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Unique Resources of Corporate Venture Capitalists as a Key to Entry Into Rigid Venture Capital Syndication Networks


Markku V.J. Maula, tel.: +358 9 4702 3085; e-mail:, to Thomas Keil at, and to Cameron Wilson at


We investigate how corporate venture capitalists (CVCs) can rapidly attain central positions in venture capital syndication networks. Using data of CVC investments by U.S. corporations between 1996 and 2005, we complement prior research, which suggests that centrally positioned VCs predominantly invest together with other centrally positioned VCs. While we find clear support for the social network theory arguments that prior central positions in syndication networks significantly explain future network positions of CVCs, we also find a negative interaction effect between past centrality and corporate resources. This finding implies that resources of CVCs can substitute for their lack of prior centrality and allow them to gain rapidly central positions in rigid VC syndication networks.