The Corporate Venture Champion: A Resource Based Approach to Role and Processes
(with Patricia Greene and Myra Hart)
The role of the venture champion in the corporate venturing process is the subject of limited discussion in the relevant literature. Whereas there is consensus as to the importance of that role in the overall corporate venture process, there is little systematic discussion from the perspective of the champion. Resource-based theory provides a starting point for development of theory to explain behaviors of venture champions regarding resource identification, acquisition, and deployment. The existent theoretical gap may be bridged by an understanding of how resource bases and organizational contexts are different for independent and corporate entrepreneurs. This paper draws from a resource-based framework and examines contextual variations in time, success hurdles, and boundaries influencing independent entrepreneurs and corporate venture champions and leading to differences in resource types and acquisition process. This topic is of increasing importance as large established companies seek new ways to be innovative and flexible. Further, the extent to which companies can specify the competencies and resource-related behaviors of the corporate venture champion will affect the likelihood of the venture's success. The creation of new corporate ventures occurs in various organizational contexts, including small company start-ups, joint interorganizational ventures, and large diversified corporations.