#TheArtOfCV - Belgian Corporate Venturing Barometer 2021

#theartofCV
BELGIAN
CORPORATE VENTURING
BAROMETER
2021

1. Foreword
2. Highlights 2021
3. CV Barometer: Established firms
4. CV Barometer: Young firms
5. Methodology
6. About AMS
7. About PwC
Belgian CV Barometer 2021
Table of content

The value of this CV Barometer lies in the fact that we analyze the Corporate
Startup Collaborations (CSC) in the Belgian market from the perspective of
established firms (EFs) and young firms (YFs), where we notice some interesting
differences in ambition and motives between both types of companies.
In this third edition of our CV Barometer we compare important figures with the
insights of last years and we added a section on the impact of COVID-19 on
CSC. Although the pandemic hit us hard, we notice, both for EFs and YFs an
increased intensity of collaboration (+70% of respondents).
We tried to capture the crucial insights in this presentation. If you want to discuss
more findings, 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
(+) - Moved up in comparison with 2020 Barometer
(-) - Moved down in comparison with 2020 Barometer

Corporate Startup Collaborations continue to grow.
(from 20% in 2019, to 22% in 2020, to 23% in 2021)
YFs experience higher negative impact due to COVID.
However, both for YFs and EFs the impact on CSC remains
limited.
Equity based forms of collaborations are considered more
often than in previous years.
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 outside the industry
4. (+) Research institutions
5. (-) Other firms within the industry
Established firms
data

 SMEs and FBs worked less together with customers, research
institutions and other firms outside their industry than LEs and
NFBs.
insights
Established firms

data
Established firms
Almost 1 out of 4 (22,9%) established firms worked on a strong to very
strong degree together with SUs in the past 3 years
For 70% (-2% wrt 2020) 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.
 FBs worked together with less SUs than NFBs.
insights
Established firms

For the future, more established firms plan to work together on a
strong to very strong degree with SUs:
22,9% (+0,9% wrt 2020) did so in the past 3 years
↓
29% (-1% wrt 2020) has plans for doing so in 2021
↓
40,9% (+6,9% wrt 2020) has plans for doing so in 2 tot 5 years time
Established firms
data

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

data
Established firms
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. (+) Sponsoring or co-organizing network events where startups are present
7. (+) Granting startups access to business assets such as machinery, knowledge or office space
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. (+) Organizing or sponsoring of hackathons

 Equity-based forms of cooperation are not in the top 10 of
cooperations in the past 3 years.
 SMEs and FBs explored a smaller combination of different
forms of cooperation in the past 3 years compared to LEs
and NFBs.
Established firms
insights

data
Established firms
forms of cooperation planned for 2021:
1. Buying products or services from startups
2. Attending network events where startups are present
3. (+) Setting up a strategic cooperation with a startup
4. (-) Starting and developing a project together with a startup
5. (-) Granting startups access to business assets (machinery, knowledge, office space)
6. (+) Giving advisory and guidance to startups
7. Going on (international) mission to find inspiration and innovation and meet startups
8. (-) Sponsoring or co-organizing network events where startups are present
9. (+) Doing an acqui-hire
10. (+) Supporting an accelerator programme with other corporates

 Equity-based forms of cooperation enter the top 10 of planned
cooperations in 2021 (doing an acqui-hire).
 Supporting a corporate accelerator programme enters the top 10.
Established firms
insights

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

 Taking over a SU enters the top 10 of planned cooperations in 2
- 5 years time.
 Giving advisory, attending network events and starting a project
together with a SU remain important for the future.
 Buying from startups keeps losing importance
Established firms
insights

Belgian
CV
Barometer
2021
Established
firms
data
0%
25%
50%
SME LE

data
Belgian
CV
Barometer
2021
Established
firms
0%
25%
50%
FB NFB

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. (+) Developing an own incubation program oriented towards startups
3. (-) Joining an acceleration program together with other organizations
4. (-) Starting an own acceleration program
5. (+) Licensing with a startup
Established firms

data
Established firms
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. (+) Gaining knowledge and competences
3. (-) Increasing brand awareness
3. (+) Getting access to new technologies

 The following motives are less frequently mentioned: getting
access to intellectual property, accessing and retaining
employees, and getting benefits from sharing business assets.
 For the future, getting access to new technologies becomes
more important, and increasing brand awareness becomes
less important as one of the main motives
 Main motive differs depending on the form of cooperation with
the SU.
Established firms
insights

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

 Firms mostly approach each other directly, without the help
of intermediairies.
 SMEs used the following channels 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 an incubator / accelerator
Established firms
insights

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 compared to
NFBs.
 LEs prefer more to work with a European SU compared to SMEs.
Established firms
insights

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
Established firms
data

 Most established firms have a strong preference for more
mature SUs.
Established firms
insights

data
Established firms
Top 5 of most important challenges experienced by established
firms in their cooperation with SU (in order of importance):
1. (+) It was very difficult to fit activities and time investment in daily operations
2. It was very difficult to select the right SU for our company
3. (-) The decision-making in our company and the SU was too different
4. (-) There were too big cultural differences between our company and the SU
5. (+) It was very complex to set up a cooperation with a corporate

 SMEs experience more difficulties regarding finding and getting in
contact with SUs compared to LEs
 SMEs experience less difficulties regarding cultural differences with
SUs, different decision-making, and motivating employees for these
collaborations compared to LEs
 FBs experience less difficulties regarding different decision-making
and regarding fitting in these activities into the daily operations
compared to NFBs
Established firms
insights

data
Established firms
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 activities and its time investment into the daily operations
2. (+) We focus very little on innovation in our company
3. (-) We very little work together with other parties when innovating
4. No idea how to select the right SU
5. (+) We have little to offer to SUs
6. (-) No idea how to find and get in contact with SU

 The time investment worries many firms, no matter what type
or size of established firm
 Firms that look for cooperation with SUs are those who put
(open) innovation high on their agenda
 SMEs frequently underestimate what they have to offer to SUs,
but at the same time underestimate the budget that can be
needed
 FBs worry more about the lack of knowledge that is needed to
successfully govern these collaborations, but worry less about
cultural differences between them and the SUs
Established firms
insights

Did you experience a negative impact because of Covid-19 on
your collaboration with SUs:
 Totally not: 25%
 Almost not: 19%
 Limited: 33%
 To a strong degree: 17%
 To a very strong degree: 6%
Belgian CV Barometer 2021 - NEW
Established firms
data

• For more than 75% of the established firms, the impact of
Covid-19 on CSC is (very) limited
• FBs experience a much lower negative impact of Covid-19 on
CSC compared to NFBs
Established firms
data
insights

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The perspective of YOUNG FIRMS

50% (-3% wrt 2020) of young firms worked on a strong to very strong degree
together with established firms (EFs) in the past 3 years
For almost 3 out of 4 (73% -4% wrt 2020) young firms the intensity of working
together with EFs has increased in the past 3 years
50%
Young firms

data
Young firms
For the future, more young firms plan to work together on a strong to
very strong degree with EFs:
50% (-3% wrt 2020) did so in the past 3 years
↓
59% (-3% wrt 2020) has plans for doing so in 2021
↓
74% (+1% wrt 2020) has plans for doing so in 2 tot 5 years time

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

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

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

data
Young firms
forms of cooperation planned for 2021:
1. Setting up a strategic cooperation with a corporate
2. (+) Attending network events where corporates are present
3. (+) Pitching to executives or on events where corporates are present
4. Starting and developing a project together with a corporate
5. (-) Selling products or services to corporates
6. Receiving advisory and guidance from corporates
7. Participating to competitions and awards organized by corporates
8. (+) Going on (international) mission to find inspiration and innovation and meet corporates
9. (-) Getting access to business assets (machinery, knowledge or office space)
10. (+) Participating to a hackathon

 Setting up a strategic cooperation remains the most important
form of collaboration in 2021.
 Participating to an incubation program is no longer in the top 10.
 Participating to a hackathon enters the top 10.
Young firms
insights

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

 Equity-based forms of cooperation (acquisition by a corporate,
setting up a joint venture) enter the top 10 of cooperations to be
explored 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 getting access to
business assets and going on (inter)national mission.
Young firms
insights

data
Belgian
CV
Barometer
2021
Young
firms
0%
25%
50%
SU ScU

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

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

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

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 ourself
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 have more directly contacted EFs themselves compared to
SUs.
Young firms
insights

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

 Most young firms prefer cooperation with a Belgian corporate,
which corresponds to the preference of established firms
 YFs enrolled in I/A programs prefer less a local player and more
an EU or a non-EU player.
Young firms
insights

Preference regarding type of established firms for future
cooperation (in order of importance):
1. An SME
2. (+) A multinational
3. A family business
4. (-) No preference
Young firms
data

 Most young firms are strongly attracted towards SMEs for
setting up a cooperation.
 YFs enrolled in I/A programs prefer less an SME, and more a
multinational compared to YFs not enrolled in such programs.
Young firms
insights

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

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

 Different decision-making and cultural differences are seen as
the biggest challenges for YFs.
 Finding EFs is seen as a bigger challenge than making the right
selection of EF.
 YFs that are enrolled in I/A programs experienced bigger
challenges regarding finding and getting in contact with EFs.
 ScUs experienced bigger challenges regarding cultural
differences compared to SUs.
Young firms
insights

Did you experience a negative impact because of Covid-19 on
your collaboration with EFs:
• Totally not: 11%
• Almost not: 23%
• Limited: 36%
• To a strong degree: 19%
• To a very strong degree: 11%
Young firms
data

• YFs experienced a higher negative impact of Covid-19 on
CSC compared to EFs
• However, for 70% of the young firms, the impact of Covid-19
on CSC is (very) limited
Young firms
insights

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Read more about
our research
Participate here
to our
study
The insights in this report are based on the answers of almost
600 Belgian firms, of which 55% are established firms and 45%
young firms (founded less than 10 years ago). 67% of the
established firms concern small- and medium-sized enterprises
(less than 250 employees). 42% of the established firms perceive
themselves as a family business. The firms are mainly active in
the services, technology, industrial, trade and construction
sector. 84% of the firms are B2B, 51% are B2C and 21% 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
Equity – Free Icons Library
Covid-19 – IMN Creative
Ship by Anne Bittencourt from the Noun Project
Photo 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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