EXPLORATIVE AND EXPLOITATIVE LEARNING FROM CORPORATE VENTURE CAPITAL: A MODEL OF PROGRAM LEVEL DETERMINANTS

The article discusses a study that investigates the conditions under which corporate venture capital (CVC) investments promote the exploitive and explorative organizational learning of incumbents. The article argues that a program of CVC investments allows incumbents to learn different things than they would otherwise from studying single CVC transactions. The article hypothesizes that there is an inverted U-shaped relationship between the volume of the incumbent's CVC investments and exploitative and explorative organizational learning. The article also discusses core business relatedness, the autonomy of the CVC unit, and the absorptive capacity of the incumbent.