The role of corporate venture capital across business ecosystem formation trajectories

Corporate venture capital (CVC) has become an important strategic mechanism through which focal firms access external innovation and engage with business ecosystems. Although prior research recognizes that CVC contributes to ecosystem development, limited attention has been paid to how its strategic roles and investment strategies vary across different business ecosystem formation trajectories (BEFTs). This study addresses this gap by developing a conceptual framework that links BEFTs with the strategic roles of CVC. A three-stage research process was employed. First, the compatibility of four BEFTs identified in prior research with CVC was assessed to determine the trajectories in which CVC can play a meaningful role in ecosystem formation. Second, a systematic literature review of 64 studies was conducted to identify and categorize six overarching CVC roles. Third, an expert focus group evaluated the alignment between the identified roles and the CVC-compatible BEFTs, providing the basis for developing the BEFT–CVC role framework. The findings show that the strategic value of CVC depends on the ecosystem formation logic pursued by the focal firm. While technology and market scouting together with organizational learning remain relevant across different trajectories, other roles and investment strategies become strategically salient only under specific ecosystem formation conditions. The BEFT–CVC role framework links formation trajectories with distinct CVC role configurations and corresponding investment strategies. By integrating the business ecosystem and CVC literatures, the study provides a contingency perspective on the strategic deployment of this mechanism and offers practical guidance for aligning investment strategies with ecosystem formation objectives.