Analisis Strategi Corporate Venture Capital Dalam Menghadapi Tech Winter di MDI Ventures
Aditia Henri Narendra, Prof. Wakhid Slamet Ciptono, MBA, MPM, Ph.D,.
2025 | Tesis | S2 MANAJEMEN (MM) JAKARTA
Penelitian ini menganalisis strategi Corporate Venture Capital (CVC) dalam menghadapi fenomena tech winter di MDI Ventures, salah satu CVC terbesar di Indonesia. Fenomena tech winter ditandai dengan penurunan valuasi Startup, berkurangnya pendanaan, dan meningkatnya risiko kegagalan bisnis digital, yang berdampak signifikan pada kinerja portofolio dan keberlanjutan industri modal ventura.
Hasil penelitian menunjukkan bahwa faktor politik, ekonomi, dan teknologi merupakan determinan utama yang memengaruhi strategi investasi MDI Ventures selama tech winter. Perusahaan menerapkan penyesuaian strategi dengan memperkuat tata kelola investasi, fokus pada Startup dengan product-market fit dan jalur profitabilitas yang jelas, serta mengadopsi proses due diligence yang lebih ketat. Penerapan manajemen pengetahuan, baik explicit, tacit, maupun implicit, terbukti memperkuat pengambilan keputusan investasi dan ketahanan organisasi. Selain itu, kemampuan sensing,seizing, dan transforming dalam kerangka dynamic capabilities memungkinkan MDI Ventures untuk tetap adaptif, proaktif dalam mengelola portofolio, serta menjaga sinergi bisnis dengan ekosistem Startup dan korporasi.
Penelitian ini menegaskan pentingnya integrasi analisis eksternal dan internal, serta pengelolaan pengetahuan dan kapabilitas dinamis dalam merumuskan strategi CVC yang tangguh di tengah ketidakpastian pasar. Implikasi praktisnya, temuan ini dapat menjadi acuan bagi pelaku industri modal ventura dalam mengembangkan strategi investasi berkelanjutan dan meningkatkan daya saing di era ketidakstabilan pasar.
Kata Kunci : Corporate Venture Capital, tech winter, PESTEL, Knowledge Base View, Dynamic Capabilities, KDBC, Corporate Strategy, MDI Ventures
This research analyzes Corporate Venture Capital (CVC) strategies in responding to the tech winter phenomenon at MDI Ventures, one of the largest CVCs in Indonesia. The tech winter is characterized by declining Startup valuations, reduced funding, and increased risk of failure in digital businesses, significantly impacting portfolio performance and the sustainability of the venture capital industry.
Findings reveal that political, economic, and technological factors are the main determinants influencing MDI Ventures’ investment strategies during the tech winter. The company has adjusted its strategies by strengthening investment governance, focusing on Startups with a clear product-market fit and profitability trajectory, and adopting more rigorous due diligence processes. Effective knowledge management—explicit, tacit, and implicit—has proven to enhance investment decision-making and organizational resilience. Additionally, the capabilities of sensing, seizing, and transforming within the dynamic capabilities framework enable MDI Ventures to remain adaptive and proactive in managing its portfolio, while maintaining business synergy with the Startup and corporate ecosystem.
This research underscores the importance of integrating external and internal analyses, as well as knowledge management and dynamic capabilities, in formulating robust CVC strategies amid market uncertainty. Practically, these findings serve as a reference for venture capital industry players in developing sustainable investment strategies and enhancing competitiveness in an era of instable market condition.
Keywords : Corporate Venture Capital, tech winter, PESTEL, Knowledge Base View, Dynamic Capabilities, KDBC, Corporate Strategy, MDI Ventures
Kata Kunci : Corporate Venture Capital, tech winter, PESTEL, Knowledge Base View, Dynamic Capabilities, KDBC, Corporate Strategy, MDI Ventures
