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#TheArtOfCV - Belgian Corporate Venturing Barometer 2021

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#TheArtOfCV - Belgian Corporate Venturing Barometer 2021

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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

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

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#TheArtOfCV - Belgian Corporate Venturing Barometer 2021

  1. 1. #theartofCV BELGIAN CORPORATE VENTURING BAROMETER 2021
  2. 2. 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
  3. 3. 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
  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 (+) - Moved up in comparison with 2020 Barometer (-) - Moved down in comparison with 2020 Barometer
  5. 5. 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. Belgian CV Barometer 2021 Highlights
  6. 6. Belgian CV Barometer 2021 Different forms of collaboration
  7. 7. Download our 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 outside the industry 4. (+) Research institutions 5. (-) Other firms within the industry Belgian CV Barometer 2021 Established firms data
  10. 10.  SMEs and FBs worked less together with customers, research institutions and other firms outside their industry than LEs and NFBs. insights Belgian CV Barometer 2021 Established firms
  11. 11. data Belgian CV Barometer 2021 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
  12. 12.  SMEs and FBs worked less together with SUs than LEs and NFBs.  FBs worked together with less SUs than NFBs. insights Belgian CV Barometer 2021 Established firms
  13. 13. 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 Belgian CV Barometer 2021 Established firms data
  14. 14.  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. Belgian CV Barometer 2021 Established firms insights
  15. 15. data Belgian CV Barometer 2021 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
  16. 16.  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. Belgian CV Barometer 2021 Established firms insights
  17. 17. data Belgian CV Barometer 2021 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
  18. 18.  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. Belgian CV Barometer 2021 Established firms insights
  19. 19. data Belgian CV Barometer 2021 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
  20. 20.  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 Belgian CV Barometer 2021 Established firms insights
  21. 21. Belgian CV Barometer 2021 Established firms data 0% 25% 50% SME LE
  22. 22. data Belgian CV Barometer 2021 Established firms 0% 25% 50% FB NFB
  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. (+) 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 Belgian CV Barometer 2021 Established firms
  25. 25. data Belgian CV Barometer 2021 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
  26. 26.  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. Belgian CV Barometer 2021 Established firms insights
  27. 27. Belgian CV Barometer 2021 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
  28. 28.  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 Belgian CV Barometer 2021 Established firms insights
  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 2021 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 compared to NFBs.  LEs prefer more to work with a European SU compared to SMEs. Belgian CV Barometer 2021 Established firms insights
  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 Belgian CV Barometer 2021 Established firms data
  32. 32.  Most established firms have a strong preference for more mature SUs. Belgian CV Barometer 2021 Established firms insights
  33. 33. data Belgian CV Barometer 2021 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
  34. 34.  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 Belgian CV Barometer 2021 Established firms insights
  35. 35. data Belgian CV Barometer 2021 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
  36. 36.  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 Belgian CV Barometer 2021 Established firms insights
  37. 37. 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
  38. 38. • 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 Belgian CV Barometer 2021 - NEW Established firms data insights
  39. 39. Download our latest white paper Read more
  40. 40. The perspective of YOUNG FIRMS
  41. 41. 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% Belgian CV Barometer 2021 Young firms
  42. 42. data Belgian CV Barometer 2021 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
  43. 43. data Belgian CV Barometer 2021 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
  44. 44.  Equity-based forms of cooperation are not in the top 10 of collaborations in the past 3 years. Belgian CV Barometer 2021 Young firms insights
  45. 45. 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
  46. 46. data Belgian CV Barometer 2021 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
  47. 47.  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. Belgian CV Barometer 2021 Young firms insights
  48. 48. data Belgian CV Barometer 2021 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
  49. 49.  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. Belgian CV Barometer 2021 Young firms insights
  50. 50. data Belgian CV Barometer 2021 Young firms 0% 25% 50% SU ScU
  51. 51. Young firms are the least aware of the following forms of cooperation (in order of importance): 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 Belgian CV Barometer 2021 Young firms
  52. 52. Belgian CV Barometer 2021 Young firms Top 3 of most important motives forwarded by young firms for the past and planned collaborations with established firms (in order of importance): 1. Getting access to the market 2. Increasing credibility 3. Getting access to financial resources data
  53. 53.  The following motive is less frequently mentioned: increasing exit potential.  Main motive differs depending on the form of cooperation with the EF. Belgian CV Barometer 2021 Young firms insights
  54. 54. 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 Belgian CV Barometer 2021 Young firms data
  55. 55.  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. Belgian CV Barometer 2021 Young firms insights
  56. 56. 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 Belgian CV Barometer 2021 Young firms data
  57. 57.  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. Belgian CV Barometer 2021 Young firms insights
  58. 58. 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 Belgian CV Barometer 2021 Young firms data
  59. 59.  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. Belgian CV Barometer 2021 Young firms insights
  60. 60. How strongly linked are your activities compared to those of the EFs (in order of importance): 1. (+) Our activities were very strongly linked 2. (-) Our activities were partly linked 3. Our activities were totally not linked Belgian CV Barometer 2021 Young firms
  61. 61. data Belgian CV Barometer 2021 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)
  62. 62.  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. Belgian CV Barometer 2021 Young firms insights
  63. 63. 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% Belgian CV Barometer 2021 - NEW Young firms data
  64. 64. • 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 Belgian CV Barometer 2021 - NEW Young firms insights
  65. 65. Follow our channels… … to download latest content and tools!
  66. 66. 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
  67. 67. 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
  68. 68. 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
  69. 69. 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
  70. 70. 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
  71. 71. Antwerp Management School Thanks Get in touch

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