Corporate venture capital portfolios and firm innovation

被引：170
作者：
Wadhwa, Anu [1 ]
Phelps, Corey [2 ]
Kotha, Suresh [3 ]
机构：
[1] Univ London Imperial Coll Sci Technol & Med, Sch Business, London SW7 2AZ, England
[2] McGill Univ, Desautels Fac Management, Montreal, PQ, Canada
[3] Univ Washington, Foster Sch Business, Seattle, WA 98185 USA
来源：
JOURNAL OF BUSINESS VENTURING | 2016年 / 31卷 / 01期
关键词：
Exploratory innovation; Interorganizational portfolios; Corporate venture capital; ALLIANCE PORTFOLIOS; KNOWLEDGE CREATION; ABSORPTIVE-CAPACITY; STRATEGIC ALLIANCES; TECHNOLOGY; PERFORMANCE; DIVERSITY; CAPABILITIES; EXPLORATION; SEARCH;
D O I：
10.1016/j.jbusvent.2015.04.006
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines the conditions under which portfolios of corporate venture capital (CVC) relationships influence corporate investor innovation performance. We investigate this question using longitudinal data on CVC investment portfolios of 40 telecommunications equipment manufacturers. We find an inverted U-shaped effect of portfolio diversity on corporate investor innovation performance. We also find that the effect of diversity depends on the depth of knowledge resources available in the portfolio. These results contribute to the interorganizational learning, corporate venture capital and open innovation literatures by showing how the breadth and depth of knowledge resources available in a portfolio of external partnerships with young ventures interact to influence firm innovation. (c) 2015 Elsevier Inc. All rights reserved.
引用
收藏
页码：95 / 112
页数：18
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