Via a study of the corporate venture capital (CVC) unit of a multinational corporation, we examine how CVC contributes to strategic renewal. We find the commonly featured direct path to renewal to have limited impact as access to venture technology is constrained by key external institutional barriers. By contrast, we highlight a less studied, but potentially more important, indirect path: the unit's and hence the parent corporation's access to a high-technology ecosystem. Obstacles on this path are internal and organizational: including challenges of integration, goal disparities, and competition for resources and credit between the CVC unit and corporate parent. The significance of the indirect path and revelation of understudied institutional and organizational barriers suggest new directions for rechanneling and contextualizing studies of CVC.

中文翻译：

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企业风险投资对战略更新的贡献：被忽视的路径和障碍

通过对一家跨国公司的企业风险投资 (CVC) 部门的研究，我们探讨了 CVC 如何促进战略更新。我们发现，由于获得风险投资技术受到关键外部制度障碍的限制，通常采用的直接更新路径的影响有限。相比之下，我们强调一条研究较少但可能更重要的间接路径：该部门以及母公司进入高科技生态系统。这条道路上的障碍来自内部和组织：包括整合挑战、目标差异以及 CVC 部门和母公司之间对资源和信用的竞争。