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Building External Corporate Venturing Capability

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  • Thomas Keil
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    Abstract

    How firms build new capabilities to adapt to changing environments is at the core of strategic management. However, research has addressed this question only recently. In this paper, I propose a model that describes how firms develop a capability to create and develop ventures through corporate venture capital, alliances, and acquisitions. The model is based on two longitudinal case studies of large corporations operating in the information and communication technology sector in Europe. At the core of this model are learning processes that enable the firm to build up an external corporate venturing capability, by utilizing learning strategies both within and outside venturing relationships. To build this new capability, firms engage in acquisitive learning. Critical to deepening the capability acquired is adaptation of all knowledge to the firm specific context through experiential learning mechanisms. I also discuss the important role that initial conditions and knowledge management practices play in determining the direction and effectiveness of specific learning processes that lead to an external corporate venturing capability. Copyright Blackwell Publishing Ltd 2004.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Management Studies.

    Volume (Year): 41 (2004)
    Issue (Month): 5 (07)
    Pages: 799-825

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    Handle: RePEc:bla:jomstd:v:41:y:2004:i:5:p:799-825

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2380

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    Web: http://www.blackwellpublishing.com/subs.asp?ref=00022-2380

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    Cited by:
    1. Lin, Shu-Jou & Lee, Ji-Ren, 2011. "Configuring a corporate venturing portfolio to create growth value: Within-portfolio diversity and strategic linkage," Journal of Business Venturing, Elsevier, vol. 26(4), pages 489-503, July.
    2. Basu, Sandip & Phelps, Corey & Kotha, Suresh, 2011. "Towards understanding who makes corporate venture capital investments and why," Journal of Business Venturing, Elsevier, vol. 26(2), pages 153-171, March.
    3. Narayanan, V.K. & Yang, Yi & Zahra, Shaker A., 2009. "Corporate venturing and value creation: A review and proposed framework," Research Policy, Elsevier, vol. 38(1), pages 58-76, February.
    4. Wright, Mike & Lockett, Andy & Clarysse, Bart & Binks, Martin, 2006. "University spin-out companies and venture capital," Research Policy, Elsevier, vol. 35(4), pages 481-501, May.
    5. Dixit, M. R. & Karna, Amit & Sharma, Sunil, . "A Conceptual Note on Classification of Literature on Capabilities," IIMA Working Papers WP2007-10-05, Indian Institute of Management Ahmedabad, Research and Publication Department.
    6. Yang, Yi & Narayanan, V.K. & Zahra, Shaker, 2009. "Developing the selection and valuation capabilities through learning: The case of corporate venture capital," Journal of Business Venturing, Elsevier, vol. 24(3), pages 261-273, May.
    7. Hill, Susan A. & Birkinshaw, Julian, 2008. "Strategy-organization configurations in corporate venture units: Impact on performance and survival," Journal of Business Venturing, Elsevier, vol. 23(4), pages 423-444, July.

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