Handbook of Research on Corporate Entrepreneurship
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Handbook of Research on Corporate Entrepreneurship

Edited by Shaker A. Zahra, Donald O. Neubaum and James C. Hayton

Corporate entrepreneurship is about remaking organizations; it affects organizational cultures and systems, which, in turn, influence the magnitude, direction and content of corporate entrepreneurship activities. This Handbook hopes to synthesize what we know and clarify what we need to know about key issues such as strategic renewal, innovation and venturing activities within established companies, giving direction to future research.
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Chapter 7: Corporate venture capital: important themes and future directions

Sandip Basu, Anu Wadhwa and Suresh Kotha


Basu, Wadhwa and Kotha note the importance of corporate venture capital (CVC) as the second largest source of funding for new ventures after independent venture capitalists (VCs), a factor that has stimulated considerable research on the topic. However, this research has been fragmented. To organize the literature, Basu et al. separate existing studies that adopt an investor perspective from those that take the new ventures’ perspective. Next, the authors review the studies under the investor stream, focusing on three themes: motivations and antecedents; financial and strategic outcomes; and the management of CVC. Likewise, the authors examine the literature from new ventures’ perspective along three dimensions: factors influencing acceptance of CVC investments, outcomes gained through CVC and management of the investment. Overall, their review highlights the progress made to date in studying these important issues; identifies gaps to be addressed; and suggests fruitful research avenues for future studies. The review underscores the various financial and non-financial gains for new ventures from CVC and the managerial challenges associated with creating and capturing value from these investments.

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