Corporate Venture Capital: Who Adds Value?

<title/> <italic>Corporate venture capital (CVC) is a phenomenon that has received changing levels of attention in the last two decades. To understand the varying performance of CVC activities, it is important to analyse the value added CVC firms provide to investee start-up companies. This analysis in itself is an important contribution to existing literature. This paper argues that different CVC firms rely on different resource bases. Thus, different 'types' of CVC providers can be distinguished. Empirical case studies serve to illustrate these different types. A number of propositions are derived in order to answer the question which of these CVC investors may be best suited to add different kinds of value to the start-up firms. The derived propositions may lead empirical research in the future.</italic>