Corporate Venture Capital: Bridging the Equity Gap in the Small Business Sector

By Kevin McNally | Go to book overview

2

CORPORATE VENTURING AND CORPORATE VENTURE CAPITAL

Definitions, potential benefits, evidence and justifications for research

INTRODUCTION

The focus of this chapter, and indeed of the book as a whole, is on corporate venture capital investment. In order to introduce this form of large firm-small firm collaboration, this chapter first attempts to define the CVC process, highlighting the distinctions between CVC and corporate venturing, terms which are often incorrectly used interchangeably. It then discusses the objectives and potential benefits of CVC, before identifying the levels of this activity world-wide. In the light of this discussion, the chapter concludes with a detailed research rationale followed by an account of the research aims, questions and methodology.


CORPORATE VENTURING AND CORPORATE VENTURE CAPITAL: SOME DEFINITIONS

The term ‘Corporate Venturing’ is rather vague, tending to mean different things to different people

(Ormerod and Burns, 1988:80)

It was noted at the end of Chapter 1 that corporate venture capital investment is often known as corporate venturing. However, like so many other venture capital buzzwords, the real meaning of the term corporate venturing is hazy (Dawkins, 1986) because it has been used to describe a variety of somewhat different corporate activities (Block and MacMillan, 1993). Major definitional problems plague researchers seeking comparability across, and even within, corporate venturing studies (MacMillan, 1986), and failure to distinguish between the various possible corporate venturing modes can cause great confusion (Vesper, 1984). In an attempt to overcome this potential confusion, it is therefore important at the outset to recognise the range of activities described as corporate venturing and to outline the definition of corporate venture capital used in this study.

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Corporate Venture Capital: Bridging the Equity Gap in the Small Business Sector
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Figures ix
  • Tables xi
  • Foreword xiv
  • Preface xvi
  • Acknowledgements xviii
  • 1 - Inter-Firm Collaboration 1
  • 2 - Corporate Venturing and Corporate Venture Capital 33
  • 3 - Corporate Venture Capital Investment in the United Kingdom 81
  • 4 - The Cvc Investment Process 105
  • 5 - Externally Managed Cvc 137
  • 6 - Technology-Based Firms and Cvc 162
  • 7 - Conclusions 203
  • Notes 229
  • Bibliography 232
  • Index 252
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