Marcus Behrendt, Managing Partner at BMW iVentures, joins Andreas and Jeppe to explore how corporate venture capital can drive transformation in Europe’s most iconic industries. From autonomy to AI and natural-fiber composites, the episode dives deep into how BMW’s venture arm scans, invests, and hedges across global markets while staying rooted in strategy and sustainability.
🎧 Here’s what’s covered:
04:11 Investment Focus: From Smart Supply Chains to Sustainability
09:56 The Auto Industry in Flux: Disruption, Legacy & Tesla’s Vertical Model
14:31 Integration vs. Modularity: What Will Define the Next Automotive Leaders
17:01 Avoiding the Kodak Trap: Why Culture Eats Strategy in Corporate Innovation
25:56 Leveraging the Core: Staying Close to BMW’s Strategic Heartbeat
28:04 Natural Fibers & Rare Earths: Investing for CO2 Impact and Supply Chain Resilience
34:42 Scaling Autonomy in the Real World: From Car Plants to Ports
37:33 Europe's Structural Weakness: Legal Complexity and Inconsistent ESOPs
44:11 Pensions, Politics & the Case for Venture Policy Engagement
47:04 Why BMW iVentures Remains a Single-LP Fund—and Proud of It
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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✍️ Show notes
Building the Future, Hedge by Hedge
BMW iVentures may fly the corporate flag, but it operates like a true venture fund—betting early, betting bold, and sometimes even against its own corporate strategy. Marcus Behrendt shares how “structured independence” allows the fund to hedge BMW’s bets while still offering a bridge back to core innovation when the timing is right.
Autonomy, AI & The Real Tech Edge
From reviving edge compute to real-world autonomous deployments in ports and production lines, the team explores the return of autonomy—this time more quietly, but far more productively. Marcus breaks down where the real industrial ROI lies and how CVCs can help deeptech teams break through.
Europe’s Startup Challenge: Systems, Not Talent
The verdict is clear: Europe has the founders, the IP, and the R&D—but not yet the frameworks. Legal fragmentation, uneven ESOP adoption, and weak public markets continue to hinder Europe's ability to retain scaleups, prompting a call to action for the entire ecosystem.
Pension Funds, Capital Flows & Public Market Fixes
Marcus and Jeppe get candid about what it will take to bring pension capital home and make IPOs attractive again. Hint: it starts with better political engagement—and ends with a European version of the Delaware simplicity.
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