Corporate Venture Capital: How established firms use external resources to create new competencies

This Doctoral Dissertation is triggered by an emergent trend: firms are increasingly referring to investments in corporate venture capital (CVC) as means to create new competencies and foster the search for competitive advantage through the use of external resources. CVC is generally defined as the practice by non-financial firms of placing equity investments in entrepreneurial companies. Thus, CVC can be interpreted (i) as a key component of corporate entrepreneurship - acts of organizational creation, renewal, or innovation that occur within or outside an existing organization– and (ii) as a particular form of venture capital (VC) investment where the investor is not a traditional and financial institution, but an established corporation. My Dissertation, thus, simultaneously refers to two streams of research: corporate strategy and venture capital. In particular, I directed my attention to three topics of particular relevance for better understanding the role of CVC. In the first study, I moved from the consideration that competitive environments with rapid technological changes increasingly force established corporations to access knowledge from external sources. Firms, thus, extensively engage in external business development activities through different forms of collaboration with partners. While the underlying process common to these mechanisms is one of knowledge access, they are substantially different. The aim of the first study is to figure out how corporations choose among CVC, alliance, joint venture and acquisition. I addressed this issue adopting a multi-theoretical framework where the resource-based view and real options theory are integrated. While the first study mainly looked into the use of external resources for corporate growth, in the second work, I combined an internal and an external perspective to figure out the relationship between CVC investments (exploiting external resources) and a more traditional strategy to create competitive advantage, that is, corporate diversification (based on internal resources). Adopting an explorative lens, I investigated how these different modes to renew corporate current capabilities interact to each other. More precisely, is CVC complementary or substitute to corporate diversification? Finally, the third study focused on the more general field of VC to investigate (i) how VC firms evaluate the patent portfolios of their potential investee companies and (ii) whether the ability to evaluate technology and intellectual property varies depending on the type of investors, in particular for what concern the distinction between specialized versus generalist VCs and independent versus corporate VCs. This topic is motivated by two observations. First, it is not clear yet which determinants of patent value are primarily considered by VCs in their investment decisions. Second, VCs are not all alike in terms of technological experiences and these differences need to be taken into account.

L'infrastruttura barocca del lavoro di piattaforma. Un'etnografia multi-situata.

Le conseguenze del management algoritmico sui lavoratori sono note tra gli studiosi, ma poche ricerche indagano le possibilità di agency, soprattutto a livello individuale, nella gig-economy. A partire dalla quotidianità del lavoro, l’obiettivo è analizzare le forme di agency esercitate dai platform workers nel settore della logistica dell'ultimo miglio. La ricerca si basa su un'etnografia multi-situata condotta in due paesi molto distanti e riguardante due diversi servizi urbani di piattaforma: il food-delivery in Italia (Bologna, Torino) e il ride-hailing in Argentina (Buenos Aires). Nonostante le differenze, il lavoro di campo ha mostrato diverse continuità tra i contesti geografici. Innanzitutto, le tecnologie digitali giocano un ruolo ambivalente nell'ambiente di lavoro: se la tecnologia è usata dalle aziende per disciplinare il lavoro, costituisce però anche uno strumento che può essere impiegato a vantaggio dei lavoratori. Sia nel ride-hailing che nelle piattaforme di food-delivery, infatti, i lavoratori esprimono la loro agency condividendo pratiche di rimaneggiamento e tattiche per aggirare il despotismo algoritmico. In secondo luogo, la ricerca ha portato alla luce una gran varietà di attività economiche sviluppate ai margini dell'economia di piattaforma. In entrambi i casi le piattaforme intersecano vivacemente le economie informali urbane e alimentano circuiti informali di lavoro, come evidenziato dall'elevata presenza di scambi illeciti: ad esempio, vendita di account, hacking-bots, caporalato digitale. Tutt'altro che avviare un processo di formalizzazione, quindi, la piattaforma sussume e riproduce l’insieme di condizioni produttive e riproduttive dell'informalità (viração), offrendo impieghi intermittenti e insicuri a una massa di lavoratori-usa-e-getta disponibile al sottoimpiego. In conclusione, le piattaforme vengono definite come infrastrutture barocche, intendendo con il barocco tanto la natura ibrida dell'azione che mescola forme di neoliberismo-dal-basso con pratiche di solidarietà tra pari, quanto la progressiva ristrutturazione dei processi di accumulazione all’insegna di una rinnovata interdipendenza tra formale e informale nelle infrastrutture del «mondo a domicilio».

Exact and heuristic algorithms for the integrated planning of multi-energy systems

The aim of this thesis is to present exact and heuristic algorithms for the integrated planning of multi-energy systems. The idea is to disaggregate the energy system, starting first with its core the Central Energy System, and then to proceed towards the Decentral part. Therefore, a mathematical model for the generation expansion operations to optimize the performance of a Central Energy System system is first proposed. To ensure that the proposed generation operations are compatible with the network, some extensions of the existing network are considered as well. All these decisions are evaluated both from an economic viewpoint and from an environmental perspective, as specific constraints related to greenhouse gases emissions are imposed in the formulation. Then, the thesis presents an optimization model for solar organic Rankine cycle in the context of transactive energy trading. In this study, the impact that this technology can have on the peer-to-peer trading application in renewable based community microgrids is inspected. Here the consumer becomes a prosumer and engages actively in virtual trading with other prosumers at the distribution system level. Moreover, there is an investigation of how different technological parameters of the solar Organic Rankine Cycle may affect the final solution. Finally, the thesis introduces a tactical optimization model for the maintenance operations’ scheduling phase of a Combined Heat and Power plant. Specifically, two types of cleaning operations are considered, i.e., online cleaning and offline cleaning. Furthermore, a piecewise linear representation of the electric efficiency variation curve is included. Given the challenge of solving the tactical management model, a heuristic algorithm is proposed. The heuristic works by solving the daily operational production scheduling problem, based on the final consumer’s demand and on the electricity prices. The aggregate information from the operational problem is used to derive maintenance decisions at a tactical level.