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#TheArtOfCV - Belgian Corporate Venturing Barometer 2020

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#TheArtOfCV - Belgian Corporate Venturing Barometer 2020

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Corporate Venturing is on the rise. A growing number of corporations recognize the value of collaborating with start-ups to enhance their innovation powers. However, an important question remains: how to do this in the best possible way to make the cooperation a success for both the corporate and the start-up? This research aims to get insight into best practices and guidelines in order to better organize and drive corporate – start-up collaboration.

Corporate Venturing is on the rise. A growing number of corporations recognize the value of collaborating with start-ups to enhance their innovation powers. However, an important question remains: how to do this in the best possible way to make the cooperation a success for both the corporate and the start-up? This research aims to get insight into best practices and guidelines in order to better organize and drive corporate – start-up collaboration.

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#TheArtOfCV - Belgian Corporate Venturing Barometer 2020

  1. 1. #theartofCV BELGIAN CORPORATE VENTURING BAROMETER2020
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. 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. Belgian CV Barometer 2020 Highlights
  6. 6. Belgian CV Barometer 2020 Different forms of collaboration
  7. 7. Download our newest white paper Read more
  8. 8. The perspective of ESTABLISHED FIRMS
  9. 9. 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 Belgian CV Barometer 2020 Established firms data
  10. 10.  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 Belgian CV Barometer 2020 Established firms
  11. 11. Belgian CV Barometer 2020 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
  12. 12.  SMEs and FBs worked less together with SUs than LEs and NFBs.  SMEs worked together with less SUs than LEs. insights Belgian CV Barometer 2020 Established firms
  13. 13. 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 Belgian CV Barometer 2020 Established firms data
  14. 14.  No differences between SMEs and LEs, and between FBs and NFBs regarding their plans to work together with SUs in the future. insights Belgian CV Barometer 2020 Established firms
  15. 15. Belgian CV Barometer 2020 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
  16. 16.  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 Belgian CV Barometer 2020 Established firms
  17. 17. Belgian CV Barometer 2020 Established firms data forms of cooperation planned for 2020: 1. (+) Buying products or services from startups 2. (-) Attending network events where startups are present 3. Starting and developing a project together with a startup 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
  18. 18.  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 Belgian CV Barometer 2020 Established firms
  19. 19. Belgian CV Barometer 2020 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 3. Starting and developing a project together with a startup 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
  20. 20.  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 Belgian CV Barometer 2020 Established firms
  21. 21. BelgianCVBarometer2020 Establishedfirms 0% 25% 50% SME LE data
  22. 22. data 0% 25% 50% FB NFB BelgianCVBarometer2020 Establishedfirms
  23. 23. 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.
  24. 24. Established firms are the least aware of the following forms of cooperation (in order of importance): 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 Belgian CV Barometer 2020 Established firms
  25. 25. Belgian CV Barometer 2020 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
  26. 26.  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 Belgian CV Barometer 2020 Established firms
  27. 27. 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) Belgian CV Barometer 2020 Established firms data
  28. 28.  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 Belgian CV Barometer 2020 Established firms
  29. 29. Preference regarding proximity of SUs for future cooperations (in order of importance): 1. A Belgian SU 2. A local SU 3. (+) A European SU 4. (-) No preference Belgian CV Barometer 2020 Established firms data
  30. 30.  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 Belgian CV Barometer 2020 Established firms
  31. 31. Preference regarding type of SUs for future cooperations (in order of importance): 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
  32. 32.  Most established firms have a strong preference for more mature SUs.  FBs have a lower preference for scale-ups compared to NFBs. insights Belgian CV Barometer 2020 - NEW Established firms
  33. 33. Belgian CV Barometer 2020 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
  34. 34.  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 Belgian CV Barometer 2020 Established firms
  35. 35. Belgian CV Barometer 2020 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
  36. 36.  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 Belgian CV Barometer 2020 Established firms
  37. 37. The perspective of YOUNG FIRMS
  38. 38. 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% Belgian CV Barometer 2020 Young firms
  39. 39. Belgian CV Barometer 2020 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
  40. 40.  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 Belgian CV Barometer 2020 Young firms
  41. 41. Belgian CV Barometer 2020 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
  42. 42.  Equity-based forms of cooperation are not in the top 10 of cooperations in the past 3 years.insights Belgian CV Barometer 2020 Young firms
  43. 43. 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
  44. 44. Belgian CV Barometer 2020 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
  45. 45.  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 Belgian CV Barometer 2020 Young firms
  46. 46. Belgian CV Barometer 2020 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
  47. 47.  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 Belgian CV Barometer 2020 Young firms
  48. 48. data 0% 25% 50% SU ScU BelgianCVBarometer2020 Youngfirms
  49. 49. Young firms are the least aware of the following forms of cooperation (in order of importance): 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 Belgian CV Barometer 2020 Young firms
  50. 50. Belgian CV Barometer 2020 Young firms data Top 3 of most important motives forwarded by young firms for the past and planned cooperations with established firms (in order of importance): 1. Getting access to the market 2. (+) Increasing credibility 3. (+) Getting access to financial resources
  51. 51.  The following motive is less frequently mentioned: increasing exit potential.  Main motive differs depending on the form of cooperation with the EF. insights Belgian CV Barometer 2020 Young firms
  52. 52. 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 Belgian CV Barometer 2020 Young firms data
  53. 53.  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 Belgian CV Barometer 2020 Young firms
  54. 54. 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 Belgian CV Barometer 2020 Young firms data
  55. 55.  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 Belgian CV Barometer 2020 Young firms
  56. 56. 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 Belgian CV Barometer 2020 - NEW Young firms data
  57. 57.  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 Belgian CV Barometer 2020 - NEW Young firms
  58. 58. How strongly linked are your activities compared to those of the EFs (in order of importance): 1. Our activities were partly linked 2. Our activities were very strongly linked 3. Our activities were totally not linked Belgian CV Barometer 2020 Young firms
  59. 59. Belgian CV Barometer 2020 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, …)
  60. 60.  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 Belgian CV Barometer 2020 Young firms
  61. 61. Listen Listen to the podcasts of our partner PWC
  62. 62. Read more about our research Participate here 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
  63. 63. 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
  64. 64. 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
  65. 65. 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
  66. 66. 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
  67. 67. Antwerp Management School Thanks Get in touch

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