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Title
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Technological search : do CVC investments lead to better innovation performance?
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Author
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Abstract
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| This paper discusses the added value of corporate venture capital investments as a means to source new technologies and the effect on a company's subsequent innovative performance. It is argued that CVC investments are complements rather than substitutes to other external sourcing modes, because they enable access to new technologies in the earliest stages of technology development, while other modes are more appropriate for later stages or less explorative technology acquisition. Using CVC investments in combination with the more traditional modes of technology sourcing will positively affect the innovative performance of investing firms. The main empirical results in this paper indicate that CVC investments have a direct, positive effect on innovative output of investing firms. Moreover, it appears that CVC investments enhance the effect of equity alliances and M&As on innovation performance. |
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Language
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English
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Source (journal)
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ISMOT'07: Proceedings of the Fifth International Symposium on Management of Technology, Vols 1 and 2 : managing total innovation and open innovation in the 21st century
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Source (book)
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5th International Symposium on Management of Technology, Jun 01-03, 2007, Hangzhou, China
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Publication
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Hangzhou
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Zhejiang univ press
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2007
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ISBN
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978-7-89490-375-4
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Volume/pages
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(2007)
, p. 267-271
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ISI
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000248091800054
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