Strategic Collaboration Between Startups and Established Firms: Governance Mechanisms and Value Creation in Entrepreneurial Partnerships
Keywords:
startup–corporate collaboration, collaborative innovation, resource complementarity, alliance governance, knowledge exchange, entrepreneurial ecosystemsAbstract
Collaboration between startups and established firms has emerged as an increasingly important mechanism for pursuing innovation in technologically dynamic environments. While prior research highlights the strategic value of such partnerships, existing studies often examine individual aspects of collaboration without integrating the mechanisms through which these partnerships generate innovation outcomes. This article develops a conceptual framework explaining how strategic collaboration between startups and established firms creates innovation value through governance and knowledge exchange processes. Drawing on insights from the resource-based view, open innovation research, and strategic alliance theory, the study proposes that collaborative innovation emerges through the interaction of resource complementarity, strategic alignment, governance mechanisms, and inter-organizational knowledge exchange. Resource complementarities motivate collaboration by combining entrepreneurial experimentation capabilities with the commercialization assets of established firms, while governance structures coordinate interactions between partners and mitigate collaboration risks. Knowledge exchange processes enable the recombination of technological and market knowledge that drives innovation outcomes. The framework also highlights the moderating role of entrepreneurial ecosystems in shaping collaboration effectiveness. By integrating multiple theoretical perspectives, the study advances understanding of how startup–corporate partnerships contribute to inter-organizational innovation.
References
Adner, R. (2021). Winning the right game: How to disrupt, defend, and deliver in a changing world. MIT Press.
Autio, E., Nambisan, S., Thomas, L. D., & Wright, M. (2018). Digital affordances, spatial affordances, and the genesis of entrepreneurial ecosystems. Strategic Entrepreneurship Journal, 12(1), 72–95. https://doi.org/10.1002/sej.1266
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bogers, M., Chesbrough, H., & Moedas, C. (2018). Open innovation: Research, practices, and policies. California Management Review, 60(2), 5–16. https://doi.org/10.1177/0008125617745086
Bogers, M., Foss, N. J., & Lyngsie, J. (2019). The “human side” of open innovation: The role of employee diversity in firm-level openness. Research Policy, 48(1), 218–231. https://doi.org/10.1016/j.respol.2018.08.012
Chesbrough, H. (2003). Open innovation: The new imperative for creating and profiting from technology. Harvard Business School Press.
Colombo, M. G., Dagnino, G. B., & Lehmann, E. E. (2022). The governance of entrepreneurial ecosystems. Research Policy, 51(2), 104450. https://doi.org/10.1016/j.respol.2021.104450
Dushnitsky, G., & Lenox, M. J. (2005). When do firms undertake R&D by investing in new ventures? Strategic Management Journal, 26(10), 947–965. https://doi.org/10.1002/smj.488
Grant, R. M. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, 17(S2), 109–122. https://doi.org/10.1002/smj.4250171110
Gulati, R. (1998). Alliances and networks. Strategic Management Journal, 19(4), 293–317. https://doi.org/10.1002/(SICI)1097-0266(199804)19:4<293::AID-SMJ982>3.0.CO;2-M
Hallen, B. L., Cohen, S. L., & Bingham, C. B. (2020). Do accelerators accelerate? A study of venture accelerators as a path to success. Academy of Management Discoveries, 6(2), 212–235. https://doi.org/10.5465/amd.2018.0004
Katila, R., Rosenberger, J. D., & Eisenhardt, K. M. (2008). Swimming with sharks: Technology ventures, defense mechanisms and corporate relationships. Administrative Science Quarterly, 53(2), 295–332. https://doi.org/10.2189/asqu.53.2.295
Kohler, T. (2016). Corporate accelerators: Building bridges between corporations and startups. Business Horizons, 59(3), 347–357. https://doi.org/10.1016/j.bushor.2016.01.008
Nambisan, S., Wright, M., & Feldman, M. (2019). The digital transformation of innovation and entrepreneurship. Research Policy, 48(8), 103773. https://doi.org/10.1016/j.respol.2019.103773
Randhawa, K., Wilden, R., & Hohberger, J. (2016). A bibliometric review of open innovation: Setting a research agenda. Journal of Product Innovation Management, 33(6), 750–772. https://doi.org/10.1111/jpim.12312
Reuer, J. J., & Devarakonda, S. V. (2017). Mechanisms of hybrid governance: Administrative committees in non-equity alliances. Academy of Management Journal, 60(2), 513–540. https://doi.org/10.5465/amj.2014.0183
Ritala, P., Kraus, S., & Bouncken, R. B. (2021). Innovation ecosystems and the sharing economy. Journal of Business Research, 122, 291–301. https://doi.org/10.1016/j.jbusres.2020.08.039
Rothaermel, F. T., & Deeds, D. L. (2004). Exploration and exploitation alliances in biotechnology: A system of new product development. Strategic Management Journal, 25(3), 201–221. https://doi.org/10.1002/smj.376
Spigel, B. (2017). The relational organization of entrepreneurial ecosystems. Entrepreneurship Theory and Practice, 41(1), 49–72. https://doi.org/10.1111/etap.12167
Teece, D. J. (1986). Profiting from technological innovation. Research Policy, 15(6), 285–305. https://doi.org/10.1016/0048-7333(86)90027-2
Usman, M., & Vanhaverbeke, W. (2022). How startups successfully organize and manage open innovation with large companies. Research Policy, 51(5), 104478. https://doi.org/10.1016/j.respol.2022.104478
Weiblen, T., & Chesbrough, H. (2015). Engaging with startups to enhance corporate innovation. California Management Review, 57(2), 66–90. https://doi.org/10.1525/cmr.2015.57.2.66
Williamson, O. E. (1985). The economic institutions of capitalism. Free Press.
