Innovation and Change

Open Innovation: Building, Scaling and Consolidating Your Firm's Corporate Venturing Unit

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The practice of corporate venturing is emerging at a great speed. In 70% of the cases, large firms are increasing investment in their innovation units, 60% of which were created in the last five years. Particularly, the use of some innovation mechanisms of corporate venturing (the collaboration between established companies and innovative start-ups) have increased from 2% to 44% in recent years. Large companies such as Intel, Siemens, Xerox, GE, IBM, Lucent and Merck have developed these models for years: corporate accelerators and incubators, scouting missions, corporate venture capital funds, hackathons, prize challenges, venture builders, to name a few. Despite best intentions, companies are still struggling and learning how to build, scale and consolidate their corporate venturing units. Based on 46 interviews with large firms' chief innovation officers (and related roles), the study provides insights and unique data for the implementation of these mechanisms, and best practices learnt from leading corporations.
Bibliographic citation: Prats, Mª Julia; Siota, Josemaria; Canonici, Tommaso; Contijoch, Xavier, "Open Innovation: Building, Scaling and Consolidating Your Firm's Corporate Venturing Unit", IESE; Opinno, ST-478-E, 05/2018
Date: 03/05/2018
Author(s): Prats, Mª Julia; Siota, Josemaria; Canonici, Tommaso; Contijoch, Xavier
Document type: Study and Monograph
Collaborator(s): Gironza, Alfonso; Prats, Jordi; Saccomano, Celeste
Editor(s): EIC - Centro de Iniciativa Emprendedora e Innovación
Languages: English