مدل بلوغ صندوق‌های سرمایه‌گذاری خطرپذیر شرکتی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار، گروه سیاست فناوری و نوآوری، مؤسسه تحقیقات سیاست علمی کشور، تهران، ایران.

2 استادیار، گروه تأمین مالی و اقتصاد علم، فناوری و نوآوری، مؤسسه تحقیقات سیاست علمی کشور، تهران، ایران

3 استاد، گروه مدیریت فناوری، دانشگاه علامه طباطبایی، تهران، ایران.

چکیده

در سال‌های اخیر، سرمایه‌گذاری خطرپذیر شرکتی (CVC) به‌عنوان بازوی تأمین مالی نوآوری شرکت‌های بزرگ مورد توجه این شرکت‌ها و سیاست‌گذاران بوده است. در ایران نیز با تصویب دستورالعمل و اساسنامه نمونه تأسیس و نحوه فعالیت صندوق‌های پژوهش و فناوری سرمایه‌گذاری خطرپذیر شرکتی (1399) و قانون جهش تولید دانش‌بنیان (1401)، روند شکل‌گیری این صندوق‌ها رشدی فزاینده یافته است. اما، ماهیت این نوع سرمایه‌گذاری با پیگیری هم‌زمان اهداف مالی و راهبردی، ارزیابی عملکرد آن‌ها را با چالش‌های مفهومی و عملیاتی مواجه کرده است. هدف این پژوهش که با روش‌شناسی علم طراحی  انجام شده است، توسعه مدل جامع ارزیابی عملکرد و طراحی مسیر بلوغ CVCها است. در این راستا، با مطالعات کتابخانه‌ای و تحلیل محتوای اسناد، ابعاد کلیدی عملکرد CVCها استخراج شده و پس‌از بررسی مدل‌های تعالی و بلوغ، مدل چندبعدی و پنج‌سطحی بلوغ CVCها با برگزاری نشست خبرگان طراحی و اعتبارسنجی شده است. یافته‌های پژوهش نشان می‌دهد عملکرد CVCها تابعی از توانمندسازهای سازمانی شامل راهبرد، حکمرانی، ساختار، منابع، فرایندهای سرمایه‌گذاری و توسعه بوم‌سازگان است که به شکل‌گیری نتایج مالی، نوآوری و راهبردی منجر می‌شود. دانش‌افزایی اصلی پژوهش، ارائه مدل ارزیابی چندبعدی و مبتنی بر بلوغ برای CVCها با تلفیق ابعاد مالی، نوآوری، راهبردی و سازمانی است که امکان طراحی مسیر بلوغ برای CVCها را فراهم می‌کند و همچنین می‌تواند مبنایی برای طراحی ابزارهای سیاستی ارائه دهد.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

A Maturity Model for Corporate Venture Capital (CVC)

نویسندگان [English]

  • Abolfazl Bagheri 1
  • Marzieh Shaverdi 2
  • Mehdi Elyasi 3
1 Assistant Professor, Department of Technology and Innovation Policy, National Research Institute for Science Policy (NRISP), Tehran, Iran
2 Assistant Professor, Department of STI Financing and Economics, National Research Institute for Science Policy (NRISP), Tehran, Iran
3 Professor, Management and Accounting Faculty, Allameh Tabatabaei University, Tehran, Iran.
چکیده [English]

In recent years, Corporate Venture Capital (CVC) has attracted the attention of large corporations and policymakers as an innovation financing arm. In Iran, with the approval of the “Guidelines and Statutes for the Establishment and Operation of CVC Research and Technology Funds” (2010) and the “Knowledge-Based Production Leap Law” (2022), the formation of these funds has experienced significant growth. However, the nature of this type of investment, which pursues both financial and strategic objectives simultaneously, presents conceptual and operational challenges for performance evaluation. The aim of this research, which was conducted using the Design Science Research Methodology (DSRM), is to develop a comprehensive performance evaluation model and design a maturity path for CVCs. In this regard, key dimensions of CVC performance were extracted through library research and document content analysis, and after reviewing excellence and maturity models, a multidimensional and five-level model of CVC maturity was designed and validated by holding an expert pabel. The research findings show that CVC performance is a function of organizational enablers including strategy, governance, structure, resources, investment processes, and ecosystem development which lead to the financial, innovation, and strategic outcomes. The main contribution of the research is the development of a multidimensional and maturity-based assessment model for CVCs by integrating financial, innovation, strategic, and organizational dimensions, This model enables the design of a maturity path for CVCs and can also serve as a basis for designing policy tools.

کلیدواژه‌ها [English]

  • Corporate Venture Capital (CVC)
  • Performance Assessment
  • Maturity Model
  • Excellence Model
  • Innovation Ecosystem

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