Welcome back to the EUCVC Summit Talks, where we spotlight Europe’s corporate venture leaders, founders, and academics shaping the future of venture collaboration.
In this episode, Francesco Di Lorenzo, Associate Professor at Copenhagen Business School, takes the stage to share fresh research on the state of corporate venture capital (CVC) in the Nordics. From Sweden to Denmark, Francesco explores how corporates are experimenting with different venturing models, what makes CVC effective, and why Nordic corporates are some of Europe’s most important venture partners.
Rather than polished slides, Francesco offers candid reflections from the Summit itself: the open questions corporates face, the trade-offs in structuring CVC units, and why cultural change in the boardroom is key if corporate venturing is to succeed long-term.
🎧 Here’s what’s covered
00:00 Nordic snapshot — Why the region punches above its weight in tech and CVC.
01:00 Tools beyond CVC — Incubators, accelerators, and venture clienting: complementary or conflicting?
03:00 The CVC effect — Beyond capital: what corporates bring to the table (and why it matters).
05:00 Measuring success — Why CVC units last only 3.7 years on average and the difficulty of proving ROI.
07:00 Smart money vs. just money — How engineer exchanges and board participation can be more impactful than capital alone.
08:00 Venture clienting — A rising model where corporates act as first customers instead of investors—and the risks it carries.
10:00 Governance cycles — Why CVC units live and die with CEO tenure, and why board-level protection is essential.
11:00 Collaboration vs. competition — What data says about corporates co-investing (and when they don’t).
13:00 Nordic findings — Early results from research in Norway, Finland, and Sweden: small portfolios, early-stage focus, and bureaucracy as the top blocker.
14:00 AI paradox — Corporates investing in AI startups but cutting internal AI budgets—what this signals for the future.
You can listen to the full session on Apple Podcasts and Spotify 🎧
✍️ Show Notes
The Many Faces of Corporate Venturing
CVC is just one tool. Corporates mix and match accelerators, venture studios, and clienting models. The big question: should they be sequenced over time, or integrated?
The CVC Effect
Corporates rarely lead funding rounds but add critical non-financial assets: distribution, technical expertise, proof-of-concept pilots. The right hybrid of VC capital and corporate assets could be powerful—but needs intentional design.
Measuring Success
With average CVC lifespans under 4 years, success is hard to measure. Boards often pull the plug too early. Metrics remain fragmented and inconsistent.
Smart Money Requires Org Design
Capital alone isn’t enough. Impactful CVC comes when corporates share talent and know-how—engineers, marketers, board members—not just checks.
Venture Clienting: Promise & Risk
Corporates acting as first clients can derisk startups—but it requires deep operational commitment and governance. It’s not necessarily cheaper or safer than CVC.
Nordic Data
Early-stage, small-ticket investing dominates. Bureaucracy from parent companies is the biggest barrier to scaling CVC impact. Yet corporates stress scalability as a key startup criterion.
AI Paradox
S&P 500 corporates show a trend: the more they invest in AI startups, the less they invest internally. Outsourcing AI learning may create strategic friction later.
💡 One-liner takeaway:
CVC isn’t just about money—it’s about organizational design, board-level commitment, and cultural change. The Nordics show both the promise and the pitfalls of Europe’s corporate venturing journey.
