Going beyond existing literature reviews, we choose a meta-analytical research approach to contribute to filling the existing gap in the literature. Allen & Hevert, 2007 Colombo & Murtinu, 2017 Dushnitsky & Lenox, 2005 Katila et al., 2008 Lin & Lee, 2011 Park & Bae, 2018) asking for a more conclusive discussion of whether CVC offer promised benefits or whether there might also be potential drawbacks. Yet, empirical evidence on the performance implications of CVC is rather mixed (see e.g. While the advantages for both parties seem to be rather obvious, disadvantages, like loss of intellectual property, lock-in effects or reduced entrepreneurial freedom, might also emerge from CVC investments. The ‘Raison d’etre’ for CVCs as an intermediary balancing the needs between corporations and start-ups, the demand and supply side, seems convincing: At first glance, CVC promise win–win effects for both the corporation and the selected start-ups due to complementarity and matching of their resources (Alvarez-Garrido & Dushnitsky, 2016 Anokhin et al., 2016 Chemmanur et al., 2014 Park & Steensma, 2012 Pierrakis & Saridakis, 2019 Rossi et al., 2017 Van De Vrande et al., 2011): Corporations get access to new ideas, future strategic options, while start-ups benefit from financing, professional advice and guidance, and through access to relevant business networks and corporate resources. ![]() In 2018, for example, corporations had invested a total of 53bn$ and performed 2740 deals with 773 active CVCs globally (CBInsights, 2019). Nowadays, large and well-known corporations across industries and regions own CVC units, including Google, Microsoft or Salesforce. As one form of corporate venturing, firms use Corporate Venture Capital (CVC) to perform minority-stake equity investments in rather new, non-public start-ups (Covin et al., 2021 Urbano et al., 2022). ![]() In order to seek strategic renewal, corporations can both explore and exploit external business innovations, for example through collaborating with start-ups.
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