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The effect of corporate venture capital investments on the investor´s innovativeness: the moderating role of geographic proximty and investment stage
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Drawing upon the knowledge-based view theory, knowledge can be considered the most important strategic resourcefor companiesand the foundation forinnovation and growth. However, especially incumbentsstruggle to create new innovationsinternally and thus,increasingly searchfor toolsto source external knowledge for the firm. Corporate venture capital(CVC)investments areone way to access newknowledge, capabilities and technologies to driveinnovationwithin companies. Using a panel dataset of 66 individual corporate investorswith more than 400 observations, this paper explores the impact of CVC deals onthe investor’s innovativenessand investigates circumstances influencing therelationship. This researchfinds a positive relationship between corporate venture capital deals and the investor’s innovativeness, measured by patent applications. Furthermore, this studyfinds empirical evidencethat therelationshipbetween CVC dealsand the corporate investor’s innovativenessis stronger when investors invest in startups in anearlydevelopment stage,as their knowledge is more disruptive and valuablefor the incumbent. Last, this paper does not find a significant moderating effectof geographic proximity on the relationship between corporate venture capital and innovation. The spatial distance of an investment does not seem to be a crucial determinant forthe success of corporate venture capital deals, supporting the arguments of authors proclaiming a“death of geography”.
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Knowledge-based view theory Corporate entrepreneurship Real options theory Corporate venture capital Innovation Investment stage Geographic proximity Death of geography