TY  - JOUR
T1  - Strategic Value of Corporate Venture Capital Programs
JF  - Journal of Private Equity
Y1  - 2000
A1  - Gobeli,Dave
A1  - Mishra,C. S.
KW  - Strategy & Entrepreneurship
AB  - Corporate venturing activities, driven largely by the need to be competitive in the Internet Age, have out-paced the accompanying theory on how such programs can create value. This article presents a framework for understanding value creation through a firm's venture capital programs. The framework includes two stages of value creation: a firm creates value through building technology equity and brand equity, and then corporate venturing programs can multiply this value. A mediating variable, free cash flow level, is included to allow for effective use of venture funds.
U2  - a
U4  - 646090752
ID  - 646090752
ER  -