The purpose of this concluding chapter is to summarise the main findings of this book and to discuss their implications for academics, practitioners and policy makers. First, the major research findings are identified. They are then discussed in the light of the main research aims which concern the role of CVC both in terms of inter-firm collaboration and as a source of external equity finance for small firms. Suggestions are then made regarding the ways in which corporate executives, venture capitalists, entrepreneurs and policy makers can encourage the development of CVC. Finally, questions arising from this study are used to propose an agenda for further research.
The main research questions to be addressed by this book were outlined in Chapter 2. They concerned the extent of CVC in the UK, the objectives of this particular business strategy, the nature and forms which it can take and the post-investment experiences of participating organisations. The study has provided information relating to all of these issues and each shall be considered in turn.
The research indicates that the levels of CVC remain modest in the UK in comparison with the USA. However, the number of organisations that either have been, or still are, involved in some form of CVC activity in the UK has been found to be greater than is often believed to be the case. It was suggested in Chapter 2 that the accuracy of past estimates of the extent of CVC in the UK was in doubt. The low-key approach of many companies was put forward as a possible explanation for why many cases of CVC investment failed to be recognised. It will be recalled that ACOST