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Leveraging smart capital through corporate venture capital : a typology of value creation for new venture firms

  • Corporate Venture Capital (CVC) units position themselves as smart capital providers in new venture firm New Venture Firm (NVF) financing. In line with the resource-based view and social capital theory, extant research postulates that CVCs contribute complementary assets beyond capital to their NVFs. However, the non-financial value for NVFs is mainly created through a corporate business unit within the CVC's corporate parent company. As agency theory implies, the strategic agendas of CVCs, NVFs, and corporate business units may not always align and thereby often hamper value creation. Hence, our qualitative research builds on a cross-industry case study of eleven CVC units to show how they leverage resources from their corporate sponsors to add value for NVFs. We reveal the mechanism behind CVC value creation holistically by identifying eight design elements that lead to a typology of four distinctive CVC forms. This classification offers a representation of the CVC landscape based on their institutional environment.

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Metadaten
Document Type:Article
Language:English
Author:Benjamin M. Bugl, Frank P. BalzORCiD, Dominik K. KanbachORCiD
Chairs and Professorships:Chair of Strategic Entrepreneurship
DOI:https://doi.org/10.1016/j.jbvi.2021.e00292
Parent Title (English):Journal of Business Venturing Insights
ISSN:2352-6734
Publisher:Elsevier
Issue:17 (June 2022)
Year of Completion:2022
Article Number:e00292
Tag:Case study; Corporate venture capital; New venture value creation; Resource-based
Content Focus:Academic Audience
Peer Reviewed:Yes
Rankings:AJG Ranking / 2
SJR Ranking / Q1
Licence (German):License LogoUrheberrechtlich gesch├╝tzt