HOW CORPORATE VENTURE CAPITAL INVESTMENTS COULD ALLOW ENTREPRENEURIAL FIRMS TO IMPROVE THEIR INNOVATION PERFORMANCE DUE TO OPEN INNOVATION APPROACH?

2017 edition

Alina Fesenko

In current conditions of fast-growing market with fast-changing economies innovation became critical factor for firms’ longevity and its performance. Even though corporate world considered innovation as a critical and most relevant factor that allows to create value for firms and gain competitive advantages, no longer corporations rely on single structure of innovation as nowadays the paradigm of Open Innovation provides new perspective (Herskovits et al., 2013). In the new approach of Open Innovation, the boundaries between firms have been ruined, firms commercialize innovations from others as well as their own ideas (Chesbrough, 2003).

The aim of the present work is twofold: firstly, to provide integrated analytic literature review of academic research on Corporate Venture Capital Investments associated with Open Innovation; secondly, to explore gaps in recent research and to propose possible future research lines.

The literature review analysis allowed us to find out that significant role in innovation performance of entrepreneurial ventures and Corporate Venture Capital Investors play their inter-firm collaboration. In particularly, the problems of information asymmetries and intellectual property could diminish benefits of their collaboration.

Hence, in this research we proposed to consider how applying of open innovation practices into inter-firm collaboration could enhance innovation performance of entrepreneurial ventures and Corporate Venture Capital Investors.

 

References

 Herskovits, R., Grijalbo, M., Tafur, J., 2013. Understanding the main drivers of value creation in an open innovation program. International Entrepreneur Management Journal, Vol. (9), pp. 631-640.

 Chesbrough, H., 2002. Making Sense of Corporate Venture Capital. Harvard Business School Press. Harvard Business School Press, Issue March. Retrieved from: https://hbr.org/