Families in Corporate Venture Capital

We show that families are an engine of venturing activities: one third of all corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms have a distinct venturing style: they syndicate more often, join larger syndicates, and make closer deals (geography- and industry-wise), especially when they are led by a family CEO. These features map into performance results: family CVC-backed ventures exhibit a higher likelihood of successful exit, better marker performance and more valuable innovation. At the level of the parent organization, CVC creates more shareholder value for family firms than non-family firms