Corporate Venturing: the future is called collaboration
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This document discusses corporate venturing and provides a framework for how large companies can collaborate with startups. It addresses: 1. The challenges of keeping up with rapidly changing customer, market, and technology environments that put pressure on existing business models. 2. A proposed solution of a "hybrid model" using both "inside-out innovation" by upgrading the company and "outside-in innovation" through collaborating with startups. 3. A venturing framework including focus areas, configuration options, guidelines for communication and cultivation, and establishing the right mindset, means, and mandate for corporate venturing.
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Corporate Venturing: the future is called collaboration
- 1. CORPORATE VENTURING @dadovanpeteghem THE FUTURE IS CALLED COLLABORATION dado.vanpeteghem@duvalunion.com
- 2. Duval Union Consulting Social Seeder/Speakersbase @dadovanpeteghem founding partner @dadovanpeteghem Ghent :)
- 3. Digital Transformation A model to master digital disruption. @dadovanpeteghem digitaltransformationbook.com Launched 2014 Sold in +55 countries
- 4. Organisations are falling behind of the rapidly changing customer, market and technology 1. THE CHALLENGE CUSTOMER MARKET TECHNOLOGY As a result, business models are under pressure.
- 5. You need A FASTER CLOCK SPEED than the market. To Win in this New World
- 6. Most of us are big boats. PAST: ‘Economies of scale’ was a competitive advantage TODAY: In a time where technology is the leverage - ‘economies of scale’ is becoming a downside, the big mass is making you slow Reality is…
- 8. LegacySlow Safety People Profit ≠ "invented here" MINDSET
- 9. = "assembled here" MINDSET By betting on collaboration.
- 10. “INSIDE-OUT INNOVATION” Constantly upgrading the mothership “OUTSIDE-IN INNOVATION” While collaborating with external speedboats A dual approach for a faster clockspeed than the market:
- 11. The Mothership & The Fleet 2. THE SOLUTION: A HYBRID MODEL FOR TRANSFORMATION
- 12. You can launch your own speedboats, or you can work together with existing ones. “CORPORATE VENTURING”
- 13. ARE CORPORATES EVIL? ‘they don’t understand tech, no entrepreneurs, want to kill startups,…’ NOPE as long as the intent and expectations are clear… Let go of your prejudices
- 14. ARE STARTUPS EVIL? ‘they think all they do is gold, don’t know how to make money, arrogant,…’ NOPE as long as the intent and expectations are clear… Let go of your prejudices
- 15. Corporate Venturing is already happening, but not necessarily in the right way… 5 Bad practices But that’s not always the case…
- 16. AD HOC SPRAY AND PRAY 1 First come first served
- 17. THE CORPORATE BLACK HOLE 2 Let’s hug them to death
- 19. TO BE COOL or for CSR ‘Competition does it too’ 4 PR > Real Value
- 20. NO END GAME IN MIND 5 Investment as the final step vs the starting point
- 21. HOW TO SET THIS UP THE RIGHT WAY? “CORPORATE VENTURING”
- 22. 3. THE APPROACH VENTURING FOUNDATION Mindset Means Mandate 1 VENTURING FRAMEWORK Coalition Configuration Communication Code of conduct Cultivation 3 VENTURING FOCUS Why! 4 axes to play Core and Extended Core 2
- 23. THE VENTURING FOUNDATION Success factors of corporate venturing MINDSET MEANS MANDATE “license to create impact” “license to operate” “license to go fast” Financials Resources Ambitions Expectations Roles Governance KPIs 1
- 24. THE VENTURING FOCUS Why are you doing this? INNOVATION Controlled ‘self-disruption’ CULTURE Change the mindset SCALE & EXPAND Entering new markets SPEED Oxygen and autonomy to grow fast RECRUITMENT New talent close to you FINANCIAL Potential new income streams & efficiency ADVISE Ability to pivot around challenges 2
- 25. WHAT ARE YOU OFFERING? MENTORSHIP business topics INSIGHTS market/industry MONEY cash/non equity NETWORK clients/ investors/ marketing INFRA- STRUCTURE housing/ technology CREDIBILITY new clients, other investors What’s in it for the startup?
- 26. @dadovanpeteghem CUSTOMER RELATION ORGANISATION PRODUCT BUSINESS MODEL Foundation Innovation VENTURING FOCUS In which axis of the business do you need help?
- 27. @dadovanpeteghem Stop looking for ideas Try to solve problems
- 28. WHERE IS THE… GOLDCASHFLOW THE VENTURING FOCUS What are your big bets for the future?
- 29. KEY QUESTIONS: - WHAT WILL HELP US TO BUILD THE FUTURE? (TECH? SUSTAINABILITY?…) - WHERE CAN WE ADD VALUE WITH OUR EXPERTISE? DEFINE YOUR STRETCH “EXTENDED CORE” Radical Adjacencies “CORE“ Mothership
- 30. THE VENTURING FRAMEWORK 5 C’s of Corporate Venturing COALITION CODE OF CONDUCT CULTIVATION COMMUNICATION CONFIGURATION STRONG COLLABORATION 3
- 31. COALITION CEO MktSales R&D IT CORPORATE VENTURING TEAM BOARD GOVERNANCE SET THE RIGHT ROLES FOR CORPORATE VENTURING FLEET MANAGER MENTORS “INTRA MUROS” SCOUTS CONNECTOREVANGELISTS “EXTRA MUROS” (GET OUT OF THE BUILDING)
- 32. CONFIGURATION M&A ACQUI-HIRE EQUITY INVESTMENTS NON-EQUITY INVESTMENTS ACCELERATOR JOINT VENTURE CO-OWNERSHIP NETWORK EVENTS DISCOVERY START-UP MONDAYS START-UP SAFARIS CHAT DATE MARRY CO-HABITATION STARTUP-AS-A-SERVICE BUY FROM STARTUPS COLLABORATION Venturing ‘go to market’
- 33. THE GARAGE Avoid your corporate home for the date :-) Create a home for radical innovation…
- 34. Incubator Accelerator Ideas Start-ups VC fund M&A Scale-ups Mature The Garage Investment management “Volatile Growth” “Stable Growth” THE DIFFERENT CORPORATE VENTURING PERSPECTIVES
- 35. Think Big, Start Small and Scale fast And always: kill your darlings.
- 36. COMMUNICATION YOU CAN Signal the market ‘ABOVE THE RADAR’ PARTNERING WITH EXISTING STARTUP NETWORKS SETTING UP PUSH PLATFORMS (SITE, SOCIAL,…) ACTIVELY EVANGELIZING ON EVENTS YOU CAN Scout for opportunities ‘UNDER THE RADAR’ BUYING FROM STARTUPS GOING TO TECH/STARTUP CONFERENCES FOLLOWING RELEVANT TECH/STARTUP SOURCES
- 38. CODE OF CONDUCT 1. BE COMMITTED, ITS NOT A GAME 2. DON’T FUCK UP THEIR CULTURE 3. BE TRANSPARENT 4. DEFAULT TO ‘YES’ 5. LEAD THE WAY 6. BE A STUDENT, NOT THE TEACHER 7. PAY IT FORWARD “Rules of engagement” ‘A Set of Shared Goals’ that work bi-directional
- 39. CULTIVATION ACTKNOW Evaluate EVERYTHING YOU DO IN BOTH DIRECTIONS!
- 40. “The Accelerator Index” 0 105 TURBO-PROPELLER Partner is a vital element in the success of your business. PROPELLER Partner is pushing you forward and creates new opportunities. ANCHOR Partner is not pushing you forward, stand-still. TORPEDO Partner has a negative impact on your business activities. How much has your partner accelerated you?
- 41. WIN - WIN —> :-) LOSE - LOSE —> DIVORCE WIN - LOSE —> MISMATCH MEETING LOSE - WIN —> MISMATCH MEETING “The Accelerator Index” How much has your partner accelerated you?
- 42. CONVERSION = CASHFLOW CULTURE = GOLD Corporate Venturing is a ‘Flywheel’ to stimulate “The Corporate Startup Mindset” THE ROV“Return On Venturing”
- 43. DON’T HOLD THEIR SHOULDER THE GOAL IS To let go& don’t sit on their bike :)