A Process Model of Corporate Venture Capital as External Innovation Capability: The Case of JetBlue Technology Ventures

This paper presents a process model of corporate venture capital (CVC) based on field research of JetBlue Technology Ventures (JTV), the CVC unit of JetBlue Airways. We examine how the JTV subsidiary was designed and staffed to enable effective interaction with the company’s internal innovation process to create enduring strategic value for JetBlue as well as for the startup companies involved in these interactions. We provide in-depth insight into the CVC process by identifying the interlocking strategic leadership activities at multiple levels of management (top-middle-operational) through which the CVC subsidiary works with VCs and startups, relates to JetBlue’s internal innovation process within different time horizons, and architects and develops a new partner ecosystem to help the company extend its capabilities.