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