Abstract

Inter-firm ties with different partners, such as alliance partners and corporate venture capital (CVC) investors display complex characteristics; at times these relationships act as complements and at other times substitutes (Dushnitsky & Lavie, 2009). Extant literature only considers the impact of these relationships on the investor and not on the venture receiving the capital. This omission is serious because, new ventures, more so than mature companies, have to consider the reinforcing or attenuating nature of these relationships when weighing decisions regarding tie formation with different types of partners. Drawing on the resource-based view, we investigate this reinforcing versus attenuating effect of alliances and CVC on new-venture internationalization because internationalization is important for venture growth and because both types of relationships have been shown to affect internationalization (see, for example, Lu & Beamish, 2006; Al-Laham & Souitaris, 2008; Leiblein & Reuer, Fernhaber & McDougall-Covin, 2009).

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