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