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1 – 10 of over 2000Matteo Rossi, Giuseppe Festa, Armando Papa, Ashutosh Kolte and Rossana Piccolo
Institutional venture capitalists (IVCs) and corporate venture capitalists (CVCs) deploy analogous activities but adopt different approaches to financing innovation and value…
Abstract
Purpose
Institutional venture capitalists (IVCs) and corporate venture capitalists (CVCs) deploy analogous activities but adopt different approaches to financing innovation and value creation for venture-backed firms. Thus, this paper aims to investigate their potential ambidexterity as a result of knowledge management (KM) strategies and processes.
Design/methodology/approach
After a focused literature review showing evidence of KM behaviors as a source of potential ambidexterity for IVCs and CVCs, descriptive, inferential and discriminant analyses on the 15 most active IVCs and CVCs in the world in 2019 are presented. Correlations between numbers of deals, prevailing entrepreneurial intensity and potential ambidexterity are investigated.
Findings
Specific differences are analyzed from a KM perspective, revealing that the number/percentage of operations per round can result as a misleading criterion of knowledge accumulation. Finally, a theoretical model for ambidexterity for venture capitalists is developed.
Originality/value
The study shows that IVCs act with greater investment capacity because of their organizational structure and purpose and focus on financial goals; moreover, they are ambidextrous, although their exploration may more frequently entail exploitation than “real” exploration. CVCs tend to invest in sectors related to their core business, coherent with their strategic purpose and more oriented with KM strategies for accumulating intellectual capital.
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Deborah V. Brazeal, Mark T. Schenkel and Jay A. Azriel
While efforts at understanding how the entrepreneurial spirit is awakened (e.g., unwrapping the cognitive “black box”) have been productive in the new venture context, it remains…
Abstract
While efforts at understanding how the entrepreneurial spirit is awakened (e.g., unwrapping the cognitive “black box”) have been productive in the new venture context, it remains largely unexplored in a corporate setting.This study extends previous research by investigating the relationship between organizational antecedents and perceptions of entrepreneurial self-efficacy and desirability of entrepreneurial activity. In a field study of organizations consistent with a corporate entrepreneurial archetype typology, we found that (1) individual work discretion and time availability impacted entrepreneurial self-efficacy, and (2) individual interest in work innovation influenced perceived desirability of innovative behaviors.
Stefanie Weniger, Svenja Jarchow and Oleg Nenadić
Literature on entrepreneurial finance has long overcome the view of an investor as a sole provider of financial capital. Entrepreneurs need to consider more aspects when deciding…
Abstract
Purpose
Literature on entrepreneurial finance has long overcome the view of an investor as a sole provider of financial capital. Entrepreneurs need to consider more aspects when deciding on an investor. Especially the depiction of corporate venture capital (CVC) investors has long highlighted advantages and disadvantages compared to independent VC (IVC) investors. The authors investigate what drives entrepreneurs' preferences for CVC relative to IVC and thereby focus on two key issues in the entrepreneur's consideration – the role of resource requirements and exit strategies.
Design/methodology/approach
The data were collected in an online survey that gathered information on several characteristics of entrepreneurs and their ventures. The resulting data set of 105 German entrepreneurs was analyzed using logistic regression and revealed important drivers for entrepreneurs' investor preferences.
Findings
The study’s findings confirm that the venture's resource needs, specifically the need for marketing resources and access to the corporate network, which play a significant role in the decision on whether a CVC or IVC investor is preferred. Moreover, the analysis debunks the hypothesis that entrepreneurs view a CVC investment as the first step toward acquisition. However, those entrepreneurs striving for an IPO are less likely to prefer CVC.
Originality/value
The study expands the literature on CVC attractiveness and specifically considers the entrepreneurs' intentions and needs. The results confirm but also debunk some widespread perceptions about why entrepreneurs choose to pursue financing from a CVC investor.
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Cheng Tseng and Chien-Chi Tseng
The purpose of this paper is to explore corporate entrepreneurship and the relationship between intrapreneurship and the proposed strategic models through a literature review…
Abstract
Purpose
The purpose of this paper is to explore corporate entrepreneurship and the relationship between intrapreneurship and the proposed strategic models through a literature review. This paper reviews the strategic approach for increasing internal innovation performance at corporations.
Design/methodology/approach
Key words were identified to use in the literature search: corporate entrepreneurship, innovation performance and entrepreneurial environment. Then, all of the several electronic databases available in the university’s electronic library, including Harvard Business Review and The University of Chicago Press, as well as journals, books, Google Scholar and other institutional resources.
Findings
The six innovative outcomes are motivating individuals to engage in innovative behavior, concentrating entrepreneurial ventures through a newly minted organization within a corporation, helping innovative-minded people to reach their full potential, rewarding a corporate entrepreneur, encouraging people to look at the organization from a broad perspective and educating employees about corporate entrepreneurship.
Research limitations/implications
The study was exploratory, based on a literature review. Further studies are needed using empirical research to examine why corporate entrepreneurship was attributed to be the strategic approach for internal innovation performance.
Practical implications
By implementing the strategic approaches, corporate management professionals can realize their entrepreneurial intentions for the firm and maintain their responsibility to shareholders in terms of other business and development goals.
Originality/value
The research constructs an input-process-output framework that minimizes external mergers and acquisitions and maximizes internal innovation performance. Value was created when corporate entrepreneurship was identified as a strategic approach for internal innovation performance.
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Benedetta Montanaro, Angelo Cavallo, Giancarlo Giudici and Antonio Ghezzi
This study aims to analyze the impact of different exit alternatives, investor presence and founders’ human capital on the exit value of European venture capital (VC)-backed high…
Abstract
Purpose
This study aims to analyze the impact of different exit alternatives, investor presence and founders’ human capital on the exit value of European venture capital (VC)-backed high technology startups.
Design/methodology/approach
The empirical analysis is based on a sample of 107 European firms that obtained an exit through Merger&Acquisition (M&A) or an initial public offering (IPO) between 2010 and 2017, backed by VC investors.
Findings
This study provides empirical evidence on how different exit alternatives, investor heterogeneity and founders’ human capital may affect the exit value of European VC-backed startups. Exiting through an IPO and retaining a larger equity stake are positively correlated with the exit value. The presence of business angels and non-governmental VC firms is associated with larger valuations. Founders’ previous education was positively correlated with the exit value.
Originality/value
Exit strategies in technology startups are essential to capitalize investors’ efforts and reinvest cash into new ventures, supporting the development of entrepreneurial ecosystems and countries’ competitiveness. The results of this study provide interesting hints for policymakers and contribute to an in-depth understanding of the drivers of exit valuation for startups.
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Mariola Ciszewska-Mlinarič and Piotr Wójcik
The purpose of this study is to synthesize the literature on the topic of strategic renewal by identifying the key dimensions of extant research and the connections between…
Abstract
Purpose
The purpose of this study is to synthesize the literature on the topic of strategic renewal by identifying the key dimensions of extant research and the connections between fragmented research domains.
Design/methodology/approach
This study applies systematic literature review to identify the level of consistency and generalizability of research findings across existing studies in a comprehensive manner.
Findings
This study identifies six main themes of strategic renewal in the extant literature: (1) antecedents, (2) initiation, (3) logic, (4) structure, (5) process and (6) outcomes of strategic renewal.
Research limitations/implications
By integrating the current streams of research, the review offers a conceptual model of strategic renewal that maps the current state of the research and provide insights into key themes for the future research.
Originality/value1
This study, identifies connections between fragmented research domain and offers a conceptual framework of strategic renewal.
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