Strategic renewal through corporate venturing

The study addresses the challenge of established companies to continuously renew their competitive advantage for future profitable growth and identifies the particular organizational characteristics of newly emerging corporate venturing units that serve as vehicles for such strategic renewal. Using theoretical sampling, the cross-case analysis of semi-structured interviews and archival data from 29 established European companies reveals different types of corporate venturing units and along the most important distinguishing dimensions. These results illustrate how established companies can use "strategic corporate venturing" to renew their competitive advantage by creating company-relevant new business areas.