Abstract
This study tests the impact of corporate venturing (CV) forms on the sustainability of pioneering advantage. Using the Miles and Covin 2002 classification of CV forms, this study shows that performance of early entrants is twice as much higher than performance of lagers. However, the effect of parent support prior to entry is substantially larger than the pioneering effect. Companies entering a market via direct external CV perform twenty five to fifteen times better than companies entering via direct internal CV. Hence, the sustainability of first mover advantage is challenged in the face of new entrants with superior resources.