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

By V. Souitaris and S. Zerbinati

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

Topics: HD28
Publisher: Wiley
Year: 2014
DOI identifier: 10.1002/sej.1178
OAI identifier: oai:openaccess.city.ac.uk:12270
Provided by: City Research Online
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