This review contrasts the mortality rates of Independent Venture Capital (IVC) versus Corporate Venture Capital (CVC). It reveals that CVCs are structurally fragile, often dying not because of poor returns, but because of C-suite strategy shifts or CEO changes at the parent company. IVCs, conversely, live or die by the sword of financial returns (carry). The text highlights the 'Strategic vs. Financial' conflict in CVCs, where corporate goals often override pure profit maximization, leading to different exit behaviors and timeline expectations.

Founder beware: not all money is green. Taking CVC money comes with 'strucural churn' risk. If the corporate parent pivots, your champion might leave, and the fund might shut down, leaving you orphaned. This archive helps founders assess the durability of a corporate investor before letting them onto the Cap Table, ensuring they are a long-term partner rather than a fair-weather friend.