Corporate Venture Capital: Bridging the Equity Gap in the by Kevin McNally

By Kevin McNally

This publication addresses the inability of educational and useful learn into company venturing by way of analyzing the function of this job as either a sort of huge firm-small enterprise collaboration and in its place resource of fairness finance for small agencies. those concerns are explored via surveys of self sufficient fund managers, coporate executives and technology-based enterprise administrators.

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Alliances are adopted as a result of a trade-off between the benefits and costs of alternative arrangements as firms select the most effective approaches for discovering and developing new areas of profitability (Peterson, 1967; Ciborra, 1991). g. Mariti and Smiley, 1983; Chesnais, 1988; Lewis, 1990; Ciborra, 1991; Sayer and Walker, 1992; Teece, 1992; James and Weidenbaum, 1993; Jarillo, 1993; Stafford, 1994) have outlined the advantages of collaboration over other strategies, particularly in technology sectors.

Equity investments may allow the small company to commit the necessary resources to fulfil the contractual agreement, may foster closer working relationships and more open information flows, and allow the large company to share in the increased valuation of the smaller partner resulting from the collaboration (Radtke and McKinney, 1991). However, the term corporate venture capital is used to describe instances only where an equity stake has been taken by a large corporation in a small, unquoted company, whether it is coupled with further strategic relationships or not.

1991). Small firms often find it easier to obtain grants through schemes such as Eureka and ESPRIT if they have a larger partner on which they can ‘piggy-back’. In addition to the above tangible benefits, close affiliation with a well-known corporate organisation can enhance the reputation and credibility of a small, lesser known firm (Baty, 1990; Larson, 1990; Henricks, 1991; MacDonald, 1991; Dodgson, 1992; Stewart, 1993; Belotti, 1995), help it to overcome the ‘liabilities of newness’ (Bahrami and Evans, 1995) and shield it from the survival pressures of the market (Skjerstad, 1994).

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