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Abstract

FAURY, Thiago Pinheiro  and  CARVALHO, Marly Monteiro de. Corporate Venture Capital: originating and monitoring investment opportunities in innovative companies. Prod. [online]. 2013, vol.23, n.4, pp.735-750.  Epub Apr 19, 2013. ISSN 0103-6513.  http://dx.doi.org/10.1590/S0103-65132013005000017.

This study aims to understand the use of corporate venture capital structures (CVCs), identifying the motivations and difficulties in the implementation process, with focus on the generation and monitoring of investment opportunities. The methodological approach was based on a literature review, followed by an exploratory study performed in a service firm, especially in the new business unit dedicated to CVCs. Finally, we used a panel of specialists of the VC, composed of three groups of experts: Market, Entrepreneurs, and Neutral (academics, consultants, and managers of innovation incubators). The analysis of the interviews was performed using the software ATLAS.ti and content analysis, generating an interesting panel about the Venture Capital practices, which may lead not only to the organization studied, but also to those involved in the venture capital industry innovation and entrepreneurship. The study shows the importance of the alignment between the investment options and organization's target markets, as well as the alignment between the entrepreneur and the organization's philosophy. Differences in perception between the actors of the panel of specialists were identified. Finally, the importance of intermediaries as a bridge between innovative companies and CVC was highlighted.

Keywords : Venture capital; Corporate venture capital; Innovation; Entrepreneurship.

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