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- Publisher
- Inderscience Publishers
- Copyright
- Copyright © Inderscience Enterprises Ltd. All rights reserved
- ISSN
- 1746-5370
- eISSN
- 1746-5389
- DOI
- 10.1504/IJTE.2009.027544
- Publisher site
- See Article on Publisher Site
Abstract
Corporate Venture Capital (CVC) is an alternative financing mechanism to traditional venture capital for promising start-ups. Yet, these programmes have been operated in very different ways with some focusing on "reserving the right to play" vs. others focusing on "leveraging or upgrading the core". The paper explores the role of these different CVC models and assesses the performance consequences for the start-ups. Existing research has found that CVC programmes that focused on ventures related to their base businesses were more likely to have more initial public offerings and higher valuations than independent venture capitalists. Furthermore, researchers have found that this effect may be owing to corporate endorsement or the relationships actually developed between the business unit and the entrepreneurial venture. This paper confirms these findings for the biotechnology context.
Journal
International Journal of Technoentrepreneurship – Inderscience Publishers
Published: Jan 1, 2009