Corporate Venture Clienting: A Governance Perspective Through the Lens of Stewardship Theory

Corporate venture clienting (CV Clienting) has emerged as a distinct form of corporate venturing (CV) in which corporations engage with startups by adopting their innovative solutions without acquiring equity stakes. Unlike traditional corporate venture capital (CV Capital), which served as the dominant CV approach, CV Clienting structures these relationships around supplier–client dynamics, enabling corporations to access pioneering technologies, foster the growth of future suppliers and minimize long-term capital commitments. However, despite its growing relevance, the governance mechanisms specific to CV Clienting remain underexplored. This study investigates the governance mechanisms underpinning CV Clienting initiatives from a stewardship theory perspective. Drawing on an abductive qualitative analysis of three corporations actively implementing CV Clienting, this research identifies three key dimensions of governance (i.e., formal, relational and transactional) that differentiate CV Clienting from CV Capital. This study shows that stewardship theory can provide a grounding model to support corporates in navigating the governance challenges of CV Clienting when interacting with startups.