Innovation Forum 2019.4.16 Christopher L. Tucci
Topic:
“Putting “dumb money” to good use? Corporate venture capital as a complement
to internal R&D (With Henry Chesbrough and Vareska van de Vrande)”
to internal R&D (With Henry Chesbrough and Vareska van de Vrande)”
Speaker:
Christopher L. Tucci
(Professor of Management of Technology,
the Ecole Polytechnique Fédérale de Lausanne (EPFL))
the Ecole Polytechnique Fédérale de Lausanne (EPFL))
Date:
April 16th (Tuesday) 2019
from 16:00 to 17:30
Place:
IIR Laboratory 2 (Room#219) of the second floor of the IIR building
Organizer:
Yaichi Aoshima
Abstract:
The role of corporate venture capital (CVC) programs inside the firm has received relatively little scholarly attention. Do these programs substitute for traditional corporate investments, such as R&D? Or do they complement internal R&D? To further explore this phenomenon, we have developed a dataset of corporations initiating CVC programs from 1973-2001. We find that the existence of a CVC program is positively associated with the level of corporate R&D spending. We also find that a combination of having a CVC program and higher R&D spending is associated with higher firm performance, thus concluding that CVC investments can complement other corporate innovation initiatives.