Corporate Venture Capital - in terms of the purchase of non-publicly traded equity in an independently managed start up or growth company by a corporation - is an increasing activity. Corporate Venture Capital thereby constitutes a strategic bridge between entrepreneurial firms and global corporations. Hence, this work addresses Corporate Venture Capital in an enlarged strategic context. Owing to the novelty of the topic a working definition and typology criteria are provided. The history as well as recent trends and driving forces are outlined. The evolution of Corporate Venture Capital from an indirect role overshadowed by the Venture Capital sector to a strategically aligned and independent corporate activity is documented. The constituents of the new corporate landscape like information and network economics are highlighted to show the congruence between the strategy potential of Corporate Venture Capital and corporate challenges as well as transformation needs. Corporate Venture Capital ensures the development of capabilities vital to grow and evolve along a dramatically changing environment. It is argued that the communication of the enlarged strategy potential coupled with the risk minimization (e.g. implied real options) inherent in Corporate Venture Capital might overcome existing shareholder concerns or capital market reservations. This work reviews and synthesizes existing literature and studies on the role, objectives, and success determinants. It reveals strategic fit and structural governance to be key issues. Studies claiming the mere replication of the Venture Capital methods, governance and culture as key to success can not be confirmed against the criteria developed in this work. Under reference to recent organizational theory and corporate governance research the hybrid organizational form marking Corporate Venture Capital is elaborated and structural propositions (emphasizing mutual trust and pay off perceptions) to the corporation-investee relationship are provided. Finally this work suggests that Corporate Venture Capital might enjoy differential advantages over conventional venture capital be it from the investee point of view or the application of generic performance criteria. Finally this work suggests that Corporate Venture Capital might enjoy differential advantages over conventional venture capital be it from the investee point of view or the application of generic performance criteria.weiterlesen