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  "documentTitle": "Corporate Ventures in Sweden",
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  "notes": "The slide is a composite of two previous slides (5 and 6) showing the lack of correlation for R&D and M&A respectively.",
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      "text": "Note: Portfolios based on rolling 5 year average share of revenue spent on R&D, portfolio companies updated yearly. Note 2: Portfolios constant throughout period, based on average share of revenue spent on M&A activities. Source: S&P Capital IQ; Mergermarket.com; Company annual reports; BCG analysis",
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