Progress toward understanding tensions in corporate venture capital: A systematic review

Euiju Jeon*, Markku Maula

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

25 Citations (Scopus)
126 Downloads (Pure)


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.

Original languageEnglish
Article number106226
Number of pages30
JournalJournal of Business Venturing
Issue number4
Publication statusPublished - Jul 2022
MoE publication typeA1 Journal article-refereed


  • Corporate venture capital
  • Paradoxes
  • Systematic review
  • Tensions


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