Building External Corporate Venturing Capability*
基于两家欧洲信息通信技术大型企业的纵向案例研究，提出一个模型，描述企业如何通过公司风险投资、联盟和收购来发展外部创业能力，并强调学习过程、知识适应和初始条件的作用。
ABSTRACT How firms build new capabilities to adapt to changing environments is at the core of strategic management. However, research has addressed this question only recently. In this paper, I propose a model that describes how firms develop a capability to create and develop ventures through corporate venture capital, alliances, and acquisitions. The model is based on two longitudinal case studies of large corporations operating in the information and communication technology sector in Europe. At the core of this model are learning processes that enable the firm to build up an external corporate venturing capability, by utilizing learning strategies both within and outside venturing relationships. To build this new capability, firms engage in acquisitive learning. Critical to deepening the capability acquired is adaptation of all knowledge to the firm specific context through experiential learning mechanisms. I also discuss the important role that initial conditions and knowledge management practices play in determining the direction and effectiveness of specific learning processes that lead to an external corporate venturing capability.