8. Conclusion

The wide dispersion in the performance of venture capital funds partly explains the moderate interest shown in venture capital by most institutional investors. Fortunately, major industrial groups are paying more attention to this form of financing than ever before. There are currently over 500 corporate venture capital programs worldwide. This type of investment has become an essential element in the open innovation strategies implemented by the world's major industrial groups. At the end of the twentieth century, the linear model of innovation developed by large corporations reached its limits. The spread of scientific knowledge facilitated by new means of communication, the mobility of employees between companies and continents, the development of entrepreneurship, and the availability of venture capital funds led to an explosion of innovations by young companies. Sclerotic in their...