Henley, L. Gregory
January 2008
USASBE Conference Proceedings;2008, p1
Conference Paper
Recent academic attention on corporate venture capital has focused on the investing firm's learning benefits or financial returns. This paper suggests different characteristics of ventures that can provide either exploratory or exploitative learning. More important is that other strategic benefits may be more prevalent than learning. In particular, firms invest in ventures that are suppliers, perhaps to increase their bargaining power over a key resource provider. Still other investing firms seek to defer commitment under high uncertainty about the success of the technology. In each case, CVC is used as a tool to help the firm source innovation.


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