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Corporate venturing is one way for corporations to
introduce strategic renewal into their business portfolios, which is
imperative for ongoing success in innovation-driven industries.
Prior research finds that corporate ventures should be separated
from the mainstream business in loosely coupled sub-units, but
scholars continue to discuss how loose or tight the ventures should
be to balance exploration and exploitation. Hence, the antecedents
for successful venture management are yet to be fully explored and
our study contributes to this effort. The study shows that
corporate venture success is enhanced when corporate
management grants job and strategic autonomy to the venture
managers. This is further amplified when corporate management
simultaneously imposes an exploitative policy that forces venture
managers to prioritize extensions to and improvements of existing
competences and product-market offerings.