Table of Contents

Handbook of Research on Energy Entrepreneurship

Handbook of Research on Energy Entrepreneurship

Elgar original reference

Edited by Rolf Wüstenhagen and Robert Wuebker

This timely Handbook provides an excellent overview of our knowledge on the drivers, influencing factors and outcomes of energy entrepreneurship. As the world grapples with global resource crunches and fights to reap the rewards of new energy technologies, a wide space for entrepreneurial opportunity has emerged. The Handbook of Research on Energy Entrepreneurship offers critical insight on how nations the world over can make full use of those opportunities.

Chapter 9: Why Corporate Venture Capital Funds Fail: Evidence from the European Energy Industry

Tarja Teppo and Rolf Wüstenhagen

Subjects: business and management, entrepreneurship, organisational innovation, innovation and technology, organisational innovation, technology and ict

Extract

Tarja Teppo and Rolf Wüstenhagen* The first thing to ask is: Which CVC funds have been able to stay in existence for 10 years or longer? There are not that many that have been around for very long. This tends to be a very cyclical kind of a mechanism. Many, many companies started programs and then got rid of them. Professor Henry Chesbrough, UC Berkeley1 1 INTRODUCTION Corporate venture capital (CVC) funds are an important means for large firms to engage in innovation. However, academic literature as well as practical experience has provided ample evidence of the challenging nature of operating a CVC fund within a large incumbent organization. Venture capital researchers have demonstrated that CVC funds are volatile (Gompers and Lerner, 2001) and varying in success (Sykes, 1986; Siegel et al., 1988; Gompers and Lerner, 1998; Chesbrough, 2000). We argue that the understanding of CVC can be enhanced by answering the following research question: how does parent firm organizational culture affect the survival of a CVC fund? We investigate this research question in the context of an industry in which large, incumbent organizations are particularly relevant, and in which the need for innovation is increasingly acknowledged due to a variety of drivers in the energy industry. The energy industry is one of the largest sectors of the economy, and a number of environmental and geopolitical concerns, as well as new technological opportunities, have recently sparked interest in energy innovation. As a consequence, there is an increasing appetite in...

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