This paper explores the shorter lifespans of corporate venture capitalists (CVCs) compared to independent venture capitalists (IVCs) while identifying the key factors influencing their longevity and performance. A systematic review of 190 articles identifies 41 factors that affect VC performance, categorized into strategic decision-making, resource exploitation, active involvement, and room for maneuvering. Despite having shorter operational lifespans, CVCs often achieve better financial performance than IVCs, particularly in terms of successful exits of portfolio companies. This is largely due to the strong backing of corporate parents, access to industry expertise, and strategic synergies that allow CVCs to support and scale startups more effectively than independent VCs.,The paper highlights five critical factors that significantly impact CVC lifespans: investment objectives, organizational autonomy, interorganizational relationships, corporate parent commitment, and parent company size. Investment objectives play a key role in determining whether a CVC operates with a financial-first approach (similar to IVCs) or a strategic-first approach, where investments are aligned with the parent company’s long-term business goals. Organizational autonomy is another crucial factor, as CVCs with greater independence from their corporate parents tend to make more agile and market-driven investment decisions, leading to higher chances of survival. Interorganizational relationships, including the ability to leverage corporate networks, partnerships, and cross-industry collaborations, directly affect a CVC’s effectiveness in supporting startups and securing successful exits. The level of corporate parent commitment is also vital—CVCs that receive consistent support, clear strategic direction, and sustained funding from their parent companies tend to be more stable and achieve longer lifespans than those subject to frequent strategy shifts or budget constraints. Finally, parent company size influences CVC success, as larger corporations often provide greater financial stability, industry influence, and access to internal resources, making it easier for CVC-backed startups to scale and succeed.,The study suggests that CVCs can extend their lifespan and improve performance by limiting excessive influence from their corporate parents. While strategic alignment with the parent company is beneficial, too much control or shifting corporate priorities can create instability. By fostering greater operational independence, maintaining clear long-term investment objectives, and strengthening interorganizational collaboration, CVCs can achieve sustainable success and avoid premature dissolution. These strategic recommendations provide valuable insights for corporate venture leaders, investors, and policymakers, helping them navigate the challenges of CVC management and enhance their longevity in an evolving venture capital landscape.,

This study provides valuable insights into the factors influencing the longevity and success of corporate venture capitalists (CVCs) compared to independent venture capitalists (IVCs), offering a comprehensive analysis of the key elements that shape their operational sustainability and financial performance. By identifying 41 critical factors across strategic decision-making, resource exploitation, active involvement, and maneuverability, the research highlights how investment objectives, organizational autonomy, interorganizational relationships, corporate parent commitment, and parent company size significantly impact CVC longevity and effectiveness. While CVCs typically have shorter lifespans than IVCs, they often achieve stronger financial outcomes, particularly in portfolio company exits, due to their industry expertise, corporate backing, and strategic synergies.,The study underscores that CVCs can optimize their success by carefully balancing corporate influence with operational autonomy. CVCs that maintain flexibility, independent decision-making, and clear investment objectives aligned with both financial returns and strategic business goals tend to achieve greater stability and long-term impact. Similarly, fostering strong interorganizational relationships—leveraging corporate networks, partnerships, and industry insights—enhances a CVC’s ability to support startups and secure high-value exits. Conversely, excessive corporate control, shifting strategic priorities, and inconsistent parent company commitment can lead to instability, inefficiency, and premature shutdowns.,For independent VCs (IVCs), understanding these dynamics provides strategic lessons on performance optimization, particularly in areas such as active portfolio engagement, leveraging industry expertise, and structuring investments for long-term sustainability. By integrating insights from the CVC model, IVCs can refine their approaches to value creation, risk management, and exit strategies, ensuring higher success rates and longer-lasting impact in the venture ecosystem.,Ultimately, these findings provide actionable guidance for both corporate and independent VCs, helping them enhance their investment strategies, extend their lifespan, and improve overall portfolio performance. By carefully navigating the challenges and opportunities associated with corporate influence, investment structure, and operational autonomy, VCs can better position themselves for sustainable success in an evolving venture capital landscape.,