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Handbook of Research on Venture Capital

Edited by Hans Landström

This Handbook provides an excellent overview of our knowledge on the various facets of managerial venture capital research. The book opens with a thorough survey of venture capital as a research field; conceptual, theoretical and geographic aspects are explored, and its pioneers revisited. The focus then shifts to the specific environs of venture capital.
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Chapter 15: Corporate Venture Capital as a Strategic Tool for Corporations

Markku V.J. Maula


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...

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