CORPORATE VENTURE CAPITAL FOR ESTABLISHING LINKS BETWEEN LARGE AND TRADITIONAL INDUSTRIAL COMPANIES AND STARTUP FIRMS: A REGIONAL INNOVATION SYSTEM SURVEY
DOI:
https://doi.org/10.18226/23190639.v10n2.06Keywords:
Regional Innovation System, Corporate Venture Capital, Entrepreneurship, Startup, Traditional BusinessAbstract
This research aims to evaluate the actual level of understanding and application of Corporate Venture Capital (CVC) in the Regional Innovation System (RIS) present in the Metropolitan Region of Curitiba (MRC). The survey focuses the large and traditional industrial companies (LTIC) which have tremendous importance to State of Paraná, due to taxes and formal jobs generation. While the LTIC needs to innovate, creating or recovering competitive advantage, the startup firm seeks for partnerships or private equity. In this context, there is an opportunity of establishing linkages between different actors through the CVC. The article presents the results of a survey consisting of an online questionnaire and a focal group, where the data was analyzed through a qualitative approach. The research demonstrated a minor part of the survey respondents practicing CVC, although an expressive number of companies intends to invest in startups. It was also possible to observe that the risk aversion, anxiety for financial payback and different vocabulary between startup and LTIC are still barriers to an effective adhesion to CVC in this regional context. This work contributes to scientific literature when highlight the importance of understanding and properly narrowing large companies of startups. However, the asymmetries between parts and the maturity for dealing and absorbing knowledge from startups is an issue that the RIS organizations could be involved.
Submited: September 2022
Accepted: December 2022
DOI: 10.18226/23190639.v10n2.06
References
Abetti, P. A. (2003). The entrepreneurial control imperative a case history of steria (1969-2000). Journal of Business Venturing, 18(1), 125-143. https://doi.org/10.1016/S0883-9026(01)00081-7
Alvarez-Garrido, E., & Dushnitsky, G. (2016). Are entrepreneurial venture’s innovation rates sensitive to investor complementary assets? Comparing Biotech Ventures Backed by Corporate and Independent VCs. Strategic Management Journal, 37(5), 819-834. https://doi.org/10.1002/smj.2359
Arruda Filho, N. de P. (2020). Introdução. Gimenez, F. A. P., Buettgen, J. J., & Ruggi M. O. (Orgs.). Startups e o ecossistema empreendedor curitibano. Curitiba, PR: Pucpress.
Barbosa, J. G. P., Fernandes Junior, J. L. A., & Oliveira, M. A. (2022). A influência da inovação tecnológica e organizacional no crescimento de empresas brasileiras. Revista Brasileira de Gestão e Inovação, 10. https://doi.org/10.18226/23190639.v10n1.06
Bardin, L. (2011). Análise de Conteúdo. São Paulo, Edições 70.
Bauer, M. W., & Gaskel, G. (2002). Pesquisa qualitativa com texto, imagem e som: Um manual prático. Rio de Janeiro, RJ: Vozes.
CB-Insights. (2019). CB-Insights. The 2019 Global CVC Report. Retrieved from https://www.cbinsights.com/research/report/corporate-venture-capital-trends-2019/
Centro de Gestão e Estudos Estratégicos. (2003). Mapeamento de Sistemas Regionais de CT&I - Relatório Final. Retrieved from https://www.cgee.org.br/documents/10195/734063/m05a02_map_sis_cti_rel_final_1082.pdf/497a62d9-ff37-4882-91c4-0e3937f0edf8?version=1.0
Chang, Y. C., Chen, M. H., Lin, Y. P., & Gao, Y. S. (2012). Measuring Regional Innovation and Entrepreneurship Capabilities: The Case of Taiwan Science Parks. Journal of the Knowledge Economy, 3(2), 90-108. https://doi.org/10.1007/s13132-011-0081-4
Coenen, L., Moodysson, J., & Asheim, B. T. (2004). Nodes, networks and proximities: On the knowledge dynamics of the Medicon Valley biotech cluster. European Planning Studies, 12(7), 1003-1018. https://doi.org/10.1080/0965431042000267876
Confederação Nacional da Indústria. (2018). Mapa estratégico da indústria 2018-2022. Retrieved from https://www.portaldaindustria.com.br/publicacoes/2018/3/mapa-estrategico-da-industria-2018-2022/
Cooke, P. (2008). Regional innovation systems: Origin of the species. International Journal of Technological Learning, Innovation and Development, 1(3), 393-409. https://doi.org/10.1504/IJTLID.2008.019980
Cooke, P., Uranga, M. G., & Etxebarria, G. (1997). Regional innovation systems: Institutional and organisational dimensions. Research Policy, 26(4-5), 475-491. https://doi.org/10.1016/s0048-7333(97)00025-5
Courseuil, C. H., & Kume, H. (2003). A abertura comercial brasileira nos anos 1990: impactos sobre emprego e salário. Instituto de Pesquisa Econômica Aplicada – IPEA. https://www.ipea.gov.br/portal/images/stories/PDFs/livros/Abertura_completo.pdf
Cozby, P. C. (2003). Métodos de pesquisa em ciências do comportamento. São Paulo, SP: Atlas.
Doloreux, D., & Parto, S. (2005). Regional innovation systems: Current discourse and unresolved issues. Technology in Society, 27(2) 133-153. https://doi.org/10.1016/j.techsoc.2005.01.002
Dushnitsky, G., & Lenox, M. J. (2005). When do incumbents learn from entrepreneurial ventures? Research Policy, 34(5), 615-639. https://doi.org/10.1016/j.respol.2005.01.017
Edquist, C. (2001). The Systems of Innovation Approach and Innovation Policy: An account of the state of the art. DRUID Conference. Lead paper presented at the DRUID Conference, Aalborg, Dinamarca.
Elsbach, K. D., & Stigliani, I. (2018). Design Thinking and Organizational Culture: A Review and Framework for Future Research. Journal of Management, 44(6), 2274-2306. https://doi.org/10.1177/0149206317744252
Estigarribia, J. (2020). Renault demite 747 no Paraná e dá início a plano de reestruturação global. Revista Exame. Recuperado em 23 julho, 2020, de: https://exame.com/negocios/renault-demite-747-no-parana-e-da-inicio-a-plano-de-reestruturacao-global/
Etzkowitz, H., & Zhou, C. (2017). Hélice Tríplice: Inovação e empreendedorismo universidade-indústria-governo. Estudos Avancados, 31(90), 23-48. https://doi.org/10.1590/s0103-40142017.3190003
Fulghieri, P., & Sevilir, M. (2009). Organization and financing of innovation, and the choice between corporate and independent venture capital. Journal of Financial and Quantitative Analysis, 44(6), 1291-1321. https://doi.org/10.1017/S0022109009990391
G1 Globo (2009). Bosch demite 900 de sua filial em Curitiba. Recuperado em 20 dezembro, 2020, de: http://g1.globo.com/Noticias/Mundo/0,,MUL1201171-5602,00-BOSCH+DEMITE+DE+SUA+FILIAL+EM+CURITIBA.html
Gil, A. C. (2008). Métodos e técnicas de pesquisa social. São Paulo, Atlas.
Gjelsvik, M., & Trippl, M. (2018). Financial Organizations: An Overlooked Element in Regional Innovation Systems. Isaksen, A., & Martin, R. (Eds.), New Avenues for Regional Innovation Systems—Theoretical Advances, Empirical Cases and Policy Lessons. Springer International Publishing. https://doi.org/10.1007/978-3-319-71661-9
Heinz, R., Stephan, Y., & Gillig, H. (2017). Scouting of early-stage start-ups: Development and initial test of a conceptual framework. IEEE European Technology and Engineering Management Summit (E-TEMS). Munich, Germany. https://doi.org/10.1109/E-TEMS.2017.8244227
Hill, S. A., & Birkinshaw, J. (2014). Ambidexterity and Survival in Corporate Venture Units. Journal of Management, 40(7), 1899-1931. https://doi.org/10.1177/0149206312445925
Instituto Paranaense de Desenvolvimento Econômico e Social - Ipardes. (2019). Base de Dados do Estado - BDEweb. Retrieved from http://www.ipardes.gov.br/imp/index.php
Inventta Inovação e Estratégia, & Inseed Investimentos. (2014). Corporate Venture Capital. Contexto, conceitos e aplicações. Retrieved from https://inseedinvestimentos.com.br/wpcontent/uploads/2018/02/corporateventuringestudo-160816041710-1.pdf
Labiak Junior, S. (2016). Habitats de Inovação. Macedo, M., Teixeira, S., & Labiak Junior, S. (Orgs.) Gestão do conhecimento e capital intelectual em habitats de inovação. Novas Edições Acadêmicas
Lara, A. P. (2017). Um modelo conceitual para apoiar atividades de corporate venture capital e geração de novos negócios inovadores por meio de programas de aceleração corporativa. Tese de Doutorado, Universidade Federal de Santa Catarina, Florianópolis, Santa Catarina. Retrieved from https://repositorio.ufsc.br/xmlui/handle/123456789/180888
Livieratos, A. D., & Lepeniotis, P. (2017). Corporate venture capital programs of European electric utilities: Motives, trends, strategies and challenges. The Electricity Journal, 30(2), 30-40. https://doi.org/10.1016/j.tej.2017.01.006
Michalski, T. (2003). E-service innovations through corporate entrepreneurship. International Journal of Management and Decision Making, 4(2-3), 194-209. https://doi.org/10.1504/ijmdm.2003.003504
Ministério da Ciência, Tecnologia e Inovações - MCTI. (2019). Indicadores Nacionais de Ciência, Tecnologia Inovação 2019. Recuperado em 07 dezembro, 2019, de: https://antigo.mctic.gov.br/mctic/export/sites/institucional/indicadores/arquivos/Indicadores_CTI_2019.pdf
Niosi, J., & Zhegu, M. (2010). Anchor tenants and regional innovation systems: The aircraft industry. International Journal of Technology Management, 50(3-4), 263-284. https://doi.org/10.1504/IJTM.2010.032676
Oreiro, J. L., & Feijó, C. A. (2010). Desindustrialização: Conceituação, causas, efeitos e o caso brasileiro. Revista de Economia Política, 30.
Organisation for Economic Co-operation and Development. (2011). OECD Reviews of Regional Innovation: Regions and Innovation Policy. Retrieved from http://www.oecd.org/innovation/oecdreviewsofregionalinnovationregionsandinnovationpolicy.htm
Phan, P. H., Siegel, D. S., & Wright, M. (2005). Science parks and incubators: Observations, synthesis and future research. Journal of Business Venturing, 20(2), 165-182. https://doi.org/10.1016/j.jbusvent.2003.12.001
Prefeitura de Curitiba. (2019). Vale do Pinhão. Retrieved from http://www.valedopinhao.com.br
Qiao, M., & Chen, D. (2010). Motivation, Organizing, and Performance of Corporate Venture Capital – Case of Legend Capital. 3rd International Conference on Information Management, Innovation Management and Industrial Engineering. Lead paper presented at the 3rd International Conference on Information Management, Innovation Management and Industrial Engineering, Kunming, China. https://doi.org/10.1109/ICIII.2010.257
Revista Comec. (2017). Polo Industrial. Revista da Região Metropolitana de Curitiba. Retrieved from http://www.comec.pr.gov.br/sites/comec/arquivos_restritos/files/documento/2019-11/revista_fev_2017.pdf
Rieche, F. C., & Faria, L. R. B. (2014). O corporate venturing como alternativa de apoio à inovação – Motivações e benefícios. Revista Do BNDES, 41. Retrieved from http://www.bndes.gov.br/bibliotecadigital
Rin, M. D., Hellmann, T., & Puri, M. (2013). A Survey of Venture Capital Research. In Handbook of the Economics of Finance (Vol. 2, pp. 573–648). Elsevier. https://doi.org/10.1016/B978-0-44-453594-8.00008-2
Risola, S. W. (2012). Vale a pena recorrer a uma incubadora? Grando, N. (Ed.), In Empreendedorismo Inovador: Como criar startups de tecnologia no Brasil. São Paulo: Évora.
Sahut, J.-M., & Lantz, J.-S. (2011). Corporate Venture Capital and Financing Innovation. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1762247
Scholtz, R. (2009). Internal Corporate Venture as a tool for corporate renewal. Tese de Doutorado, University of Stellenbosch, Stellenbosch, África do Sul. Retrieved from http://scholar.sun.ac.za/handle/10019.1/1871
Severino, A. J. (2007). Metodologia do trabalho científico. 23th ed., São Paulo, Cortez.
Steinhorst, J. G., Mello, G. R. de, & Rossoni, R. A. (2016). A relação das atividades inovativas com a receita líquida da indústria de transformação brasileira. Revista Brasileira de Gestão e Inovação, 4. http://www.ucs.br/etc/revistas/index.php/RBGI/index
Trippl, M., & Boschma, R. (2018). A Concise History of the Knowledge Base Literature: Challenging Questions for Future Research. In: Isaksen, A., & Martin, R. (Eds.). New Avenues for Regional Innovation Systems—Theoretical Advances, Empirical Cases and Policy Lessons. Springer International Publishing. https://doi.org/10.1007/978-3-319-71661-9
Vertova, G. (2014). The State and National Systems of Innovation: A Sympathetic Critique. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2542243
Wadhwa, A., Phelps, C., & Kotha, S. (2016). Corporate venture capital portfolios and firm innovation. Journal of Business Venturing, 31(1), 95-112. https://doi.org/10.1016/j.jbusvent.2015.04.006
Zukauskaite, E. (2018). Variety of Regional Innovation Systems and Their Institutional Characteristics. Isaksen, A., Martin, R., & Trippl, M. (Eds.). New Avenues for Regional Innovation Systems—Theoretical Advances, Empirical Cases and Policy Lessons. Springer International Publishing. https://doi.org/10.1007/978-3-319-71661-9
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 André Luíz Turetta, Silvestre Labiak Junior
This work is licensed under a Creative Commons Attribution 4.0 International License.
The author must guarantee that:
- there is full consensus among all the coauthors in approving the final version of the document and its submission for publication.
- the work is original, and when the work and/or words from other people were used, they were properly acknowledged.
Plagiarism in all of its forms constitutes an unethical publication behavior and is unacceptable. Revista Brasileira de Gestão e Inovação has the right to use software or any other method of plagiarism detection.
All manuscripts submitted to RBGI - Revista Brasileira de Gestão e Inovação go through plagiarism and self-plagiarism identification. Plagiarism identified during the evaluation process will result in the filing of the submission. In case plagiarism is identified in a manuscript published in the journal, the Editor-in-Chief will conduct a preliminary investigation and, if necessary, will make a retraction.
This journal, following the recommendations of the Open Source movement, provides full open access to its content. By doing this, the authors keep all of their rights allowing Revista Brasileira de Gestão e Inovação to publish and make its articles available to the whole community.
RBGI - Revista Brasileira de Gestão e Inovação content is licensed under a Creative Commons Attribution 4.0 International License.
Any user has the right to:
- Share - copy, download, print or redistribute the material in any medium or format, linking to RBGI site.
- Adapt - remix, transform and build upon the material for any purpose, even commercially.
According to the following terms:
- Attribution - You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions - You may not apply legal terms or technological measures that legally restrict others from doing anything that the license permits.
#RBGI
