#TheArtOfCV - Belgian Corporate Venturing Barometer 2020

#theartofCV
BELGIAN
CORPORATE VENTURING
BAROMETER2020

1. Foreword
2. Highlights 2020
3. CV Barometer: Established firms
4. CV Barometer: Young firms
5. Methodology
6. About AMS
7. About PwC
Belgian CV Barometer 2020
Table of content

The awareness on Corporate Venturing keeps on rising. Although the survey data
in this second edition is gathered prior to the Covid-19 pandemic, we also today
see a high interest in strategic collaboration between established firms and
startups.
In this second CV Barometer we compare important figures with the insights
resulting from our research of last year. Where the appetite to collaborate is
growing among established firms, we notice a small decline among young firms. It
is this dual perspective that defines the value of this barometer. We try to capture
the crucial and most interesting insights for both types of firms. But if you want to
discuss more findings or if you are interested in a deeper analysis, please do reach
out to us.
Vincent Molly
Andries Reymer
Foreword

Before you start: Abbreviations used
SME - Small and Medium sized Enterprises (less than 250 employees)
FB - Family Businesses (firm is perceived as a family business)
LE - Large Enterprises (more than 250 employees)
NFB - Non-Family Businesses
EF - Established Firms (SME, FB, LE, NFB founded more than 10yrs ago)
YF - Young Firms (founded less than 10yrs ago)
SU - StartUp or ScaleUp
ScU - ScaleUp
I/A - Incubator/Accelerator
(+) - Strong moves up in comparison with 2019 Barometer
(-) - Strong moves down in comparison with 2019 Barometer

Corporate Startup Collaborations continue to grow.
(from 20 to 22% compared to 2019 Barometer)
The local/national aspect is gaining more importance in 2020,
particularly for SMEs and FBs.
Most established firms have a strong preference for more
mature SUs.
Highlights

Different forms of collaboration

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The perspective of ESTABLISHED FIRMS

Worked in the past 3 years together on innovation with
(in order of importance):
1. Suppliers
2. Customers
3. Other firms within the industry
4. Other firms outside the industry
5. Research institutions
Established firms
data

 SMEs and FBs worked less together with research institutions
than LEs and NFBs.
 SMEs worked less together with other firms than LEs.
(inside and outside their industry)
 FBs worked less together with other firms outside the industry
than NFBs.
insights
Established firms

Established firms
data
1 out of 5 established firms worked on a strong to very strong
degree together with SUs in the past 3 years
For 72% (+ 6% wrt 2019) of the established firms the intensity of
working together with SUs has increased in the past 3 years

 SMEs and FBs worked less together with SUs than LEs
and NFBs.
 SMEs worked together with less SUs than LEs.
insights
Established firms

For the future, more established firms plan to work together on a
strong to very strong degree with SUs:
22% (+2% wrt 2019) did so in the past 3 years
↓
30% (+6% wrt 2019) has plans for doing so in 2020
↓
34% (-2% wrt 2019) has plans for doing so in 2 tot 5 years time
Established firms
data

 No differences between SMEs and LEs, and between FBs
and NFBs regarding their plans to work together with SUs
in the future.
insights
Established firms

Established firms
data
forms of cooperation in the past 3 years:
1. Attending network events where startups are present
2. Buying products or services from startups
3. Starting and developing a project together with a startup
4. Setting up a strategic cooperation with a startup
5. (+) Giving advisory and guidance to startups
6. (+) Organizing or sponsoring competitions and awards oriented towards startups
7. (-) Sponsoring or co-organizing network events where startups are present
8. Granting startups access to business assets such as machinery, knowledge or office space
9. (-) Going on (international) mission to find inspiration and innovation and to meet startups
10. (+) Taking over a startup

 Equity-based forms of cooperation enter the top 10 of
cooperations in the past 3 years, i.e. acquisition of a
startup.
 SMEs and FBs explored a smaller combination of different
forms of cooperation in the past 3 years compared to LEs
and NFBs.
insights
Established firms

Established firms
data
forms of cooperation planned for 2020:
1. (+) Buying products or services from startups
2. (-) Attending network events where startups are present
4. (+) Granting startups access to business assets such as machinery, knowledge or office space
5. (-) Setting up a strategic cooperation with a startup
6. Sponsoring or co-organizing network events where startups are present
7. (-) Going on (international) mission to find inspiration and innovation and to meet startups
8. (-) Giving advisory and guidance to startups
9. Organizing or sponsoring competitions and awards oriented towards startups
10. (+) Organizing or sponsoring of hackathons

 Equity-based forms of cooperation are no longer in the top 10 of
planned cooperations in 2020. A possible explantion for this is the
trend that EFs seem to explore less traditional ways to collaborate
with SUs.
 Organizing hackathons enters again the top 10.
insights
Established firms

Established firms
data
forms of cooperation to explore in 2 - 5 years:
1. (+) Attending network events where startups are present
2. Giving advisory and guidance to startups
4. (+) Granting startups access to business assets such as machinery, knowledge or office space
5. (+) Sponsoring or co-organizing network events where startups are present
6. (-) Setting up a strategic cooperation with a startup
7. (-) Buying products or services from startups
8. Going on (international) mission to find inspiration and innovation and to meet startups
9. (+) Organizing or sponsoring competitions and awards oriented towards startups
10. Doing an acqui-hire

 Taking over a SU also for the future leaves the top 10 of planned
cooperations in 2 - 5 years time.
 Attending network events and starting a project together with a
SU remain important for the future.
insights
Established firms

BelgianCVBarometer2020
Establishedfirms
0%
25%
50%
SME LE data

data
0%
25%
50%
FB NFB
Establishedfirms

About the authors
Prof. dr. Vincent Molly
Vincent Molly is Academic Director of the BENE program
at the Antwerp Management School and professor of
Strategy, Entrepreneurship and Family Business at KU
Leuven – faculty of Economics & Business. He is also
co-founder of Familymind and Straio. His passion and
expertise lie in the field of family business, business
transfer, entrepreneurship, innovation and strategic and
financial management of SMEs.

Established firms are the least aware of the following forms of cooperation
1. Organizing or sponsoring of hackathons
2. Joining an acceleration program together with other organizations
3. (+) Starting an own acceleration program
4. (-) Developing an own incubation program oriented towards startups
5. (+) Collaborating with a startup studio to develop a startup
Established firms

Established firms
data
Top 3 of most important motives forwarded by established firms for
the past and planned cooperations with SUs (in order of importance):
1. Exploring new products and markets
2. (+) Increasing brand awareness
3. (-) Gaining knowledge and competences

 The following motives are less frequently mentioned:
getting access to intellectual property, accessing and
retaining employees, and transforming our organization.
 Main motive differs depending on the form of cooperation
with the SU.
insights
Established firms

Top 5 of channels through which established firms and SUs
reached out towards each other (in order of importance):
1. (+) We directly contacted a SU ourself
2. We were approached by a SU
3. Through a university or knowledge institution
4. Through an employers’ organization
5. (+) Through an incubator/accelerator (I/A)
Established firms
data

 Firms mostly approach each other directly, without the help
of intermediairies.
 SMEs used the following channel less compared to LEs:
through an incubator / accelerator; through a university or
knowledge institution; and through a consulting firm.
 FBs used the following channel less compared to NFBs:
through a risk capital investor.
insights
Established firms

Preference regarding proximity of SUs for future cooperations
1. A Belgian SU
2. A local SU
3. (+) A European SU
4. (-) No preference
Established firms
data

 Proximity of partner plays a role for most established firms.
 FBs prefer more to work together with a local SU and less with a
European SU compared to NFBs.
 LEs prefer more to work with a European SU compared to SMEs.
insights
Established firms

Preference regarding type of SUs for future cooperations
1. A scale-up
2. A SU in the phase of product/market fit
3. A SU in the phase of problem/solution fit
4. A SU in the ideation phase
5. No preference
Belgian CV Barometer 2020 - NEW
Established firms
data

 Most established firms have a strong preference for more
mature SUs.
 FBs have a lower preference for scale-ups compared to NFBs.
insights
Established firms

Established firms
data
Top 5 of most important challenges experienced by established
firms in their cooperation with SU (in order of importance):
1. (+) The decision-making in our company and the SU was too different
2. (-) It was very difficult to select the right SU for our company
3. There were too big cultural differences between our company and the SU
4. (-) It was very difficult to fit the activities and time investment in the daily operations
5. (-) We didn’t have enough knowledge to successfully deal with these cooperations

 FBs experience more difficulties regarding the selection of the right
SU compared to NFBs.
 FBs experience less difficulties regarding different decision-making in
their company and the SU compared to NFBs. This could be
explained by the bigger overlap of ownership and decision-making in
FBs.
insights
Established firms

Established firms
data
Most important reasons why established firms have not cooperated
yet with SUs in the past 3 years (in order of importance):
1. Very difficult to fit these activities and its time investment into the daily operations
2. We very little work together with other parties when innovating
3. We focus very little on innovation in our company
4. No idea how to find and get in contact with SU
5. We only work together on innovation witch companies with a track record
6. We don’t see any added value of cooperating with these SUs

 The time investment worries many firms, no matter what type
or size of established firm
 A lack of open innovation (as main reason of no collaboration)
is less of an issue in FBs compared to NFBs.
 Firms that look for cooperation with SUs are those who put
(open) innovation high on their agenda.
insights
Established firms

The perspective of YOUNG FIRMS

53% of young firms worked on a strong to very strong degree
together with established firms (EFs) in the past 3 years
For almost 4 out of 5 (77%) young firms the intensity of working
together with EFs has increased in the past 3 years
53%
Young firms

Young firms
data
For the future, more young firms plan to work together on a strong to
very strong degree with EFs:
53% (-2% wrt 2019) did so in the past 3 years
↓
62% (-9% wrt 2019) has plans for doing so in 2020
↓
73% (-4% wrt 2019) has plans for doing so in 2 tot 5 years time

 YF which have participated in an Incubation/Acceleration
program in the past 3 years, have even stronger plans to
work together with EFs in the future compared to other YFs.insights
Young firms

Young firms
data
forms of cooperation established in the past 3 years:
1. Attending network events where corporates are present
2. Selling products or services to corporates
3. Pitching to executives or on events where corporates are present
4. (+) Receiving advisory and guidance from corporates
5. (+) Starting and developing a project together with a corporate
6. (-) Setting up a strategic cooperation with a corporate
7. (+) Going on (international) mission to find inspiration and innovation and to meet corporates
8. (-) Participating to competitions and awards organized by corporates
9. (+) Getting access to business assets such as machinery, knowledge or office space of corporates
10. (-) Participating to an incubation program organized by a corporate

 Equity-based forms of cooperation are not in the top 10 of
cooperations in the past 3 years.insights
Young firms

In 2006, Andries graduated from the University of
Antwerp as a Master of Integrated Product Development.
He has worked in several different roles across a broad
variety of industries, from start-ups to multinationals.
Since 2016, Andries has combined innovation research
and one-on-one consulting for Antwerp Management
School. He assists a diverse selection of companies in all
aspects of value innovation. He is also active as a guest
professor for the full-time master programs.
About the authors
Andries Reymer

Young firms
data
forms of cooperation planned for 2020:
1. Setting up a strategic cooperation with a corporate
2. (+) Selling products or services to corporates
3. (+) Attending network events where corporates are present
4. (-) Starting and developing a project together with a corporate
5. (-) Pitching to executives or on events where corporates are present
6. (+) Receiving advisory and guidance from corporates
7. Participating to competitions and awards organized by corporates
8. (+) Getting access to business assets such as machinery, knowledge or office space of corporates
9. (-) Going on (international) mission to find inspiration and innovation and to meet corporates
10. (+) Setting up a joint venture with a corporate

 Setting up a strategic cooperation becomes the most import
form of cooperation in 2020.
 Participating in an incubation program is no longer in the top 10.
 Setting up a joint venture with a corporate enters the top 10.
insights
Young firms

Young firms
data
forms of cooperation to explore in 2 to 5 years:
1. Going on (international) mission to find inspiration and innovation and to meet corporates
2. (+) Participating to competitions and awards organized by corporates
3. (-) Getting access to business assets such as machinery, knowledge …of corporates
4. (+) Setting up a strategic cooperation with a corporate
5. (+) Pitching to executives or on events where corporates are present
6. Setting up a joint venture with a corporate
7. (-) Receiving advisory and guidance from corporates
8. (-) Starting and developing a project together with a corporate
9. (+) Participating to an acceleration program organized by single corporate
10. (+) Getting funding from risk capital fund in which corporates are involved

 Equity-based forms of cooperation (setting up a joint venture,
attracting corporate venture capital) enter the top 10 of
cooperations interested to explore in the future.
 Attending network events, and selling to corporates are no longer
in the top 10.
 For the future more interest also goes to participating to
competitions and awards, and setting up strategic cooperation.
insights
Young firms

data
0%
25%
50%
SU ScU
Youngfirms

Young firms are the least aware of the following forms of cooperation
1. Participating to a hackathon
2. (+) Participating to acceleration program co-organized by corporates
3. (+) Participating to an acceleration program organized by single corporate
4. (-) Pitching to executives
5. (+) Participating to an incubation program organized by a corporate
Young firms

Young firms
data
Top 3 of most important motives forwarded by young firms for the
past and planned cooperations with established firms
1. Getting access to the market
2. (+) Increasing credibility
3. (+) Getting access to financial resources

 The following motive is less frequently mentioned: increasing
exit potential.
 Main motive differs depending on the form of cooperation with
the EF.
insights
Young firms

Top 5 of most important channels through which young firms
reached out towards established firms (in order of importance):
1. We directly contacted a corporate myself
2. We were approached by a corporate
3. Through an incubator / accelerator
4. Through an employers’ organization
5. Through a university or knowledge institution
Young firms
data

 Young firms mostly approach established firms directly and are only
in second order approached by EFs.
 As an intermediary, Incubators/Accelerators (I/A) play the largest
role in matchmaking.
 ScU are less frequently linked to EFs through an I/A.
insights
Young firms

Preference regarding proximity of established firms for future
cooperations (in order of importance):
1. (+) A Belgian corporate
2. (-) A European corporate
3. A local corporate
4. No preference
Young firms
data

 Proximity plays even a bigger role compared to Barometer 2019
 Most young firms prefer cooperation with a Belgian corporate,
which corresponds with the preference of established firms
 YFs enrolled in I/A programs prefer less a local player and more
an EU player.
 ScU prefer less a non-EU player
insights
Young firms

Preference regarding type of established firms for future
cooperations (in order of importance):
1. An SME
2. No preference
3. A family business
3. A multinatonal
Young firms
data

 Most young firms are strongly attracted towards SMEs for
setting up a cooperation.
 YFs enroleld in I/A programs prefer less an SME or FB, and
more a multinational.
 ScU prefer less an SME.
insights
Young firms

How strongly linked are your activities compared to those of the EFs
1. Our activities were partly linked
2. Our activities were very strongly linked
3. Our activities were totally not linked
Young firms

Young firms
data
Top 5 of most important challenges experienced by young firms
for their cooperations with EFs (in order of importance):
1. The decision-making in our company and the corporate was too different
2. (+) It was difficult to find and get in contact with corporates
3. (+) It was very difficult to fit these activities and its time investment into the daily operations
4. There were too big cultural differences between our firm and the corporate
5. (-) It was very complex to set up a cooperation with a corporate (legal, IP, …)

 Different decision-making is also by YFs seen as the biggest
challenge.
 Finding EFs is seen as a bigger challenge than making the right
selection of EF.
 YFs that are enrolled in I/A programs see bigger challenges in
the complexity of setting up a cooperation.
insights
Young firms

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to our
study
The insights in this report are based on the answers of almost 500
Belgian firms, of which 56% are established firms and 44% young
firms (founded less than 10 years ago). 71% of the established firms
concern small- and medium-sized enterprises (less than 250
employees). About half of the established firms perceive themselves as
a family business. The firms are mainly active in the services,
technology, industrial, trade and construction sector. 67% of the firms
are B2B, 42% are B2C and 13% B2G (business to government).
Sample

Antwerp Management School is an international business school that helps its customers to
create sustainable value by shaping talent into becoming Global Citizens, mastering the art
of decision-making and leading people. To accomplish this mission, Antwerp Management
School delivers state-of-the-art management knowledge, anchored in a business and
organizational context. This is the fundamental basis on which we put three value pillars
that we believe are needed to become Global Citizens.
Antwerp Management School enters into partnerships with companies and organizations
that strive towards excellence in their field. We look for synergies with our partners, who
actively contribute to and benefit from those synergies. Our common goal is sustainable
value creation through the creation of a network that allows innovative and pioneering
reflection.
Read more
About Antwerp Management School

Both PwC and PwC Legal have been advising and assisting corporations, small, mid-size
and large companies and family businesses for years and they have been early supporters
and enablers of the start-up and scale-up community, whether local or international.
Working hand in hand with these businesses, partners at both the consulting firm and the
law firm are in a well-placed position to understand their clients’ needs.
Corporate clients everyday increasingly strive to innovate, a field where start-ups and
scale-ups excel in, and they have the ability and means to manage challenges of possible
disruption from the latter.
Both firms are acting as a catalyst to provide an easier connection between corporate
clients and the start-up community and accompany them in their venturing journey with the
necessary legal, tax, technical, strategic and financial expertise.
About our partners PwC & PwC legal
Read more

Please notice that despite the large size of our dataset, this is no guarantee for the
representativeness of the whole population of firms. Comparison to other studies is only
partly possible when taking into account sample characteristics, definitions and
methodology. We can’t be held responsible for the completeness and accuracy of the
information provided.
This report may be freely distributed, republished and posted as long as the authors are
mentioned and the content is not modified, decompiled or reference to the source is being
removed.
Disclaimer

Adapted from a design by Vexels
Collaboration by Chanut is Industries from the Noun Project
Growing up by iconsphere from the Noun Project
ClipArt Best
Ship by Anne Bittencourt from the Noun ProjectPhoto by Stefan Gunnarsson on Unsplash
Photo by Thomas Vimare on Unsplash
Photo by BRUNO CERVERA on Unsplash
Photo by Filip Bunkens on Unsplash
Photo by JJ Ying on Unsplash
A special thanks to all the companies that participated to our study, and to all the students at KU Leuven who supported us in the
data collection.🙏🏻
Sources

Antwerp Management School
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