Chapter 15: Corporate Venture Capital as a Strategic Tool for Corporations
Markku V.J. Maula Introduction Corporate venture capital, that is, equity or equity-linked investments in young, privately held companies, where the investor is a ﬁnancial intermediary of a non-ﬁnancial corporation, has become an increasingly important phenomenon in venture capital. Although many active companies scaled down their corporate venture capital after the peak of the IT bubble in 2000, when the annual global corporate venture investments reached over 20 billion dollars or over 15 per cent of the whole venture capital market, corporate venture capital has still remained as an important tool in the corporate venturing toolbox of many major corporations (Chesbrough, 2002; Maula and Murray, 2002; Dushnitsky and Lenox, 2005a). Recently, after a few slower years following the burst of the IT bubble, many corporations have again started to set up new corporate venture capital funds, such as Intel Capital, which has established four new corporate venture capital funds targeted in China, India, the Middle East and Brazil in 2005–2006. Before the latest wave of corporate venture capital investment, research on corporate venture capital was quite limited (for some early contributions, see Fast, 1978; Rind, 1981; Hardymon et al., 1983; Siegel et al., 1988; Winters and Murﬁn, 1988; Sykes, 1990). However, during the past few years the research on corporate venture capital has become signiﬁcantly more active (for example, Maula, 2001; Hellmann, 2002; Maula and Murray, 2002; Maula et al., 2003a; 2003b; 2005; Dushnitsky, 2004; Dushnitsky and Lenox, 2005a; 2005b; Hill et al., 2005; Rosenberger et al...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.