Empowering corporate ventures: the role of incumbents’ supplier support on internal corporate venture innovation

This study introduces the Internal Corporate Venture Triad (ICVT), a novel theoretical framework that redefines collaboration dynamics among Internal Corporate Ventures (ICVs), their parent corporations, and incumbent suppliers, known for their robust service support and previous partnerships. This triadic approach advances beyond the traditional dyadic model, providing essential support for ICV success, addressing high failure rates highlighted in existing research. Using an embedded multiple case study, this research explores three cases with six ICVs, identifying four ICVT types, each reflecting a strategic intent of corporates to incorporate suppliers into their ventures: strategic focus, innovation support, resource requirements, and mediator demand. Second, it reveals three supplier engagement paradigms – Bound Benefactor, Opportunistic Supporter, Systematic Innovator – each offering unique contributions to venture success such as enhancing learning proficiency or promoting a behaviour-mimicking phenomenon ‘Social Mirroring.’ This study advances the literature on innovation and corporate venturing, providing actionable insights for integrating suppliers in ICVs.