We examine the performance effects of two knowledge-driven strategies - internal knowledge development and external knowledge access through inter-firm relationships - in the context of venture capital investing. Using longitudinal data on the investments, syndication, and performance of 200...

Drawing on expectancy, equity, and collective effort theories, we argue that the level of involvement of individual firms in multifirm alliances depends on both individual firms' self-focused interests and factors stemming from the firms' membership in the alliance group. We apply our...