Corporate Venture Capital and Entrepreneurial Product Development

Funded Research Proposal

Increasingly, corporations are investing in entrepreneurial firms. This trend has not been overlooked by researchers in the management literature, but the majority of research studying the effects of corporate venture capital (CVC) overwhelmingly takes the perspective of the organization with the venture capital operation. Read More

Unlocking Value from Startups’ Ties to Established Firms: The Role of the Entrepreneurs’ Background

Working Papers

Evidence on whether startups benefit from corporate venture capital investment is equivocal. Research suggests that the principal impediment to value creation in these relationships for startups is the complexity of the larger organization – the varying incentive structures, layers of bureaucracy and convoluted decision-making processes that limit their access to valuable resources. Read More

Pipes or Shackles? How Ties to Incumbents Shape Startup Innovation

Working Papers

Startups are increasingly turning to the incumbent firms in their industries for venture capital. However, there remain significant gaps in our understanding of how these relationships influence the way they innovate. Read More

Becoming a Corporate Entrepreneur: Individual Specialization, Group Functional Diversity, and Corporate Venturing Within Firms

Working Papers

Many large firms try to encourage entrepreneurial initiatives by their employees, but the question of which employees undertake such initiatives has not been explored. In this study, we argue that the formal division of labor within a firm affects employees’ likelihood of engaging in internal corporate venturing. Read More

Borrow, Buy, and Invest: Complementarity and Substitutability of External Corporate Development Modes

Funded Research Proposal

I aim to contribute to corporate strategy and technology and innovation management literatures by refining the way we think about how firms’ externally accessible resources and capabilities influence those firms’ heterogeneous boundary choices and their resulting outcomes. Read More

From Invention to Innovation: A Multi-Study Investigation of Firm Strategy and Outcomes in Clinical Trials

Funded Research Proposal

The translation of invention to innovation is a topic that has received significant research attention in recent times. Scholars have recognized that our understanding of the factors that shape whether and when innovative technologies arise and transform industries cannot be complete without comprehending how scientific or technological discovery evolves into commercial adoption. Read More

Corporate VCs Yield Better Innovation Outcomes

Recent research by Senior Fellow Gary Dushnitsky measures the innovation success of new biotech ventures by tracking their patenting and publishing rates. He and coauthor Elisa Alvarez-Garrido find that the identity of the investor makes a big difference.Read More

Are Entrepreneurial Ventures’ Innovation Rates Sensitive to Investor Complementary Assets?

Published Research

Entrepreneurial ventures are a key source of innovation. Nowadays, ventures are backed by a wide array of investors whose complementary asset profiles differ significantly. We therefore assert that entrepreneurial ventures can no longer be studied as a homogeneous group.Read More

Publications and Patents in Corporate Venture-Backed Biotech

Published Research

Biotech startups increasingly turn to corporate venture capital (VC) arms for funding, rather than to traditional venture capitalists. The innovation implications for these startups remain unexplored. Here, we present evidence that the shift in funding patterns is associated with a greater output of scientific publications as well as patenting.Read More

Corporate Venture Capital and the Returns to Acquiring Portfolio Companies

Published Research

A prominent motive for corporate venture capital (CVC) is the identification of entrepreneurial-firm acquisition opportunities. Consistent with this view, we find that one of every five startups purchased by 61 top corporate investors from 1987 through 2003 is a venture portfolio company of its acquirer.Read More