战略媒体风险投资:时代在位者的企业风险投资方法

IF 0.8 Q3 COMMUNICATION
Tim C. Hasenpusch, Sabine Baumann
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引用次数: 20

摘要

媒体公司在快速变化和融合的环境中行动,其特征是新进入者和相关行业竞争加剧。对此,电信、信息技术、消费电子、媒体和娱乐行业的现有企业增加了企业风险投资活动。企业风险资本活动是获得新的创新想法和机会的一种流行方法。尽管具有这种实际意义,但人们对企业风险资本和媒体公司企业风险活动的理论基础知之甚少。因此,本文的目的是通过将企业风险资本定义为一组动态能力(“组织动力系统”)来缩小这一差距,并揭示电信、信息技术、消费电子、媒体和娱乐现有企业的企业风险资本方法的差异和共同点,以响应技术驱动的商业环境的持续融合。为此,我们对2002年至2015年间2163家初创公司中68家电信、信息技术、消费电子、媒体和娱乐公司的3145笔交易进行了探索性研究,检测、描述并比较了他们的企业风险投资方式。研究结果揭示了三种不同类型的企业投资者的分类,即“激进型”、“专注型”和“分散型”。虽然激进的投资方式涵盖了样本中最活跃的投资者,他们主要投资于早期企业,但细心的投资者表现出更保守的投资行为,专注于当地附近的核心业务。相比之下,分散型投资者不成比例地投资于众多行业的成熟企业。因此,该研究强调了行业依赖的使用,每个电信、信息技术、消费电子、媒体和娱乐行业的现任者倾向于不同的投资方法,表明先前的路径、位置和流程的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Strategic Media Venturing: Corporate Venture Capital Approaches of TIME Incumbents
ABSTRACT Media firms act in rapidly changing and converging environments characterized by new entrants and increasing competition from related industries. As a reaction to this, the incumbents of the telecommunication, information technology, consumer electronics, media, and entertainment industry have increased their corporate venture capital activities. Corporate venture capital activities are a popular approach for gaining access to new innovative ideas and opportunities. Despite this practical relevance, the theoretical underpinning of corporate venture capital and the corporate venturing activities of media firms are poorly understood. Therefore, the purpose of this article is to close this gap by defining corporate venture capital as a bundle of dynamic capabilities (“organizational drivetrain”) and revealing the differences and commonalities of telecommunication, information technology, consumer electronics, media, and entertainment incumbents’ corporate venture capital approaches as response to the ongoing convergence of a technology-driven business environment. To do so, we conducted an exploratory study of 3,145 transactions by 68 telecommunication, information technology, consumer electronics, media, and entertainment incumbents in 2,163 start-up companies between 2002 and 2015, detecting, describing, and comparing their corporate venture capital approaches. The findings reveal a taxonomy of three different types of corporate investors, namely “aggressive,” “attentive,” and “dispersive.” While the aggressive approach covers the most active investors of the sample, who invest primarily in early-stage ventures, attentive investors show a more conservative investment behavior, focusing on their core business within their local proximity. In contrast, dispersive investors disproportionately fund established businesses in a broad array of industries. Hence, the study highlights a sector-dependent usage with incumbents of each telecommunication, information technology, consumer electronics, media, and entertainment sector preferring a different investment approach indicating the influence of previous path, positions, and processes.
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来源期刊
CiteScore
3.10
自引率
5.30%
发文量
12
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