While recent literature has advocated the transfer of venture capital (VC) practices and structures to corporate venture (CV) units, the wisdom of this advice has not been subject to rigorous empirical scrutiny. We test the implications of the VC model for CV unit performance using a longitudinal database combining survey, archival, and survival data on 95 CV units. VC model elements of high-po…
The literature suggests that established firms need to balance their exploration and exploitation activities in order to achieve superior performance. Yet, previous empirical research has modeled this balance as the interaction of orthogonal activities. In this study, we show that there is a trade-off between exploration and exploitation and that the optimal balance between exploration and expl…
This study examines how different governance modes for external business development activities and venture relatedness affect a firm's innovative performance. Building on research suggesting that interorganizational relationships enhance the innovative performance of firms, we propose that governance modes and venture relatedness interact in their effect on innovative performance. Analyzing a …