Originally published here.
Introduction
Over the past four and a half years, Corporate Venturing Insider has gathered insights from over 100 thought leaders who bridge academia and industry. Our mission has been to deeply understand corporate innovation, and engaging with top academics has enriched this journey. Their research and teachings clarify the strategic, operational, and cultural nuances that set corporate venture capital (CVC) apart from traditional venture capital.
CVC operates at the intersection of corporate strategy and entrepreneurial innovation, making it a complex yet powerful tool for fostering growth and competitive advantage. While industry leaders bring practical experience, academics offer a crucial, research-backed perspective that uncovers long-term trends, governance best practices, and strategic frameworks that shape successful CVC initiatives. By engaging with scholars who rigorously analyze venture ecosystems, Corporate Venturing Insider provides insights that go beyond anecdotal success stories, helping corporate leaders refine their investment approaches with data-driven clarity.
With this in mind, let’s explore the insights of leading academics whose research and experience shed light on the evolving landscape of corporate venture capital.
Claudia Zeisberger — INSEAD, France
Professor Claudia Zeisberger was fittingly an early guest in our series. With over 30 years in finance, risk management, and private capital, Zeisberger, from INSEAD, brings unparalleled insights into Corporate Venture Capital (CVC), ESG, and impact investing. INSEAD itself, founded by the father of venture capital, George Doriot, symbolizes European innovation traditions evolving distinctly from those in the US.
Zeisberger highlighted how, since 2015, corporate venturing has expanded beyond the tech industry, with companies in all sectors recognizing its strategic value, highlighting that industries across sectors now recognize CVC’s strategic value. Her key research highlights challenges faced by CVC units early in their lifecycle and underscores the importance of longevity, resilience, and strategic clarity. As an educator and author, Zeisberger remains a vital bridge, connecting executives and students with critical skills needed in private equity and venture investing.
Gary Dushnitsky — London Business School, UK
Professor Dushnitsky deepened this academic perspective through rigorous, evidence-based analysis. Known globally for his research on how corporations invest in fledgling ventures, Dushnitsky consistently highlights the balance required between strategic alignment and longevity. His studies emphasize the necessity for corporations to thoughtfully design their CVC strategies, underscoring the importance of governance structures that ensure long-term strategic alignment and sustained value creation beyond mere financial returns.
Julia Prats and Josemaria Siota — IESE, Spain
Expanding beyond traditional CVC structures, Julia Prats and Josemaria Siota explore broader corporate venturing dynamics. Prats, who leads IESE’s entrepreneurship program, advocates corporate venturing strategies beyond direct investments, such as joint ventures, corporate venture squads, and strategic partnerships. Our insightful 2023 interview highlighted critical success factors: internal champions, strategic alignment, and creating organizational spaces dedicated to innovation. They notably emphasize the value of collaborative models, such as corporate venture squads, to mitigate risk and pool innovation resources effectively.
Dennis Charlebois — Santa Clara University, California
Dennis Charlebois from Santa Clara University provides a practitioner’s perspective enriched by years of hands-on entrepreneurial experience. An industry veteran who transitioned from founding startups to mentoring entrepreneurs, Charlebois emphasizes the importance of navigating complex investor relationships and the necessity of cultural alignment between corporate investors and startups. His teachings at Santa Clara University and the Miller Center for Entrepreneurship underscore trust, clear communication, and storytelling as foundational skills for entrepreneurs engaging with corporate venturing ecosystems.
Ilya Strebulaev — Stanford, California
From Stanford University, Professor Ilya Strebulaev offers data-driven insights as an economist into CVC performance, sustainability, and decision-making frameworks. His landmark research identified critical pitfalls that many corporate venture units face — impatience, flawed governance structures, and short-term strategic thinking. Strebulaev emphasizes the importance of patience, realistic expectations, and governance structures aligned with long-term strategic goals. His influential book, The Venture Mindset, distills essential decision-making principles for corporate leaders to navigate disruption effectively.
Colin McLeod — University of Melbourne, Australia
Expanding globally, Professor McLeod added perspective from the Australian ecosystem, highlighting distinctive approaches to corporate innovation and venture capital. Drawing from his diverse background, including roles at Berkeley during the internet boom, Goldman Sachs, and significant engagements in commercializing technology, McLeod emphasizes trust and strategic alignment as key to successful corporate venture partnerships. His experience underscores that entrepreneurs must critically evaluate investor history and communication styles, ensuring alignment with business objectives, particularly in regions where CVCs often focus on strategic acquisitions.
Lisa Hehenberger — Esade Business School, Spain
In Europe, the rise of impact investing has been advocated for by Professor Lisa Hehenberger. Hehenberger specializes in venture philanthropy and impact investing, highlighting how successful CVCs increasingly blend financial returns with social and environmental objectives. She underscores structured methodologies to measure and manage impact, advocating for blending sustainability goals with traditional investment models. Her research illustrates how integrating sustainability and social objectives not only attracts entrepreneurs but also enhances corporate reputations and investor appeal.
Thomas Hellmann — University of Oxford, Saïd Business School
Thomas Hellmann is a distinguished professor at the University of Oxford whose academic journey into entrepreneurship and venture capital began serendipitously at Stanford in the early 1990s. Initially aiming for a career in macroeconomics, his exposure to thought leaders like Joseph Stiglitz and Masahiko Aoki, as well as the emerging Silicon Valley venture scene, inspired a shift toward studying venture capital. He became one of the first academics to take VC seriously, developing a theoretical foundation for its value and later expanding into empirical work.
Over three decades, Hellmann has investigated the evolution of VC globally, the role of government in supporting venture ecosystems — especially in Europe through institutions like BPI France — and the strategic dynamics of corporate venture capital, including lesser-known case studies like Apple’s early CVC unit and PowerPoint’s sale to Microsoft. He continues to contribute thought leadership on the professionalization of VC, the value-add of investors, and the nuances of founder control, all while shaping the next generation of entrepreneurs and VCs through research and education.
Jeff Bussgang — Harvard Business School and Flybridge Capital
Finally, Jeff Bussgang exemplifies the intersection of academic rigor and practical experience in corporate venturing. Bussgang, a successful entrepreneur and co-founder of Flybridge Capital, combines his entrepreneurial background with academic insights into early-stage venture capital strategies. His research and teaching at Harvard emphasize operational support and strategic partnerships between corporate investors and startups. He strongly advocates that the best corporate venturing efforts provide startups with tangible business development opportunities, mentorship, and deep industry expertise beyond capital alone.
Looking ahead
Throughout our 100-plus episodes, several common insights clearly emerge:
Successful corporate venturing initiatives go beyond financial investments. They require meaningful engagement with entrepreneurs through industry knowledge, operational expertise, and strategic resources.
Common pitfalls include: Misaligned governance structures, Short-term thinking, Unrealistic expectations, Insufficient internal alignment
Relationship-building is crucial. Our interviewees emphasize the importance of communication, trust, and clear strategic alignment in fostering successful corporate venturing efforts.
Academia and industry share a powerful synergy. Professors mentoring the next generation, researchers uncovering hidden dynamics, and practitioners navigating real-world challenges all contribute to a deeper understanding of corporate innovation and investment strategies.
As we reflect on these rich conversations, we extend deep gratitude to every academic, entrepreneur, and thought leader who shared their time and invaluable insights. The generosity of our interviewees has been central to the series’ success. Looking forward, Corporate Venturing Insider remains committed to expanding our network and engaging with new voices, strengthening the bridge between academia, entrepreneurship, and corporate venturing, and exploring the evolving global venture ecosystem through new insights and perspectives.
We sincerely thank all the brilliant academics for their invaluable time, generosity, insights, and stories. Your knowledge is foundational to ecosystem growth, and we look forward to future collaborations and meaningful conversations ahead.
As we continue our exploration of corporate venturing, we invite you to share your thoughts and insights with us. Stay tuned for future episodes and join us in building bridges between academia, industry, and the venture community.
