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Ernst & Young – Global Venture Capital Insights and Trends Report 2008
Innovation: the growing importance of venture capital
09/07/2008. Source:Ernst & Young. Gil Forer (E&Y-VCAG) and Adj Prof Dr Martin Haemmig (CeTIM - Center for Technology & Innovation Management)
 The process of globalisation has reduced the potency of many sources of competitive advantage. Companies around the world today enjoy broad access to global resources that help them to compete on factors such as price, process, quality and customer service, diminishing the advantage these confer. One element of competition, however, is harder to replicate and scale successfully: ‘innovation’. On an increasingly flat global playing field, successful innovators differentiate themselves and reap the rewards of the value created, according to this Ernst & Young report.
More and more large corporations have realized that relying solely on in-house research and development is not sufficient to compete effectively in today’s global markets. A robust innovation strategy today includes both internal initiatives and mechanisms to access external innovation.
Venture capitalists too have recognized these dramatic changes and are putting their money anywhere around the globe that innovators can be found. Thus, the venture capital industry plays a central role in innovation today, funding entrepreneurs who are developing disruptive innovations and acting as a bridge to large corporations.
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Adj. Prof. Dr. Martin Haemmig
Adjunct Professor, Globalization of Venture Capital, Center for Technology and Innovation Management; and Senior Advisor on Venture Capital, Stanford University (SPRIE)
Gil Forer
Global Director, Cleantech, IPO and Venture Capital Initiatives, Ernst & Young
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