How do Corporate Venture Capitalists do Deals? An Exploration of Corporate Investment Practices

Souitaris, V. & Zerbinati, S. (2014). How do Corporate Venture Capitalists do Deals? An Exploration of Corporate Investment Practices. Strategic Entrepreneurship Journal, 8(4), pp. 321-348. doi: 10.1002/sej.1178

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Abstract

How do corporate venture capitalists (CVCs) do deals? Conversations with CVCs suggest that the putative view of venture capital investing is incomplete. We draw on 13 cases of CVC programs to document eight 'corporate investment practices' that are unique to CVCs. These practices reflect pressure on the CVC units for strategic fit and engagement with the corporation and also an opportunity to utilize parental resources. We then show that CVCs vary their emphasis on corporate investment practices, diverging into two distinct investment logics, 'integrated' versus 'arm's-length.' Focus of isomorphism on internal versus external stakeholders explains the emergence of the two logics.

Item Type: Article
Additional Information: This is the peer reviewed version of the following article: Souitaris, V. and Zerbinati, S. (2014), How do Corporate Venture Capitalists do Deals? An Exploration of Corporate Investment Practices. Strat.Entrepreneurship J., 8: 321–348. doi: 10.1002/sej.1178, which is to be published in final form at http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291932-443X. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.
Uncontrolled Keywords: corporate venture capital; investment practices; focus of isomorphism; institutional logics
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Cass Business School > Faculty of Management
URI: http://openaccess.city.ac.uk/id/eprint/12270

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