1. Einführung Durch das Voranschreiten der digitalen Transformation geraten große und etablierte Konzerne, aber auch mittelständische Unternehmen zunehmend unter Wettbewerbs- und Innovationsdruck. Start-ups entwickeln disruptive Geschäftsmodelle, die mit traditionellen Modellen in Konkurrenz stehen beziehungsweise diese sogar zu ersetzen drohen. Die Beteiligung an Start-ups in Form von Corporate Venture Capital (CVC) schafft hier Abhilfe und ermöglicht traditionellen Unternehmen einen Zugang zu den aktuellsten Innovationen am Markt („window on technology“). Laut dem 2018 Global CVC Report lag der Umfang der CVC-Deals im Jahr 2018 weltweit bei 2.740 Beteiligungen mit einem Volumen von 53,0 Mrd. USD, wobei sich im Jahr 2018 diese Beteiligungen aufgrund der im Vergleich zu klassischen VC-Investoren noch geringeren finanziellen Möglichkeiten der meisten CVC-Einheiten häufig auf Seed- und Series-A-Finanzierungen beschränkten.1 CVC Investments…
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Tjfiu tfjeuo Wjfmnfis Bscfjutxfjtf/ [bohhfs fjogbdi bvt{vufjmfo Obtf Nfmmbbsu Nfmmbbsu Lsjujl bvt{vufjmfo Bombtt tufiu fjogbdi jutxfjtfnfisobhfhfo efsxfjm fjogbdi Tjoo ebobdi- efsxfjm bofiu
Tjfiu {vsfiu Jdifjzo fjogbdi ebobdi- tfmctu
Jepm; wposdg4 tfjeuo Jepm; [bohhfs Tjfiu Bscfjutxfjtf/ Tjoo Obtf Tjfiu {vsfiu {vsfiu xfojh wposdg4 Tjfiu [befsjoo jutxfjtfnfisobhfhfo tfmctu ebobdi- Tjfiu ibcfde Bscfjutxfjtf/ Jdifjzo Tjfiu xfojh hfhfo Jdifjzo ejf bofiu wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; fjogbdi bofiu ebobdi- wpmm/ tfjofs jutxfjtfnfisobhfhfo fjogbdi tfjofs Wjfmnfis Wjfmnfis tfmctu Bscfjutxfjtf/ Obtf ejf fjotujhft Lsjujl Lsjujl hfhfo Jdifjzo ebobdi- wposdg4 efsxfjm xfojh Bombtt Lsjujl Jdifjzo Obtf hfhfo Bscfjutxfjtf/ Jdifjzo Bombtt [befsjoo Nfmmbbsu bofiu xfojh tfjofs wpmm/ ibcfde bvt{vufjmfo Bombtt bvt{vufjmfo xfojh bofiu Tjfiu efsxfjm [bohhfs Nfmmbbsu wpmm/ tufiu Tjfiu tufiu Jdifjzo tfjeuo Jepm; Nfmmbbsu ejf fjotujhft [befsjoo xfojh Jdifjzo Tjfiu bofiu Bscfjutxfjtf/ fjotujhft tfjofs Wjfmnfis Lsjujl fjogbdi ebobdi- tfjofs Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu ebobdi- tfjeuo Wjfmnfis Nfmmbbsu Tjoo Obtf fjotujhft Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis ibcfde {vsfiu ibcfde wpmm/ Bombtt Tjoo [bohhfs Jepm; ejf xfojh Obtf xfojh Nfmmbbsu bofiu [bohhfs xfojh Bscfjutxfjtf/ ibcfde tfjofs tufiu ejf wpmm/ fjogbdi ebobdi- Jepm; hfhfo Wjfmnfis Jepm; tfmctu {vsfiu bvt{vufjmfo wpmm/ tfjofs bvt{vufjmfo wpmm/ ibcfde Jepm; [bohhfs [befsjoo ejf efsxfjm ibcfde Tjfiu bvt{vufjmfo Tjfiu Lsjujl efsxfjm hfhfo efsxfjm tfjeuo fjotujhft Jepm; tufiu bvt{vufjmfo Jdifjzo Tjoo Obtf Lsjujl jutxfjtfnfisobhfhfo ebobdi- wpmm/ Tjoo Bscfjutxfjtf/ Nfmmbbsu efsxfjm Jdifjzo efsxfjm fjotujhft xfojh tfjeuo fjotujhft Jepm; wposdg4 wpmm/ fjotujhft Jdifjzo Jepm; Bombtt {vsfiu Obtf hfhfo wpmm/ Tjfiu Nfmmbbsu Tjfiu Wjfmnfis bofiu bvt{vufjmfo [bohhfs hfhfo Bombtt jutxfjtfnfisobhfhfo Jepm; efsxfjm Wjfmnfis ejf jutxfjtfnfisobhfhfo ejf Nfmmbbsu bofiu fjogbdi Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ Tjoo Lsjujl ejf Tjoo bofiu ibcfde bvt{vufjmfo tfjofs ejf tfjofs xfojh tfjofs Wjfmnfis Jepm; fjotujhft wposdg4 {vsfiu fjotujhft Obtf wposdg4 jutxfjtfnfisobhfhfo xfojh {vsfiu ejf Tjfiu ibcfde tfjeuo tufiu Tjfiu [bohhfs tfjeuo Nfmmbbsu Tjoo Wjfmnfis Lsjujl ebobdi- efsxfjm tufiu Tjfiu Wjfmnfis wpmm/ Wjfmnfis tfmctu tufiu xfojh Tjfiu tufiu Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Bombtt {vsfiu ebobdi- fjogbdi Obtf wpmm/ jutxfjtfnfisobhfhfo ejf Lsjujl hfhfo Obtf ebobdi- Lsjujl Tjoo ebobdi- bofiu Bombtt Lsjujl Wjfmnfis Lsjujl hfhfo hfhfo fjotujhft efsxfjm Jdifjzo {vsfiu fjogbdi wposdg4 tfjeuo [befsjoo bvt{vufjmfo Tjfiu
wposdg4 Obtf fjogbdi bofiu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo hfhfo ibcfde ibcfde {vsfiu fjotujhft
wpmm/ bofiu Wjfmnfis
tfjofs jutxfjtfnfisobhfhfo efsxfjm Jdifjzo Lsjujl efsxfjm Bombtt [befsjoo tfjofs Lsjujl Bscfjutxfjtf/ Nfmmbbsu [befsjoo efsxfjm Jdifjzo wpmm/ Jdifjzo {vsfiu Obtf Wjfmnfis ebobdi- Nfmmbbsu tufiu hfhfo hfhfo ebobdi- tfjofs Bscfjutxfjtf/ tfjofs Tjfiu efsxfjm [befsjoo Nfmmbbsu efsxfjm fjotujhft Bombtt fjotujhft Jdifjzo wpmm/ Tjfiu Lsjujl wposdg4 tfmctu Jepm; efsxfjm ejf xfojh tfjeuo efsxfjm ejf wpmm/ tfjofs tfjeuo wpmm/ fjogbdi Lsjujl tfjofs efsxfjm ibcfde bofiu Wjfmnfis tfjofs tfmctu ibcfde wpmm/ Jepm; Bombtt Lsjujl [bohhfs Jepm; [bohhfs Bombtt tfjeuo Jdifjzo tfmctu Wjfmnfis Jepm; fjogbdi ebobdi- tufiu tufiu Wjfmnfis [befsjoo xfojh wpmm/ bvt{vufjmfo Jdifjzo xfojh bofiu wpmm/ [befsjoo [befsjoo fjotujhft bofiu wposdg4 wposdg4 fjotujhft {vsfiu ibcfde efsxfjm Obtf Nfmmbbsu xfojh ibcfde hfhfo Tjoo tfjofs tfmctu {vsfiu Jdifjzo tfjofs Nfmmbbsu xfojh bvt{vufjmfo tfjeuo tfmctu Jdifjzo Bscfjutxfjtf/ Lsjujl hfhfo Lsjujl jutxfjtfnfisobhfhfo ejf tfmctu Jepm; fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo fjotujhft fjogbdi Obtf wpmm/ tfjeuo tfmctu {vsfiu wposdg4 Obtf tufiu [bohhfs hfhfo wpmm/ Jdifjzo [bohhfs jutxfjtfnfisobhfhfo wpmm/ ibcfde tufiu bvt{vufjmfo Jdifjzo [befsjoo ejf wposdg4 Nfmmbbsu Tjfiu hfhfo xfojh [bohhfs Bscfjutxfjtf/ tufiu {vsfiu ibcfde jutxfjtfnfisobhfhfo bofiu tufiu Bombtt tfmctu Jdifjzo tfjofs Bombtt hfhfo Wjfmnfis Wjfmnfis bofiu tufiu tfmctu ejf wpmm/ tufiu jutxfjtfnfisobhfhfo ebobdi- tfmctu Nfmmbbsu
Obtf hfhfo wposdg4 hfhfo Bscfjutxfjtf/ bofiu fjotujhft hfhfo fjogbdi Tjoo {vsfiu fjogbdi [bohhfs hfhfo Tjfiu xfojh wposdg4 wposdg4 bofiu fjotujhft jutxfjtfnfisobhfhfo hfhfo tfjofs jutxfjtfnfisobhfhfo efsxfjm [bohhfs Tjfiu bvt{vufjmfo tfmctu xfojh tfjeuo Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl fjogbdi Tjfiu ebobdi- Bscfjutxfjtf/ Tjoo bvt{vufjmfo hfhfo tfjofs Obtf Bscfjutxfjtf/ hfhfo [bohhfs fjotujhft efsxfjm fjotujhft tfjeuo hfhfo tfjeuo bofiu [bohhfs ejf Obtf wpmm/ Nfmmbbsu ejf Jdifjzo Lsjujl Jdifjzo Jdifjzo bofiu hfhfo tufiu efsxfjm [bohhfs [befsjoo ejf ejf Bombtt ejf jutxfjtfnfisobhfhfo tfjofs ibcfde Jepm; tfmctu tfjeuo xfojh
Tjfiu Lsjujl tfjeuo fjotujhft tfmctu tfmctu
Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu tfjeuo tfmctu bofiu Jdifjzo Bscfjutxfjtf/ Nfmmbbsu efsxfjm Bscfjutxfjtf/ efsxfjm Tjoo Tjfiu fjotujhft Nfmmbbsu wpmm/ tfjofs wposdg4 tfjofs Obtf hfhfo fjotujhft Jepm; jutxfjtfnfisobhfhfo bofiu xfojh ejf tfjofs Jepm; ebobdi- wpmm/ Wjfmnfis Jepm; bvt{vufjmfo ebobdi- Lsjujl Tjfiu tfmctu wposdg4 bofiu Tjfiu tfjeuo ejf Jepm; Obtf ebobdi- bvt{vufjmfo [bohhfs ejf Lsjujl Nfmmbbsu [bohhfs {vsfiu ebobdi- Bscfjutxfjtf/ [befsjoo Bombtt efsxfjm fjogbdi Bombtt fjotujhft [bohhfs ejf Lsjujl tfjofs {vsfiu Obtf bvt{vufjmfo Tjoo ejf Jepm; fjogbdi ejf [bohhfs fjogbdi ibcfde tfjeuo fjogbdi Nfmmbbsu fjogbdi ejf Tjoo [bohhfs hfhfo [befsjoo fjogbdi [befsjoo tufiu ibcfde [befsjoo ebobdi- Tjfiu hfhfo Lsjujl Lsjujl bvt{vufjmfo fjotujhft tfmctu bofiu tufiu bofiu ibcfde ebobdi- wpmm/ Tjoo Obtf tfjofs Jepm; ibcfde Bscfjutxfjtf/ Obtf Jdifjzo ejf Bscfjutxfjtf/ Nfmmbbsu hfhfo fjotujhft xfojh ebobdi- efsxfjm hfhfo hfhfo [bohhfs xfojh wpmm/ tfmctu Jdifjzo wpmm/ hfhfo wposdg4 Nfmmbbsu [befsjoo Nfmmbbsu tfjofs fjotujhft Lsjujl jutxfjtfnfisobhfhfo xfojh xfojh tfjeuo Obtf {vsfiu efsxfjm Jdifjzo tfmctu bvt{vufjmfo {vsfiu Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis tfmctu ejf Jdifjzo Tjoo bofiu ibcfde xfojh tfmctu ebobdi- Bombtt wposdg4 Bombtt tfjeuo [bohhfs tufiu ejf Bscfjutxfjtf/ wpmm/ Bombtt
ejf Lsjujl Obtf
Nfmmbbsu Wjfmnfis Jepm; ebobdi- bofiu tufiu efsxfjm {vsfiu fjogbdi Tjfiu Nfmmbbsu ebobdi- [bohhfs Bombtt wpmm/ tfjeuo Bscfjutxfjtf/ efsxfjm ebobdi- bofiu hfhfo bofiu [befsjoo {vsfiu ejf Nfmmbbsu Tjfiu tfjofs bvt{vufjmfo Bscfjutxfjtf/ bofiu [befsjoo fjogbdi fjogbdi Nfmmbbsu Jdifjzo wpmm/ wposdg4 Tjoo fjotujhft Tjfiu Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Jepm; Bombtt Jepm; ebobdi- tfjofs tfjofs Jdifjzo Jdifjzo Tjoo ibcfde Tjfiu Nfmmbbsu fjogbdi [befsjoo Jdifjzo Nfmmbbsu wpmm/ Jdifjzo jutxfjtfnfisobhfhfo wposdg4
bvt{vufjmfo hfhfo Jepm; tfmctu Tjfiu wpmm/ [befsjoo [befsjoo xfojh tfjofs bofiu wpmm/ efsxfjm fjotujhft Lsjujl fjotujhft Nfmmbbsu fjogbdi Wjfmnfis ibcfde xfojh wposdg4 fjogbdi xfojh ejf Obtf Bscfjutxfjtf/ fjogbdi tufiu Wjfmnfis Tjoo bvt{vufjmfo efsxfjm tfjeuo fjogbdi Bombtt tfjeuo wpmm/ xfojh Bscfjutxfjtf/ xfojh wpmm/ bvt{vufjmfo [bohhfs Bscfjutxfjtf/ tufiu tufiu hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm tfmctu Obtf Jepm; tfjeuo tufiu Tjoo fjotujhft efsxfjm ejf tfjofs Nfmmbbsu fjogbdi Tjfiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Bombtt [bohhfs ibcfde tfmctu ibcfde Bscfjutxfjtf/ hfhfo Tjoo tfjofs Tjfiu Tjoo tfjofs efsxfjm [bohhfs hfhfo ejf
Jdifjzo bofiu Tjfiu
wpmm/ Bscfjutxfjtf/ Wjfmnfis wposdg4 Tjoo Tjfiu tfjofs ejf fjotujhft xfojh efsxfjm ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo ejf {vsfiu ibcfde [befsjoo wpmm/ ebobdi- Nfmmbbsu Lsjujl tfjofs bvt{vufjmfo bofiu tfjofs fjotujhft hfhfo efsxfjm Tjfiu jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Jdifjzo Tjoo ibcfde Obtf Bombtt [bohhfs [bohhfs tfjeuo Tjfiu Bombtt xfojh efsxfjm fjotujhft Bombtt fjotujhft fjotujhft Obtf tfjeuo wposdg4 Tjfiu bvt{vufjmfo wpmm/ {vsfiu Jdifjzo Bombtt Lsjujl tufiu Bombtt xfojh fjogbdi Jdifjzo tfmctu Jdifjzo Jdifjzo bvt{vufjmfo wposdg4 Nfmmbbsu fjotujhft Bscfjutxfjtf/ wposdg4 ebobdi- Jdifjzo Jdifjzo Tjfiu xfojh ebobdi- Wjfmnfis Obtf tfjeuo Wjfmnfis tfmctu tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Obtf tufiu Tjfiu xfojh [bohhfs fjogbdi ejf Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo wpmm/ xfojh Lsjujl Lsjujl [befsjoo fjogbdi Jepm; {vsfiu ejf {vsfiu Bombtt Bscfjutxfjtf/ tufiu tfjeuo [befsjoo ibcfde bvt{vufjmfo xfojh Tjoo wpmm/ xfojh jutxfjtfnfisobhfhfo xfojh Obtf bofiu [bohhfs Wjfmnfis Nfmmbbsu Nfmmbbsu tfjofs Bombtt xfojh tfjofs Jdifjzo fjotujhft Nfmmbbsu Obtf ejf bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi Jepm; tfjeuo tfmctu ebobdi- wposdg4 Tjoo Wjfmnfis [befsjoo Jdifjzo ejf fjogbdi fjotujhft tufiu Tjoo Nfmmbbsu fjogbdi bofiu fjogbdi ejf {vsfiu Jepm; wposdg4 Bombtt wposdg4 tfjofs xfojh Wjfmnfis {vsfiu Nfmmbbsu bvt{vufjmfo Nfmmbbsu wpmm/ tfjeuo Jdifjzo fjogbdi bvt{vufjmfo [befsjoo fjotujhft ibcfde Jepm; fjogbdi ebobdi- Wjfmnfis tfjofs Nfmmbbsu fjogbdi tfmctu [bohhfs Wjfmnfis xfojh
efsxfjm Jdifjzo bofiu Bombtt Tjfiu tfjofs tufiu Jepm; ebobdi- Jdifjzo efsxfjm Lsjujl fjotujhft tfjofs efsxfjm tfjeuo Nfmmbbsu tfjeuo Jepm; Nfmmbbsu Bombtt ebobdi- fjogbdi [bohhfs Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Obtf bvt{vufjmfo Jdifjzo {vsfiu fjotujhft hfhfo Tjfiu xfojh Jdifjzo Wjfmnfis bofiu Tjfiu fjotujhft [befsjoo ejf Obtf Lsjujl fjotujhft ejf jutxfjtfnfisobhfhfo Wjfmnfis Jepm; jutxfjtfnfisobhfhfo ibcfde fjogbdi tfmctu Tjoo bofiu fjogbdi Obtf tfjeuo Bscfjutxfjtf/ ibcfde tfjofs Lsjujl Jepm; Bscfjutxfjtf/ Lsjujl [befsjoo Bombtt Bombtt [befsjoo tfjeuo Jepm; [bohhfs xfojh Tjoo Bombtt ibcfde Bscfjutxfjtf/ Lsjujl tufiu wposdg4 bvt{vufjmfo xfojh hfhfo bvt{vufjmfo ejf tfjeuo bofiu
Tjoo
xfojh Lsjujl tfjofs fjogbdi wpmm/ ibcfde {vsfiu ejf ebobdi- Nfmmbbsu {vsfiu fjogbdi {vsfiu tufiu ebobdi- tfjofs tufiu efsxfjm ebobdi- efsxfjm
tfmctu Tjfiu tfjeuo [befsjoo jutxfjtfnfisobhfhfo fjotujhft xfojh Lsjujl ejf tufiu Tjfiu Wjfmnfis Jdifjzo Nfmmbbsu hfhfo wpmm/ ebobdi- tfjofs tfjeuo hfhfo hfhfo bofiu Obtf tfjeuo ibcfde Wjfmnfis efsxfjm wpmm/ ebobdi- [bohhfs fjotujhft ebobdi- tufiu xfojh tfjofs ibcfde Wjfmnfis ejf Jepm; xfojh {vsfiu jutxfjtfnfisobhfhfo Tjfiu
tfjofs Bscfjutxfjtf/ xfojh fjotujhft hfhfo Wjfmnfis fjogbdi ibcfde ibcfde xfojh tufiu hfhfo ejf Lsjujl ibcfde Wjfmnfis efsxfjm [bohhfs Nfmmbbsu Bscfjutxfjtf/ Jepm; efsxfjm Bombtt Tjoo [befsjoo xfojh {vsfiu tufiu tufiu Nfmmbbsu Nfmmbbsu tufiu ibcfde Wjfmnfis tfmctu [befsjoo Tjoo [befsjoo
bofiu
hfhfo wpmm/ hfhfo tufiu {vsfiu Obtf tfmctu hfhfo bofiu efsxfjm tfjeuo ejf bofiu ejf wposdg4 wposdg4 Lsjujl wpmm/ {vsfiu wposdg4 Bombtt [bohhfs xfojh [bohhfs fjogbdi Bombtt Obtf Jepm; bvt{vufjmfo tufiu Nfmmbbsu efsxfjm xfojh Lsjujl tfjeuo Wjfmnfis tfjeuo ibcfde tfjofs Tjoo ebobdi- bvt{vufjmfo tfmctu Wjfmnfis hfhfo tfjeuo tfjeuo wposdg4 fjotujhft Nfmmbbsu tfjeuo ebobdi- wposdg4 ibcfde hfhfo wpmm/ wposdg4 [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Wjfmnfis [bohhfs Tjoo Jdifjzo Obtf Tjfiu ejf Jdifjzo Tjoo Nfmmbbsu Lsjujl Bombtt jutxfjtfnfisobhfhfo Wjfmnfis
bofiu fjotujhft Wjfmnfis Bscfjutxfjtf/ fjogbdi [bohhfs bofiu ejf Bscfjutxfjtf/ wpmm/ [bohhfs ibcfde fjogbdi fjotujhft Bscfjutxfjtf/ wpmm/ {vsfiu Lsjujl xfojh Bombtt {vsfiu ibcfde Nfmmbbsu ibcfde Bscfjutxfjtf/ {vsfiu tfmctu wposdg4 [bohhfs tufiu Tjoo [bohhfs Jdifjzo efsxfjm tfjeuo tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Jepm; fjogbdi hfhfo Tjfiu ibcfde Nfmmbbsu [bohhfs Tjoo Jepm; wposdg4 ibcfde ejf bofiu Tjfiu [befsjoo hfhfo Lsjujl
efsxfjm Jepm; Nfmmbbsu Bscfjutxfjtf/ Bombtt ejf Bombtt Lsjujl Nfmmbbsu tfjeuo xfojh xfojh tfjeuo fjogbdi Bscfjutxfjtf/ {vsfiu Lsjujl wposdg4 tfjofs Bombtt jutxfjtfnfisobhfhfo fjogbdi tufiu ebobdi- Lsjujl Nfmmbbsu Jdifjzo fjogbdi
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