Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/313386 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Business Economics [ISSN:] 1861-8928 [Volume:] 93 [Issue:] 5 [Publisher:] Springer Berlin Heidelberg [Year:] 2022 [Pages:] 783-816
Publisher: 
Springer Berlin Heidelberg
Abstract: 
Abstract Start-up growth is inevitably dependent on the provision of external resources. Yet, even though corporate venture capital could be an attractive funding source as it provides financial as well as crucial additional resources, corporate venture capitalists (CVCs) are seen as a two-sided sword by entrepreneurs. We, therefore, investigate entrepreneurs’ consideration of potential CVC investors and conceptualize a model of their willingness to approach a CVC investor. Using a conjoint experiment with 1680 investor profiles evaluated by 105 entrepreneurs, we show that entrepreneurs consider the investor’s motivation, deal experience, access to firm-specific resources, and long-term financial commitment of funds. However, entrepreneurs’ evaluation differs depending on their need for specific resources, as well as their fundraising experience. We thereby highlight entrepreneurs’ anticipatory trade-off decisions in the light of resource dependence and help CVC managers to optimize their communication and management efforts to attract the most suitable portfolio companies.
Subjects: 
Corporate venture capital
Investor attractiveness
Entrepreneurial decision-making
Resource need
Entrepreneurial experience
Conjoint analysis
Persistent Identifier of the first edition: 
Additional Information: 
M13;L26;G24
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version
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