many sub-segments. entrepreneurs and global openness.
sourcing of new ideas.
% oF CVC uNITS HAVINg LoNg-TERM (>24MoNTH) % oF CVC uNITS uNDERLININg THE CHALLENgE
PLANNINg APPRoACH IN oF SouRCINg
78% 56%
Industry/Market Focus + 16% + 124% Sourcing of investment oppurtunities
67% 25%
56% 56%
Technology Focus -16% + 124% Indentification and definition of target
67% 25%
industries, markets and technology
22%
Deal Sources + 0%
22%
Introduction
Methodology
Top Performer Strategic Setup
underperformer Investment process
Internal Collaboration
Conclusion
Contact
9. P09.
InvestMent external collaboration
Only a minority of CVC units involve a
SynDication
Joint investments are an attribute of
Top performers
strongly syndicate
process broad range of external partners on
a continuous basis in their processes;
top performing CVC units, showing that
those CVC units have realized the value
with other investors
– in particular with
Investment decisions consequently only few do long-term added by diversified corporate venture other corporations.
are supported by planning in this regard. However, top support and deal evaluation. Further
external partners
performers involve selected external perceived key benefits are deal referrals
such as other
partners such as CVC units, IVCs, tech- from co-investors and mitigation of risk.
investors, industry % oF CVC uNITS uNDERLININg THE CHALLENgE oF...
nology and industry specialist, busi- Compared to their independent coun-
experts, research
institutions and ness angels, consumers and lawyers terparts, CVC units focus slightly more 67%
+ 415% Finding adequate co-investors
13%
consumers. in their investment decision. Further, on joint investments with ICVs and other
top performing CVC units, like IVCs , corporate investors. However, CVC units
have a much more positive perception take more than two times less often
of benefits in external collaboration. the lead in investments, which can be
SyNDICATIoN BEHAVIoR By PERFoRMANCE TyPES...
Potential of universities, incubators and explained by their historical follower
consumers remains largely untapped. position. 89% + 33% Syndicate
Beside trust, the integration of external 67%
knowledge is perceived the biggest 78% + 136% Syndicate with
33% other corporations
challenge, in particular by top perfor-
44% + 100% Lead Investor
mers. External collaboration is strongest 22%
and considered most relevant in the
Media & ICT cluster. Top Performer
underperformer
LEVEL oF oVERALL ExTERNAL PARTNER INVoLVEMENT...
Top Performer 33% 56% 11% 50% 40% 10% ICPS
underperformer 33% 44% 22% 13% 63% 25% Media & ICT
High High
Medium Medium
Low Low Introduction
Methodology
overall external partner involvement construct ist based Strategic Setup
on continuity and diversity
Investment process
Internal Collaboration
Conclusion
Contact
10. P10.
InvestMent venture Support
The industry context plays a major
external communication
Despite the general interest in
In line with their
deal sourcing
process role in the type of support provided.
Marketing and human resources
increasing visibility, top performers
communicate investment deals and
behavior, top
performers use
Intensive support support is for example much more networking relevant information, communication
does not limit relevant in ICPS cluster, as these issues rather than corporate and CVC unit channels only for
innovativeness. are usually less broached, required interests. This complements their deal networking and
skills are more special and marketing sourcing behavior. Communication of communication of
is more complex. Innovation-related deals via social media and a website investments.
strategies are generally complemented targeted at network partners is a diffe-
by comprehensive support. rentiation feature of top performers. % oF CVC uNITS CoMMuNICATINg...
+ 100% Corporate Information
% oF CVC uNITS SEgMENTED By INDuSTRy This contradicts the common presump- Similar to external collaboration, 22%
PRoVIDINg SuPPoRT IN... tion, that innovativeness is disrupted communication is most practiced
+ 100% CVC unit Information
by intensive support. Opportunities of and desired in the Media & ICT cluster. 56%
80%
Strategic and Financial Advice + 7% 75% external partner involvement in ven- Communication strategies seem to 22%
- 50% Investment Deals
33%
Research - 15% 60% ture support are not yet fully exploited, be under-developed regarding the
22% - 50% For Networking Purposes
71%
in particular in comparison to IVCs. common focus of many CVC units on 33%
40%
Sales and Distribution - 44%
71%
Most external support is provided by public relations and the common
67% suppliers and other corporations and network focused-deal source structure.
Marketing + 415% Top Performer
13% investors.
22% underperformer
Manufacturing - 33%
33% oVERALL uTILIzATIoN oF CoMMuNICATIoN CHANNELS...
33%
Human Recources + 136%
14%
VC and Entrepreneurship
Events and Fairs
16%
ICPS Print Media
12% 41%
Media & ICT
Social Media
9%
Associations
Introduction
22% Methodology
Websites
Strategic Setup
Investment process
Internal Collaboration
Conclusion
Contact
11. P11.
Internal relationShipS to buSineSS long-term horizon % oF CVC uNITS uNDERLININg
THE CHALLENgE oF...
unitS anD top management Successful CVC units give high scores
collaboratIon Converting and transferring the ventu-
ring output within the wider organiza-
to their parents‘ ability to manage
expectation and to create a long-term 67% + 168% Encourage long-term thinking and
25% support from the corporate parent
Top performers stress tion is a further key value driver. Thus, horizon for the venturing activity.
67%
the need for a strong building strong ties to the corporate Nevertheless, they still regard it as a 50%
+34% Foster internal collaboration and
alignment between Bus and the CVC unit
cooperation between parent and the BUs is considered a major challenge.
the business units major task by top performers. Top Performer
and the CVC unit.
underperformer
They understand The ability of the top management
the challenge to to motivate BUs to cooperate with the
generate a long-term
CVC unit is positively correlated to
oriented horizon of
performance and regarded a major
expectation within
point of critic on the corporate
the corporation.
parent and challenge by CVC units. top management
Top performers additionally criticize
the lack in financial commitment and
flexibility of the parent.
Underperformer and younger CVC units
have problems to manage expectations
towards the top management.
However, they do not regard internal
communication a major challenge.
business Units
CVC Unit
Introduction
Methodology
Strategic Setup
Investment Process
Internal collaboration
Conclusion
Contact
12. P12.
conclusIon SucceSS factorS by performance impact
Critical performance 1. EFFECT oN PERFoRMANCE
drivers are primarily STraTegIC High
found within SeTuP Medium venturIng trends
strategic setup Low Innovation Centers Innovation
and internal Strategic orientation Insignificant Being less of a deal sourcing Incubation Initiative
collaboration. tool, rather than a hub for Approach is appreciated by
financial orientation innovation related activities, firms scoring high in strate-
However, process
phases such as innovation centers rather gic orientation and internal
Strategic ambiguity
deal sourcing and complement the strategic collaboration, due to its inte-
syndication have as Performance Measurement orientation of the corporate grated intra corporate setup.
venturing activity.
well a vital impact Process Capabilities Micro Seed Funds
on performance. 3. Targeted Innovation Firms emphasizing deal
Relevance of certain InTernal Campaigns sourcing, internal collabo-
success factors CollaboraTIon They are regarded an effici- ration and strategic orien-
differs with industry ent deal sourcing tool as tation appreciate the value
background. firms having a high finan- added of this approach, be-
relationship to bus
cial orientation and an ac- cause it sources seed stage
MEDIA & ICT relationship to CP
cent on deal sourcing attest start-ups on a large scale.
High Industry Specific large value added to this
Performance Impact 2. long-Term Horizon approach.
InveSTMenT
ProCeSS
deal Sourcing
external Collaboration
Syndication
venture Support
Introduction
exit Strategy Methodology
ICPS
High Industry Specific Strategic Setup
external Communication Performance Impact
Investment Process
Internal Collaboration
conclusion
Contact
13.
14. P14.
contact Prof. Dr. Marc Drüner
marc.druener@td-berlin.com
Lars-Alexander Mayer
lars-alexander.mayer@td-berlin.com
Philipp Dauderstädt
pd@corporateventurestudy.com
Scientific aDviSor contact us to discuss the
Prof. Dr. Volker Trommsdorff
TU Berlin
implication of the
study results for your
meDia partner
Global Corporate Venturing Magazine
corporate venturing
www.globalcorporateventuring.com strategy.
trommsdorff + drüner
innovation + marketing consultants GmbH
We are looking forward
to meeting you!
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10178 Berlin
Fon +49 (0) 30 278760-0
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www.td-berlin.com Introduction
Methodology
Strategic Setup
Investment Process
Internal Collaboration
Conclusion
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