The contribution of corporate ventures to radical innovation

Czarnitzki, Dirk ; Dick, Johannes M. H. ; Hussinger, Katrin

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URN: urn:nbn:de:bsz:180-madoc-30135
Document Type: Working paper
Year of publication: 2010
The title of a journal, publication series: None
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: L26 M13 O31 O32 ,
Subject headings (SWD): Deutschland , Unternehmensgründung , Betriebsaufspaltung , Innovation , Risikokapital
Keywords (English): corporate entrepreneurship , start-ups , radical innovation
Abstract: Established firms often face significant obstacles to innovation. As a solution, it has been suggested to form corporate ventures. Based on a sample of corporate and independent ventures in German manufacturing, we show that corporate ventures are more innovative than the control group, i.e. the independent ventures. In particular, corporate ventures are more successful at developing radical innovations. This effect, however, decreases with the ventures’ degree of ownership concentration. We conclude that corporate ventures with a high ownership concentration are more likely to be controlled and monitored by their corporate sponsors, resulting in less favorable conditions for radical innovation.
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