This study investigates how small and medium-sized enterprises (SMEs) engage in business development through innovative corporate venturing (CV) activities on a sample of Danish SMEs.

Traditionally, innovative business development through CV activities has been connected to firms’ purposeful and pre-planned attempts to leverage entrepreneurial opportunities (Ireland, Covin and Kuratko, 2009). Furthermore, especially large firms have been the point of departure in this tradition (Burgelman, 1983; Guth and Ginsberg, 1990; Hornsby, Naffziger, Kuratko and Montagno, 1993): A focus which might have been caused by the CV literature’s close link to the strategy field. An explanation to why the extant CV literature is somewhat normative.