Additivity and complementarity in external technology sourcing: The added value of corporate venture capital investments

Vareska Van de Vrande, Wim Vanhaverbeke and Geert Duysters ()

MPRA Paper from University Library of Munich, Germany

Abstract: Innovating firms often invest in a number of different technology projects, in different stages of development, using a wide range of distinct technology sourcing modes, such as strategic alliances, joint ventures, and mergers and acquisitions. Recently, firms have also gained an increasing awareness of the potential benefits of corporate venture capital investments. This paper investigates the particular role of corporate venture capital investments in the technology-sourcing portfolio of firms. More specifically, we focus on the extent to which corporate venture capital investments are additive or complementary to other modes of technology sourcing when explaining the innovative performance of firms. The results indicate that corporate venture capital investments are particularly beneficial for the innovative performance of firms when they are used in combination with other technology sourcing modes.

Keywords: external technology sourcing; open innovation; corporate venture capital investments; strategic alliances; M&As; complementarity (search for similar items in EconPapers)
JEL-codes: O31 (search for similar items in EconPapers)
Date: 2009, Revised 2010
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