In this episode of our CVC series, Andreas Munk Holm and our CVC in-house expert, Jeppe Høier, talk with Gitte Aabo to explore the world of corporate venture. With a remarkable background that spans 27 years at Leo Pharma, including 12 years as CEO and further experience at GN Hearing, Gitte shares her journey in building innovation initiatives like Leo iLab.
During the conversation, Gitte dives into aligning corporate culture with innovative practices. She emphasizes that success in corporate venturing doesn’t come from following a one-size-fits-all formula but from ongoing, one-on-one discussions with board members and key executives.
Here’s what’s covered:
03:55 Establishing Leo Innovation Lab
06:20 Challenges and Learnings from Leo iLab
14:43 Innovation Strategies at GN Hearing
18:05 Corporate Venturing and Partnerships
23:27 Reflections on Ecosystem Building
34:28 Board Involvement in Corporate Venturing
Watch it here or add it to your episodes on Apple or Spotify 🎧, with chapters for easy navigation available on the Spotify/Apple episode.
Adventures and Deep Connection Await 💞
Step beyond the ordinary into a retreat that challenges and transforms you—as a partner and as an individual. Ten couples will embark on an adventure of reflection, connection, and shared resilience, guided by nature and a like-minded community. Traverse mountains, navigate the sea, and embrace stillness under the Corsican sky. This is not an escape—it’s a chance to be fully present, together, in adventure & in life.
✍️ Show notes
A look at the person behind - who is Gitte Aabo?
Purpose-driven: I’ve always gravitated toward companies with a clear mission to improve people’s lives. Purpose gives meaning to work and drives real impact.
Customer-first philosophy: Putting the customer or patient at the center of everything we do has been my guiding principle throughout my career. It ensures focus and relevance in every decision.
Building great teams: Success is never achieved alone. I’ve always prioritized surrounding myself with talented, driven, and collaborative people who bring out the best in each other.
Curiosity and humility: Staying curious and humble has been key. I try to approach every Monday as if it were my first day on the job—eager to learn, contribute, and grow.
Principles and Learnings for Building a CVC Entity
The guiding principles and key learnings from establishing Leo Innovation Lab as a corporate venture entity.
Enhance patient experience by integrating digital tools with medicine.
Motivate adherence to treatments through predictive outcomes.
Support General Practioners and dermatologists with improved diagnostic capabilities.
Increase clinical trial efficiency by better patient screening.
Advantages of establishing LEO iLab.
Create an independent innovation hub, free from the regulatory and cultural limitations of the existing business.
Attract a diverse talent pool outside traditional pharma profiles.
Experiment with new and faster innovation processes, unlike conventional R&D in pharma.
The influence of location and proximity on the core business.
iLab was set up in central Copenhagen, separate from the main office in Ballerup, to foster creativity and attract different people
However, this created a disconnection and limited knowledge transfer between iLab and the core business.
Core business struggled to understand iLab’s value and why it should be funded.
Corporate Venturing (Innovation) & Business at GN
How did you approach linking innovation to the core business at GN?
Located the innovation team alongside the main organization in Ballerup.
Operated with a smaller team, encouraging and enforcing collaboration with the core business
Focus on enhancing innovation through external partnerships.
Learnings from Leo Pharma & how it influences the corporate venture setup at GN.
LEO iLab developed into a separate organization and became, to some extent, alienated to the core business
Avoid creating a large, separate organization (e.g., iLab’s 100+ team).
At GN, a smaller team (less than 5) ensures alignment with core business needs.
GN’s solutions focus on direct business impact, e.g., connecting hearing aids to dementia research.
Emphasis on external partnerships over in-house development.
Insights from collaborating with externals & how it contributed to GN’s innovation journey.
External partnerships accelerate innovation and reduce risk
Acquired an online sales platform for hearing aids, now an important part of U.S. operations.
Partnered with a voice-analytical firm for Alzheimer’s diagnostics and DUI prevention in cars.
Corporate Venturing and the Role of Leadership
Corporate venturing as a tool to gain market insights & drive business development.
Identifying emerging trends: Collaborating with startups and innovators provides early exposure to new technologies, customer behaviors, and market shifts.
Testing and scaling new solutions: Piloting ideas outside traditional structures allows businesses to explore new markets or products with lower risk.
Building strategic partnerships: Engaging with external partners creates opportunities for knowledge sharing and faster access to new markets or customer segments.
The role of leadership & board to ensure the anchoring and success of innovation initiatives.
Innovation hubs must be fully supported by both the board and top management.
Their purpose should align with business strategy and growth objectives.
Support by top management ensures funding and clear alignment with budget discussions.
Reflections and Learnings
What would you do differently if you were to start over with a corporate venture initiative?
Clearly define how the initiative will improve customer experience, drive growth, and contribute to the company’s development.
Set measurable targets for the venture team to track progress and success.
Start with a small, agile team that can leverage the core business’s facilities and resources.
Prioritize both internal collaboration and strategic external partnerships to maximize impact.
Advice for leaders who want to build an innovation culture & successful venturing projects.
Ensure initiatives support the development of your existing business (e.g., customer experience, sales growth, faster innovation, new markets).
Anchor initiatives in strategy and budgets.
Secure long-term support from top management and the board.
Build small, agile teams to foster collaboration internally and with external partners.
Advice for young people in corporations who would like to work in venture.
Find a role that truly excites you—where you genuinely look forward to Monday mornings.
Tie your initiatives to the company’s strategy and ensure they create measurable value for the business and customers.
Build strong relationships within the core business to integrate venturing efforts and leverage existing resources.
Focus on collaboration with external partners to accelerate innovation and share risks.
Start small, stay agile, and define clear KPIs to measure your impact and adapt as you learn.
Be resilient.
The most counterintuitive learning.
Avoid separating venture teams from the core business—it often leads to failure.
Define KPIs for venturing with the same rigor as any other part of the business.
Keep teams small to ensure reliance on and integration with the main organization.
Prioritize external partnerships over internal development.
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
💬 Community event | LP AMA with Herve Cuviliez | ⏰ April 23, 1:00 PM - 2:00 PM GMT+2 | 💻 Online
Know what’s going on inside LPs heads can be difficult some times. Our series of LP AMAs allows you to ask all the questions you normally hold back. Join our exclusive AMA with Hervé Cuviliez, co-founder of ID4 Ventures, in a small-group, interactive setting where you can ask real questions and get real answers.
Why attend?
Get direct insights from a seasoned LP with 20 years of experience
Learn practical tips and strategies to elevate your fundraising game
Build connections with fellow VCs and LPs in an intimate setting
Available for Members Only, Subscribe below
Join us at the EUVC Summit & Awards Show
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
Share this post