Strategic Management Thought

A Model for Corporate Venture Capital Design Using Thematic Analysis

Document Type : Research Paper

Authors

1 technology studies institute

2 Imam Sadiq University.

3 Industrial Management, Faculty of Management and Accounting, Allameh Tabataba'i University, ‎Tehran, Iran.‎

4 Industrial Engineering, Faculty of Industrial Engineering, Iran University of Science and Technology, ‎Tehran, Iran.‎

10.30497/smt.2025.247876.3643

Abstract

Rapid technological advancements and shifts in the business environment are driving companies ‎towards innovation and enhanced competitiveness. In this context, Corporate Venture Capital (CVC) is ‎recognized as a strategic tool to facilitate innovation and sustainable growth, involving minority ‎investments by large corporations in startups. Successful CVC implementation faces numerous ‎challenges, including balancing strategic and financial objectives. This research aims to design a model ‎for structuring and organizing CVC within parent companies.‎

The research methodology is based on thematic analysis, combining empirical data (expert ‎interviews) and a review of existing research. The resulting model is a decision-support framework built ‎upon ‎‏13‏‎ key components across four dimensions: structural, investment strategy, human capital, and ‎organizational interactions. This model is grounded in contingency logic, offering ‎‏58‏‎ decision-making ‎options to enable customization based on each parent company's objectives, maturity level, structure, and ‎organizational culture. This framework provides practical guidance for managers and policymakers, ‎considering local nuances, and by offering a cohesive and actionable framework, it helps fill existing ‎gaps in CVC literature and enhances organizational capabilities in innovation management.‎

Keywords

Main Subjects

خیرآبادی، هانیه (۱۳۹۶‎)‎. تأثیر سرمایه‌گذاری خطرپذیر شرکتی (CVC) بر انتقال دانش در کسب‌وکار. پایان‌نامه کارشناسی ارشد. دانشگاه علامه طباطبائی. دانشکده مدیریت و حسابداری.
غضنفری، حسین؛ خدادادحسینی، سیدحمید؛ کردنائیج، اسداله و آذر، عادل (۱۳۹۸‎). ‎مدل سطح‌بندی عوامل مؤثر بر به‌کارگیری راهبرد سرمایه‌گذاری مخاطره‌آمیز شرکتی با رویکرد مدل‌سازی ساختاری تفسیری (ISM‎)‎ دانش سرمایه‌گذاری. ۸ (۳۱‎).
متوسلی، محمود؛ شجاعی، سعید؛ چیت‌سازان، هستی و محمدی‌الیاسی، قنبر (۱۳۹۶‎). موانع نهادی سرمایه‌گذاری خطرپذیر در ایران؛ مطالعه‌ای برای واکاوی انگیزه‌های سرمایه‌گذاری در بنگاه‌های کوچک فناور. توسعه کارآفرینی. ۱۰ (۳). ۴۷۷–۴۹۶.
مرادزاده‌انگیزی، فریبا و زرندی، سعید (۱۳۹۷‎). تفاوت سرمایه‌گذاری خطرپذیر شرکتی و سرمایه‌گذاری خطرپذیر. پژوهش‌های جدید در مدیریت و حسابداری. ۱۹
500 Startups. (2019‎)‎ Unlocking corporate venture capital. Retrieved from
https://cdn2.hubspot.net/hubfs/698640/CVC%20Report%20%20Unlocking%20Corporate%20Venture%20Capital%20-%202019.pdf
Attride-Stirling,J. (2001‎)‎ Thematic networks: An analytic tool for qualitative research. Qualitative Research.1 (3). 385–405.
https://doi.org/10.1177/146879410100100307
Burgelman, R. A., & Sridharan, A. (2021). A Process Model of Corporate Venture Capital as External Innovation Capability: The Case of JetBlue Technology Ventures. Stanford University Graduate School of Business Research Paper.
https://ssrn.com/abstract=3925854
Caleffi, I. (2021‎)‎ Corporate venture capital,innovation and value creation: Insights from a multiple case study (Master’s thesis‎)‎ Università degli Studi di Padova. Dipartimento di Scienze Economiche ed Aziendali “M. Fanno.”
CB Insights. (2023‎)‎ State of CVC global | 2023 recap: Global data and analysis on CVC -backed deals and funding to private market companies. CB Insights.
Chesbrough,H. W. (2002‎)‎ Making sense of corporate venture capital. Harvard Business Review. 80 (3). 90–99.
Chiang, T. (2018‎)‎ Capturing and measuring the strategic value in corporate venture capital [Master's thesis,Massachusetts Institute of Technology]. MIT DSpace.
http://hdl.handle.net/1721.1/118556
Dushnitsky,G. (2012‎)‎ Corporate venture capital in the twenty-first century: An integral part of firms' innovation toolkit. In The Oxford handbook of venture capital.
https://doi.org/10.1093/oxfordhb/9780195391596.013.0006
Dushnitsky,G.,& Lenox,M. J. (2006‎)‎ When does corporate venture capital investment create firm value? Journal of Business Venturing. 21 (6). 753–772.
https://doi.org/10.1016/j.jbusvent.2005.04.012
Fischer,D. M. (2021‎)‎ The essence of sustainable corporate venture capital performance - Essays on CVC success (Doctoral thesis‎)‎ Hannover: Gottfried Wilhelm Leibniz Universität.
Frey,P.,& Kanbach,D. (2023‎)‎ Design dimensions of corporate venture capital programs—A systematic literature review. Management Review Quarterly.
https://doi.org/10.1007/s11301-023-00372-2
Gabriel,S. (2021‎)‎ Has corporate venture capital unleashed its full potential yet? (Doctoral thesis‎)‎ University of Huddersfield. Retrieved from
http://eprints.hud.ac.uk/id/eprint/35714/
Gade, R. (2022). Rethinking CVC in the Light of Deep Tech Investments: A qualitative case study of how to effectively enable influx of external knowledge from CVC investments in deep tech innovation (Master’s thesis, Copenhagen Business School).
Ghazanfari, H., Hosseini, S. H. K., Nayej, A. K., & Azar, A. (2019‎)‎ A multi-level model of factors influencing the adoption of corporate venture capital strategy with interpretive structural modeling (ISM) approach. Investment Knowledge Scientific-Research Quarterly. 8 (31‎).
Ghazanfari, Hossein, Khodadad Hosseini, Seyed Hamid, Kord Naeij, Asadollah, & Azar, Adel. (2019‎)‎ A Hierarchical Model of Factors Influencing the Adoption of Corporate Venture Capital Strategy Using Interpretive Structural Modeling (ISM‎)‎ Investment Knowledge. 8
Goold, M., Campbell, A., & Alexander, M. (1994). Corporate-Level Strategy: Creating Value in Today's Corporation. John Wiley & Sons.
Hansen, M. J., & Wismann, J. (2024). Corporate Venture Capital: An Empirical Investigation of Innovation-Related Factors Influencing European Corporates in selecting Internal or External Corporate Venture Capital Units (Master's thesis. Copenhagen Business School).
Jeon, E., & Maula, M. (2022). Progress toward understanding tensions in corporate venture capital: A systematic review. Journal of Business Venturing. 37 (1). 106226.
https://doi.org/10.1016/j.jbusvent.2021.106226
Keil,T. (2000‎)‎ External corporate venturing: Cognition,speed and capability development (Doctoral thesis‎)‎
Kheirabadi, Hanieh. (2017‎)‎ The Impact of Corporate Venture Capital (CVC) on Knowledge Transfer in Business. Master's Thesis, Allameh Tabataba’i University. Faculty of Management and Accounting.
Kieke, M. (2021‎)‎ Architecting a Corporate Venture Capital Firm for a Commodity Enterprise (Master’s thesis,Massachusetts Institute of Technology, System Design and Management Program‎)‎ Retrieved from
https://hdl.handle.net/1721.1/140180
Kohut, M., Ahlfänger, M., & Leker, J. (2021). The impact of strategy and structure on the performance of corporate venture capital units. International Journal of Innovation Management. 25 (8). 2150094.
https://doi.org/10.1142/S1363919621500948
Kötting, M. (2018‎)‎ Corporate venture capital to promote the innovation capability of established companies - A systematic literature analysis. ZfKE – Zeitschrift für KMU und Entrepreneurship. 66. 113–146.
Ladnar, N., & Zureck, A. (2019‎)‎ Analysis of corporate venture capital from an investor perspective. SSRN Electronic Journal.
https://doi.org/10.2139/ssrn.3378213
Ma, S. (2016). The Life Cycle of Corporate Venture Capital (Doctoral dissertation, Duke University).
https://ssrn.com/abstract=2691210
Maula, M. V. J. (2007‎)‎ Corporate venture capital as a strategic tool for corporations. In H. Landström (Ed.),Handbook of research on venture capital (Chapter 15‎)‎ Edward Elgar Publishing.
Moraca,T. (2019‎)‎ Are corporate venture capitalists better at improving the portfolio firms’ performances? (Master’s thesis‎)‎ Politecnico di Milano.
Moradzadeh Angizi, Fariba, & Zarandi, Saeed. (2018‎)‎ The Differences Between Corporate Venture Capital and Venture Capital. New Research in Management and Accounting. 19.
Moro, N. (2025). Corporate Venture Capital: CVC Governance Structures and their Alignment with the Corporate Investment Objectives (Master's thesis, Tilburg University, School of Economics and Management).
Motavaseli, Mahmoud, Shojaei, Saeed, Chitsazan, Hasti, & Mohammadi Elyasi, Ghanbar. (2017‎)‎ Institutional Barriers to Venture Capital Investment in Iran: Analyzing Investment Motivations in Small Technology Firms. Entrepreneurship Development. 10 (3). 477–496.
Mussalo, J. (2019‎)‎ Comparison of corporate venture capital and independent venture capital through information asymmetries (Master’s thesis‎)‎ Aalto University School of Business Economics.
Narayanan G., A. (2024). Identification and prioritization of factors and their influence on corporate venturing success: The analysis of influential factors affecting the success of the corporate ventures using the Best-Worst methodology and their prioritization assessment (Master's thesis, Delft University of Technology).
Pinkow, F., & Iversen, J. (2020‎)‎ Strategic objectives of corporate venture capital as a tool for open innovation. Journal of Open Innovation: Technology. Market and Complexity.
Podsiadło, B. (2024). Corporate Venture Capital: Theorising an Inverted U-Shaped Relationship Between CVC Unit Ambidexterity and Firm Performance. The Moderating Effect of Macroeconomic Conditions (Master's thesis, Tilburg University, School of Economics and Management).
Sajdak, A. -L., & Brümmer, J. F. (2020). The Implications of the Structural Choice of CVC Units on the Incumbent’s Innovativeness (Master’s thesis, Copenhagen Business School).
Schroeder, M. (2021‎)‎ The six types of CVCs — and how to pick the best one for your company. How To.
https://howto.co/the-six-types-of-CVCs-and-how-to-pick-the-best-one-for-your-company/
Schückes, Magnus & Unger, Benedikt & Gutmann,Tobias & Fels, Gerwin (2025),"Innovation at the interface: A configurational approach to corporate venture capital," Journal of Business Venturing. Elsevier. vol. 40 (1). ?
Strebulaev, I. A., & Wang, A. (2021‎)‎ Organizational structure and decision-making in corporate venture capital. SSRN.
https://ssrn.com/abstract=3963514
Ughetto, E. (2019‎)‎ Effects of corporate venture capital investments (Master’s thesis‎)‎ Politeco di Torino,Collegio di Ingegneria Gestionale.
Van Cauteren, J., Costa, B., & Pillay, L. (2024‎)‎ Corporate venturing units: 7 strategies fuelling growth [Report]. Bundl.
https://www.bundl.com/reports/corporate-venturing-units-7-strategies-fuelling-growth#download
Verhoeven, J. (2018). CVC Unit or CVC Fund: What is the Best Structure for Innovation? (Master's thesis, Radboud Universiteit Nijmegen, Business Administration – Strategic Management).
Wang, A. Y. (2021‎)‎ Organizational structure and decision-making in corporate venture capital. SSRN Electronic Journal.
Zahra, S., & Allen, S. (2007‎)‎ Entrepreneurs’ perspective on corporate venture capital (CVC): A relational capital perspective. In Handbook of research on venture capital (pp. 393–412‎)‎
https://doi.org/10.4337/9781847208781.00026
Strategic Management Thought
Volume 18, Issue 4 - Serial Number 42
January 2025
Pages 171-208
  • Receive Date: 10 March 2025
  • Revise Date: 05 July 2025
  • Accept Date: 18 July 2025