What do Corporate Venture Capitalists do? A process analysis of their investment activities

Souitaris, V., Zerbinati, S. & Liu, G. What do Corporate Venture Capitalists do? A process analysis of their investment activities. Strategic Entrepreneurship Journal,

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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
Subjects: H Social Sciences > HF Commerce
Divisions: Cass Business School > Faculty of Management
URI: http://openaccess.city.ac.uk/id/eprint/4144

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