Boundary work in CVC: how boundary work enables the strategic use of CVC to create and unlock value

In this article, we build on and contribute to the literature on Corporate Venture Capital (CVC) through the lens of Boundary Work Theory. Analyzing interview data from several successful CVCs, we uncover boundary works (micro-strategies) taking place at and through organizational boundaries that enable collaboration amongst CVC stakeholders and balance competitive and collaborative forces within and across the organizational boundaries. CVCs are more complex than traditional institutional venture capitals (VCs) as they seek to maximize both strategic and financial returns. While extant research has shown that the strategic use of CVC creates value for the parent firm, none have explored how successful CVCs do this at and through the boundaries amongst different parties involved. We identify two overarching mechanisms, one at the boundaries that enable collaboration and the other through the boundaries that simultaneously bring certain CVC activities together whilst keeping others apart to enable collective action. Our findings portray a process model comprised of eleven micro-strategies that successful CVCs use to create and unlock value.