More and more large corporations have realized that innovation has become the new currency of competition. Relying just on corporate Research & Development is not sufficient to compete effectively in today’s global markets. A robust innovation strategy includes both internal initiatives and mechanisms to access external innovation. In a perspective of Open Innovation, large incumbent firms have been increasingly active in funding ventures through their Corporate Venture Capital programs. Corporate Venture Capital units, defined as an equity investment by an established corporation in a private entrepreneurial venture, can vary considerably in terms of both organizational variables (e.g., types of managers in the investment team, discretionary power granted to the Corporate Venture Capital unit) and investment strategy ones (e.g., diversification of the investment portfolio, earliness of the investment). This Master’s Thesis aims at providing a novel contribution to a hitherto unexplored research topic. The goal of this work is to analyze the interaction between the investment strategy and the internal organizational structure of Corporate Venture Capital units and associate it to the financial and strategic performances observed. The study adopts a configurational approach that groups Corporate Venture Capital units exhibiting a similar behavior. Key findings will be drawn inductively from the results of several quantitative analyses conducted.
Sempre più aziende hanno capito che l'innovazione è diventata la nuova moneta della concorrenza. Affidarsi solamente alla ricerca e sviluppo aziendale non è sufficiente per competere efficacemente nei mercati globali di oggi. Una strategia di innovazione robusta include sia iniziative interne che meccanismi per accedere all'innovazione esterna. In una prospettiva di Open Innovation, le grandi aziende storiche sono state sempre più attive nel finanziare iniziative attraverso i loro programmi di Corporate Venture Capital. Le unità di Corporate Venture Capital, definito come un investimento azionario da parte di una società consolidata in una startup, possono variare considerevolmente sia in termini di variabili organizzative (per esempio, tipi di manager nel team di investimento, potere discrezionale concesso all'unità di Corporate Venture Capital) che di strategia di investimento (per esempio, diversificazione del portafoglio di investimento, stage di investimento). Questa Tesi Magistrale mira a fornire un nuovo contributo a un tema di ricerca finora inesplorato. L’obiettivo di questo lavoro è analizzare l'interazione tra la strategia d’investimento e la struttura organizzativa interna delle unità di Corporate Venture Capital ed associarla alle prestazioni finanziarie e strategiche osservate. Lo studio adotta un approccio configurazionale che raggruppa le unità di Corporate Venture Capital che mostrano un comportamento simile. Le conclusioni chiave verranno tratte induttivamente dai risultati delle varie analisi quantitative condotte.
Configurational approach to corporate venture capital and assessment of financial and strategic performance
Campagnola, Andrea Mario;CAVICCHIOLI, GIACOMO
2020/2021
Abstract
More and more large corporations have realized that innovation has become the new currency of competition. Relying just on corporate Research & Development is not sufficient to compete effectively in today’s global markets. A robust innovation strategy includes both internal initiatives and mechanisms to access external innovation. In a perspective of Open Innovation, large incumbent firms have been increasingly active in funding ventures through their Corporate Venture Capital programs. Corporate Venture Capital units, defined as an equity investment by an established corporation in a private entrepreneurial venture, can vary considerably in terms of both organizational variables (e.g., types of managers in the investment team, discretionary power granted to the Corporate Venture Capital unit) and investment strategy ones (e.g., diversification of the investment portfolio, earliness of the investment). This Master’s Thesis aims at providing a novel contribution to a hitherto unexplored research topic. The goal of this work is to analyze the interaction between the investment strategy and the internal organizational structure of Corporate Venture Capital units and associate it to the financial and strategic performances observed. The study adopts a configurational approach that groups Corporate Venture Capital units exhibiting a similar behavior. Key findings will be drawn inductively from the results of several quantitative analyses conducted.File | Dimensione | Formato | |
---|---|---|---|
CampagnolaCavicchioli_MasterThesis.pdf
accessibile in internet solo dagli utenti autorizzati
Dimensione
6.42 MB
Formato
Adobe PDF
|
6.42 MB | Adobe PDF | Visualizza/Apri |
I documenti in POLITesi sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
https://hdl.handle.net/10589/183135