In this episode, Andreas Munk Holm and Jeppe Høier sit down with Florian Noell, PwC’s Global Venturing & EMEA Startups & Scale-ups Leader. Florian draws on his rare blend of experience as a founder, ecosystem advocate, and now corporate innovator to unpack the evolution—and missed opportunities—of corporate venture capital across Europe.
They delve deeply into what distinguishes enduring CVCs from the 3.7-year average lifespan, how to avoid wasting money as a corporate angel, and the structural shifts needed to transition from optics to outcomes. With both realism and optimism, this is a masterclass on corporate-startup collaboration done right—and wrong.
This one’s for ecosystem builders, corporate strategists, and VCs looking to make CVC work in the long term.
Here’s what’s covered:
02:10 | Two Hats, One Mission: How Florian Took His Founder Lens to PwC
05:50 | What Great Corporate-Startup Collaboration Looks Like
08:30 | Why CVCs Die After 3.7 Years—and How to Beat the Odds
11:20 | Structuring for Success: The 10 Building Blocks to a Lasting CVC
14:00 | Venture Clienting vs. Venture Investing
17:40 | The Case for Later-Stage Investing—If You Can Afford It
21:15 | LP Investing as a Smart Starting Point
25:50 | Policy’s Role: Useful, But Not the Magic Fix
30:00 | Changing the Corporate Mindset
34:00 | Why Corporates Don’t Reinvent Themselves—And What to Do About It
📺 Watch the episode here or stream it on Spotify or Apple Podcasts — now with chapters for easy navigation 🎧
✍️ Show Notes
From Critic to Builder: Florian’s Founder-Led Approach
As former head of the German Startups Association and now the leader of PwC’s global startup efforts, Florian shares how his past frustration with corporate stagnation fuels his present-day mission to transform how giants work with startups.
CVC as a Long Game, Not a PR Stunt
Most corporate venture units are dead within four years. Why? Because they’re not built to last. Florian outlines the mindset shift, capital commitments, and operational structure required to play the venture game properly.
Why LP Investing Is More Than a Side Bet
For corporates unsure how to enter the game, LP investing can be a low-risk, high-insight way to plug into innovation ecosystems around the world—and access curated deal flow from proven GPs.
Split the Functions, Not the Vision
Florian explains why having separate teams—and KPIs—for strategic collaboration vs. financial returns allows both sides to win.
Calling All Corporate CEOs: Reinvention Requires More Than Strategy Slides
In today’s landscape of constant disruption, Florian urges executives to stop pretending they can innovate alone. Real change starts by asking: “Have we ever truly disrupted ourselves?”
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