Handbook of Research on Energy Entrepreneurship
Show Less

Handbook of Research on Energy Entrepreneurship

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.
Buy Book in Print
Show Summary Details
You do not have access to this content

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

Tarja Teppo and Rolf Wüstenhagen


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...

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.

Further information

or login to access all content.