Evaluating innovation output of companies backed by corporate, independent and syndicated venture capital

Fatima Shuwaikh (), Sabrina Khemiri (), Souad Brinette () and Joakim Zebulon Börrén Dias ()
Additional contact information
Fatima Shuwaikh: DVHE - De Vinci Higher Education
Sabrina Khemiri: LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - DEFI - Département Data analytics, Économie et Finances - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]
Souad Brinette: EDC - EDC Paris Business School
Joakim Zebulon Börrén Dias: Catolica Lisbon School of Business And Economics - Partenaires INRAE

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Abstract: This paper examines how Corporate Venture Capital (CVC), Independent Venture Capital (IVC) and Venture Capital Syndicate (VCS) promote innovation among startups. Drawing on a dataset of 4406 venture-backed deals in North America, spanning 1998–2019, it explores how the configurations of investors and their contextual factors influence innovation output. The findings show that syndicated and CVC-backed ventures outperform IVC-backed ventures. Syndicates with a larger membership are positively associated with innovation outcomes based on resource pooling and knowledge sharing; contextual factors, such as location and technology fit, environmental munificence and absorptive capacity have a positive moderating effect on the relationship between VC type and innovation outcomes. This research adds to both academic knowledge and practical implications, offering entrepreneurs, investors and policymakers' actionable insights about how to facilitate innovation, improve venture funding and enhance innovation management to ultimately strengthen the innovation ecosystem.

Keywords: Absorptive capacity; Environmental munificence; Innovation; Location fit; Syndicates; Technological fit; Venture capital (search for similar items in EconPapers)
Date: 2025-06-23
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Published in International Journal of Finance and Economics, inPress, pp.1-27. ⟨10.1002/ijfe.70003⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05130325

DOI: 10.1002/ijfe.70003

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