Designing Corporate Ventures in the Shadow of Private Venture Capital
Private venture capital casts a long shadow over corporate ventures, in part because they compete for the same entrepreneurial talent. Corporate venturing may improve its performance by emulating certain practices of private venture capital but will never achieve the structures that private venture...
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Veröffentlicht in: | California management review 2000-04, Vol.42 (3), p.31-49 |
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description | Private venture capital casts a long shadow over corporate ventures, in part because they compete for the same entrepreneurial talent. Corporate venturing may improve its performance by emulating certain practices of private venture capital but will never achieve the structures that private venture capital can create. Instead, the design principles for corporate ventures should embrace potential structural advantages of corporate venturing and leverage those advantages. These potential advantages include: an indefinite time horizon, the ability to commit very large sums of capital, the ability to coordinate complementarities with non-tradable corporate assets, and the ability to retain greater group and organizational learning from failed venture experiences. Lucent's New Ventures Group adopts many useful practices of private venture capital, but retains some of the potential structural advantages of venturing within an established firm. |
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subjects | Benchmarks Business cycles Business strategies Business structures Capital Capital investments Capital management Corporate sponsorship Corporate Strategy Corporate structure Corporations Entrepreneurs Experiments Financial investments Initial public offerings Innovation Innovations Investment return rates Investment strategies Management Private Enterprise Start up firms Startups Strategic management Studies Success Venture capital |
title | Designing Corporate Ventures in the Shadow of Private Venture Capital |
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