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PSInet Inc. said today that it was creating a $1 billion corporate venture program to support Internet entrepreneurs.
The MMH Youth Venture program activates young people with the core changemaker skills Empathy, Teamwork, Fluid Leadership and Problem-solving.
The Design Your Venture program will work with a limited number of highly motivated teams to tackle an issue they're passionate about using design to solve.
Bertelsmann announced last October that it would expand the venture program across its entire company and now has offices in New York, Beijing and a couple of cities in Germany.
Not surprisingly, HP also has its venture program under review.
It blamed the news in part on a $200 million writeoff against its $400 million venture program.
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Corporate venture programs accounted for $8.2 billion, or 15percentt, of the $54 billion invested by the venture capital industry in the first half of this year, according to the National Venture Capital Association, a trade group in Arlington, Va.
After all, many corporate venture programs die young.
Others have spun off their venture programs into more agile subsidiaries.
Many corporate venture programs are started for strategic reasons, where the investing company gains access, sometimes exclusively, to the portfolio company's technology.
Since 1996 Intel has sunk $2.5 billion into 200 companies, one of the largest venture programs in the U.S. Notable winners: Etoys, the toy retailer slated to go public in late April, and Inktomi, the developer of Web-searching technology.
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