In its attempt to answer the research questions outlined in the Introduction (Chapter 1.2), the present study has pinpointed some areas of potential future research. In the following, some possible avenues for future research are discussed.
Longitudinal analysis of the impact of corporate venture capital on the performance of technology-based new firms. One of the limitations of this research is that the analyses are primarily based on cross-sectional data. A longitudinal research setting could help to create further understanding of the value-added benefits from corporate venture capital investments because some of the benefits discussed in the present study may be only short-term benefits. For instance, examining strategic alliances of new ventures, Stuart et al. (1999:347) suggested that it is possible that the initial advantage of a connection with a prominent actor might be followed by sub-par performance in a case when endorsement benefits were not tightly coupled with the true quality of the venture. Longitudinal research designs and lagged performance variables would be valuable in future research on the performance effects of the value-added provided by corporate venture capitalists.
The impact of corporate venture capital on the internationalization of technology-based new firms. There is some existing research suggesting that interorganizational relationships may be valuable for the internationalization of technology-based new firms (Artz et al. 1999, Autio et al. 1997, Lu & Beamish 2001, Zacharakis 1997, Zahra et al. 2000b). However, the role of corporate venture capital in supporting internationalization has not been examined in the previous literature. The present study considered this idea, but because of the large home-market of the U.S. based
sample companies, few of the very young companies in the sample had prioritized internationalization very high. However, some of the companies that were attempting to internationalize rapidly, and had foreign corporate investors (e.g. in Asia), suggested that these foreign corporate investors were valuable in entering the foreign market. It would be interesting to examine the role of corporate investors in the internationalization of start-ups based in smaller home markets because in this setting the potential help in internationalization could be better measured.
The impact of the experience and external venturing capability of the corporations on the corporate venture capital performance. This study examined corporate venture capital from the start-up perspective. While this perspective was justified by the lack of research from this perspective, there are also gaps in research on corporate venture capital from the corporate perspective. One interesting perspective would be to examine the influences of structure, experience, and external venturing capability of corporations (Keil 2000) on their performance in corporate venture capital. These factors are also likely to affect the relationship with portfolio companies.
Overall, the present dissertation is the first study to develop and empirically validate a comprehensive model on the value-added mechanisms and the factors influencing these mechanisms in the relationships between technology-based new firms and their corporate venture capital investors. In addition to contributing to the emerging literature on corporate venture capital, the present study also contributes to a wider body of literature on interorganizational relationships between small and large firms and has implications both for researchers and practitioners regarding value creation in interorganizational relationships.
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