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Corporate Venture Capital: Who Adds Value?

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  • Dodo Zu Knyphausen-Aufseß

Abstract

Corporate venture capital (CVC) is a phenomenon that has received changing levels of attention in the last two decades. To understand the varying performance of CVC activities, it is important to analyse the value added CVC firms provide to investee start-up companies. This analysis in itself is an important contribution to existing literature. This paper argues that different CVC firms rely on different resource bases. Thus, different 'types' of CVC providers can be distinguished. Empirical case studies serve to illustrate these different types. A number of propositions are derived in order to answer the question which of these CVC investors may be best suited to add different kinds of value to the start-up firms. The derived propositions may lead empirical research in the future.

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  • Dodo Zu Knyphausen-Aufseß, 2005. "Corporate Venture Capital: Who Adds Value?," Venture Capital, Taylor & Francis Journals, vol. 7(1), pages 23-49, January.
    • Handle: RePEc:taf:veecee:v:7:y:2005:i:1:p:23-49
    DOI: 10.1080/1369106042000335610
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    Cited by:

    1. Patrick Röhm, 2018. "Exploring the landscape of corporate venture capital: a systematic review of the entrepreneurial and finance literature," Management Review Quarterly, Springer, vol. 68(3), pages 279-319, August.
    2. Sahaym, Arvin & Cho, Sam Yul & Kim, Sang Kyun & Mousa, Fariss-Terry, 2016. "Mixed blessings: How top management team heterogeneity and governance structure influence the use of corporate venture capital by post-IPO firms," Journal of Business Research, Elsevier, vol. 69(3), pages 1208-1218.
    3. Patrick Röhm & Andreas Köhn & Andreas Kuckertz & Hermann S. Dehnen, 2018. "A world of difference? The impact of corporate venture capitalists’ investment motivation on startup valuation," Journal of Business Economics, Springer, vol. 88(3), pages 531-557, May.
    4. María Andrea Trujillo Dávila & Alexander Guzmán Vásquez, 2008. "Venture capital: una mirada al constructo teórico, su rol en los nuevos emprendimientos y agenda de investigación futura," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, June.
    5. Gurău, Călin & Dana, Leo-Paul, 2020. "Financing paths, firms’ governance and corporate entrepreneurship: Accessing and applying operant and operand resources in biotechnology firms," Technological Forecasting and Social Change, Elsevier, vol. 153(C).
    6. Dorian Proksch & Wiebke Stranz & Nino Röhr & Cornelia Ernst & Andreas Pinkwart & Michael Schefczyk, 2017. "Value-adding activities of venture capital companies: a content analysis of investor’s original documents in Germany," Venture Capital, Taylor & Francis Journals, vol. 19(3), pages 129-146, July.

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