Corporate accelerators as an arena for legitimacy-seeking: How do startups validate corporate legitimacy?

Corporate accelerators (CAs) can be conceptualized as arenas that enable both corporations and startups to gain legitimacy, albeit for different purposes. While the current literature has primarily emphasized the benefits that startups derive from participation in CAs, it has largely overlooked the legitimacy-related advantages afforded to corporations. The findings of this study demonstrate that the corporation's legitimacy-seeking was enhanced by generating moral legitimacy through the explicit rationale for establishing a non-profit accelerator and the adoption of a voluntary matchmaking strategy. This moral legitimacy-seeking orientation was further reinforced by pragmatic legitimacy, rooted in implicit reciprocal ‘give-and-take’ dynamics with startups and in learning about emerging market trends and technologies. The startups contributed to the corporation's market legitimacy at the product level, cognitive legitimacy at the firm level, and sociopolitical legitimacy within the broader entrepreneurial ecosystem. These forms of legitimacy were associated with reputational capital, as evidenced in media portrayals and the perceived value generated for the startups involved. Collectively, these insights contribute to and extend the literature on organizational legitimacy, corporate accelerators, and strategic renewal.