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<p>This study systematically reviews 64 articles from 2007 to 2024 to explore key aspects of the corporate venture capital (CVC) value chain, including types, objectives, processes, challenges, and antecedents. The findings highlight the diversity of CVC models, classified into 19 categories based on strategic and financial priorities, operational linkages, and risk attitudes. The CVC process is structured into eight key stages, spanning opportunity scouting to investment exits, with additional supportive activities, such as strategic alignment and governance. CVC serves multidimensional objectives, ranging from accessing emerging technologies and new markets to knowledge exchange and financial returns. However, the field faces significant challenges, including managerial misalignments, inefficiencies in knowledge transfer, and innovation risks, which demand robust governance frameworks. This review also identifies 62 antecedents that influence CVC outcomes, including organizational structure, investment strategy, and environmental context. By using a value chain framework, this study integrates these findings into a comprehensive model for optimizing CVC strategies.</p>

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Corporate venture capital value chain: objectives, challenges, and strategic implications

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年4月24日

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  • Navid Mohammadi,
  • Asef Karimi,
  • Saba Tavasoli

摘要

This study systematically reviews 64 articles from 2007 to 2024 to explore key aspects of the corporate venture capital (CVC) value chain, including types, objectives, processes, challenges, and antecedents. The findings highlight the diversity of CVC models, classified into 19 categories based on strategic and financial priorities, operational linkages, and risk attitudes. The CVC process is structured into eight key stages, spanning opportunity scouting to investment exits, with additional supportive activities, such as strategic alignment and governance. CVC serves multidimensional objectives, ranging from accessing emerging technologies and new markets to knowledge exchange and financial returns. However, the field faces significant challenges, including managerial misalignments, inefficiencies in knowledge transfer, and innovation risks, which demand robust governance frameworks. This review also identifies 62 antecedents that influence CVC outcomes, including organizational structure, investment strategy, and environmental context. By using a value chain framework, this study integrates these findings into a comprehensive model for optimizing CVC strategies.