Institute of Strategy and Venturing




Prof. Markku Maula

Professor Markku V. J. Maula

Head, Institute of Strategy and Venturing

Professor of Venture Capital
D.Sc. (Tech.), M.Sc. (Econ.), M.Sc. (Tech.)



Contact Information



Mobile phone

+358 40  556 0677

Mail address

Institute of Strategy and Venturing
Department of Industrial Engineering and Management
Aalto University, School of Science
P.O. Box 15500
FI-00076 AALTO, Finland

Visiting address

TUAS Building, Maarintie 8, Espoo, Finland
4th floor, Room 4114





Dr. Markku V. J. Maula is Professor of Venture Capital, Head of the Institute of Strategy and Venturing , and Deputy Head (Research) of the Department of Industrial Engineering and Management at Aalto University School of Science. He was appointed as a professor in 2004 and tenured in 2009. He graduated as a Doctor of Science in Technology (with distinction) in 2001. Prior to that, he graduated as MSc (Econ.) majoring in Finance at Helsinki School of Economics (2000) and MSc (Eng.) (with distinction) in Strategy at Helsinki University of Technology (2000). He has been a visiting scholar at Stanford University, Scancor, in 2000 and 2012 and at INSEAD in 2010 and 2015. Before his academic career, he worked at Nokia and CapMan.

Professor Maula’s research focuses on value creation related issues in business strategy and corporate finance, with a particular focus on venture capital and private equity, technology-based new firms, corporate venturing, mergers and acquisitions, and innovation. He has led several international research projects on the internationalization of the venture capital and private equity industries, various forms of external corporate venturing, as well as public policy to develop venture capital markets, implemented in collaboration with international scholars and leading firms and government agencies.

Professor Maula’s research has been published in refereed journals, including Academy of Management Journal, Strategic Management Journal, Organization Science, Journal of Business Venturing, Research Policy, Entrepreneurship Theory & Practice, Strategic Entrepreneurship Journal, MIS Quarterly, Journal of Management Studies, and Journal of Banking and Finance. In addition to journal publications, he has authored or co-authored several papers currently under review in leading scholarly journals, several book chapters, tens of conference papers presented in leading academic conferences, and several policy papers and reports. His publications can be found through his Google Scholar profile, ResearcherID, ResearchGate profile, ORCID profile, SSRN author profile, and  Kudos profile.

Professor Maula has received several international awards for outstanding scholarship. He was the second scholar in Europe to win The Heizer Award from the Academy of Management for the best doctoral dissertation in the field of new enterprise development. He has also been awarded The McKinsey & Company Strategic Management Society Best Conference Paper Prize Honorable Mention (multiple times), The Stevens Institute of Technology Wesley J. Howe Award for Excellence in Research on the Topic of Corporate Entrepreneurship, The Haynes Prize for the Best Paper Award as well as the Citation of Excellence Award. His research has been cited in national and international press and news channels, including Financial Times and Dow Jones Newswires.

Professor Maula teaches several Master’s and doctoral level courses and supervises doctoral, Master’s, and MBA theses. In addition to his research and teaching roles, Professor Maula is or has been the chairman or a member of several boards and committees, e.g., a member of the Research Committee of the Entrepreneurship Division of the Academy of Management, Editorial Board member of Strategic Management Journal, Journal of Business Venturing, Entrepreneurship Theory & Practice, and Venture Capital: International Journal of Entrepreneurial Finance as well as a Review Board member of the Babson College Entrepreneurship Research Conference. Since 2020 he has served as Senior Editor at Entrepreneurship Theory and Practice. He has previously served also as a member of the Board of Studies of Aalto University Executive Education, the Deputy Head of the Department, the Chairman of the Committee for Postgraduate Studies, the Director of the Doctoral Program of the Department of Industrial Engineering and Management, a board member of the Venture Cup Finland Foundation, a steering group member of the Helsinki Institute for Science and Technology Studies, and as a member of the Independent Governing Body of PEREP_Analytics, a pan-European private equity data collection platform. From 2011 to 2012, Professor Maula acted as the Founding Director of the Aalto Ventures Program.

Professor Maula has also acted as an active advisor to many industry-leading firms and domestic and international government agencies in various issues related to venture capital and private equity, business strategy, corporate finance, corporate venturing, and innovation policy, including expert roles, e.g., for the Finnish Prime Minister’s Office, the Ministry of Employment and the Economy of Finland, Sitra the Finnish Innovation Fund, Tekes the Finnish Funding Agency for Technology and Innovation, Business Finland Venture Capital, Enterprise Ireland (with PwC), AkzoNobel, Roschier Attorneys Ltd., Nordic Innovation Center, a task force of the Nordic Council of Ministers, as well as invited expert testimonies and presentations, e.g., for the European Commission, the Economic Council of Finland, the Ministry of Finance, the Ministry of Employment and the Economy, and the Commerce Committee of the Parliament of Finland. Freetime: family, friends, various sports (e.g., running, triathlon, tennis, snowboarding), boating, etc.


Publications in Refereed Journals

Maula, M.V.J., Heimeriks, K. & Keil, T. 2023. Organizational Experience and Performance: A Systematic Review and Contingency Framework. Academy of Management Annals 17(2): 546-585.



Dimov, D., Maula, M.V.J., & Romme, A.G.L. 2022. Crafting and Assessing Design Science Research for Entrepreneurship. Forthcoming in Entrepreneurship Theory & Practice.



Keil, T., Deutsch, Y., Laamanen, T. & Maula, M.V.J. 2023. Temporal Dynamics in Acquisition Behavior: The Effects of Activity Load on Strategic Momentum. Journal of Management Studies 60(1): 38-81.



Jeon, E. & Maula, M.V.J. 2022. Progress Toward Understanding the Tensions in Corporate Venture Capital: A Systematic Review. Journal of Business Venturing 37(4): 106226.



Maula, M.V.J. & Lukkarinen, A. 2022. Attention Across Borders: Investor Attention as a Driver of Cross-Border Equity Crowdfunding Investments. Strategic Entrepreneurship Journal 16(4): 699-734.



Liu, Y., & Maula, M.V.J. 2021. Contextual Status Effects: The Performance Effects of Host-Country Network Status and Regulatory Institutions in Cross-Border Venture Capital. Research Policy 50(5): 104216.



Pollack, J.M., Maula, M.V.J, Allison, T.H., Renko, M., & Guenther, C.C. 2021. Making a Contribution to Entrepreneurship Research by Studying Crowd-Funded Entrepreneurial Opportunities. Entrepreneurship Theory & Practice 45(2): 247-262.



Maula, M.V.J. & Stam, W. 2020. Enhancing Rigor in Quantitative Entrepreneurship Research. Entrepreneurship Theory & Practice 44(6): 1059-1090.



Laamanen, T. & Maula, M.V.J., Kajanto, M., Kunnas, P., 2018. The Role of Cognitive Load in Effective Strategic Issue Management. Long Range Planning 51(4): 625-639.



Kuusela, P. Keil, T. & Maula, M.V.J. 2017. Driven by Aspirations, But in What Direction? Performance Shortfalls, Slack Resources and Resource-Consuming vs. Resource-Freeing Organizational Change. Strategic Management Journal 38(5): 1101-1120.



Meuleman, M., Jääskeläinen, M., Maula, M.V.J., Wright, M. 2017. Venturing into the Unknown with Strangers: Substitutes of Relational Embeddedness in Cross-Border Partner Selection in Venture Capital Syndicates. Journal of Business Venturing 32(2): 131-144.



Uotila, J., Keil, T., Maula, M.V.J. 2017. Supply-Side Network Effects and the Development of IT Standards. MIS Quarterly 41(4): 1207-1226.



Keil, T., Maula, M.V.J, & Syrigos, E. 2017. CEO Entrepreneurial Orientation, Entrenchment and Firm Value Creation. Entrepreneurship Theory & Practice 41(4): 475-504.



Liu, Y. & Maula M.V.J. 2016. Local Partnering in Foreign Ventures: Uncertainty, Experiential Learning, and Syndication in Cross-Border Venture Capital Investments Academy of Management Journal 59(4): 1407-1429.

Gustafsson, R., Jääskeläinen, M., Maula, M.V.J. & Uotila, J. 2016. Emergence of Industries: A Review and Future Directions. International Journal of Management Reviews 18(1): 28-50.

Jääskeläinen, M. & Maula, M.V.J. 2014. Do Networks of Financial Intermediaries Help Reduce Local Bias? Evidence from Cross-Border Venture Capital. Journal of Business Venturing, 29(5): 704-721.

Maula, M.V.J., Keil, T. & Zahra, S. 2013. Top Management's Attention to Discontinuous Technological Change: Corporate Venture Capital as an Alert Mechanism. Organization Science 24(3): 926-947.

Valkama, P., Maula, M.V.J., Nikoskelainen, E., & Wright, M. 2013. Drivers of Holding Period Firm-Level Returns in Private Equity-Backed Buyouts. Journal of Banking and Finance 37(7): 2378-2391.

Schildt, H.A., Keil, T. & Maula, M.V.J. 2012. The Temporal Effects of Relative and Firm-Level Absorptive Capacity on Interorganizational Learning. Strategic Management Journal 33(10): 1154-1173.

Keil, T., Maula, M.V.J., & Wilson, C. 2010. Unique Resources of Corporate Venture Capitalists as a Key to Entry into Rigid Venture Capital Syndication Networks. Entrepreneurship Theory & Practice 34(1): 83-103.

Maula, M.V.J., Autio, E., & Murray, G.C. 2009. Corporate Venture Capital and the Balance of Risks and Rewards for Portfolio Companies. Journal of Business Venturing 24(3): 274-286.

Hill, S., Maula M.V.J., Birkinshaw, J., & Murray, G.C. 2009. Transferability of the Venture Capital Model to the Corporate Context: Implications for the Performance of Corporate Venture Units. Strategic Entrepreneurship Journal 3(1): 3-27.

Uotila, J., Maula, M.V.J., Keil, T., & Zahra, S.A. 2009. Exploration, Exploitation and Financial Performance: Analysis of S&P 500 Corporations. Strategic Management Journal 30(2): 221-231.

Keil, T., Maula, M.V.J., Schildt, H.A., & Zahra, S.A. 2008. The Effect of Governance Modes and Relatedness of External Business Development Activities on Innovative Performance. Strategic Management Journal 29(8): 895-907.

Mäkelä, M.M. & Maula, M.V.J. 2008. Attracting Cross-Border Venture Capital: The Role of a Local Investor. Entrepreneurship and Regional Development 20: 237-257.

Hursti, J. & Maula, M.V.J. 2007. Acquiring Financial Resources From Foreign Equity Capital Markets: Examination of the Factors Influencing Foreign Initial Public Offerings. Journal of Business Venturing 22(6): 833-851.

Jääskeläinen, M., Maula, M.V.J., & Murray G.C. 2007. Profit Distribution and Compensation Structures in Publicly and Privately Funded Hybrid Venture Capital Funds. Research Policy 36(7): 913-929.

Jääskeläinen, M., Maula, M.V.J., & Seppä, T. 2006 Allocation of Attention to Portfolio Companies and the Performance of Venture Capital Firms. Entrepreneurship Theory & Practice 30(2): 185-206.

Mäkelä, M.M. & Maula, M.V.J. 2006. Interorganizational Commitment in Syndicated Cross-Border Venture Capital Investments. Entrepreneurship Theory & Practice 30(2): 273-298.

Schildt, H.A., Maula, M.V.J., & Keil, T. 2005. Explorative and Exploitative Learning from External Corporate Ventures. Entrepreneurship Theory & Practice 29(4): 493-515.

Maula, M.V.J., Autio, E., & Arenius, P. 2005. What Drives Micro-Angel Investments? Small Business Economics 25(5): 459-475.

Zahra, S.A., Keil, T., & Maula, M.V.J. 2005. New Ventures’ Inward Licensing: Examining the Effects of Industry and Strategy Characteristics. European Management Review 2(3): 154-166.

Mäkelä, M.M. & Maula, M.V.J. 2005. Cross-Border Venture Capital and New Venture Internationalization: An Isomorphism Perspective. Venture Capital: An International Journal of Entrepreneurial Finance 7(3): 227-257.

Maula, M.V.J., Autio, E., & Murray G.C. 2005. Corporate Venture Capitalists and Independent Venture Capitalists: What Do They Know, Who Do They Know, and Should Entrepreneurs Care? Venture Capital: An International Journal of Entrepreneurial Finance 7(1): 3-19.

Maula, M.V.J., Autio, E., & Murray G.C. 2003. Prerequisites for the Creation of Social Capital and Subsequent Knowledge Acquisition in Corporate Venture Capital. Venture Capital: An International Journal of Entrepreneurial Finance 5(2): 117-134.