硅谷银行-CVC 2024状态-企业风险投资生态系统动态的深层次划分（英）

September 2024Prescient funds will stay aware of their dependency and successfully manage the risk of dormancy through educating corporate sponsors on the important role of venture.”We are pleased to present the fourth edition of this report, capturing trends across the industry over time. The report draws on the most extensive survey of the CVC ecosystem — one in four active CVCs responded. With this broad industry perspective, we can say that corporate venture capital has not shied away from the innovation economy despite the prolonged industry-wide venture capital (VC) slowdown. Participation rates — the percent of VC deals that CVCs are a part of — remain near all-time highs as CVCs continue to invest. They appreciate that the pace of technological innovation is not slowing and are eager to understand and invest in emerging areas like generative AI (GenAI) and climate tech. With a key role as an organization’s sensor function, CVCs have never been more important.Still, CVCs are not immune to the industry-wide downturn. As the macro environment remains slow, more funds are making fewer investments. The risk of dormancy among some funds remains present in a slow market where exits and strategic outcomes are fewer. It is up to CVC leaders to guide the parents through this market, in which timelines to realize financial or strategic returns are often elongated. Educating corporate sponsors can be challenging, especially for new funds that report the lowest levels of excitement among executives. This year we analyzed the differences among mature and newbie CVCs. What we gleaned is that prescient funds will stay aware of their dependency and successfully manage the risks of dormancy through educating corporate sponsors on the important role of venture and the value that CVCs bring to the organization. We see a clear road map plotted by mature CVCs: Successful funds educate executive sponsors and grow increasingly independent and more sophisticated. As the CVC industry continues to develop, so too will funds mature. We remain optimistic for the future and look forward to continuing to support the CVC ecosystem in the coming year.Patrick EggenGeneral PartnerCounterpart VenturesMark GallagherCo-Head of Investor CoverageSilicon Valley BankSTATE OF CVC 202422024 CVC Survey Key FindingsMarket OverviewMandate and Managing DependencyInvestment ApproachTeam Dynamics AppendixSTATE OF CVC 20243STATE OF CVC 20244Source: CVC survey, PitchBook Data, Inc. and SVB analysis.Exec sponsors’ enthusiasm for CVC is tied to their understanding of the VC asset class in general.Financial CVCs enjoy the highest level of enthusiasm from exec sponsors; newbies have the least. This could be driven by level of exec knowledge of the venture asset class. Newbies are more likely to think that execs lack understanding of VC and its norms, often due to unrealistic timelines or return expectations.CVCs use the corporate parent’s logo to win deals. Surprisingly, one-third of financia