Today, firms encounter scarce resources and rapid technology change which render formerly successful business models obsolete. Research shows that some firms perform better than others in continuously discovering, evaluating, and exploiting opportunities in volatile environments and that this is dependent on firm’s dynamic capabilities. Besides obtaining dynamic capabilities through internal R&D activities, firms have open up their innovation process to pursue dynamic capabilities outside their organizational boundaries through external corporate venturing by accessing startup's technological capabilities necessary to innovate. External corporate venturing is a means to develop new distinctive capabilities and businesses by exploring and exploiting business opportunities outside a firm’s existing boundaries. Drawing on the dynamic capability literature, we use a multiple case study approach to examine the contribution of external corporate venturing to firms’ dynamic capabilities. Our results reveal that firms indeed use corporate venturing to identify and exploit startup’s technological knowledge and competencies to increase firm’s dynamic capabilities. But our empirical data also shows that not every firm is fully profiting from all dynamic capability phases as their corporate venturing modes are not linked with each other and cumulative effects are not realized.

如今，公司遇到了稀缺的资源和快速的技术变革，这使以前成功的商业模式过时了。研究表明，在不断变化的环境中不断发现，评估和利用机会的过程中，一些公司的绩效要优于其他公司，这取决于公司的动态能力。除了通过内部研发活动获得动态能力之外，公司还开放了创新流程，以通过利用初创公司创新所需的技术能力，通过外部公司的冒险活动来寻求组织范围之外的动态能力。外部公司风险投资是一种通过探索和利用公司现有边界之外的商机来开发新的独特能力和业务的方法。利用动态能力文献，我们使用多案例研究方法来检验外部公司风险对公司动态能力的贡献。我们的结果表明，企业确实利用企业风险来识别和利用初创企业的技术知识和能力来增强企业的动态能力。但是我们的经验数据还表明，并非每个公司都从所有动态能力阶段中充分获利，因为它们的企业冒险模式没有相互联系，也没有实现累积效应。我们的结果表明，企业确实利用企业风险来识别和利用初创企业的技术知识和能力来增强企业的动态能力。但是我们的经验数据还表明，并不是每个公司都从所有动态能力阶段中充分获利，因为它们的企业风险投资模式没有相互联系，也没有实现累积效应。我们的结果表明，企业确实利用企业风险来识别和利用初创企业的技术知识和能力来增强企业的动态能力。但是我们的经验数据还表明，并非每个公司都从所有动态能力阶段中充分获利，因为它们的企业冒险模式没有相互联系，也没有实现累积效应。