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.

The neurobiology of punishment.

Animals, in particular humans, frequently punish other individuals who behave negatively or uncooperatively towards them. In animals, this usually serves to protect the personal interests of the individual concerned, and its kin. However, humans also punish altruistically, in which the act of punishing is personally costly. The propensity to do so has been proposed to reflect the cultural acquisition of norms of behaviour, which incorporates the desire to uphold equity and fairness, and promotes cooperation. Here, we review the proximate neurobiological basis of punishment, considering the motivational processes that underlie punishing actions.