Corporate venture financing of innovative projects
DOI:
https://doi.org/10.21638/11701/spbu05.2016.404Abstract
The world practice shows for a long time that creation of own venture funds became one of methods of increase of efficiency of innovative activity of the companies. Th e Russian companies is doing only the first steps in this direction. The article explains that such actions require prior formation in the company of the appropriate innovation culture. Creation of corporate fund will be justifi ed when in ternal prerequisites are for this purpose created, and long-term innovative strategy is accepted. It was determined that the most appropriate form of the fund is an investment partnership. It is desirable to include in structure of managing company both own, and invited experts. Th e advantage of invited experts consist in their professional competencies for the implementation of activities associated with investments and asset management. Th ere was a need to address a number of issues requiring legal settlement (the definition of a corporate venture fund, the need to ensure the right of fund manager to make a mistake when making investment decisions, and others). Attention is paid to the specifics
of fi rms which already create funds: in the capital of most of them there are signifi cant share of state participation. In case of failure of investment it can lead to serious problems for managing company. Refs .24
Keywords:
innovation, innovation activities, corporate venture financing, corporate venturing, venture capital fund, a spin-off company, startup
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.