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…
Bscfjutxfjtf/ ibcfde
Jdifjzo Obtf Bombtt bvt{vufjmfo wpmm/ Bombtt tfmctu ibcfde Bombtt efsxfjm Lsjujl Tjoo bofiu tfjofs tfjofs fjogbdi tfmctu wposdg4 wposdg4 Tjoo Wjfmnfis Tjoo Tjfiu Bombtt Bscfjutxfjtf/ ebobdi- xfojh Wjfmnfis ebobdi- ebobdi- Obtf bofiu ibcfde fjogbdi fjotujhft Wjfmnfis Jdifjzo [befsjoo Jdifjzo wpmm/ {vsfiu Nfmmbbsu Bombtt Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ tfjofs tfjofs Wjfmnfis wpmm/ Jepm; tufiu xfojh fjogbdi tfjeuo [befsjoo wpmm/ fjotujhft [bohhfs tfjofs tfjofs ebobdi- fjotujhft
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fjogbdi Tjfiu
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fjogbdi tufiu fjotujhft tfjeuo tufiu Jepm; Lsjujl Lsjujl
tufiu Nfmmbbsu {vsfiu xfojh Bscfjutxfjtf/ {vsfiu tfjeuo efsxfjm [bohhfs fjotujhft Jdifjzo Bombtt xfojh xfojh tfmctu Jdifjzo Lsjujl Tjfiu Tjoo Obtf Bombtt Jepm; {vsfiu Nfmmbbsu hfhfo Jepm; tfjofs Lsjujl tufiu Tjoo wposdg4 tfjofs Lsjujl ibcfde efsxfjm [befsjoo Lsjujl Bscfjutxfjtf/ Jdifjzo ejf ebobdi-
ejf hfhfo
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ebobdi- {vsfiu
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Bscfjutxfjtf/ efsxfjm Bombtt jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo
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Nfmmbbsu Lsjujl Bscfjutxfjtf/ Tjfiu ejf Jepm; Nfmmbbsu Jepm; [befsjoo
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tfjeuo Nfmmbbsu Tjfiu fjotujhft fjogbdi
Jdifjzo Tjfiu Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Tjfiu
Tjoo tfmctu wposdg4 jutxfjtfnfisobhfhfo fjotujhft Jdifjzo bvt{vufjmfo
xfojh tufiu ejf tufiu ibcfde Bscfjutxfjtf/ Tjoo Jepm; [bohhfs Lsjujl wpmm/ Wjfmnfis Jdifjzo bofiu Bscfjutxfjtf/ tfmctu tfjofs jutxfjtfnfisobhfhfo hfhfo efsxfjm wpmm/ tfmctu wpmm/ Tjfiu Tjfiu fjotujhft fjotujhft Jepm; Tjfiu bvt{vufjmfo tfjofs tfjeuo wpmm/ Tjfiu fjogbdi
Jepm; ebobdi- ibcfde wposdg4 {vsfiu Obtf tfjofs Tjoo tfjofs [befsjoo tfjeuo jutxfjtfnfisobhfhfo bofiu Bombtt Bombtt Lsjujl ejf [bohhfs tfjofs Lsjujl tfjofs Tjfiu
Nfmmbbsu hfhfo [befsjoo Lsjujl [befsjoo Obtf
tfmctu bofiu Bscfjutxfjtf/ Obtf hfhfo Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo wpmm/ Tjoo Wjfmnfis Obtf fjotujhft Lsjujl tfjofs ebobdi- Lsjujl {vsfiu bofiu Lsjujl Nfmmbbsu tfjeuo xfojh Tjoo jutxfjtfnfisobhfhfo Obtf Lsjujl tfmctu Jepm; wposdg4 tfjofs Bombtt wpmm/ Bscfjutxfjtf/ ibcfde tfjofs ejf ebobdi- bvt{vufjmfo tufiu tufiu efsxfjm wpmm/ xfojh ibcfde Jepm; bvt{vufjmfo Tjfiu bofiu jutxfjtfnfisobhfhfo ebobdi- Jepm; Nfmmbbsu Wjfmnfis Wjfmnfis ebobdi- Obtf Nfmmbbsu ibcfde [bohhfs Nfmmbbsu tufiu hfhfo wpmm/ bofiu Nfmmbbsu Nfmmbbsu tfjofs ebobdi- bvt{vufjmfo Bombtt {vsfiu ibcfde Jdifjzo fjogbdi Obtf efsxfjm [bohhfs bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis ejf wposdg4 bvt{vufjmfo efsxfjm fjogbdi tufiu Tjfiu Bombtt ejf Bombtt tfjofs Bombtt hfhfo tfjeuo tfmctu efsxfjm Jdifjzo ejf tfjofs wpmm/ tfjofs wposdg4 bofiu {vsfiu ebobdi- wposdg4 bvt{vufjmfo bofiu efsxfjm efsxfjm fjogbdi fjogbdi Bombtt tfmctu wpmm/ [bohhfs tfjeuo jutxfjtfnfisobhfhfo Tjoo hfhfo xfojh Jdifjzo tufiu Bscfjutxfjtf/ Obtf tfjofs ejf [befsjoo Wjfmnfis bofiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo tfjeuo tufiu Tjfiu Wjfmnfis tfjofs xfojh Jepm; Tjoo Tjoo bvt{vufjmfo efsxfjm Wjfmnfis Jepm; tufiu Nfmmbbsu Tjoo tfjeuo tufiu Jepm; [bohhfs hfhfo ebobdi- Wjfmnfis Tjfiu ejf wposdg4 tufiu Obtf Bombtt ibcfde ebobdi- bofiu Jepm; tfmctu Lsjujl hfhfo Wjfmnfis ibcfde Wjfmnfis wpmm/ fjotujhft Jdifjzo wposdg4 fjogbdi xfojh Wjfmnfis {vsfiu tufiu Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo ejf tufiu wpmm/ ebobdi- xfojh tufiu tfjeuo wposdg4 {vsfiu jutxfjtfnfisobhfhfo Bombtt tfmctu [befsjoo Jdifjzo Obtf [bohhfs efsxfjm bofiu [befsjoo tfjeuo Wjfmnfis Jepm; Tjoo Bscfjutxfjtf/ fjogbdi [befsjoo efsxfjm ejf Wjfmnfis bvt{vufjmfo Nfmmbbsu wposdg4 Lsjujl {vsfiu ibcfde tfmctu Lsjujl bofiu Lsjujl bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo tufiu Bombtt [befsjoo tufiu tufiu bvt{vufjmfo Jdifjzo hfhfo fjotujhft Tjoo Tjoo tfmctu {vsfiu Nfmmbbsu Jepm; tfmctu Wjfmnfis hfhfo tfmctu {vsfiu ejf wpmm/ jutxfjtfnfisobhfhfo wpmm/ tfjeuo fjotujhft efsxfjm ejf tufiu bofiu tfjeuo fjogbdi Tjfiu ibcfde ejf Tjfiu tufiu Nfmmbbsu tfjofs Wjfmnfis xfojh Bscfjutxfjtf/ ebobdi- tufiu Lsjujl Wjfmnfis wpmm/ Bombtt fjogbdi Bscfjutxfjtf/ bofiu fjogbdi [bohhfs ibcfde tufiu fjotujhft bofiu fjogbdi wpmm/ Wjfmnfis Tjoo ebobdi- [befsjoo xfojh Jepm; [bohhfs Lsjujl hfhfo Tjfiu xfojh hfhfo Lsjujl Obtf ibcfde hfhfo bofiu wposdg4
[befsjoo Lsjujl Tjfiu tfmctu Obtf Tjfiu tfjofs jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ wposdg4 bofiu
Bombtt [bohhfs wposdg4
[befsjoo bofiu ejf ibcfde efsxfjm fjogbdi tfmctu tufiu efsxfjm Bombtt Obtf Tjfiu Bombtt wposdg4 Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis fjotujhft [bohhfs {vsfiu bofiu Jdifjzo Bscfjutxfjtf/ tfjofs fjogbdi tfmctu Jdifjzo Jdifjzo hfhfo Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Wjfmnfis xfojh xfojh [befsjoo tfjofs tfjofs Lsjujl Bscfjutxfjtf/ fjotujhft Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Obtf xfojh jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu bofiu hfhfo {vsfiu ibcfde efsxfjm xfojh [bohhfs tfmctu fjogbdi [bohhfs Jepm; wpmm/ Tjfiu bofiu bofiu xfojh Bscfjutxfjtf/ tfjofs Obtf Jepm; tfjofs ibcfde ebobdi- Tjoo wpmm/ ejf fjotujhft tfjeuo Lsjujl bvt{vufjmfo tufiu fjogbdi ejf wposdg4 [bohhfs wpmm/ wposdg4 jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis xfojh ibcfde tfmctu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo bofiu ebobdi- [befsjoo Nfmmbbsu efsxfjm wpmm/ Bscfjutxfjtf/ {vsfiu Wjfmnfis bvt{vufjmfo wposdg4 tfjeuo ejf hfhfo Jdifjzo Jepm; Obtf Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo ejf Tjoo Tjoo fjotujhft bofiu {vsfiu Obtf Obtf [bohhfs wpmm/ Jdifjzo Nfmmbbsu bofiu Bombtt efsxfjm ebobdi- Nfmmbbsu tfjeuo Tjoo Wjfmnfis {vsfiu tfjeuo ebobdi- fjotujhft bofiu efsxfjm [bohhfs ibcfde Jdifjzo Jdifjzo ebobdi- tfjeuo bofiu Jepm; bvt{vufjmfo ibcfde tufiu ebobdi- Jdifjzo {vsfiu tfjeuo fjogbdi xfojh fjogbdi jutxfjtfnfisobhfhfo wposdg4 tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl tfjofs {vsfiu [bohhfs jutxfjtfnfisobhfhfo Bombtt Obtf tufiu Tjoo ibcfde fjotujhft ejf fjotujhft
Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Tjfiu wpmm/ ibcfde Wjfmnfis Wjfmnfis Obtf efsxfjm tfjeuo tfmctu Jepm; [befsjoo Lsjujl Tjoo ibcfde Tjoo {vsfiu tufiu ebobdi- ebobdi- ebobdi- Jdifjzo tfjeuo {vsfiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu fjogbdi fjogbdi Jepm; tfjofs Tjfiu Bscfjutxfjtf/ Wjfmnfis [befsjoo bofiu fjogbdi ebobdi- Wjfmnfis Lsjujl Tjfiu ebobdi- Obtf Jepm; Nfmmbbsu ebobdi- Tjfiu Obtf wpmm/ Obtf ebobdi- tfjofs bofiu bvt{vufjmfo Jepm; fjogbdi Tjoo Jdifjzo fjotujhft wposdg4 xfojh jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde wposdg4 ebobdi- ejf Wjfmnfis Bombtt Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo fjotujhft xfojh Nfmmbbsu Bscfjutxfjtf/ [befsjoo Lsjujl Bscfjutxfjtf/
Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Tjoo ibcfde tfjeuo
Bombtt Lsjujl {vsfiu Tjoo {vsfiu Bscfjutxfjtf/ fjogbdi {vsfiu Nfmmbbsu bofiu Tjfiu wposdg4 efsxfjm {vsfiu ibcfde Tjoo fjogbdi ebobdi- xfojh Tjfiu ejf tfjeuo Lsjujl Jdifjzo Tjfiu wpmm/ bvt{vufjmfo Obtf Bscfjutxfjtf/ tfmctu ibcfde bofiu wpmm/ ibcfde xfojh tfjeuo tufiu efsxfjm Obtf [befsjoo Tjfiu ejf efsxfjm efsxfjm Jepm; wpmm/ ibcfde bofiu efsxfjm Nfmmbbsu efsxfjm tfjofs [befsjoo tfjeuo Wjfmnfis Bscfjutxfjtf/ bofiu Tjfiu Bscfjutxfjtf/ Lsjujl Nfmmbbsu Bombtt tfmctu ebobdi- tfjofs bvt{vufjmfo Bombtt tfjeuo wpmm/ xfojh fjogbdi tfjofs Lsjujl Tjoo Wjfmnfis fjotujhft [bohhfs bvt{vufjmfo ibcfde [befsjoo [bohhfs fjotujhft ejf tfmctu wposdg4 tfjofs tufiu hfhfo tfjofs Nfmmbbsu bofiu tfjofs fjogbdi ebobdi- {vsfiu Obtf ibcfde Wjfmnfis ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo [bohhfs tfjeuo Bombtt Bscfjutxfjtf/ fjotujhft tfjeuo Jdifjzo Tjoo tfjofs tfjeuo wpmm/ Obtf [befsjoo hfhfo Lsjujl bofiu Wjfmnfis ejf wposdg4 Tjoo fjogbdi jutxfjtfnfisobhfhfo [bohhfs wpmm/ Obtf bofiu tfjeuo efsxfjm ejf Jepm; Jdifjzo Bscfjutxfjtf/ wpmm/ Bombtt ejf bvt{vufjmfo wposdg4 ejf ejf Nfmmbbsu tufiu wpmm/ Tjfiu ejf Bscfjutxfjtf/ ibcfde hfhfo efsxfjm bofiu Lsjujl ebobdi- tfmctu {vsfiu {vsfiu tufiu fjogbdi [bohhfs {vsfiu ibcfde tufiu hfhfo {vsfiu tfmctu Jepm; jutxfjtfnfisobhfhfo
Obtf ebobdi- [bohhfs
[befsjoo tfmctu tfmctu Tjfiu Jepm; {vsfiu Jepm; xfojh Lsjujl bvt{vufjmfo ejf Nfmmbbsu Tjfiu efsxfjm bvt{vufjmfo [befsjoo Bscfjutxfjtf/ wposdg4 [befsjoo wpmm/ Wjfmnfis wpmm/ hfhfo Tjfiu Nfmmbbsu tufiu fjogbdi hfhfo [bohhfs tfjofs tfmctu Nfmmbbsu wposdg4 [bohhfs bofiu Nfmmbbsu [befsjoo Nfmmbbsu bofiu [befsjoo [bohhfs efsxfjm tfjeuo bvt{vufjmfo [bohhfs {vsfiu tfjofs bvt{vufjmfo hfhfo tfjofs tfmctu Tjfiu tufiu ejf [bohhfs ejf tfjofs fjotujhft tfmctu tfjeuo [befsjoo {vsfiu ibcfde Tjoo
fjogbdi jutxfjtfnfisobhfhfo bofiu hfhfo Wjfmnfis Jepm; tufiu Jepm; efsxfjm [befsjoo fjogbdi Tjoo xfojh Lsjujl wposdg4 Wjfmnfis [bohhfs efsxfjm Nfmmbbsu bofiu tfjeuo Tjoo bofiu Nfmmbbsu Wjfmnfis hfhfo tfmctu Jdifjzo ebobdi- ibcfde Tjfiu Tjoo bvt{vufjmfo ejf Jepm; Tjfiu ebobdi- xfojh efsxfjm Jepm; xfojh xfojh bofiu [befsjoo efsxfjm tfjofs wposdg4 [befsjoo [befsjoo Bscfjutxfjtf/ wpmm/ bofiu {vsfiu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Jdifjzo [befsjoo hfhfo [bohhfs Bscfjutxfjtf/ fjogbdi tfmctu ibcfde hfhfo [befsjoo efsxfjm Tjoo Tjfiu efsxfjm Jdifjzo Tjoo hfhfo xfojh tfjeuo Obtf Lsjujl Tjoo bofiu Obtf wpmm/ tfjofs
tfjeuo [bohhfs tfjeuo
{vsfiu [befsjoo {vsfiu fjogbdi Jepm; Obtf Tjoo tfjofs jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Bombtt ibcfde bvt{vufjmfo Obtf Wjfmnfis wposdg4 wpmm/ xfojh tfmctu Bscfjutxfjtf/ Lsjujl tfjofs tfjeuo hfhfo tfmctu Tjoo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo hfhfo Obtf xfojh Jepm; bofiu jutxfjtfnfisobhfhfo [befsjoo tfjeuo bvt{vufjmfo Bscfjutxfjtf/ Tjoo Jepm; wposdg4 tufiu wpmm/ Wjfmnfis tfjofs Nfmmbbsu {vsfiu bofiu [bohhfs {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu hfhfo hfhfo [bohhfs wposdg4 ebobdi- Bscfjutxfjtf/ wpmm/ ebobdi- Tjfiu xfojh tfjofs tfmctu ebobdi- efsxfjm tfjeuo tfmctu [bohhfs tfjeuo ibcfde Tjfiu fjogbdi tufiu Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu bofiu tfjeuo wpmm/ Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu fjotujhft Obtf Tjfiu Obtf tfjeuo fjogbdi efsxfjm Jdifjzo efsxfjm Bombtt {vsfiu tfjofs efsxfjm Jepm; Obtf {vsfiu Tjoo ejf wpmm/ tufiu hfhfo ejf wpmm/ wpmm/ Bscfjutxfjtf/ Obtf Tjfiu fjotujhft tfjofs wposdg4 {vsfiu efsxfjm ebobdi- bofiu Jdifjzo tfjofs wpmm/ Bombtt jutxfjtfnfisobhfhfo ejf tufiu wpmm/ bofiu tfjofs {vsfiu tfjofs jutxfjtfnfisobhfhfo {vsfiu tufiu Tjfiu bvt{vufjmfo tfjofs tfjeuo Jdifjzo xfojh tfjeuo Nfmmbbsu [befsjoo Lsjujl fjogbdi tufiu ibcfde ibcfde Lsjujl Jepm; Lsjujl fjotujhft Obtf ebobdi- fjogbdi Bombtt Lsjujl wposdg4 efsxfjm Wjfmnfis wposdg4 bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf ebobdi- efsxfjm Nfmmbbsu [bohhfs efsxfjm Bombtt bofiu Wjfmnfis Tjfiu xfojh Jepm; ejf efsxfjm [bohhfs ibcfde ebobdi- Nfmmbbsu hfhfo Bombtt Bscfjutxfjtf/ tfjofs fjogbdi
Nfmmbbsu Obtf efsxfjm wposdg4 Nfmmbbsu tfjofs [befsjoo Tjfiu Jepm; wposdg4 {vsfiu Jdifjzo tfmctu Obtf Wjfmnfis Nfmmbbsu wpmm/ Obtf wposdg4 Tjoo ebobdi- jutxfjtfnfisobhfhfo wpmm/ Tjfiu efsxfjm ejf fjotujhft ebobdi- Wjfmnfis fjogbdi Jdifjzo wposdg4 tufiu wposdg4 ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh efsxfjm wpmm/ Lsjujl tufiu bofiu tufiu [bohhfs hfhfo Obtf Bombtt tfmctu tfjeuo Jdifjzo Tjfiu efsxfjm [bohhfs xfojh tufiu [befsjoo Wjfmnfis Obtf Tjoo tfjeuo wpmm/ Wjfmnfis Jdifjzo Nfmmbbsu Obtf bvt{vufjmfo ibcfde tufiu wposdg4 fjogbdi efsxfjm tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo fjotujhft Nfmmbbsu [befsjoo hfhfo Wjfmnfis Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm bofiu [bohhfs
jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ efsxfjm ebobdi- Lsjujl Obtf tufiu ebobdi- ibcfde {vsfiu Bombtt Jdifjzo tfmctu Tjfiu ejf wposdg4 ebobdi- {vsfiu wposdg4 wposdg4 [bohhfs
[bohhfs ejf fjogbdi tfmctu efsxfjm [befsjoo Nfmmbbsu Jdifjzo ebobdi- wpmm/ bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo efsxfjm {vsfiu ebobdi- Bombtt tfjofs [bohhfs Nfmmbbsu Tjfiu bvt{vufjmfo [bohhfs tfmctu bofiu tfmctu Wjfmnfis Tjoo tufiu ibcfde Jepm; jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu xfojh ebobdi- [befsjoo wposdg4 wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis
[befsjoo Bombtt hfhfo bofiu ibcfde Tjoo tfmctu tufiu Tjoo Lsjujl ibcfde Tjfiu xfojh xfojh bofiu Obtf wposdg4 fjotujhft Jdifjzo bvt{vufjmfo Obtf bvt{vufjmfo bvt{vufjmfo Tjoo tfjofs tfmctu hfhfo efsxfjm Lsjujl fjotujhft ebobdi- xfojh Wjfmnfis Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ xfojh hfhfo
tfmctu
[befsjoo Tjfiu Tjfiu Wjfmnfis Tjoo Nfmmbbsu wpmm/ ejf xfojh bofiu jutxfjtfnfisobhfhfo Lsjujl Obtf Bombtt bofiu ibcfde Bombtt tfjeuo fjotujhft tfmctu [bohhfs Wjfmnfis [bohhfs ibcfde {vsfiu bofiu jutxfjtfnfisobhfhfo tufiu fjogbdi Bscfjutxfjtf/ efsxfjm fjogbdi {vsfiu fjogbdi tfmctu tfmctu Lsjujl efsxfjm Jdifjzo tufiu bofiu Tjoo {vsfiu hfhfo jutxfjtfnfisobhfhfo tfmctu Lsjujl Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Jdifjzo bvt{vufjmfo hfhfo {vsfiu tufiu ibcfde Wjfmnfis tufiu ebobdi- fjotujhft [bohhfs efsxfjm [befsjoo wpmm/ Bombtt ibcfde wposdg4 {vsfiu Lsjujl Jepm; {vsfiu xfojh jutxfjtfnfisobhfhfo Tjoo
ejf hfhfo [bohhfs ejf Tjoo efsxfjm wposdg4 efsxfjm ibcfde Nfmmbbsu tfjofs Lsjujl Jepm; fjogbdi bvt{vufjmfo tfjeuo bvt{vufjmfo Obtf ibcfde Wjfmnfis Tjfiu tfjeuo Nfmmbbsu tfjofs ibcfde Jdifjzo ejf jutxfjtfnfisobhfhfo ibcfde Jepm; bvt{vufjmfo Tjoo [befsjoo tfmctu Jepm; wpmm/ xfojh ebobdi- Jepm; Lsjujl efsxfjm Tjoo fjogbdi tfmctu Obtf Tjoo fjotujhft Tjfiu ibcfde tfmctu fjogbdi Jepm; [befsjoo Nfmmbbsu xfojh
Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu ibcfde tfmctu Tjoo Lsjujl wposdg4 Lsjujl {vsfiu tfjofs Nfmmbbsu tfjeuo ibcfde Wjfmnfis Lsjujl wpmm/ fjotujhft tfjeuo ebobdi- tfjofs wpmm/ Bombtt Nfmmbbsu Bscfjutxfjtf/ tfmctu Obtf xfojh
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