Figure 1. The traditional venture capital game Figure 1. The traditional venture capital game. Source: Adapted from Harvard Business School 9–800–170, Venture Capital Negotiations: VC versus Entrepreneur, 2 March 2000. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 7. Innovation Network Corporation of Japan (INCJ) Figure 7. Innovation Network Corporation of Japan (INCJ). Source: Adapted from an INCJ presentation (July 2009) available at http://www.incj.co.jp/PDF/091001.pdf. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 3. Venture capital fundraising ($M) Figure 3. Venture capital fundraising ($M). Source: Dow Jones VentureSource. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 2. Comparison partnership terms and conditions Figure 2. Comparison partnership terms and conditions. Source: Dow Jones private equity partnership terms and conditions, 2009 edition. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 8. Corporate venture capital initiatives and investments (2009 and 1Q2010). Source: Dow Jones VentureSource. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 6. Venture capital backed IPOs in the USA and Europe Figure 6. Venture capital backed IPOs in the USA and Europe. Source: Dow Jones VentureSource. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 5. Venture capital backed M&A activity in the USA and Europe Figure 5. Venture capital backed M&A activity in the USA and Europe. Source: Dow Jones VentureSource. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 4. Venture capital deals ($M). Source: Dow Jones VentureSource. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 11. A typology of corporate venturing Figure 11. A typology of corporate venturing. Source: Adapted from Susan A. Hill and Julian Birkinshaw, ‘Strategy-Organization Configurations in Corporate Venture Units: Impact on Performance and Survival’ (2008) 23 J Business Vent 423–444. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 9. Corporate venture capital activity (number of rounds) Figure 9. Corporate venture capital activity (number of rounds). Source: Dow Jones VentureSource. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 10. The incubator process Figure 10. The incubator process. Source: Georges Haour, Resolving the Innovation Paradox, Enhancing Growth in Technology Companies (Palgrave Macmillan 2004). From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org
Figure 12. The ‘New’ venture capital game. From: Venture capital beyond the financial crisis: how corporate venturing boosts new entrepreneurial clusters (and assists governments in their innovation efforts) Capital Markets Law Journal. 2010;5(4):471-500. doi:10.1093/cmlj/kmq018 Capital Markets Law Journal | © The Author (2010). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org