Please use this identifier to cite or link to this item: http://dx.doi.org/10.14279/depositonce-3544
Main Title: Success Factors in Strategic Corporate Venturing
Translated Title: Erfolgsfaktoren im strategischen Corporate Venturing
Author(s): Dauderstädt, Philipp
Advisor(s): Trommsdorff, Volker
Granting Institution: Technische Universität Berlin, Fakultät VII - Wirtschaft und Management
Type: Doctoral Thesis
Language: English
Language Code: en
Abstract: Die aktuelle Corporate Venturing Landschaft ist geprägt durch wechselnde Akteure, Prozesse und Zielsetzungen. Obgleich Corporate Venturing als wichtiges Innovationsinstrument von Unternehmen, Politik und Wissenschaft anerkannt wird, besteht kaum Konsens über die Erfolgsfaktoren. Diese Arbeit präsentiert ein prozessorientiertes Erfolgsfaktorenmodell aus der Perspektive der Corporate Venture Capital (CVC) Einheiten, welches von der strategischen Ausrichtung über den eigentlichen Investitionsprozess bis hin zum Wissenstransfer reicht. Die explorative, interdisziplinär angelegte Arbeit bedient sich eines iterativen Theoriebildungsprozesses im Sinne der Grounded Theory. Darüber hinaus bezieht die qualitative Arbeit auch die Bedürfnisse der Gründer ein und vergleicht die Prozesse der CVC Einheiten mit denen von unabhängigen Wagniskapitalgebern. Die Erfolgsfaktoren werden anhand von 16 Hypothesen diskutiert, welche die einzelnen Erfolgsfaktoren darstellen sowie einer Metahypothese zu der industriespezifischen Relevanz der Erfolgsfaktoren. Insbesondere erfolgreiche CVC Einheiten verstehen es, das breite Spektrum an strategischen Mehrwerten von CVC Einheiten auszunutzen und den oft indirekt und verzögert eintretenden Mehrwert sinnvoll mit Kennzahlen abzubilden. Dabei zeigt sich, dass sich finanzielle und strategische Ziel nicht a priori ausschließen. Weiter kommt die Untersuchung zu dem Schluss, dass die wesentlichen Erfolgsfaktoren im Investitionsprozess die Identifikation von Investitionsmöglichkeiten sowie die Syndizierung mit Co-Investoren sind. Hier fehlt es allerdings an pro-aktiven und systematisierten Ansätzen. In diesem Kontext unterstreicht der Autor, dass CVC Manager von web-basierten Open Innovation-Ansätzen lernen können, wie Innovatoren akquiriert und externe Experten integriert werden können. Der Wissenstransfer in Mutterunternehmen ist in allen Industrien erfolgskritisch. CVC Einheiten müssen in diesem Kontext ihre Rolle als Wissens- und Interessensbroker im Unternehmen wahrnehmen. Dies setzt eine enge Vernetzung und aktive Kommunikation mit dem gesamten Unternehmen voraus. Hier liegt es in der Verantwortung der Unternehmensführung die passenden Rahmenbedingungen herzustellen. Darüber hinaus müssen CVC Einheiten Mechanismen entwickeln um Principal Agent-Probleme, insbesondere zwischen den Geschäftseinheiten und der CVC Einheit, zu reduzieren und so die Zusammenarbeit zu verbessern.
The current corporate venturing landscape is characterized by a frequent change of agents, processes and goal sets. Although corporations and politicians consider corporate venturing an important tool for innovation, there is still no consensus by academics and practitioners regarding its success factors. This research provides a comprehensive view on success factors in strategic external corporate venturing – from the initial setup over the actual investment process to the integration of knowledge – with a special focus on industry specifics. Methodologically this qualitative, explorative study is based on a variety of data sources, embracing the research topic from the angles of corporate venture capital (CVC) units, venture capital-funded and non-funded entrepreneurs and independent venture capitalists. Starting from the identified weak spots and optimization opportunities the author showcases how open innovation mechanisms and other innovation modes can be integrated in or complement corporate venturing. Subsequently, a framework of core venturing modes is developed stressing the importance of external collaboration and communication (openness) and the degree of internal collaboration. Bridging CVC and open innovation theory and integrating the marketing perspective into corporate venturing contribute to academic literature. A focus on a broad set of strategies suggests a strong recognition of the diverse forms of strategic value added of corporate venturing. Thus, CVC units can pursue multiple goals simultaneously, as long as they are aligned with corporate needs, clearly communicated within the organisation and monitored on a long-term basis by a concisely defined metric set, consisting of either qualitative of quantitative measures. Financial interests and innovation-related strategies are not mutually exclusive. It could be observed that financial returns are rather necessary to legitimate the corporate venturing activity internally. Success factors within the investment process show a high degree of heterogeneity concerning their impact on performance. Deal sourcing has a large impact on performance and is considered a major challenge. This hints that deal sourcing is a ‘white space’ for development, even for top performers. In this regard innovation modes rooted in open innovation practice are suggested to complement the definition of target markets and technologies and the identification of innovation hot spots and of concrete investment opportunities. Assessment of investment opportunities has to be done in cooperation with external partners and can be a time-critical issue in some industries. Firms investing in media and information and communication technology (ICT) show the highest capabilities and demand for process flexibility and speed. Processes for integrating external partners have to be established, either by collaboration agreements or by joint equity (syndication). External collaboration seems to be most relevant for firms investing in media and ICT. The longer average venturing experience in these industries might imply future changes in this regard for CVC units investing in other areas. Syndication however is highly relevant for all industries. In this context, proactive and open-minded behaviour is a crucial characteristic of top performers and appreciated by entrepreneurs. All CVC units extensively support their portfolio companies; nevertheless the industry context plays a major role in the type of support provided. Marketing and human resources for example are more relevant for ventures working with industrial goods and services, as these issues are usually less broached, required skills and marketing are more complex. Surprisingly, entrepreneurs value non-resource-related management support more by independent venture capitalists which implies that CVC units have to either develop their support services – for instance through the involvement of external parties – or communicate their value added more clearly. Despite the importance of external collaboration, many of the polled investors did not value external communication highly. Interactive or receptive approaches are scarce. This contradicts the stated focus of many CVC units on objectives related to image and positioning. Internal collaboration is fundamental for successful CVC units and highly relevant regardless of the industry focus. In this context, the study revealed that CVC units have to operate autonomously, but be deeply rooted in corporate innovation strategy and connected to business units and the top management to unfold their full potential.
URI: urn:nbn:de:kobv:83-opus-39007
http://depositonce.tu-berlin.de/handle/11303/3841
http://dx.doi.org/10.14279/depositonce-3544
Exam Date: 6-Feb-2013
Issue Date: 27-Mar-2013
Date Available: 27-Mar-2013
DDC Class: 650 Management und unterstützende Tätigkeiten
Subject(s): Corporate Venture Capital
Corporate Venturing
Open Innovation
Corporate Venture Capital
Corporate Venturing
Open Innovation
Usage rights: Terms of German Copyright Law
Appears in Collections:Institut für Betriebswirtschaftslehre (IBWL) » Publications

Files in This Item:
File Description SizeFormat 
Dokument_12.pdf4.1 MBAdobe PDFThumbnail
View/Open


Items in DepositOnce are protected by copyright, with all rights reserved, unless otherwise indicated.