Article Title

CORPORATE VENTURE CAPITAL AND THE RETURNS TO ACQUIRING ENTREPRENEURIAL FIRMS

Abstract

Between 1980 and 2003, established firms invested over $40 billion in entrepreneurial start-ups. Although these investments are often driven by purely financial motives, case studies and surveys of corporate venturing programs suggest that established firms also use these investment vehicles as a means of identifying and monitoring promising new technologies and potential acquisition targets. While these strategic benefits have been widely attributed to corporate venture capital (CVC) investments, prior research has not investigated the effectiveness of this approach relative to other mechanisms firms use to access and acquire external technologies.

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