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首页> 外文期刊>Business process management journal >To invest or to harvest? Corporate venture capital ambidexterity for exploiting/exploring innovation in technological business
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To invest or to harvest? Corporate venture capital ambidexterity for exploiting/exploring innovation in technological business

机译：投资或收获？企业风险投资对技术业务开发/探索创新的企业风险投资

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PurposeRecently, corporate venture capital (CVC) has been gaining increasing attention worldwide as a special form of venturing through which non-financial corporations invest in target companies, usually technological firms, as start-ups. These investments mostly aim not at financial goals but constitute a strategic way for the corporation to obtain access to new technologies and innovations through financing entrepreneurial initiatives. The purpose of this paper is to analyze the connections between the core business of the parent company and its venturing investments, investigating, in particular, its "ambidexterity," i.e., the ability of the CVC company to invest in ventures close to its core activities, exploiting internal resources and exploring new markets.Design/methodology/approachStemming from the results of previous studies, this research has applied a discriminating analysis methodology to the 18 most active CVC companies in the world, all of which have technology innovation as the core business of the corporation, in the 2015/2017 period.FindingsAn evident correlation between the Financing Round (as the independent variable) and the Entrepreneurial Intensity (as the dependent variable) influences the CVCs investment policies and their behavior with respect to their ambidexterity. This link could also influence the strategic orientation of the CVC policy, forcing the company to appropriately govern and manage the starting nature and/or the variable nature of the CVC (ambidextrous, hybrid, dis-ambidextrous or random).Research limitations/implicationsThe current research has used only secondary data to explore the behavior of only 18 CVCs in a relatively short period. Thus, it would be advisable to extend the number of observations, to enlarge the period under investigation, and to retrieve field data to obtain more detailed and reliable results.Originality/valueThe main objective/contribution of this study is to understand if there is a correlation between the Financing Round (as the independent variable) and the Entrepreneurial Intensity (as the dependent variable) for the 18 most active CVCs in the world, according to CB Insights, in 2015-2017, adopting and further confirming the model by Rossi et al. (2019). The statistical investigation, based on the conclusions of that linear regression model, has highlighted a total or large correlation between these two variables for the current research perimeter, which includes CVC companies with technology as the core business of the corporation.
机译：目的，企业风险投资（CVC）在全球范围内获得了越来越多的关注，作为一种特殊的投资形式，非金融公司投资于目标公司，通常是技术公司的初创企业。这些投资主要旨在通过财务目标，而是为公司通过融资企业倡议来获得新技术和创新的战略方式。本文的目的是分析母公司核心业务与其投资投资的联系，特别是其“坚持性”，即CVC公司投资于核心活动的企业的能力，利用内部资源和探索新的Markets.design/methodology/approachstemming从以前的研究结果，这项研究已经向世界上最具活力的18家公司提供了鉴别的分析方法，所有这些都将其作为核心业务提供技术创新在公司，在2015/2017期间.Findingsan融资之间的融资（作为独立变量）与企业强度（随着从属变量）之间的相关性影响CVCS投资政策及其对其胆的行为。此链接还可能影响CVC策略的战略方向，强迫公司适当地管理和管理CVC（二手杂交，歧视性或随机）的起始性质和/或可变性质。研究限制/含义电流研究仅使用次要数据在相对较短的时间内探讨仅18个CVC的行为。因此，建议扩大观察的数量，扩大正在调查的时期，并检索现场数据以获得更详细和可靠的结果。vircinity / valesete本研究的主要目标/贡献是为了理解如果有一个据CB Insights，2015 - 2017年，通过CB Insights，在2015 - 2017年，通过CB Insights的融资回合（作为独立变量）与世界上最活跃的CVC的创业强度（作为依赖变量）的相关性，并通过Rossi et进一步确认模型al。 （2019）。基于该线性回归模型的结论的统计调查突出了本届研究周长这两个变量之间的总相关性或大相关，其中包括具有技术作为公司核心业务的CVC公司。

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