External corporate venture capital investment: Towards a framework for capturing and measuring strategic value

This paper presents the initial results of on-going research in the field of external Corporate Venture Capital (CVC) investments, i.e. equity investments of large corporations in entrepreneurial ventures which originated outside the corporation. The research is motivated by the fact that external CVC plays an increasingly important role within the strategy of corporations. Driven by a general trend towards a more open approach to innovation, companies see particular value in external corporate venturing as a tool to gain, for example, access to complementary technologies and a general window on technology developments. The review of literature in the field of external corporate venturing clearly reveals that theoretical gaps exist in understanding mechanisms for capturing value and measurements of this value. To help close these gaps, the research addresses the underlying question "How do corporations and start-ups capture and measure strategic value through external CVC investments" by using embedded, multiple case studies. Following an initial set of case studies, steps towards the development of a framework for capturing and measuring strategic value from CVC investments are outlined within this paper and the resulting preliminary framework is presented. The paper closes with an outlook on ongoing and future research steps. © 2009 PICMET.

AI in the 21st century - With historical reflections

The discipline of Artificial Intelligence (AI) was born in the summer of 1956 at Dartmouth College in Hanover, New Hampshire. Half of a century has passed, and AI has turned into an important field whose influence on our daily lives can hardly be overestimated. The original view of intelligence as a computer program - a set of algorithms to process symbols - has led to many useful applications now found in internet search engines, voice recognition software, cars, home appliances, and consumer electronics, but it has not yet contributed significantly to our understanding of natural forms of intelligence. Since the 1980s, AI has expanded into a broader study of the interaction between the body, brain, and environment, and how intelligence emerges from such interaction. This advent of embodiment has provided an entirely new way of thinking that goes well beyond artificial intelligence proper, to include the study of intelligent action in agents other than organisms or robots. For example, it supplies powerful metaphors for viewing corporations, groups of agents, and networked embedded devices as intelligent and adaptive systems acting in highly uncertain and unpredictable environments. In addition to giving us a novel outlook on information technology in general, this broader view of AI also offers unexpected perspectives into how to think about ourselves and the world around us. In this chapter, we briefly review the turbulent history of AI research, point to some of its current trends, and to challenges that the AI of the 21st century will have to face. © Springer-Verlag Berlin Heidelberg 2007.