Corporate venture capital contributions to strategic renewal: Neglected paths and barriers
研究了一家跨国公司的企业风险投资部门，发现直接获取投资企业技术的路径受外部制度障碍限制，而间接路径（通过参与高科技生态系统）更重要，但面临内部组织障碍。
Abstract Research Summary Via a study of the corporate venture capital (CVC) unit of a multinational corporation, we examine how CVC contributes to strategic renewal. We find the commonly featured direct path to renewal to have limited impact as access to venture technology is constrained by key external institutional barriers. By contrast, we highlight a less studied, but potentially more important, indirect path: the unit's and hence the parent corporation's access to a high‐technology ecosystem. Obstacles on this path are internal and organizational: including challenges of integration, goal disparities, and competition for resources and credit between the CVC unit and corporate parent. The significance of the indirect path and revelation of understudied institutional and organizational barriers suggest new directions for rechanneling and contextualizing studies of CVC. Managerial Summary We studied the corporate venture capital (CVC) unit of a large multinational firm to discover how such investments can have strategic contributions to the parent firm. We found numerous obstacles in using technological knowledge from the ventures the unit invests in because of legal and reputation barriers against disseminating proprietary information. By contrast, opportunities abound from participating in an entrepreneurial ecosystem to which the CVC activities provide access. These expose the unit to the promises and challenges of emerging technologies and fields, providing important information the unit is free to share with the parent to guide strategic renewal. To do so, however, managers must overcome substantial organizational, political, and resource barriers between the CVC unit and the parent corporation.