Abstract
Corporate venture capital (CVC) units play an important role in supporting innovation within established firms. At the center of these units are CVC heads, whose professional experience influences how venture investments are selected and how effectively they support the parent firm's innovation strategy. This study explores whether CVC leaders with generalist backgrounds, characterized by diverse industry and functional experience, are more likely to drive innovation compared to their specialist counterparts. Using a global dataset of CVC units along with detailed information on the career profiles of CVC heads, I examine how leadership type affects both the nature of venture investments and the innovation performance of the parent firm, as measured by R&D intensity. Guided by human capital theory and the attention-based view of the firm, the findings show that generalist-led CVC units are more likely to pursue strategically aligned investments and are associated with higher R&D intensity. By focusing on leadership characteristics, this study offers insights into how the design and composition of CVC units can shape innovation outcomes in corporate settings and highlights the importance of selecting leaders with the suitable experience to unlock innovation potential.