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