Abstract

This thesis addresses the persistent gap between the strategic promise of external corporate venturing (ECV) and its frequently disappointing outcomes in the global consumer goods industry, with a specific focus on the non-durable consumer goods sub‑sector. Despite ECV’s recognised importance for innovation—particularly in a sector characterised by rapid consumer preference shifts, tight margins, and complex supply chains—collaborations with external start-ups are often undermined by cultural misalignment, strategic ambiguity, and ineffective performance measurement. Through an abductive, mixed-methods research design within an interpretivist paradigm—integrating archival analysis, six in-depth corporate case studies (P&G, PepsiCo, Unilever, Danone, Henkel, and L’Oréal), and 32 interviews with senior practitioners—thematic analysis of this rich evidence base directly addresses the core research questions.This research makes three core contributions. First, it identifies and interprets the prevailing ECV modes and trends within the sector, distinguishing between primary mechanisms (CVC and venture studios) and complementary mechanisms such as accelerators, innovation platforms, and innovation challenges. Second, it develops a multi-dimensional performance evaluation framework by adapting the Kaplan and Norton Balanced Scorecard to the ECV context, adding a fifth perspective—Strategic Alignment and Purpose-Driven Impact—and redefining the original four perspectives to reflect collaboration health, knowledge transfer, and operational efficiency. The primary and synthesising contribution is the original Six-Stage Strategic Venturing Model (SSVM), a comprehensive model for managing and evaluating ECV in the non-durable consumer goods industry. This actionable model integrates established strategic tools—McKinsey 7S, PESTLE, Mendelow’s Matrix, the Corporate Decision Journey, Bain’s Elements of Value, Spencer Stuart’s Culture Alignment Framework, Nonaka’s SECI framework, and the BCG Scaling Playbook—into an end-to-end model for managing corporate-start-up collaborations from strategic planning and scouting through investment and collaboration, implementation, scaling, and exit. By synthesising established theoretical frameworks with robust empirical evidence, this thesis advances academic discourse in corporate entrepreneurship and open innovation, while providing practitioners with a comprehensive blueprint to translate strategic intent into measurable partnership success.

Awarding Institution(s)

University of Plymouth

Supervisor

Peijie Wang, Jonathan Moizer

Document Type

Thesis

Publication Date

2026

Embargo Period

2026-07-30

Deposit Date

July 2026

Creative Commons License

Creative Commons Attribution-NonCommercial 4.0 International License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

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