Navigating Corporate Venturing Projects: A Taxonomy for Success

Abstract

Corporate venturing (CV) projects are often characterized by high complexity and uncertainty, requiring nuanced governance approaches that go beyond predefined CV modes. Existing approaches tend to offer limited guidance, frequently overlooking critical dimensions that influence the success of CV projects. To bridge this gap, we develop a conceptually grounded and empirically validated taxonomy comprising 10 dimensions that collectively enable a more comprehensive and mode-independent characterization of CV projects. Based on a systematic literature review, 41 case studies, and expert interviews, our findings reveal new dimensions, such as the inclusion of competitors as venturing partners to address shared industry challenges, or diverse approaches for corporates providing venturing support. Among other contributions, the taxonomy with its dimensions offers more granular insights for decision-making, enabling firms to apply a more transparent, structured, and system-based approach to governing CV projects.