Collaboration between corporates and startups has been identified as one of the key aspects of large companies’ innovation strategy. In a study conducted with chief innovation officers of large corporates by IESE experts in 2018, 70% of firms said they were increasing investment in their innovation units, and 42% of the surveyed firms have increased the use of corporate venturing in the past 6 years. A Corporate-startup partnership presents a series of challenges as each is unique in its way. However, corporates who have actively sought to exploit these differences have done well in the open innovation space.
In this study, IESE experts Josemaria Siota and M. Julia Prats seek to help corporates identify and build a suitable mechanism to interact with startups, select the right KPIs, and structure practical governance for corporate venturing.