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