Open Innovation as a Service

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Open Innovation Methods

Corporate venturing squads: Teaming up with other corporations to innovate with startups

Corporate venturing squads bring multiple players to the table, fostering a dynamic partnership. Teaming up with other corporations can provide a more attractive corporate value proposition to startups than those working alone. Other key benefits include enhanced access to innovation networks, the sharing of knowledge and best practices, increased credibility and visibility, and reduced costs with reduced risk. This report from IESE identifies six categories based on the kind of activity corporate ventures undertake, and how frequently they collaborate.

  • Scouting force: This is a one-shot initiative aimed at testing the waters of collaborative innovation by bringing opportunities to corporations — a way to interact and see what startups are doing.
  • Scouting platform: This mirrors the purpose of a scouting force but as a recurrent collaboration. Scouting forces can turn into scouting platforms after a successful first-time experience.
  • Joint proof of concept (PoC): Two or more corporations collaborate with a startup to develop (or enhance) a product or service in a one-time collaboration.
  • Partnership: Recurrent joint PoCs among squad members with either the same or different startups.
  • Co-investment: A partnership that offers investment opportunities for startups as a one-time deal (i.e., one joint investment in one or more startups).
  • Joint fund: A structured investment vehicle that involves multiple investment rounds in one or several startups.