ecnaЭкономика наукиEconomics of Science2410-132X2949-4680Delo Publishing house10.22394/2410-132X-2019-5-3-170-184ecna-199Research ArticleЭкономика «Технологического рывка»Economics of «Technological Breakthrough»Корпоративные венчурные инвестиции: особенности и успешные практикиCorporate venture capital investments: features and successful practicesЗиновВ. Г.ZinovV. G.

д.э.н., главный научный сотрудник 

пр. Вернадского, д. 82, г. Москва, Россия, 119571

prospect Vernadskogo, 82, Moscow,  11957

zinov-v@yandex.ruЕрёмченкоО. А.YeremchenkoO. A.

старший научный сотрудник

пр. Вернадского, д. 82, г. Москва, Россия, 119571

prospect Vernadskogo, 82, Moscow,  11957

Центр научно-технической экспертизы ИПЭИ РАНХиГС при Президенте РФРоссияThe Russian Presidential Academy of National Economy and Public AdministrationRussian Federation20191210201953170184Copyright © Зинов В.Г., Ерёмченко О.А., 20192019Зинов В.Г., Ерёмченко О.А.Zinov V.G., Yeremchenko O.A.This work is licensed under a Creative Commons Attribution 4.0 License.https://ecna.elpub.ru/jour/article/view/199

В обзоре отечественных и зарубежных публикаций приведены успешные практики корпоративного венчурного инвестирования, которые позволяют уточнить критерии устойчивости и требования для достижения стабильного функционирования корпоративных фондов. Показано, что принципиальное значение имеет согласованность цели фонда с целями материнской компании, непрерывность функционирования, преемственность в отношении стратегии, инвестиционного фокуса и основной команды, а также финансовая устойчивость, позволяющая быть стабильным партнером портфельным компаниям в течение всего их жизненного цикла. Подчеркивается, что корпоративные венчурные инвестиции не являются инструментом финансовых спекуляций, и созданный венчурный фонд необходим материнской компании, прежде всего, как инструмент поиска, развития, трансфера технологий. Рассмотрены основные отличия корпоративных и, так называемых, независимых венчурных фондов, отражающие различные цели, сферы деятельности, источники финансирования, правовой статус, системы вознаграждения менеджмента и подотчетность.

The review of domestic and foreign publications presents successful practices of corporate venture investment, which allow to clarify sustainability criteria and requirements for achieving stable functioning of corporate funds. It is shown that the coherence of the fund’s goals with the goals of the parent company, continuity of operation, continuity in relation to strategy, investment focus and the main team, as well as financial stability, which allows us to be a stable partner to portfolio companies throughout their entire life cycle, are of fundamental importance. It is emphasized that corporate venture investments are not an instrument of financial speculation, and the parent company needs the created venture fund, first, as an instrument for search, development, transfer of technologies, products and customers. The main differences between corporate and so-called independent venture capital funds, reflecting various goals, areas of activity, sources of financing, legal status, management remuneration systems and accountability, are examined.

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The authors declare that there are no conflicts of interest present.