Sequenzielle Corporate Venture Capital Investitionen
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Sequenzielle Corporate Venture Capital Investitionen
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Author : Bastian Hauschild
language : de
Publisher: BoD – Books on Demand
Release Date : 2013-11-29
Sequenzielle Corporate Venture Capital Investitionen written by Bastian Hauschild and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-29 with Business & Economics categories.
Die Erschließung externer Innovationen hat für etablierte Großunternehmen in den letzten Jahren stetig an Bedeutung gewonnen. Insbesondere junge Wachstumsunternehmen entwickeln radikale Innovationen, die sich fundamental von bereits am Markt vorhandenen Produkten oder Dienstleistungen und Geschäftsmodellen unterscheiden. Im Rahmen von Corporate Venture Capital-Programmen stellen etablierte Unternehmen für begrenzte Zeit Wagniskapital für ein Portfolio junger Wachstumsunternehmen bereit, wobei hiermit vorwiegend strategische Ziele verfolgt werden. Corporate Venture Capital stellt mithin ein Instrument dar, um systematisch radikale Innovationen junger Unternehmen zu erschließen. Die Finanzierungsbeziehung lässt sich daher als (Real-)Option interpretieren, sich die Innovationen, Geschäftsmodelle oder Technologien der Wachstumsunternehmen anzueignen. Die Kapitalbereitstellung erfolgt typischerweise sukzessive, d. h., dass die Folgefinanzierung an das Erreichen vorher vereinbarter Entwicklungsziele geknüpft wird. Eine solche sequenzielle Folge von Beteiligungsinvestitionen lässt sich entsprechend als Verbundoption modellieren und bewerten. Der Wert des gesamten Beteiligungsportfolios hängt dabei nicht allein von dem isolierten Wert der einzelnen Beteiligungen ab, sondern es bestehen finanz- und realwirtschaftliche Interdependenzen innerhalb des Portfolios. Der Wert einer Beteiligung ist daher nicht allein anhand der bilateralen Beziehung zwischen dem CVC-Geber und dem jungen Unternehmen zu beurteilen, sondern auf Portfolioebene. Daher wird das Beteiligungsportfolio als Option zur Ausübung der wertvollsten Realoptionen strukturiert, die entsprechend um knappe Ressourcen konkurrieren. Dieses Vorgehen erlaubt eine systematische Berücksichtigung dieser Interdependenzen bei der Ableitung wertbestimmender Faktoren des Portfolios und die Identifizierung wertschaffender Portfoliostrategien.
Global Venture Capital Transactions
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Author : Beat Brechbühl
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2004-01-01
Global Venture Capital Transactions written by Beat Brechbühl and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-01 with Business & Economics categories.
The venture capital and private equity industries are among the most characteristic and visible segments of today's global economy. As we approach the midpoint of the first decade of the 21st century, these industries have clearly matured and left behind the much-publicized excesses of the 1990s. It is now incumbent upon practitioners to thoroughly understand the legal structure of venture capital transactions, not only in their own country but also'due to the typically cross-border nature of such transactions'in numerous jurisdictions worldwide. This very useful book has been prepared under the auspices of the International Association of Young Lawyers (AIJA) following a working session held in Edinburgh in August 2003. It provides practitioners with the first overview of the legal requirements attached to venture capital transactions in a variety of jurisdictions, encompassing both developed and developing nations. An introductory chapter presents a global view, addressing venture capital issues that tend to arise under any legal circumstances. Then, for each of twelve countries, an experienced practitioner in the venture capital field offers detailed discussions of his or her country's legal system as it pertains to the protection of investors' rights and company's investments, regulatory issues, and enforcement. Specific topics discussed where applicable for each country include: documentation; due diligence; valuation standards; representations and warranties; intellectual property; compensation of key personnel; disclosure; exit strategy; corporate governance roles; tax issues; securities law requirements; restrictions on foreign direct investment; and availability of court orders. Global Venture Capital Transactions goes a long way to fulfilling the need of practitioners and entrepreneurs to structure cross-border venture capital transactions that are not only initially successful but enjoy continued profitability with the strength to overcome inevitable obstacles. It will be warmly welcomed by the venture capital and private equity community throughout the world.
Initiating Successful Corporate Venture Capital Investments
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Author : IAN C. YATES
language : en
Publisher:
Release Date : 2018
Initiating Successful Corporate Venture Capital Investments written by IAN C. YATES and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Venture Capital In Switzerland
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Author : Jens Engelhardt
language : en
Publisher: Haupt Verlag AG
Release Date : 2010
Venture Capital In Switzerland written by Jens Engelhardt and has been published by Haupt Verlag AG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Investments categories.
Early Stage Investments In New Technology Based Firms
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Author : Holger Ludewig
language : en
Publisher: diplom.de
Release Date : 1999-01-04
Early Stage Investments In New Technology Based Firms written by Holger Ludewig and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-04 with Business & Economics categories.
Inhaltsangabe:Abstract: In recent years the issue of early stage investment in new technology based firms has drawn considerable attention. Its relevance emerges from the rise of high technology industries in the global economy. As competition in established, mature industries all over the world is ever increasing, the importance of keeping up and increasing the speed of innovation to ensure competitiveness of companies and national wealth is widely recognized. Innovation may concern products or processes. It refers to the development of new proprietary knowledge, i. e. technology, which is embodied in marketable products or services. In as far as the added private knowledge increases the utility of a product to the customers, it adds value. Unless the new features of a product are matched by competitors, a company may earn innovation rents. Thus proprietary knowledge attained through innovation is an important source of strategic advantage. In a competitive, dynamic market, however innovation rents are not sustainable. Competitors will attempt to match and exceed the innovation advantage. This may be achieved by imitation or by adding other or more innovative features. Whereas following the product life cycle model initial growth may be steep and rents may be high for the first mover, imitators competing on price and other rivals competing on innovations, may inflate the monopolistic power of the proprietary knowledge. Striving to maintain and increase market shares and profitability, companies thus have a strong incentive to keep innovating. For new technology-based firms the importance of proprietary knowledge is particularly pronounced. These start-ups operate in a hostile competitive environment, characterized by high uncertainty, offering the potential for rapid growth and high profits on the upside, but also the substantial threat of incurring deep losses on the downside. Whereas large companies generally possess a diversified product portfolio and a host of strategic assets, small companies will need to compete on a single new product or service and the determination of its management team. Politicians, worried by high unemployment and budget deficits, lately fell in love with the high-technology start-ups for their ability to create jobs and ensure future tax revenues. New technology-based firms are drivers of structural change in the economy in that they are among the first to enter new high growth potential industries. For [...]
Venture Capital
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Author : Stefano Caselli
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-11-02
Venture Capital written by Stefano Caselli and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-02 with Business & Economics categories.
Venture Capital. A Euro-System Approach covers a wide spectrum of topics. These include: how venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of various fields.
Venture Capital In The United States And Europe
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Author : Guillermo de la Dehesa
language : en
Publisher:
Release Date : 2002
Venture Capital In The United States And Europe written by Guillermo de la Dehesa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Capital investments categories.
Structuring Venture Capital Private Equity And Entrepreneurial Transactions 2015 Edition
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Author : Jack S. Levin
language : en
Publisher: Wolters Kluwer
Release Date : 2015-07-07
Structuring Venture Capital Private Equity And Entrepreneurial Transactions 2015 Edition written by Jack S. Levin and has been published by Wolters Kluwer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-07 with Law categories.
Now, you can minimize your clients' tax liability and avoid legal pitfalls, as well as maximize returns on successful transactions and be prepared for all of the potential benefits, with Structuring Venture Capital, Private Equity and Entrepreneurial Transactions, 2015 Edition. Here at last is one-step-at-a-time, start-to-finish structural guidance for the following common business transactions: Venture capital financing New business start-ups Brains-and-money deals Growth-equity investments Leveraged and management buyouts Industry consolidations Troubled company workouts and reorganizations Going public Selling a business Forming a private equity fund Guided by Jack S. Levin and Donald E. Rocap's dynamic, transaction-by-transaction approach, you'll make the tax, legal, and economic structuring consequences of every deal benefit your client every time. In this extraordinary hands-on resource by the most sought-after authorities in the field, you'll see exactly how to: Distribute the tax burden in your client's favor Maximize returns on successful transactions Control future rights to exit a profitable investment And turn every transaction into a winning venture!
Corporate Venture Capital
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Author : Karsten Schween
language : en
Publisher:
Release Date : 1999
Corporate Venture Capital written by Karsten Schween and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Structuring Venture Capital Private Equity And Entrepreneurial Transactions
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Author : Jack S. Levin
language : en
Publisher: Aspen Publishers
Release Date : 1998
Structuring Venture Capital Private Equity And Entrepreneurial Transactions written by Jack S. Levin and has been published by Aspen Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Here at last is one-step-at-a-time, start-to-finish structural guidance For The following common business transactions: Venture capital financing New business start-ups Brains-and-money deals Growth-equity investments Leveraged and management buyouts Industry consolidations Troubled company workouts and reorganizations Going public Selling a business Forming a private equity fund Guided by Levin's dynamic, transaction-by-transaction approach, you'll make the tax, legal, and economic structuring consequences of every deal benefit your client every time. In this extraordinary hands-on resource by the most sought-after authority in the field, you'll see exactly how to: Distribute the tax burden in your client's favor Maximize returns on successful transactions Control future rights to exit a profitable investment...and turn every transaction into a winning venture!.
