TY - JOUR
T1 - Progress toward understanding tensions in corporate venture capital: A systematic review
AU - Jeon, Euiju
AU - Maula, Markku
N1 - Funding Information:
We acknowledge the valuable feedback received on the previous versions of the paper from Marina Biniari, Gary Dushnitsky, Thomas Keil, Anu Wadhwa, as well as from the seminar participants at the Strategic Management Annual Conference 2020, Aalto University, and Technical University of Denmark. We also thank JBV Field Editor Vangelis Souitaris and three anonymous reviewers for their very helpful comments and suggestions.
Publisher Copyright:
© 2022 The Authors
PY - 2022/7
Y1 - 2022/7
N2 - We systematically review the past four decades of research on tensions in corporate venture capital (CVC) and inductively identify three main tensions: (1) multiple stakeholders championing CVC-based exploration versus core business-focused exploitation, (2) CVC programs simultaneously belonging to the corporate parent versus the startup/venture capital (VC) world, and (3) startups and VCs viewing CVC programs as a threat versus an opportunity. By combining the understanding of the CVC phenomenon with that of the paradox literature, we expand our understanding of why, how, and when contradictory goals and multiple stakeholder expectations result in tensions and how these tensions can be managed.
AB - We systematically review the past four decades of research on tensions in corporate venture capital (CVC) and inductively identify three main tensions: (1) multiple stakeholders championing CVC-based exploration versus core business-focused exploitation, (2) CVC programs simultaneously belonging to the corporate parent versus the startup/venture capital (VC) world, and (3) startups and VCs viewing CVC programs as a threat versus an opportunity. By combining the understanding of the CVC phenomenon with that of the paradox literature, we expand our understanding of why, how, and when contradictory goals and multiple stakeholder expectations result in tensions and how these tensions can be managed.
KW - Corporate venture capital
KW - Paradoxes
KW - Systematic review
KW - Tensions
UR - http://www.scopus.com/inward/record.url?scp=85129742096&partnerID=8YFLogxK
U2 - 10.1016/j.jbusvent.2022.106226
DO - 10.1016/j.jbusvent.2022.106226
M3 - Article
AN - SCOPUS:85129742096
SN - 0883-9026
VL - 37
JO - Journal of Business Venturing
JF - Journal of Business Venturing
IS - 4
M1 - 106226
ER -