This study investigates why two or more corporates co-invest in the same start-upsyndicating their CVC activities. Based on two strands of literature, the CVC and thealliance, we propose a research framework that explores the possible antecedents ofCVC syndications. Particularly, grounded on alliance literature, we look at the CVCsyndication by combining two dimensions, relational and technological: the relationaldimension describes the competitive or cooperative nature of the relationship betweenpartners of CVC syndications, while the technological one represents the exploitativeor explorative technological objectives that corporates could pursue when coinvestingin a start-up. We argued that exploitative and explorative CVC syndicationsbetween corporates that compete in the same market can be explained by competitivestrategic reasons, while exploitative and explorative CVC syndications betweencorporates that operate in different markets are driven by cooperative strategicmotives. By using data gathered from VentureXpert database, we conduct anexploratory cluster analysis to investigate the CVC syndication activities of 100corporates that engaged more frequently in CVC syndications in a twenty-year timewindow (1995 - 2015). We found the existence of four possible strategies that p ’ p by C C y p O work offers important implications, both to theory and practice.
|Number of pages||0|
|Publication status||Published - 2016|