Corporate Venture Capital in Startups: Management Control, Sharing Information and Technology, Exit Strategies
Objectives of CVC vs. Pure Venture Capital, Term Sheets, Key Provisions of Investment and Shareholder Agreements

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Banking and Finance
- event Date
Tuesday, June 24, 2025
- schedule Time
1:00 PM E.T.
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Live Online
On Demand
This CLE course will provide commercial finance and private equity counsel with a review of corporate venture capital (CVC) investments in startups. The panel will discuss the differing objectives of corporate vs. pure venture capital investors and how those objectives are reflected in deal points like management control, sharing of information and technology, and exit strategies.
Faculty

Mr. Kahan's corporate transactional practice focuses on venture capital and private equity investments, mergers and acquisitions, divestitures and spin-offs, public securities offerings, and corporate governance. He also regularly advises clients in strategic technology transactions, including professional service agreements, software-as-a-service agreements, sourcing agreements, transition service agreements, distribution agreements, reseller agreements, and intellectual property licensing.
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Ms. Shulga represents startups and emerging growth companies, often acting as their outside general counsel and building long-lasting relationships that span the life of a company. Her services in this area include, but are not limited to, entity formation, advice and counseling regarding operations in the U.S., employment law and IP-related matters, structuring complex joint ventures and distribution agreements, and investment and exit opportunities. Further, Ms. Shulga represents her clients when they are raising capital through SAFE, convertible note, Series Seed, Series A financings, and equity crowdfunding. An important focus of her work is representing fintech startups, including those companies that operate in the blockchain space (including NFT platforms, DAOs, gaming companies, and others). For her crypto clients, she advises on the regulatory aspects of operations, issuance of digital tokens, NFTs, creation of platforms, and other aspects of operations in the Web3 space. She also advises angel investors and venture capital funds when making investments into startups. In addition, Ms. Shulga represents emerging fund managers on fund formation and setting up management and GP company structures, whether they are in the venture capital, hedge fund, or real estate fund space, including special purpose investment vehicles and Delaware series LLCs.

Mr. Taylor is a New York-based Partner who leads Cerity Partners Ventures’ Built World practice, focusing on sectors such as physical security and safety, water technology, labor management, multifamily technology, and more. Before joining Cerity Partners, he was a Managing Director at Touchdown Ventures, a pioneer of the “venture capital as a service” model that merged with Cerity Partners in 2024. Prior to that, Mr. Taylor began his venture career in roles at Laconia Capital Group and Virgil Capital, primarily focusing on early-stage investments in B2B fintech, real estate, and media startups. He spent the first three years of his career in the debt capital markets group at the Royal Bank of Scotland.
Description
CVC has seen unprecedented growth in recent years, with strategic venture investors looking at early-stage companies more than ever before. Direct investment (as opposed to a joint venture or cooperation agreement) gives the corporate investor greater involvement and offers the most significant financial upside. CVC provides a valuable source of financing for technology-focused startups while providing the investor with a new avenue for innovation in its own business.
The fundamental rights and duties of the investor are usually summarized in a term sheet or letter of intent. CVC financings generally use versions of the commonly used NVCA model documents. However, the specific needs and concerns of a CVC typically will be addressed in one of the investment documents or by side letters. This panel will highlight CVC-unique provisions.
Listen as our authoritative panel examines the aspects of CVC that distinguish it from traditional venture capital investment and issues that investors and startups should consider before entering into a CVC transaction.
Outline
- CVC vs. pure venture capital
- Motivations of CVC: innovation, new technology for existing enterprise
- Motivation for a startup: CVC may offer longer-term financing, expertise
- Issues for CVC investor and startup
- Management control
- Sharing and ownership of information, intellectual property
- Employees: non-poaching concerns
- Exit strategy
- Process and documentation
- Term sheet/letter of intent
- Investment agreement
- Shareholder agreement
Benefits
The panel will review these and other crucial issues:
- How do the objectives of the CVC investor differ from those of the pure venture capital investor?
- What are some management concerns of the startup founders in looking at potential CVC investment?
- How should the parties address the treatment of information and intellectual property after exiting the CVC investment?
- What are the key documents in a CVC transaction?
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