Abstract
Drawing on the learning perspective, we examine the role of technology complementarity (TC) and technology similarity (TS) in corporate venture capital (CVC). We conceptualize a twofold strategy for portfolio companies: On the one hand, they can attract the interest of corporate investors by offering TC and TS, leading to the formation of CVC relationships; on the other hand, they can benefit from the learning associated with TC and TS, thus leading to their choice of different exit modes. We found that TC and TS have different impacts on the formation of CVC relationships. We also found that TC and TS influence the likelihood of IPO and acquisition differently.
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