01699nas a2200157   4500008004100000245014100041210006900182260000900251520102400260653003201284100002301316700002401339700001801363700002201381856013801403       2017                        eng d00aExploring the innovation strategies of young firms: Corporate venture capital and venture capital impact on alliance innovation strategy0 aExploring the innovation strategies of young firms Corporate ven  c20173 aWe investigate how governance structure and power influence alliance exploration strategy. Adopting a real options perspective and the agency view, we suggest that innovation strategies differ based on the firm's governance authority. We find that the motivations of corporate venture capitalist firms, venture capitalists, and firm founders may have an impact on the formation of exploratory alliances among adolescent firms. Using a sample of 122 adolescent firms, we examine the influence that governance structure has on the firm's alliance portfolio and innovation potential. While the influence of corporate venture capitalist firms alone do affect alliance formation strategy, corporate venture-backed firms with founders having high influence (knowledge or ownership in the firm) are more likely to form innovation-focused alliances. In contrast, venture capitalist-backed firms tend to avoid innovation-focused alliances, preferring more exploitive ones, even when founders have high influence within the firm.10aStrategy & Entrepreneurship1 aGalloway, Tera, L.1 aMiller, Douglas, R.1 aSahaym, Arvin1 aArthurs, Jonathan  uhttps://dev.business.oregonstate.edu/biblio/exploring-innovation-strategies-young-firms-corporate-venture-capital-and-venture-capital