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When Do Incumbents Learn from Entrepreneurial Ventures? Corporate Venture Capital and Investing Firm Innovation Rates

Опубликовано на портале: 21-06-2006
Research Policy. 2005.  Vol. Volume 34. Issue 5. P. Pages 615-639. 
In this paper, we focus on the potential innovative benefits to previous corporate venture capital(CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. We propose that previous termcorporate venture capitalnext term programs may be instrumental in harvesting innovations from entrepreneurial ventures and thus an important part of a firm's overall innovation strategy. We hypothesize that these programs are especially effective in weak intellectual property (IP) regimes and when the firm has sufficient absorptive capacity. We analyze a large panel of public firms over a 20-year period and find that increases in previous termcorporate venture capitalnext term investments are associated with subsequent increases in firm patenting.

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