authors are vetted experts in their fields 和 write on topics in which they have demonstrated experience. 我们所有的内容都经过同行评审,并由同一领域的Toptal专家验证.
Elizabeth was an equity research analyst on both the buyside 和 sellside before transitioning to freelancing where she specializes in market research 和 valuation.
Fred Wilson, 著名的联合广场风险投资公司的风险投资家, 他曾经说过,他认为企业风险投资是“魔鬼”.”
“(企业投资)是愚蠢的. 我认为公司应该收购其他公司. 投资公司毫无意义. 不要把你的钱浪费在你不能控制的事情上. 你是一个公司! 你想要资产? 威尔逊在CB Insights未来金融科技大会上表示.
Essentially Wilson was saying that CVCs (corporate venture capital) were mostly for show: “Making a minority investment in something? 这有什么用? 让你在老板面前显得聪明?”
然而,企业风险资本正在爆炸式增长. 2018年,活跃的CVC业务部门增至773个,同比增长35%. 2018年,企业风投参与了23%的外部初创企业投资交易.
而像谷歌这样的科技巨头, 英特尔, 和Salesforce在最活跃和投资最高的榜单上名列前茅, 其他行业也在加入这个行列. 最近进入的非科技行业包括培生(教育), Shell(能源), 空客(航空), 诺华(制药), 三菱(移动).
威尔逊对吗?? 或者他是一个输不起的人,对更好的交易竞争加剧感到不满?
对于增长停滞或受到不可控负面影响的行业, 外部力量, 许多公司将企业风险投资作为创新的另一种方式. I spoke with a h和ful of Toptal finance experts with CVC experience to get the inside scoop on whether CVCs are just smoke 和 mirrors or a legitimate growth avenue.
A corporate VC is an independent arm of a company that allows them to take a small bet (own a % vs. (整个项目)在一个大的想法中,并为创新和创业人才提供机会. 企业风投与传统风投的相似之处在于,它们都倾向于投资高增长企业, 有点像登月计划. 然而,cvc被认为比传统的VC更注重长期.
尽管如此,它仍然是 有争议的 cvc是否更关注战略胜利和创新,而不是财务回报, 我们将在下面进一步讨论这个问题 如何做好企业风险投资.
但为什么企业会投资这些风投部门,而不仅仅是R&D,即全力以赴,全面收购?
因为公司可以在资产负债表之外投资cvc(通常), 这让他们在研究中更有规模 & 开发(R&选D&L让. 同时, companies are able to access creative 和 ambitious talent they can’t usually find in the corporate world. 此外, companies can make small bets in a variety of moonshot projects instead of owning the entire project—as a company would need to do if they were entirely responsible for the project with their own research 和 development dollars.
下面的图表可能过于简化了, 以及R和R之间的“承诺水平”&D和CVC可以辩论, 它提供了一个相对的概念,即每个创新渠道能给你带来多少回报.
下图是对用户获取与用户获取的过度简化. R&D vs. CVC. There are nuances that could make an 收购 strategy quite innovative 和 not high on the commitment level (e.g.(他是一家连续收购小型前沿公司的公司). 然而,我们创建了这个图表来帮助分类这些策略最常见的工作方式.
我们还对图表进行了注释,以简单地显示“第一次交互”,” meaning that this doesn’t capture what would happen if a CVC turned its partial investment into a full-blown 收购. In that case, it’s a bit subjective 和 idiosyncratic where the strategy would fall on our spectrum.
An 收购 一个公司对一个项目的最大承诺是多少. 一旦你收购了一家公司,如果你不喜欢你得到的东西,一般不会有退路. 然而, 一旦公司被收购, 除非你是在招聘人才, 的水平 未来 创新 核心 公司相对较低. 通常, an 收购 is done to exp和 breadth or to delve deeper into a currently served market; 然而, 这是一次性事件.
与 研究 & 发展,你在承诺上有一定的灵活性. 你有一个R团队&D专家专注于公司认为重要的项目. 你可以把人们从某些项目中拉出来,让他们去做其他项目. 但是如果你想要探索当前R值&D专家不是…的专家? Toptal 风险资本专家 亚历克斯·格雷厄姆 说明了为什么大的原因, 一个公司现有的R不太可能出现开箱即用的创新&D团队:“你不会想要在工作中自我创新.然而,在一定的创新范围内,内部R&D可以成功,因为他们了解企业文化,了解他们的客户. 苹果 和 网飞公司 是成功的、创新的内部R&D.
企业风险投资 可以说,以最高水平的创新提供最低水平的承诺. The commitment level is low in that you don’t need to buy an entire company or staff your entire R&D团队在一个项目上, 然而, 它不是零,因为你需要投资于CVC本身的实际设置. 值得注意的是,CVC部门的投资最终可能导致全面收购. 最初的企业风险资本投资允许在一定程度上获得资金, a greater underst和ing of the pros 和 cons of the business (versus coming in cold without a prior relationship), 也有机会接触到一家可能在创新解决新问题的年轻公司.
The level of innovation in CVC is at the higher end of the spectrum as it allows access to a plethora of new ideas formed by young, 灵活的公司解决了以前没有解决过的问题.
Toptal 风险资本专家 哈立德阿 saw this in action while working as an analyst at Vodafone Ventures: “A CVC brings a fresh perspective into the areas of innovation. 作为一家电信公司,我们想的是‘我们如何才能向物联网发展?’, ‘How can we increase data consumption by providing them with digital media content via different websites 和 apps?我们需要在核心业务之外进行创新.”
Amer elaborated on Vodafone’s reasons for exploring CVC as an innovative growth channel: “Vodafone is a big telecom company. We were doing big numbers with high profitability but the growth matured significantly in recent years. The reason we went to CVC was to innovate out of our 核心 business 和 to try to have better topline growth.”
企业风险投资s are all about improving the parent company’s strategic position (as opposed to traditional VCs, 他们倾向于关注经济回报). 父母意识到他们无法与年轻人的创新突破能力相提并论, 敏捷的启动, so they use their own inhouse VC to get ahead of the competition 和 get a piece of that “nimbleness.” 史蒂文Southwick, 金融专家,Pointful Education的首席执行官, described how he sees this happening in the education space: “皮尔森 Ventures gives 皮尔森 the ability to have the first look at new ideas coming through the door 和 the ability to acquire or invest in the ones that look most promising.”
皮尔森, 英国教育集团, 最近在声明中承诺向旗下的培生风险投资公司(皮尔森 Ventures)投资5000万美元, “因为2030年的教育将会非常不同, 皮尔森, 像全世界的学习者一样, 还需要继续学习吗, 适应和重塑自我:寻找新的商业模式, 将新兴技术融入其产品和服务, 寻找与教育机构合作的新途径, 政府, 和企业.”
It’s also worth noting that we could break CVC down further into two types: on-balance sheet 和 off-balance sheet. 资产负债表外的CVC将在上图中最右边, 而资产负债表则会稍微偏左一点(但仍然在R的右边)&D). Toptal 风险资本专家 娜塔莎Ketabchi notes: “Items which are on a company’s balance sheet must be very closely related to a company’s 核心 business directive; if a CVC is held off of the balance sheet, 它赋予了该公司在风险投资组合上更多的自由.”
很多企业风投犯了错误,却证明威尔逊是对的. But there are three areas that our experts unanimously agreed upon as being key to a successful corporate venture capital.
如果操作正确, 企业风险投资是企业保持竞争优势的一种令人振奋的方式. 如果处理不当,Wilson可能是对的:cvc可能有“魔鬼”倾向. 或者,也许,过于热心的创始人意图统治世界,一个 波池 一次.
企业风险资本允许企业对创新型企业进行小额投资.
Corporate venture capital funds often fail for three reasons: 1) The mission is not well-defined; 2) It doesn’t have full corporate commitment; 和 3) There is not proper alignment of compensation schemes.
两者都是增长和创新的渠道. 新产品的开发通常是内部研发&D团队,他们可能会发现在他们的专业知识之外进行创新是具有挑战性的. 企业风险资本允许进入具有新专业领域的团队.
Elizabeth was an equity research analyst on both the buyside 和 sellside before transitioning to freelancing where she specializes in market research 和 valuation.
世界级的文章,每周发一次.
世界级的文章,每周发一次.