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Corporate venture capital (CVC) is the investment of corporate funds directly in external startup companies. 〔Chesbrough, Henry. (''Making Sense of Corporate Venture Capital'' ). Harvard Business Review, 2002.〕 CVC is defined by the Business Dictionary as the "practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise; the objective is to gain a specific competitive advantage.〔"http://www.businessdictionary.com/definition/corporate-venturing.html〕 The definition of CVC often becomes clearer by explaining what it is not. An investment made through an external fund managed by a third party, even when the investment vehicle is funded by a single investing company, is not considered CVC. 〔Chesbrough, Making Sense of Corporate Venture Capital〕 Most importantly, CVC is not synonymous with venture capital (VC); rather, it is a specific subset of venture capital. In essence, it is best to think of CVC as a subset of venture capital whereby a company is investing, without using a third party investment firm, in an external start-up that it does not own. Examples of CVCs include Google Ventures and Intel Capital. ==Objectives== As Henry Chesbrough, professor at Haas School of Business at UC Berkeley, explains in his "Making Sense of Corporate Venture Capital" article, CVC has two hallmarks: 1) its objective; and 2) the degree to which the operations of the start up and investing company are connected. CVC is unique from private VC in that it commonly strives to advance both strategic and financial objectives. Strategically driven CVC investments are made primarily to increase, directly or indirectly, the sales and profits of the incumbent firm’s business. A well established firm making a strategic CVC investment seeks to identify and exploit synergies between itself and the new venture. The Goal is to exploit the potential for additional growth within the parent firm. For instance, investing firms may want to obtain a window on new technologies, to enter new markets, to identify acquisition targets and/or to access new resources.〔De Kalbermatten, M. (2013). Corporate VentureCapital in Europe: Objectives, Characteristics and Performance. Saarbrücken,Germany: AV Akademikerverlag.〕 Financially driven CVC investments are investments where parent firms are looking for leverage on returns. The full potential of leverage is often achieved through exits such as initial public offering (IPO) or sales of stakes to third parties. The objective is to exploit the independent revenue and profit in the new venture itself. Specifically for CVC, the parent company seeks to do as well as if not better than private VC investors, hence the motivation to keep its VC efforts "in house". The CVC division often believes it has a competitive advantage over private VC firms due to what it considers to be superior knowledge of markets and technologies, its strong balance sheet, and its ability to be a patient investor.〔 Chesbrough points out that a company's brand may signal the quality of the start-up to other investors and potential customers; this may eventually result in rewards to the initial investor. He gives the example of Dell Ventures, Dell Computer's in-house VC division, which made multiple Internet investments with the expectation of earning favorable returns. Although Dell hoped the seed money will help its own business grow, the primary motivation for the investments was the opportunity to earn high financial returns.〔 Reaching strategic goals is not necessarily in opposition to financial objectives. As literature demonstrates, both objectives can go hand in hand and offer complementary motivations.〔Allen, S. A. & Hevert, K. T. (2007). Venturecapital investing by information technology companies: did it pay? Journal ofBusiness Venturing, 22: 262–282.〕 In the long run, all strategic investments produce financial added value. This is not to say that, occasionally the shot-term concordance between financial and strategic objectives might be questionable. For instance, a strong focus on achieving short-term financial goals might have a counterproductive impact on the ability to achieve long-term strategic objectives, which would in turn reduce long-term financial returns.〔Ernst, H., Witt, P., Brachtendorf, G. (2005). Corporate venturecapital as a strategy for external innovation. R&D Management, 35: 233–242.〕 In lieu of this dilemma, parent firms first screen venture proposals for strategic rationales. Then when an investment proposal fits strategic objectives, corporate firms analyze it according to financial investment standards, using methods analogous to independent venture capitalists.〔 A recent empirical study has examined the degree to which European incumbent firms emphasize on strategic and financial objectives. Results show that 54% of European parent firms invest primarily for strategic reasons, yet with financial concerns, 33% invest primarily for financial reasons with strategic concerns and 13% invest purely financial. None invest solely for strategic rationals.〔 In comparison with an American study, results show significant differences in investment styles. In fact, 50% of US parent firms invest primarily strategic with financial concerns, 20% financial with strategic concerns, 15% purely financial and 15% purely strategic.〔McMillan, I., Roberts, E., Livada, V., Wang, A. (2008). Corporate venture capital: Seeking innovation and corporate growth.National Institute for Standards and Technology, US Department of Commerce〕 As a rule, incumbent firms, whether European or American, invest primarily for strategic reasons.〔 The second hallmark of corporate VC investments is the extent to which companies in the investment portfolio are linked to the investing company's current operational abilities. For example, a start-up with strong links to the investing company might make use of that company's manufacturing plants, distribution channels, technology, or brand. It might adopt the investing company's business practices to build, sell, or service its products. An external venture may offer the investing company an opportunity to build new and different capabilities—ones that could threaten the viability of current corporate capabilities. Housing these capabilities in a separate legal entity can insulate them from internal efforts to undermine them. If the venture and its processes fare well, the corporation can then evaluate whether and how to adapt its own processes to be more like those of the start-up. Although it happens far less than commonly thought, the CVC parent company may attempt to acquire the new venture. (1969~99) 20 Largest venturing firms (from Dushnitsky, 2006) 1. Intel 2. Cisco 3. Microsoft 4. Comdisco 5. Dell 6. MCIworld.com 7. AOL 8. Motorola 9. Sony 10. Qualcomm 11. Safeguard 12. Sun Micro 13. J&J 14. Global-Tech 15. Yahoo 16. Xerox 17. Compaq 18. Citigroup 19. Ford Motor 20. Comcast 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「corporate venture capital」の詳細全文を読む スポンサード リンク
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