When do incumbents learn from entrepreneurial ventures? Corporate venture capital and investing firm innovation rates
When do incumbents learn from entrepreneurial ventures? Corporate venture capital and investing firm innovation rates
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DOI：
10.1016/j.respol.2005.01.017
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发表时间：
2005-06-01
期刊：
影响因子：
7.2
通讯作者：
Lenox, MJ
中科院分区：
文献类型：
--
作者：
Dushnitsky, G;Lenox, MJ
在本文中，我们主要关注企业风险投资(CVC)的潜在创新收益，即现有企业对创业企业的股权投资。我们认为，公司风险投资计划可能有助于从创业企业中获得创新，从而成为公司整体创新战略的重要组成部分。我们假设，这些计划在知识产权(IP)制度薄弱和公司有足够的吸收能力时特别有效。我们分析了20年来一大批上市公司，发现公司风险资本投资的增加与随后公司专利申请的增加是相关的。(C)2005 Elsevier B.V.保留所有权利。
In this paper, we focus on the potential innovative benefits to corporate venture capital (CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. We propose that corporate venture capital 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 corporate venture capital investments are associated with subsequent increases in firm patenting. (c) 2005 Elsevier B.V. All rights reserved.