A number of firms across a broad array of industries, including Intel, Reuters, Bertelsmann, and UPS, have established corporate venture capital programs (Garvin, 2002). These operational initiatives are yielding mixed results. For example, Intel reaped over $4 billion from its venture capital investments in the 1990s before losing
$632 million in 2001 alone. Of course, proponents of corporate venture capital programs assert that the strategic objectives outweigh potential financial losses. Despite the setbacks it has endured, Intel has continued its program, investing over $130 million in 2004 in approximately 110 ventures, spanning mobile Internet products, digital home applications, enterprise hardware and software, and numerous other emerging technologies (Intel, 2006). Although Intel’s 2004 portfolio investment represents a sizeable amount of money, it is still dwarfed by the previously-mentioned, multi-billion dollar joint venture with Micron Technology and the billions of dollars the company spends annually on internal R&D. Nonetheless, as our discussion illustrates, corporate venture capital programs can serve as an efficient means through which to invest across a broad range ofopportunities.
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