Corporate Startup Engagement Uncovered

#500CORPORATIONS 2
PREAMBLE
Bigcorporationsareslow,dumbdinosaurswaitingto be'disrupted',
buttherealityisnotsosimple.
Does this sound familiar? It's pretty familiar
thinkingin startupcircles.
I don't buyit, though- here'swhy.
Since you're curious enough not to skip the
preamble, let me reward you with some juicy
backstoryto thisso-calledreport.
First off, it was never intendedto be a 'report' as
much as an expose;a voyageof truth aimed at
debunkingmyths,and openingthe door to a new
conversation.
Yes,the'dinosaur'label is catchy,but it ignoresthe
fact that these corporations sit on more cash
reservesthanmostventurecapitalistswill everhave,
andcandeployassetsthat couldcausesomeserious
disruption of their own. I mean,surely not every
corporationis contentto just sit on all that capital,
watchingthe world goby?
Maybetherearejustnotenoughstoriesof corporate
+ startup collaborations thundering through
mainstreamconsciousness.Orperhapscorporations
whoare doingall the right thingssimplydon't want
youto knowaboutit. Funnyhowwe hearstoriesof
acquisitionswhichmadethe foundersrich,andthen
the corporation eventuallyshut down the startup
theybought- andwethink"What idiots!".
Are we missingthe full picture?
I wasconsumedbythe ideaof delvingintothis with
a different approach.To pair an ecosystemexpert
with academicfirepowerto cutthrougha datasetof
the world's 500 biggest public corporations,
analyzingwhat they've been doing with startups,
whatsuccessfulstoriesexistandeventuallycomeup
with aguideof sortsto supplementtheeffortsof any
corporation hoping to executetheir own startup
masterplan.
My hopeisthat byfindingandsharingthesestories,
it will make successless elusive and easier to
replicate.And be a small step in getting more
corporateresourcesinto the new global engineof
innovation known as startups, in ways where
everyonewins,especiallycorporationsthemselves.
Let this hope be yours to guide you
throughour humble#500CORPORATIONS'report'.
KhaileeNg
ManagingPartner
500 Startups

#500CORPORATIONS 3
BROUGHTTOYOUBY
500
500 Startupsisaventurecapitalseedfundbasedin
SiliconValley.Wehaveinvestedina widevarietyof
technologystartupsall overthe world,at the time
of writing, 1400 startupsin 50 countriessinceour
inceptionin 2010. Ourteamof 100 peoplemanage
seedinvestmentsacrossthe world,andspeakover
20 languages.We runacceleratorprogramsin San
Francisco& Silicon Valley four times per year
Los Angeles
Miami
---..
Mexico City ~"'ff,.....
'People
emphasizing internet marketing and customer
acquisition,lean startup practicesand metrics,as
well as distribution and marketing programs in
multiplegeographies.Ourinvestmentteamincludes
serial entrepreneurs, investing pioneers and
operatorswith experienceat companiessuchas
PayPal, Google, Facebook,YouTube,Yahoo,
Linkedln,Twitter,andApple.
e Primary Geographies e Countries Where We've Invested

#500CORPORATIONS 4
INSEAD
The Business School
for the World ®
As oneof the world'sleadingand largestgraduate
businessschools,INSEAD bringstogether people,
culturesandideasto changelivesandto transform
organisations.A global perspectiveand cultural
diversityare reflectedin all aspectsof our research
andteaching.
With campuses in Europe (France), Asia
(Singapore) and Abu Dhabi, INSEAD's business
educationandresearchspansthree continents.Our
148 renownedFacultymembersfrom 40 countries
inspire more than 1,300 degree participants
annuallyin our MBA, ExecutiveMBA, specialised
master'sdegrees (Master in Finance,Executive
Masterin ConsultingandCoachingfor Change)and
PhD programmes.In addition, more than 9,500
executives participate in INSEAD's executive
educationprogrammeseachyear.
In additionto INSEAD'sprogrammesonour three
campuses, INSEAD participates in academic
partnerships with the Wharton School of the
University of Pennsylvania(Philadelphia & San
Francisco);the l<elloggSchoolof Managementat
NorthwesternUniversitynear Chicago;the Johns
HopkinsUniversity/SAISinWashingtonDCandthe
TeachersCollegeat ColumbiaUniversityin New
York. In Asia, INSEAD partners with Schoolof
Economics and Management at Tsinghua
University in Beijing and China Europe
International Business School (CEIBS) in
Shanghai.INSEAD is a foundingmemberin the
multidisciplinary Sorbonne University created in
2012,andalsopartnerswith Funda~aoDomCabral
in Brazil.
INSEAD became a pioneer of international
businesseducationwith the graduationof the first
MBA classonthe Fontainebleaucampusin Europe
in 1960. In 2000, INSEAD openeditsAsiacampus
in Singapore.And in 2007 the schoolbeganan
associationin the Middle East,officially opening
theAbu Dhabicampusin 2010.
Aroundthe world and overthe decades,INSEAD
continuesto conductcutting edgeresearchandto
innovate across all our programmesto provide
businessleaderswith the knowledgeandsensitivity
to operate anywhere.These core values have
enabledusto becometruly "The BusinessSchool
for theWorld."
More informationabout INSEAD can be foundat
www.insead.edu.

#500CORPORATIONS 6
EXECUTIVESUMMARY
Almostall industrieshavebeenchallengedbystartups.Not only cantechnologycompaniesbe disruptedbya
smallteamof engineersin a garage,nowadaysit's happeningto banks,car makers,logisticscompanies,FMCG
andmore.Yetcorporationsseemto beadaptingslowly,or soit wouldseem.This report exploresthe extentto
whichthat istrue,anduncoverswayscorpo-rationscanengagestartups.
500 Startups and INSEAD partnered to get some answersby investigatingthe world's biggest public
companiesandtheir practicesin termsof what we call CorporateStartup Engagement(CSE).
WHOTHE REPORTIS FOR:
• Corporationsexploringwaysto engagewith startups
• Corporationslookingto benchmarktheir practices
• Individualsworking in corporationswhowantto get buyin from colleaguesto embarkona CSEprogram
WHATIT ISN'T FOR:
• Howto setupanacceleratoror a corporateventurearm
• A prescriptiveguidefor yourcorporation,everycorporationhasdifferent attitudesandobjectives
• Printingout manycopies.Feelfree to sharethe PD~ let'ssavesometrees!
THE SWISSARMYKNIFE OFCORPORATESTARTUPENGAGEMENT(CSE)
There'sa pattern of 8 clear waysto engagewith startups.Wecallit theSwissArmyl<nifeof CorporateStartup
Engagement.
MERGERS&
ACQUISITIONS
INVESTMENTS
SPIN-OFFS
ACCELERATORS
&INCUBATORS
EVENTS
SUPPORT
SERVICES
STARTUP
PROGRAMS
CO-WORKING
SPACE
CorporateVenture Capital,followed by Accelerators& Incubatorsand Startup Competitionsare the three
preferredchannelsusedbycorporationsto engagewith startups.
INSEAD
~
The Business School
for the World ~

#500CORPORATIONS 7
DIFFERENTOBJECTIVESREQUIREDIFFERENTSTARTUPENGAGEMENT
Innovation Culture Platform
Events
• • •Support
• • • • •Services
Startup
• • • • •Programs
Co-working
• • • • •Space
Accelerators
• • • • •& Incubators
Spin-offs
• • • • •Investments
• • • • •Mergers&
• • • • •Acquisitions
• Mostrecommended • Recommended Leastrecommended
FIVERECOMMENDATIONSASYOUDEEPENYOURENGAGEMENTWITHSTARTUPS
I Talktoapoolofstartupsabouttheirneedsaspart
of yourdesignprocess.It's easyto assume1hey
wouldlovethis'whenthe barfor competitiveof-
feringsisgettinghigher.
2 Thereare manydifferentwaysto engagewith
startups.Thekeyisto keepin mindyourobjec-
tives,resourcesandtime framefor expectedre-
sultsatalltimes.
3 Youcanstartsmall,choosingonechannelof en-
gagementat a timeanditeratefastbasedonthe
resultsandbuy-in.Howeverif youdon'tshootfor
bigenoughwinsfromthegetgo,theremaynotbe
enoughto showto getyoumoreresources.
INSEAD
~
The Business School
for the World ~
4 Whateveryouchooseto do,bepreparedto work
atthespeedofstartups.Don'tkeepthemwaiting
onyou.Youdon'twanttheengagementto back-
fire.
5 Selecttherightpartnersto sharethe knowledge
andminimizerisks.Doingit alonecanbescary.
Feelfreeto reachoutto usif youwantrecom-
mendations.
0
0
0
,., ........ 1

#500CORPORATIONS 8
10 FACTSTHAT REVEALHOWTHEWORLD'SBIGGESTPUBLICCORPORATIONS
ARENOTASCLUELESSASYOUTHINK
TraditionalVentureCap- The majority (61.7%)
ital is no longerthe only
way to raise moneyfor
startups. DocuSign
raisedin the sameround
(Series E) exclusively
from the following cor-
porations: SalesForce,
Google, Recruit, Mitsui
& Co, BBVA, NTT
Dacoma, Telstra and
Ml<I.
Not only companieslike
Google,but someof the
traditional corporate
players have explicit
waysto investin startups
ona largescale.PingAn
Insurance Group has a
venture arm: Ping An
Ventures.
of the Unicorns men-
tioned by the
WalI-Street journal
underThe Billion Dollar
Startups Club have
raisedfrom at leastone
corporate(not including
investment firms and
banks).
Whenit comesto collab-
oration with startups,
France (not USA) has
the highest percentage
of its top corporations
engaging startups: 23
out of 25 top corpora-
tions are working with
startups.
Working alone with 68% of the top 100
startups is not the only
option: global corpora-
tions do it together as
well. The Ecomobility
Ventures investment
fundhasbeencreatedby
5 corporations(Air Li-
quide,Michelin,Orange,
SNCFandTotal).
INSEAD
~
The Business School
for the World~
companies from the
ForbesGlobal 500 are
engagingwith startups.
Corporations do not In-houseR&D is giving
investonly in their own
vertical: The online
musicstreamingservice
Spotify raised money
from Coca-Cola.
Investing in startups is
not the only wayto col-
laborate. ProSieben-
Sat.l Media AG pro-
vides advertising time
in returnfor revenuesor
equity shares through
its venturearm (Seven-
Ventures).
way to collaboration
with newventures.9 out
of the 10 biggest R&D
spendersworldwide are
already working with
startups.
Building accelerators,a
popular way to help
startups,is nowdoneby
"non-tech noIogicaI"
corporations too.
Diageohasan accelera-
tor to createnewspirits
brands:DistillVentures.
!soo

11 NOTABLE EXAMPLES OF CORPORATE STARTUP ENGAGEMENT (CSE)
Sprint, RIGA, l<aplan, Microsoft,
Disney, Barclays, Qualcomm and
METRO have an accelerator
powered by Techstars.
Coca-Cola works with entrepre
neurs via the Coca-Cola Foun
ders platform.
Bouygues Immobilier (real
estate firm in France) has a ven
ture arm: BIRD.
Some of the oldest brands in the
world have venture arms.
LVMH has: L Capital.
Johnson & Johnson has a co
working space with research fa
cility: Jlabs.
Startups are also backing start
ups. For example: Twilio has a
venture arm: TwilioFund.
Selected investments from Soft
bank: Alibaba, Snapdeal, Toko
pedia, GrabTaxi, Gilt Group,
RenRen, Yahoo.
Even the CIA has a venture cap
ital arm In-Q-Tel, which invested
in Facebook early on.
Stripe (payments startup) raised
money from Visa and American
Express.
Monsanto and Syngenta have a
venture arm: Monsanto Growth
Ventures & Syngenta
Ventures.
Selected investments from
SalesForce: DocuSign, Box,
Apptus, MongoDB, Evernote,
Twilio.
#500CORPORATIONS 9

#500CORPORATIONS 11
PART1
1. FORCESOFCHANGE(YOU'RESCREWEDIFYOUDON'T)
a. "It's thefastfishwhicheatstheslowfish"
"In thenew word,it isnotthebig fishwhicheatsthe
small fish,it's the fastfish whicheatstheslowfish."
- KlausSchwab,founderandexecutivechairmanof
World EconomicForum.
Severalexamplesinthe lastfewyearsillustratethe
shorter time taken to build a large company.In
terms of valuation five years after launch,Face-
book'svaluationwas15B USD(2004-2009). Over
the same5 years, Uber'svaluation reached40B
USD (2009-2014). A secondexampleis the time
requiredfrom inceptionto reachlB USDin reve-
nue,Dell took 9 years(1984-1993), Office Depot
took5 years(1986-1991),andGroupontookonly2
(2008-2010)1. In shor( the small fast fish can
quicklybecomea bigfishandeatyou!
b. "If youdon't createthe thingsthat will kill
yourcompany,someoneelsewill."
WhenApple launchedthe iPhone,it madethe deci-
sion to cannibalize its iPod sales.As Facebool<'s
Little Red Book records:"If you don't create the
thingsthat will kill Facebool<tsomeoneelsewill."
Sources
1
CapitalIQ,a Standard& Poor'sbusiness; MorganStanley;Thomson
ReutersFundamentalsviaFactSetResearchSystems;Forbes
2
Inc.;The NewYorkTimes
INSEAD
~
The Business School
for the World ~
Threegreatcasesare Kodak,Blockbusterand Bor-
ders Group2
• All three usedto dominatetheir re-
spectiveindustries.In 1975, Kodakinventeddigital
photography.Toavoidcannibalizationwith the main
business(film), Kodakdidn't reallyinvestin it.A few
yearslate~it wasbankruptedbythis newtechnolo-
gy.In 2000, Blockbusterrefusedto buy Netftix for
SOMUSD.In 2010 Blockbusterfiled for bankruptcy
protection, and in 2015, Netftix's market cap is
above 35B USD. In 2001, Borders Group out-
sourcedits online book-sellingto Amazon.com.In
April 2011, e-books outsold print books at
Amazon.com,and the same year Borders Group
filed for bankruptcyprotection.

#500CORPORATIONS 12
PART1
2."WIN-WINOUTCOMES"
Startupsandcorporationscaninteract in a complexwebof relations.Bothbenefitfrom eachother.
Credibility
Branding& PR
Distribution
Suppliers
Funding
2.1FromStartuptoCorporation
(
Startupscancontributeto corporationsbyoffering:
Speedof operation
Giventheshorterperiodof time to reachbreak-even
due to capital limitation, startups needto operate
fasterthan largecorporationsto survive.Moreover,
a condenseddecisionchainand methodologieslike
the leanstartupapproach(inspiredbyToyotaLean
Management)supporta faster iteration.The need
for speedis best summedup by a quote of Mark
Parke~CEOof Nike:"One of my my fears is being
this big, slow, constipated,bureaucraticcompany
that'shappywith itssuccess".Workingwith startups
caninspirea corporationto executefaster.
INSEAD
~
The Business School
for the World ~
)
Speedof operation
Innovativeimage
Innovation
Culture
Innovativeimage
Large corporations,especiallyamongthe genera-
tionsY and Z, are perceivedas lessand lessattrac-
tive. MBA candidatesare increasinglyinterestedin
joining a startup or launchingtheir own venture,
despitethe debtsthey often haveto payoff. By ac-
tively engagingstartups in a public way,corpora-
tions can enhancetheir brand image to this audi-
ence.
Innovation
Startupsare like a corporateR&Ddepartmentout-
sourced.Thismeanscorporationshaveto keepclose
tabs, and zoom in on relevant innovationsbefore
competitorsdo.

#500CORPORATIONS 14
PART1
3. SHORT-TERMANDLONG-TERMVALUEDRIVERS(YOUCANWINBIG)
Volkswagen,Samsung,Intel, Microsoft,Roche,No-
vartis, Johnson& Johnson,Googleand Merck are
amongthe 10 biggestR&Dspendersworldwideand
all of them are already working with startups.On
one hand,R&Dand M&A are great waysto create
value for corporations. Onthe other,working with
startups helps mitigate the risks and reducesthe
time to market comparedto the R&Dand it comes
at a lowercostcomparedto M&A.
R&D
Corporate Startup Engagement(CSE)
M&A
INSEAD
~
The Business School
for the World ~
Positioned between R&D and M&A, Corporate
Startup Engagementis becominga great comple-
ment.Moreoverit offersa largespectrumof possi-
biIities to innovateand create value for stakehold-
ers:
TIMING RISK COST
LongTerm High High
MediumTerm Average Low
ShortTerm Low High

#500CORPORATIONS 16
PART2
CORPORATESTARTUPENGAGEMENT(CSE)
Mergers&
Acquisitions
Investment
Microcredit
Loans
Debt
Limited Partner
VentureCapitalFund
Private Equity
Spin-offs
IndependentBusinesses
withassetsfromthe
parentcompany
Acquisitionof
Startups
Accelerators
& Incubators
INSEAD
~
The Business School
for the World ~
Workspace
+ Bundleof Support
Services
+ Investment
Events
Conference
Startup Competition
Hackathon
Sponsorship
SupportServices
Co-worl<ing
Space
Workspace
Legal
Accounting
Business
Consulting
Technical
Marketing
Mentors
CustomerAccess
SupplierAccess
DistributorAccess
Community
StartupPrograms
FreeProductsI Services
producedbythecorporate
+ Bundleof SupportServices
+ Bundleof Support
Services

#500CORPORATIONS 18
PART2
SUPPORTSERVICES
Support servicesare generally corporate internal
resources and capabilities offered to startups.
Throughsupportservices,corporationsare looking
to provide- wheneverpossible- an unfairadvantage
to the startup.
SUPPORTSERVICESEXAMPLES
Legal
Y Combinatorand500 Startups (neitherare Forbes
Global500) are offering free legal documenttem-
platesfor startups,respectivelySafeand500 KISS.
Accounting
l<PMG(not ForbesGlobal500) hasa partnership
with Xero (onlineaccountingsoftware)to strength-
en relationshipwith SMEs.
Business
Shell,HSBC,HPoffer online resources,respectively
under Business Librar~ SMElearning and
HP-Life-e-Learning.
StandardCharteredhasa training toolkit enabling
staff volunteersto deliversessionsonfinancialman-
agementto microandsmallbusinesses.
SaintGobainviathe Saint-GobainEntrepreneurship
Foundationand National Commercial Bank with
Alahli EntrepreneursProgram.
Technical
Google,AWS (Amazon)andSAPare offeringtech-
nicalservices,respectively,via Experts,AWS Pop-up
LoftsandSAP Startup FocusProgram.
Source:AWSPop-upLofts
INSEAD
~
The Business School
for the World~
Consulting
Philipsoffersaccessto consultancyresourcesunder
Philips InnovationServices.
Marketing
Unileve~SwissRe,Macy'svia respectivelyUnilever
Foundry, SwissReStart UpAcademyandTheWork-
shopat Macy's.
Source:Workshopat Macy's
Mentors
Deltavia DeltaInnovationClass,Googlevia Experts
andDBSvia DBSBusinessClass.
Source: Delta
/oE~~INNOVATION
CLASS
POWERED BY ~
A mentoring program at 35,000 ft.

#500CORPORATIONS 19
PART2
CustomerAccess
IBM and Microsoft have programs for customer
access,respectivelyMeetnewclientsandCAP(Cus-
tomer AccessProgram). Coca-Colaadded Spotify
brandingto cans,allowing Spotifyto reachmassive
customer base of Coca-Cola.American Airlines
throughInnovatorssharesthe storiesof startupsand
smallbusinessesto customerswhileTurkishAirlines
(nota ForbesGlobal500) allowsstartupsto pitchto
businessclasspassengersduringftights.
~" bringsyou G,Spotify ·
Source: Coca-Cola
SupplierAccess
Orangeand BMW (viathe acceleratorBMW Start-
up Garage)are providingaccessto their suppliers.
DistributorAccess
Coca-Colahasmore than 24 million customerout-
letsaroundthe world and haspartnershipswith the
biggestregionalandglobalretailers.
Community
Qualcomm(via the RoboticsAccelerator) offers an
accessto Techstars'network of over3,000 success-
ful entrepreneurs,investors,mentors,andcorporate
partners.
INSEAD
~
The Business School
for the World~
STARTUPPROGRAMS
This is potentiallyoneof the bestwaysto work at a
veryearlystagewith startupsthat couldbea signifi-
cant customer tomorrow, especially in industries
wherethe churnrate isquite low.The ideaisto help
startupsgrow into significantbusinesswith the help
of a corporatepartner.A startupprogramisa pack-
age which includessupportservicesand product(s)
from the corporatefor free (feescanbe waivedfor
few monthsor up to severalyears). For example,
Paypal offers:free transactionvolumeupto 1.5 mil-
lion USO(50,000 USOof PayPalfeesw2i11orl frw
18 months).
STARTUPPROGRAMEXAMPLES
StartupProgram
AWS (Activate), Microsoft(BizSpark), BNP Parib-
as(Offre Starter), Enel(Enel for Start-ups),Google
(Google for entrepreneurs)and LloydsBank (Busi-
nessAccountfor Start-ups).
Source: MicrosoftI BizSpark
CO-WORKINGSPACE
Co-working space is a venue where startups are
hostedbylargecorporationsin orderto facilitate in-
teractionsamongthem.
CO-WORKINGEXAMPLES
Co-WorkingSpace
America Movil (Telmex), Credit Agricole (Le vil-
lage), Heineken(Orange Grove)and Bayer(the Co-
Laborator).

#500CORPORATIONS 20
PART2
Source:CreditAgricoleI LeVillage
Source:Bayer/The Colaborator
ACCELERATORS& INCUBATORS
Accelerators& Incubatorsprovideopportunitiesfor
corporationsto supporta small group of startups
duringa relativelyshortperiodof time (mostof the
time betweenthree and six months).Typically,cor-
porationsoffer foundinghelp,spaceand mentoring
in exchangefor equity.The first suchprogramwas
launched10 yearsago byY Combinator.Corporate
acceleratorsrepresenta perilous strategy due to
highcostanda verysmallsampleof startupsto work
with.
ACCELERATOR& INCUBATOREXAMPLES
Accenture,Telenor, Mastercard,Volkswagen and
Samsunghavean accelerator,respectively:Fintech
Innovation Lab, dtac Accelerate, Start Path,
Volkswagen ERL TechnologyAccelerator and
SamsungAccelerator.
INSEAD
------,--
The Business School
for the World *
Source:SamsungAccelerator
Source:dtacAccelerate
SPIN-OFFS
SPIN-OFFEXAMPLE
Intel wasa spin-outof Fairchild,CiscoSystemshas
investedin andthenboughtseveralof themsuchas:
InsiemeNetworks.AndIACto spin-offseveraliden-
tities includingMatch.com,TinderandOkCupid.com.
INVESTMENT
The maingoalof an investmentisto owna stakein
a fast growing-startupfor strategicor financialrea-
sons.A financial investmentis often donewith the
goalof a financialreturnwhereasa strategicinvest-
mentisdonemostof thetime for a supplier,custom-
er or competitorwith the main purposeof integra-
tion downthe road.A strategicinvestmentcouldalso
bedonefromthe perspectiveof diversification.Such
investmentscan be donethrougha variety of vehi-
clesincluding:

#500CORPORATIONS 21
PART2
INVESTMENT EXAMPLES
Microcredit
Visa(with l<iva)andItau UnibancoHolding(Micro-
invest).
Loan
The Deutsche Bank (Start-Up Fund), Nordea
(Start-up loan),CaixaBank(MicroBank), Maybank
(New Entrepreneur Fund) and Allied Irish Banks
(Start-up Loan).
Debt
DBS Group<DBSVenture Debt) and United Over-
seasBank(withTemasek).
LimitedPartner
Caterpillar,NordeaBank,Bayer,Munich Re,Cisco
Systems,Danoneand PhilipshaveinvestedinVen-
ture CapitalFund.
VentureCapitalFund
Samsung(Samsung Ventures),Ping An Insurance
Group (Ping An Ventures), Google (Google Ven-
tures),BMW Group<BMWiVentures),Pfizer(Pfiz-
er Venture Investments),Walt Disney(Steamboat
Ventures),American Express (American Express
Ventures), Saudi Basic Industries (SABIC Ven-
tures), Caterpillar (Caterpillar Ventures),Iberdrola
<IberdrolaVentures),Alibaba (Severalfunds),Ten-
cent Holdings <TencentIndustryWin-Win Fund),
Cathay Financial (CathayVentures), Intel <Intel
Capital), Telstra <TelstraVentures), NipponTele-
graph & Tel (NTT Dacomaventures),RelianceIn-
dustries(GenNextVentures).
PrivateEquity
Mitsubishi (Marunouchi Capital) and LVMH (_b
Capital) haveprivate equityfund in additionto the
VentureCapitalFund.
MERGERS& ACQUISITIONS
Largecashreservesand opportunitiesin emerging
INSEAD
~
The Business School
for the World~
marketsmaydrive the dealactivity in the next few
years.In the pastfew years,companieslike Yahoo
andVella Mobile (not a ForbesGlobal 500) have
beenveryaggressivein M&A.Thiscategoryalsoin-
cludesacqui-hireswherebyanacquisitionisdoneto
acquiretheteam insteadof the producUservice.
M&A EXAMPLES
Merger& Acquisition
Accordingto Pitchbookthetop 10 buyersof IT com-
paniessince 2010 are: Google,Facebook,Yahoo,
Oracle,IBM, Cisco,Twitter, Microsoft,Apple and
Salesforce.com.
CBInsightshaslistedseveralnontechcompaniesin
the top tech acquirersranking of 2014 which in-
clude: Publicis Groupe,Accenture,Walmart,WPP
andCanon.

#500CORPORATIONS 22
PART2
2. CORPORATESTARTUPENGAGEMENTFRAMEWORK
(WHATPEOPLECANDO)
a.FromLowto HighInvolvement
Eachwayto engagewith startupsrequiresa different involvementlevelin termsof time spentperstartup:
HIGH
INVOLVEMENT
8
7
6
5
4
3
2
1
LOW
INVOLVEMENT
Merger& 8
Acquisition
Investment 7
Spin-off 6
AcceleratorI 5
Incubator
I
2
3
4
Support
Services
Startup
Program
Events
Co-Working
Space
Platformcompanieslike MicrosoftorAWSthat are lookingto buildanentireecosystemaroundthemhavebeen
offering SupportServicesand Startup Programsto engagewith startups.Thesebringthem a wide reachand
deeprangeof startupsat minimumcost.
b. LowCostversusHighCost
Supportservicesare definitelythe morescalablewayto engagewith startupsat very lowcostasthey leverage
existing,andsometimesunusedassets.
HIGHCOST
8
7
6
5
4
3
2
1
LOWCOST
INSEAD
~
The Business School
for the World ~
Merger& 8
Acquisition
Investment 7
AcceleratorI 6
Incubator
Co-Working 5
Space
I Support
Services
2 Startup
Program
3 Events
4 Spin-off

#500CORPORATIONS 23
PART2
c.Risi<AverseversusRisi<Seeking
Eachsolutionscoversa rangeof riskswhichneedto matchthe cultureof the corporationand it objectivesre-
gardinghowit wantsto engagewith startupsandthe expectedbenefitsin termsof results.
RISK
SEEKING
8
7
6
5
4
3
2
1
RISK
AVERSE
Investment 8
Merger& 7
Acquisition
AcceleratorI 6
Incubator
Spin-off 5
b. ShortTermversusLongTermStrategy
I Events
2 Support
Services
3 Startup
Program
4 Co-Working
Space
Eachstrategywill requirea differenttime frameto besuccessful.Thereisstrongcorrelationbetweenthe stage
of the startup,the costof an investmentor acquisition,andthe time neededto evaluatethe return.
LONGTERM
8
7
6
5
4
3
2
1
SHORTTERM
INSEAD
~
The Business School
for the World ~
Events 8
Support 7
Services
Startup 6
Program
Co-Working 5
Space
I Merger&
Acquisition
2 Investment
3 Spin-off
4 AcceleratorI
Incubator

#500CORPORATIONS 25
PART3
1. CORPORATEPROFILES
1.1 Overviewof ForbesGlobal500
A majority of the corporationsare engagingwith
startups,262 companiesout of the 500 world'sbig-
gestpubliccompanies(our researchis basedonthe
500 world's biggestpublic companiesaccordingto
the ForbesGlobal2000 ranking)are working with
startupsin onewayor another.That's52.4%.
Forthis report we focusour researchon sevendif-
ferent channelsto engagestartups:
-TechnicalSupport
- BusinessSupport
- Startup Programs
- Co-workingspace
150
100
so
0
INSEAD
~
The Business School
for the World ~
Technical
Support
2.7%
- Accelerators& Incubators
- Startup Competitions
- CorporateVentureCapital
Co-working Business
Space Support
3.8% 14.9%
Onaverage,eachcorporateworkingwith startupsis
engagingthem through1.6 different channels.The
mostcommonisthroughCorporateVentureCapital
in 62.6% of cases,followingbystartupcompetition
(29.0%) and setting up accelerators& incubators
(24.4%) .
164
Startup Accelerators Startup Corporate
Programs & IncubatorsCompetitions Venture
Capital
21.8% 24.4% 29.0% 62.6%

PART3
There is a strongcorrelation betweenthe rank of
the corporationandthe engagementwith startups.
Indeed,the first 100 companiesare working with
startupstwice as intensely(68% versus32%) as
the last 100 companiesof the ForbesGlobal500.
There'sa gradualdeclineasrankingdecreases.
RANKING ENGAGEMENTRATE*
001-100 68%
101-200 57%
201-300 56%
301-400 49%
401-500 32%
*Engagementrate: corporationsengagingstartupsthrough
at leastonechannel
CorporateVenture Capital is the main channelby
which corporationsengagewith startups.It's used
byupto 73.5% for the 68 companiesinthetop 100
that conductat leastoneactivity with startups.
CORPORATESTARTUPENGAGEMENTBY CHANNELSAND RANKS
50.0
37.5
25.0
12.5
0
INSEAD
~
The Business School
for the World ~
Technical
Support
0 0-100
Co-working
Space
101-200 ~ 201-300 CJ301-400 V 401-500
Business
Support
Startup
Programs
#SOOCORPORATIONS
Accelerators
&Incubators
Startup
Competitions
Corporate
Venture
Capital
26

PART3
1.2 OverviewbyIndustry
If you are interested to learn
more about your industrx feel
free to reachout directly to us.
We focuson industrieswhere at
least10 companiesare engaging
with startups. Some industries
are more focusedon one chan-
nel, suchas the corporate ven-
ture arm for the pharmaceuticals
industry,whereas the telecom-
municationservicesindustryhas
beenusinga wide rangeof chan-
nelsto engagewith startups.
Hereunderthe top 5:
94.1% Pharmaceuticals
16 out of 17
85.2% Telecommunications
Services
23 out of 27
68.8% RegionalBanks
33 out of 48
64.5% Major Banks
20 out of 31
58.8% DiversifiedInsurance
10 out of 17
INSEAD
~
The Business School
for the World ~
PHARMACEUTICALS
17 companiesand 8 countries
representedin ForbesGlobal
500 (8 of them are from the
USA).
5 examplesof companiesen-
gagingwith startups: Eli Lilly
& co, Novo Nordisk, Pfize,;
RocheHoldingandNovartis.
Most of the pharmaceutical
companiesare engagingstart-
upsthroughcorporateventure
capital, 13 out of 17 havea
venturearm. Fourof them, Eli
Lilly & co, Roche Holding,
GlaxoSmithKline and Novo
Nordisk, have several funds.
Onlytwo are offering startup
competitionsand one usesac-
celerators& incubators.
#SOOCORPORATIONS 27

PART3
REGIONALBANKS
48 companiesand24 countries
representedin ForbesGlobal
500 (11 of them are from
China).
gagingwith startups: Mitsubi-
shi UFJ Financial/ !tau Uni-
banco Holding/ UBS/ BB-
VA-Banco Bilbao Vizcaya/
State Bankof India.
Startupprogramsarethe most
widely usedway for regional
banksto engagewith startups,
(19 outof 48), followedbycor-
porate venture capital and
startup competitionsfor 12 of
them.
INSEAD
~
The Business School
for the World ~ #SOOCORPORATIONS
DIVERSIFIED
INSURANCE
represented in Forbes Global
500.
gaging with startups: Allianz/
AXA Group/PingAn Insurance
Group/MetLife/ MunichRe.
Corporateventure arms is the
channelusedby 10 out of 17,
followed by startup competi-
tions (4 out of 17), and Startup
Programsfor 3 of them.
28

PART3
Three other interesting industries:
100% Semiconductors
7 out of 7
100% Computer services
7 out of 7
87.5% Beverages
7 out of 8
- -- -- -- -I I I I
SEMICONDUCTORS
represented in the Forbes
Global 500 (4 of them are
from the USA).
gagingwith startups:Samsung
Electronics/ Intel/ Qualcomm/
TaiwanSemiconductorandSI<
Hynix.
AlI of them havea corporate
venture arm, 3 of them have
accelerators& incubatorsand
two are organizing startup
competitions. Semiconductors
companiesare using1.86 dif-
ferent channelsto reachout to
startups.
INSEAD
~
The Business School
for the World ~ #SOOCORPORATIONS
BEVERAGE
Global500.
gaging with startups: Anheus-
er-Busch InBe~ Coca-Cola/
PepsiCo/SABMiller andDiageo.
Oneof the rare industriesto use
mostly accelerators & incuba-
tors with 3 corporationsdoing
so,followedbystartup competi-
tions, Startup Programs and
businesssupportwith 2 corpo-
rations respectively.Obviously,
the small samplefor this indus-
try doesnot allow us to make
reliableconclusions.
29

#500CORPORATIONS 30
PART3
1.2 OverviewbyCountry
If you are interested to learn
more about your countrx feel
free to reachout directly to us.
We focuson countrieswhere at
least10 corporationsare engag-
ing with startups. Franceis the
countrywherealmosteverycor-
poration on the Forbes Global
500 is engagingwith startups,
using on average 1.7 different
channelsto do it.
Thetop 5 countriesare mostly
European:
92.0% France
23 out of 25
71.4% Germany
15 out of 21
71.4% Switzerland
10 out of 14
56.8% Japan
25 out of 44
53.3% UnitedKingdom
16 out of 30
INSEAD
~
The Business School
for the World ~
FRANCE
25 companiesand 19 indus-
tries representedin the Forbes
Global500
gaging with startups: Orange,
EADS, Credit Agricole, Re-
nault,BNP Paribas
Almost every company in
France has a program to
engagewith startups.Themost
popular ways to do so are
through startup competitions
(13), corporateventurecapital
(12) andincubators& acceler-
ators(10). Exceptfor thetech-
nical support, French compa-
niesare usingall the otherpas-
GERMANY
tries represented in Forbes
Global500
gagingwith startups:Volkswa-
gen Group,SAB Allianz, Sie-
mens,DeutscheTelekom
Corporate venture capital is
clearlythe favoriteoptionwith
12 corporations,Incubators&
Accelerators are used by six
corporationswhereasstartups
competitionsandstartupspro-
grams are used by two.
German companies do not
offer anytechnicalor business
supportto engagewith start-
sibilities,utilizing 1.7 channels ups.
per corporateto engagewith
startups.
.
.
.
.

PART3
SWITZERLAND
Global500.
gaging with startups: Nestle1
UBS1 ABB1 Syngenta1 Swiss-
com.
Startup competitionsand cor-
porateventurecapitalwith five
corporationsare the mostused
solutionsto engagewith start-
ups1 followed by Startup
Programsoffered by four cor-
porations.
INSEAD
~
The Business School
for the World ~
JAPAN
Global500.
gaging with startups: Nippon
Telegraph & Tel1 Softbank1
NissanMota,;l<DDt Seven& I
Holdings.
Corporate venture capital is
almost exclusivelyused1by 21
corporations,followedby incu-
bators & accelerators with
three corporations, and only
onecorporationusingtechnical
support, businesssupport or
co-working space.This is one
of the reasonsthat explains
why corporateventurecapital
participation in Japan is very
important. Even 7 eleven
(Seven & I Holdings) has a
venture capital arm called
7-Ventures.
#SOOCORPORATIONS
UNITED
KINGDOM
30 companiesand19 industries
Global500.
gagingwith startups:Vodafone1
Standard Chartered1 SABMi/1-
e,;Diageo1 WPP.
Venturecapital is usedbyseven
corporationswhile businesssup-
port is usedby six of them and
five useaccelerators& incuba-
tors.
31

PART3
Twootherinterestingcountries:
45.5% USA
80 out of 176
23.8% China
11 out of 47
USA
Global500.
gaging with startups:Johnson
& Johnson,Procter& Gamble,
Google,Boeing, Dow Chemi-
cal.
Despitethe biggestcohort of
companies,the percentageof
corporations engaging with
startups is below the average
(52.4%) for the USA. The
mostusedchannelisthe corpo-
rate venture capital for 53
companies,followedbystartup
competitionsand accelerators
& incubatorswith 26 and 16
companiesrespectively.
INSEAD
~
The Business School
for the World ~
China
Global500.
gaging with startups: PingAn
InsuranceGroup,SAIC Mota,;
Alibaba, Tencent Holdings,
LenovoGroup.
Only 11 companiesin China
are working with startups,
most through corporate ven-
ture capital with seven of
them,followedbyStartup Pro-
grams for four of them, and
startup competitionsfor one.
We acknowledgethat our re-
searchisin English,while most
of the contentin Chinamustbe
availablein Chinese.
#SOOCORPORATIONS 32

#500CORPORATIONS 33
PART3
1.4 Overview by Engagements
If youare interestedto learnmoreaboutyour indus-
trYtfeel free to reachout directly to us.
1.4.1 - Technical Support:
With employees
Amazon,with the AWS Pop-up Lofts in the USA,is
offering technicalsupportwithout an appointment,
as well asa technicalworkshopand one-dayhack-
athon.
IBM is providingfaceto facetechnicalenablement
and support via office hours.Theyare alsooffering
training sessionsin over40 centersworldwide.
With experts
Googlehasbuilt a platform to unite over 250 ex-
perts, from Technologyto Marketing as well as
UX/UI and ProductStrategy.
1.4.2 - Coworking Spaces:
Each companyfrom the ForbesGlobal 500 that
offers a coworkingspaceis also engagingstartups
via severalother channels.Forexample,all of them
havea venture arm and two havean accelerator
<Barclaysand Microsoft).
Offices and laboratory equipment
Johnson& Johnsonoffers to hoststartupsfrom di-
versehealthcaresectorsincludingbiotech,pharma-
ceuticals,medicaldevices,instrumentationanddiag-
nosticsinoneofthe fourfacilities <BayArea,Boston,
HoustonandSanDiego).ThroughJLABS theyoffer
morethanan office byprovidingaccessto a labora-
tory with a full rangeof equipment.Bayerwith the
Colaborator isofferingsimilar supportto emerging
life sciencecompanies.
INSEAD
~
The Business School
for the World ~
Partnership
Singtel via Innov8and a partnershipwith the Na-
tional University of Singapore (NUS) Enterprise
and InfocommInvestmentshaveopeneda cowork-
ing spacein SanFranciscoto builda bridgebetween
Singaporeandthe UStechnologyecosystems.
Real estate companies are also offering spaces
MitsubishiEstateisalsooffering a coworkingspace
in Japanvia EGGJAPAN. In additionto the space
they providea rangeof services:businessdevelop-
ment support,market development,financing,sup-
port matching and intellectual property strategy.
They are also offering market entry support for
overseascompanies.
Swire Properties (not a ForbesGlobal 500) via
blueprint in Hong Kong is providing a coworking
spaceandalsohasanaccelerator.
A network of facilities with partners and with
new spaces
Googleoffers a network of spacesvia severalcam-
pusesin six locations: Brazil, Israel, Poland, South
Korea,Spain,United Kingdom.Eachcampusis of-
fering a rangeof services:Co-workingspace,event
space, device lab, classroom, accelerato~ cafe.
Googlealsoprovidesfinancialsupportandresources
to severalco-workingspacessuchas Fishburnersin
Australia,The Nest 1/0 in Pakistan or Numa in
France.
A network of facilities by leveraging existing in-
frastructure
Microsoft, via their Microsoft Innovation Centers
leveragesan international network to provide a
spacefor startupsin 33 countries(greendots):Ar-
menia,Australia,Botswana,Brazil, CzechRepublic,
Belgium, China, Chile, Croatia, Cyprus, Greece,
India, Indonesia,Japan, Jordan, Malta, Mexico,

#500CORPORATIONS 34
PART3
Nepal, Pakistan,Poland,Romania,Russia,Spain,
Switzerland, Tanzania, Thailand, Trinidad and
Tobago,Tunisia,Turkey,USA,Vietnam, Singapore,
andSlovenia.
NORTH
• AMERICA
• ••
Source:Microsoft
•
••sou• •
AMErl ~J
• •
1.4.3 Business Support
AFRICA
•
• AUSTRALle
•
Thiscategoryincludesmarketingsupport,salessup-
port, financesupportor consulting.It's a great way
for employeeswith high-levelexpertiseto mentor
startupsandto opentheir networks.
Online content:
Royal DutchShell, HSBC Holdings,HP and RBS
areofferingonlineresourcesto supportstartups,re-
spectively: Business Library, SMElearning, HP
LIFE Learning initiative for entrepreneurs,The
BusinessStart-Up Course.
Mentoring by mentors:
Googleand DBS group have built a platform to
allow entrepreneursto meet mentors,on Google
ExpertsandDBSBusinessClassrespectively.
Mentoring by employees:
Unileve~LVMH (Christian Dior) andWoolworths
are offering programsfor startupsto be mentored
by their employees,respectively:The Unilever
INSEAD
~
The Business School
for the World ~
Foundry, Wstart and LVMH Rise (a program for
socialentrepreneur).
Targeting a specific demographic
GoldmanSachsFoundation,Duke Energy,Diageo
and Poscohaveprogramto supportwomenentre-
preneurs,respectively10,000 Women,Emprende-
doras del Sur (Women Entrepreneurs of the
South), PlanW and Startup Support for Women
from Multicultural Families.Diageohasa partner-
shipwith UdyoginiandPoscowith SESNET.Sever-
al other companieslike Macy Garanti Bankand
Aon are also targeting women and/or minorities
with their respectiveprograms:The Workshop at
Macy's, Women Entrepreneur Support Package,
Entrepreneursin Residence.
Empoweringyouthis anotherdemographictarget-
ed by coporationslike NCBwith the Alahli entre-
preneursprogram. MasterCardis oneof the part-
ners of Network for Teaching Entrepreneurship
(NFTE) with a goalto teachentrepreneurialskills
to youngpeoplein at-riskcommunities.
Partnership or sponsorship
Bank of America has a partnership with Vital
Voicesto developthe GlobalAmbassadorsProgram
to empoweremerging womenleaders. BNP Parib-
ashassponsoreda program for 24 womenleading
international fast-growing businessesin Europe,
Asiaandthe USAto attenda programat Stanford
GraduateSchoolof Business.
1.4.4 Startup Program:
Oneof theoldeststartupprogramswaslaunchedby
MicrosoftFrancein 2005, underthe nameIDEES,
and expandedworldwide underthe BizSpark pro-
gramin 2008.
Google,AWS (Amazon),IBM, SEB,Swisscomand

#500CORPORATIONS 35
PART3
Bancodo Brasilare offering the followingstartup
programs,respectively,Googlefor Entrepreneurs,
Activate, IBM Global Entrepreneur Program,
Startup Packagefor newbusiness,Our PlusPack-
ageandEmpreendedorIndividual.
Targetinga specificdemographic
Itau UnibancoHoldingand Garanti Bankare tar-
geting womenthrough their respectiveentrepre-
neur programs.Maybankwith the New Entrepre-
neur Fundis offeringstartup loanto wholly-owned
Bumiputra(Malayethnicgroup)enterprises.
1.4.5 Accelerators
IntrapreneursandEntrepreneurs
An interestingmodelhasbeenlaunchedbyAirbus
Groupwith BizLab,whereentrepreneursandintra-
preneurs(employees)are working underthe same
roof. Mixing intrapreneurswith entrepreneursis
onewayto havean impactoncultureandto gener-
ate moreinternalinnovationsandspin-offs.
A pan-internationalnetworkof accelerators
Telecommunicationscompanieslike DeutscheTele-
kom, Orange,TelefonicaandTelstra are building
pan-internationalnetworksof acceleratorsacross
the world.Wayra fromTelefonicaisofferingtheac-
celeratorprogramin 11 countries,mostlyhispano-
phone: Argentina,Brasil,Chile,Colombia,Mexico,
Peru,Venezuela, Germany, Ireland, Spain and
United l<ingdom.Telefonicais offering servicesfor
startupsin Chinavia OpenFuture_Partners(China
UnicomandTsinghuaHoldingsTechnologyand In-
novation).Orange Fabfrom Orangewith 8 locations
(France,Israel, Ivory Coast,Japan,Poland,South
l<orea,Taiwan, USA) has a partnership with
Hub:raumfrom DeutscheTelekomwith three loca-
tions(Germany,PolandandIsrael)soasto bemore
attractivebyofferingan internationalnetwork.
INSEAD
~
The Business School
for the World ~
This trend is not exclusiveto telecommunications
companies,MicrosoftandCoca-Colaare alsooffer-
ing accelerator programs in several countries.
Sevencountriesfor MicrosoftVenturesAccelera-
tors: China,France,Germany,India, Israel, United
l<ingdomand USA.And11 countriesfor Coca-Cola
Founders:Argentina,Australia,Brazil, China,Ger-
many,Israel, Mexico,Singapore,United l<ingdom,
USA.
Partnershipbetweencompaniesforanaccelera-
tor
Intel, Ciscoand DeutscheTelekomhaveteamedup
to buildan internet of thingsaccelerator:Challen-
geUp IOT.Asfor corporateventurecapital,vertical
integration is a great alternative to split the cost
andto providemorevalueto the startups.
Corporateacceleratorrunbya third party
Corporationsare workingwith third partieslikeac-
celeratorsfor turnkeysolutionsthat include:curric-
ulum,staffing,physicalspace,recruitmentof start-
ups,mentorsandinvestors.
In the USA,two of the mostactive providersare
Plug & Play which runsacceleratorprogramsfor:
Volkswagen,Citi Group, (including non Forbes
Global500: Axel Springe~SingaporePressHold-
ing, PwC). And Techstarswith Microsoft, Walt
Disney,Qualcomm,Barclays,Nike, (includingnon
Forbes Global 500: Metro Group, Interpublic
Group,l<aplan,Sprint,RIGA).
In France, Paris&Colncubateursrunsaccelerators
for Air Liquide,Axa Group,GDF SUEZ, Renault,
(includingnon ForbesGlobal500: Alcatel Lucent,
Amaury,COVEA,DiamInternational,GroupeSOS,
JC Devaux,and SNCF).A secondstructurecalled
Institut Open Innovationrunsacceleratorsfor So-
ciete Generale,Axa Group (including non Forbes
Global500: Signature,GroupeUpandAltran).

#500CORPORATIONS 36
PART3
In Hongl<ong,Nestpowersthe acceleratorsof In-
finity (NissanGroup),AIA GroupandDBSGroup.
Otherprovidersof solutionsincludeMicrosoftVen-
turesCRelianceIndustries),andNestholmaCNordea
Bank) and for non ForbesGlobal500: l(yron CL
Brands)andFrostDataCapital (Symantec).
1.4.6 - Startup Competitions
Targeting a demographic
Chevron,RBC, L'Oreal Group,BouyguesTelecom
andthe GarantiBankaretargetingwomenwith re-
spectivelythe ChevronAward,the RBCCanadian
Women EntrepreneurAwards,the L'Oreal USA's
Womenin Digital program,WomanDigital Entre-
preneurawardsceremony andTurkey'sWomanEn-
trepreneurCompetition.
China Mobile, Microsoft, Unilever, Danone and
Bank Mandiri are targeting youth with the Youth
EntrepreneurandCareerProject,ImagineCup,The
Unilever SustainableLiving Young Entrepreneurs
Awards,DanoneYoung Social Entrepreneur 2015
and Mandiri Young Entrepreneur (WMM) and
MandiriYoungTechnopreneurCMYT).
INSEAD
~
The Business School
for the World ~
Partnership
Among corporations, government and associa-
tions
General Electric, The NFL, NIST and Under
Armour havejoined forces to launchthe Head
HealthChallengeswhichincludesthreechallenges:
Challenge1:
Methodsfor Diagnosisand Prognosisof MildTrau-
matic Brain Injuries (collaborationbetweenthe
NFL andGE)
Chailenge2:
InnovativeApproachesFor Preventingand Identi-
fying BrainInjuries(collaborationamongthe NFL,
UnderArmourandGE)
Challenge3:
AdvancedMaterialsfor Impact Mitigation (collab-
oration amongthe NFL, UnderArmour,GE and
NIST)

#500CORPORATIONS 37
PART3
Among corporations, Business Schools and as-
sociations
Cartier (Richemont) has launched the Cartier
Women'sInitiative Awardsin partnershipwith the
Women's Forum, Mcl<insey & Company and
INSEAD BusinessSchool.
Via Partnership with third parties
Google via Google for Entrepreneurs powered
StartupWeekend,a 54-houreventto launchstart-
ups.MicrosoftthroughMicrosoftVenturesisoneof
the main partnersof the Lean Startup Machine,
oneof the leadingstartupworkshops.
1.4.7 - Corporate Venture Capital
CorporateVentureCapital(CVC)isthe investment
arm of a corporateto investin startups. Oneof the
oldestandmostvisibleCVCswaslaunchedin 1991
byIntel namedIntel Capital. Sincethen,morethan
11.6B USDhasbeeninvestedinover1,447compa-
niesin 57 countries.
The main CVCinvestmentscan be divided in two
categories:strategicinvestmentor financialinvest-
ment.ForexampleBASFprefersto dostrategicin-
vestmentsby investingin startupswhich couldde-
liver innovationsto existingactivitiesof BASF.Fi-
nancialinvestmentsare donewith the focuson fi-
nancialreturns.
Partnership between companies to set up a
fund
Multi-corporateventurecapital firms are splitting
the cost,and leveragingthe sectorexpertisesand
networksof eachcorporation.
Horizontal integration
EnergyTechnologyVenturesis the joint ventureof
GECapital,NRGEnergyandConocoPhillips.
INSEAD
~
The Business School
for the World ~
Aster Capital hasfour sponsorsAlstom,Schneider
Electric, Solvay and the European Investment
Fund.Thegroupisa mixof corporationsandan Eu-
ropeanUnionAgency.
TransamericaVentures is the corporate venture
capitalfirm of AegonandTransamerica,two of the
world'stop insurance,pensionand assetmanage-
mentcompanies.
Vertical Integration
Iris Capital is the joint venturebetweenOrange,a
telecommunicationscompany,and Publicis,an ad-
vertisingcompany.
Ecomobility Ventureshas five partners from the
publicrailwaycompany,oil andgasaswell astele-
communications,chemicals and Auto & Truck
Parts:SNC~Total,Orange,Air LiquideandMiche-
lin.
Conglomerates
Conglomerateslike SamsungandMitsubishiare le-
veragingthe different identitiesof the mothership
to involvethem asa limited partner in a corporate
venturecapitalfund:
Shareholdersin Samsung venturesare exclusively
Samsungsubsidiaries:
SamsungElectronics,
SamsungSDI,
SamsungElectro-Mechanics,
SamsungHeavyIndustries,
SamsungTechwin,
SamsungSecurities.
Major shareholdersof MitsubishiUFJ Capital Co.,
Ltd. are a mix betweensubsidiariesof Mitsubishi
andothercorporations:
-Asahi GlassCompany,Ltd.,
- BankofTokyo-MitsubishiUFJ,
- CedynaFinancialCorporation,

#500CORPORATIONS 38
PART3
- JX Holdings,Inc.,
- Kirin HoldingsCompany,Limited,
- Meiji YasudaLife InsuranceCompany,
- MitsubishiChemicalCorporation,
- MitsubishiCorporation,
- MitsubishiElectricCorporation,
- MitsubishiEstateCompany,Ltd.,
- MitsubishiGasChemicalCompany,Inc.,
- MitsubishiHeavy,Industries,Ltd.,
- MitsubishiLogisticsCorporation
- MitsubishiMaterialsCorporation,
- MitsubishiUFJ Lease& FinanceCompany,
Ltd.,
- MitsubishiUFJ SecuritiesHoldingsCo.,Ltd.,
- MitsubishiUFJTrustandBankingCorporation,
- NikonCorporation,
- SMBCNikkoSecuritiesInc.,
-The MitsubishiUFJ FactorsLimited,Sanshin
Company,Ltd.,
-TokioMarine& NichidoFire Insurance
Company,Ltd.
Fundmanagedbya third party
ElectranovaCapital is independentlymanagedby
ldinvest Partners,a Europeanmid-marketprivate
equity manager.Allianz Groupand BpiFranceare
the financialsponsorsalongsideEDF.
The fund managerof STCVentures,the venture
arm of SaudiTelecomCompany,isIris CapitalMan-
agement.
Joint venturewith a third party
Ooredoo,Millicom InternationalCellularand MTN
haveformeda partnershipwith RocketInternet:
- AsiaInternet Holding isa joint venture
betweenRocketInternet andOoredooto
buildandfunde-commercecompaniesin
Asia,
- Africa Internet Holding isa joint venture
betweenRocketInternet, MTN andMillicom
INSEAD
~
The Business School
for the World ~
InternationalCellularto developstartupsin
Africa,
- Middle EastInternet Holdingisa joint venture
betweenRocketInternet andMTN for the
Middle East.
Severalfunds
Multinationalstypically needto covermultiple re-
gions,severalindustriesanddifferent stagesof in-
vestment.Basedon this, we can observeseveral
models,asmentionedhereunder.
Mix betweenown fund and partneringwith
othercorporations
GeneralElectric,has2 funds:
- GEVentures,investinginthe bestideaswithin
Software,Healthcare,EnergyandAdvanced
Manufacturing.
- EnergyTechnologyVentures,a joint venture
betweenGeneralElectric,NRGEnergyand
ConocoPhillipsto investin energytechnology
companies.
Alibabahas3 funds:
- A fundto investin theTaiwanesestartup
ecosystem,
- AlibabaHongl<ongYoungEntrepreneurs
Foundationcalledthe Foundationto investin
Hongl<ong,
- SAICandAlibabajoint ventureto investin
connectedcars.
Total,has2 funds:
- Total EnergyVenturesto investin renewable
andalternativeenergies,oil andgas,energy
efficiency,energystorage,wasterecyclingand
recovery,greenhousegasreduction,industrial
watertreatmentandsustainabletransporta-
tion.
- EcomobilityVentures,a joint venturebetween
Total,Orange,Air Liquide,SNCFandMichelin
to investin sustainablemobility.

#500CORPORATIONS 39
PART3
Coveringdifferentregionsviadifferentfunds
Softbank,has2 funds:
- SoftbankCapitalhasbeenclosedrecentlyto
focuson later stageinvestments,
- SoftbankVenturesKoreato investin South
Korea,
- SoftBankChina& India Holdingsto investin
ChinaandIndia,a fundwith a focuson Indo-
nesia(SB ISAT Fund),andonefundwith a
focuson Philippines(Kaikakufund).
Coveringfromearlystageto latestage
Novo,has4 funds:
- Exploratory pre-seedprogram,a stimulus
fundestablishedto acceleratecommercializa-
tion of biomedicalresearchfindingsanddeve-
lopmentof noveltechnologieswithin the life
sciences,
- NovoSeed,to investin early-stagelife science
companies,
- NovoVentures,to dofollow-upinvestmentsof
NovoSeedportfoliocompaniesandto invest
in newcompanies,
- NovoLarge Investments,late-stageinvest
mentactivitiesare targetedat well-establ-
lishedlife sciencecompaniesthat haveposi-
tive cashftow,stronglypositionedproducts
andattractiveprospects.
Tata,has5 funds:
-TataCapitalInnovationsFund,seeksto invest
in early/growthstagecompanies.Dealsizes
USD4-10 million,
-TataCapitalSpecialSituationsFund-Trust,
investsin mediumsizecompanies.Dealsizes
morethan USD10 million,
-TataCapitalGrowthFund,focusesongrowth
andexpansionstages.DealsizesUSD15-25
million,
-TataOpportunitiesFund,a stageandsector
agnosticfund.DealssizeUSD50-200 million,
-TataCapitalHealthcareFund,focuseson
INSEAD
~
The Business School
for the World ~
HealthcareandLife Sciences. Dealsizes
USD5-12 million.
Targetinga specificdemographic
Intel CapitalhaslaunchedIntel Capital Diversity
Fundto investin womenandminoritytechentre-
preneurship.

#500CORPORATIONS 40
PART3
2. SPOTLIGHT- HOWDOCORPORATIONSENGAGEWITH
STARTUPS?
2.1TechnologySpotlight(Microsoft)
Createdin: 1975
Headcount: 117,354
NetIncome: 12.19BUSO
Headquarters:
Net Revenue: 93.58BUSO
R&Dinvestment: 12.58 USO
As one of the original technologyplatform compa-
nies,Microsoft'ssuccessistied to their partnersand
ISVs (IndependentSoftware Vendors)that build
software leveragingMicrosoft'stechnology.This is
why it's strategicfor them to builda third-party ap-
plication ecosystemby engagingwith students,de-
velopersandstartups.Towork with this broadcom-
munity, Microsoft has a dedicateddivision called
DeveloperExperience<DX) which numbersmore
than 1,500 peopleworldwide.
Giventhis scope,Microsofthasparticular challeng-
eswhenengagingwith startups.Thecompanyneeds
to engagea largeaudienceof startupswith a wide
spectrumof needsfrom diverseecosystems.Startup
in PaloAlto vs. Estoniavs. Chinado not havethe
sameneeds.Similar to a Saascompanyvs.anana-
lyticscompanyvs.a mobileappcompany.
To engagewith the ecosystem,in 2005 Microsoft
haslaunchedone of the first Startup Programsin
France under the name IDEES and expanded
worldwide underthe BizSparkprogramin Novem-
ber 2008.
INSEAD
~
The Business School
for the World~
Today,Microsofthasa comprehensiveset of global
programsdesignedto engagewith developersat
every stage of their evolution - from student,to
startup,to ISV:
1. ENGAGINGWITH STUDENTS:
Ima ineAccessprovidesfree software including
developerand designertools for studentsandaca-
demicinstitutions.
Ima ineCu isa globalstudenttechnologycompe-
tition for studentsbetweenthe ages6 and18 which
was launchedin 2003 and which registerspartici-
pationof 375,000 studentsperyear.
Source:MicrosoftI ImagineCup
2. ENGAGING WITH DEVELOPERS IN
EMERGINGMARKETS:
Microsoft Innovation Centers MIC act as
co-working spacesby providinga venue and re-
sourcessuchasskills training, mentoringand Mic-
rosofttools.118 venuesin 33 countrieshostingen-
trepreneurs, including 46 MIGs in India, 12 in
Brazil, andsevenin RussiawhereasMicrosoft has
onlyone MIC in the USA.
BizS ark is a three-yearstartup program run by

#500CORPORATIONS 41
PART3
Microsoft.Tobeeligible,a startup (a newtechnolo-
gy companyor an independentsoftware vendor)
mustbe in businessfor lessthanfive yearsandwith
lessthan IM USDin annualrevenue.Thekeybene-
fits of the programsare: 1) an accessto free soft-
ware andtools suchasVisual Studio,Office365 or
Azure cloudservices(USD 750 per monthof free
credit), 2) a communityof startupsand technical
advisors,3) supportfrom Microsoft and BizSpark
Network Partners.Ontop of the BizSparkprogram,
MicrosofthaslaunchedBizSpark Plus,whichoffers
up to 120,000 USD of Azure credits to qualified
startupsinvolvedwith over 200 of the world'stop
accelerators.Sincethe inceptionof BizSpark,more
than100,000 startupshavebecomepart of the pro-
gramand41,186 of them in 151 countriesare cur-
rently listedby Microsoft.The majority of them are
basedin six countries,USA (12,444), United l<ing-
dom (2,284), India (1,880), Brazil (1,823), Russia
<IA82) andAustralia<IA73).
CustomersAccessPro ram is designedto give
high-potential startups accessto Microsoft's top
globalaccounts.Throughthe program,startupsare
able to take advantageof Microsoft'srelationship
with Fortune100 companies.
MicrosoftVenturesAcceleratorsis a network of
Microsoft-runacceleratorslocatedin sevenstartup
ecosystem globally <Bangalore, Beijing, Berlin,
London, Paris, Seattle,Tel Aviv). Offering a 3-6
monthprogram.They havegraduated410 startups
to date with 79% receivingfollow-onfundingat a
collectiveaverageof 3.7M USDa yearafter gradu-
ation. 24 startups havebeenacquiredto date, in-
cludingoneby Microsoft.
Source:Microsoft
INSEAD
~
The Business School
for the World ~
MicrosoftVenturesAccelerator in Seattle is pow-
ered byTechstars.In India, Microsoft venturesis
powering an accelerator for Reliance Industries
<Oil& GasOperations).
MicrosoftVenturesAlumni Pro ram is a pro-
gram for the alumni of the accelerators which
allows the retention of resources,networks and
prospects.
3. ENGAGINGVIA SPONSORSHIP
Sponsorshipsis anotherway leveragedby Micro-
soft to engagewith startups,to namejust a few
sponsoredactivities:LeanStartup Machine(Venue
Sponsor),Eventslike the Web Summit,Accelera-
tors & Incubators(Y Combinator,Techstars,Found-
er Institute). For example,Microsofthasan exclu-
sive partnership with Y Combinator to offer
500,000 USDof Azurehostingcredit.
4. ENGAGINGTHE AFRICANECOSYSTEM:
Microsoft4afril<ahas three pillars: world-class
trainingto helpAfricansdevelopskillsfor entrepre-
neurshipvia initiativeslike Afrika Academy;access
to technologylike cloudservicesandsmart devices
and innovationbyAfricansfor Africa. Last but not
least, Microsoft is planningto launcha portal to
empowerNorthAfrican women.

#500CORPORATIONS 42
PART3
2.2TelecomSpotlight(Orange)
Created in: 1988
Headcount: 156,000
Net Income: 1.068 USO
Headquarters: France
Net Revenue: 44.948 USO
R&D investment: 0.848 USO
Orange,one of the largesttelecom operator,is ac-
tively engagingwith startupsto developinnovative
solutionsquickly,closeto the needsof thecustomers
andin real time.
Today,the mainchallengefor Orangeisthe weaken-
ing of the economicmodelbythe over-the-topser-
vices(OTT),the declineof the averagerevenueper
user(ARPU) andthe new competitorslike GAFA
(Google,Apple, Facebook,Amazon)which are en-
tering the market by offering connectivityvia bal-
loon-poweredinternet access(Google) or via so-
lar-poweredInternet drones(Facebook).
By engaging with startups as early as possible,
Orangegainstime to detect tomorrow'strends,to
inoculatethese innovationsand practicesinto the
DNA of Orange.Two of the main successstories
havebeenthroughthe participationin a musicplat-
form Deezerwhereit isa minorityshareholde~and
owning100% of Dailymotion,a video platform.A
musicplatform suchas Deezerwith the premium
serviceis one of the tools usedbytelecomcompa-
niesto reducethe churn rate and to increasethe
ARPU.
1. ENGAGINGTHE STUDENTS COMMUNITY
Oran e Tunisia Develo ers' Pro ram supports
youngtalents who developtheir own mobileappli-
cations.Threeyearsafter the launch,2,800students
havebeentrained and 50 applicationshavebeen
created.
INSEAD
~
The Business School
for the World~
The Humanitech challen e is a competition for
studentsin the humanitariananddigital sectors.
2. ENGAGINGWITH STARTUPS
Startupslike Smiirl andPrizmhavebeensupported
byOrangewith anaccessto supplierswhichisstra-
tegically importantfor hardwarestartups.
Oran e Fab isthe acceleratorprogramof Orange,
hostingbetween4 and 7 startupsper countryand
perbatch,with eightlocations,USA(2013), France
(2013), Poland (2014), Tokyo (2014), Taipei
(2014), Israel (2014), Jordan(2015) (partnership
with Oasis500) and Ivory Coast(2014). Sinceits
inception,105 startupshavereceivedduringthree
months,support,spaceand in somecountriesin-
vestmentsfrom Orange.Moreover,OrangeFab is
offering an international network strengthenedby
a partnershipwith DeutscheTelekom(hub:raum),
Telefonica<TelefonicaOpen Future) and Singtel
(Singtel Innov8) to bridge ecosystemsacross
Europe, Latin America, SoutheastAsia and the
Middle East.
Source:OrangeFab
Oran e Di ital Ventures isthe latestvehicleof in-
vestmentlaunchedbyOrangewith EUR20M for its
first yea~mostlyto do early stageinvestmentsbe-
tween EURlM and EUR3M.
Iris Capital is a joint venturebetweenOrangeand
Publicis.The fund was launchedin 2012 and is
managedby Iris Capital Management.It hasEUR
300M undermanagementto investin digital start-
ups.

#500CORPORATIONS 43
PART3
EcomobilitVenturesisa fundlaunchedbythe al-
lianceof Orange,SNCF,Air Liquide,Michelinand
Totalto investin sustainablemobility,with a focus
on four key areas:transportationservices,innova-
tive information technologies,connectedvehicles
and mobility solutions,as well as intelligent infra-
structures. EcomobilityVentures has EUR 30M
undermanagement.
RobolutionCa ital is dedicatedto roboticswith
EUR 80M under management.This fund is man-
agedbyOrkosCapitalSASandhas,aslimited part-
ners,severalcorporationsand institutionssuchas
Orange,AG2R LA MONDIALE, EDF,Thales,the
EuropeanInvestmentBank,Bpifrance,andindivid-
ual investors.
Innovacomlaunchedin 1988 investsin earlystage
startupsin applieddigital technologyin four areas:
telecommunications,smart energy and smart
homes,healthand well-being,transportand smart
cities. Innovacomis an independentcapital risk
companyfundedby corporationsincludingOrange,
Alcatel-Lucent,GroupeSebandSoitec.
3. ENGAGINGVIAPARTNERSHIPS
In emergingcountries,Orangehascreatedpartner-
ships with local accelerators:CTIC incubator in
Dakar,Senegal,Ebeneincubatoron the islandof
MauritiusandCIPMEN incubatorin Niamey,Niger.
In France,Orangeisa partnerof severalinnovative
spaceslike NUMA Paris,Nantesand RennesDigi-
tal Canteens.
4. ENGAGINGVIASPONSORSHIP
Orangeisoneof the mainsponsorsof HelloStartup
(radio show), HelloTomorrowChallenge (startup
competition)andFuturen Seinedigital festival.
INSEAD
------,--
The Business School
for the World *
Source:HelloTomorrowChallenge
5. ENGAGINGIN SOCIALENTREPRENEUR-
SHIP
TheOran
Africa rewardsentrepreneurswho offer products
andservicesthat respondto local needsin various
fieldssuchashealth,agriculture,education,energy,
industryor commerce.
6. ENGAGINGIN EMERGINGMARKETS
Datafor Develomentchallene in Ivory Coastin
2012 and Senegalin 2014, are the challengesto
contributeto developmentand improvethe living
conditionsof the localpopulations.
7. ENGAGINGVIAEMPLOYEES
Orangeis supportingemployeeswith the business
creationassistancescheme.Sincethe launchof the
spin-offscheme,70+ companieshavebeenfounded
creating more than 350 jobs. Successstories in-
cludestartupslike Semsoftand Predisys.

#500CORPORATIONS 44
PART3
23 BankSpotlight(DBS)
Createdin: 1968
Headcount: 21,000
NetIncome: 2.898 USO
Headquarters: Singapore
Net Revenue: 6.878 USO
R&Dinvestment:
DBS'sinnovationeffortstodayare anchoredaround
three big ideas:an increasedfocusondigitizationto
further enhanceefficiency,makingthecustomerex-
perience more interactive and intuitive, analytics
and the useof Big Data, both structuredand un-
structured.
To addressthe increasingpaceof changeand dis-
ruptionfacingthe bankingindustry,DBSknowsthat
it needsthe entire bankto embraceinnovation.This
impliesa culturetransformationandengagingstart-
upsin creating a more robust FinTechecosystem.
Thefocusof DBSisto evolvetheculture,notneces-
sarilyto obtaina productof a startup.
In orderto drivea moreinnovativeanddigital mind-
set,DBSsupplementedits talent developmentpro-
grammewith three-dayhackingchallenges,where
staff are pairedwith startupsto build mobilesolu-
tions addressing banking challenges. In 2015,
around 800 employeeswere exposedto startups
throughvariousprogrammesincludinghackathons
and accelerators.DBS is also experimentingwith
waysto improveitscustomerjourney,suchasreduc-
ing inconveniencessuch as card retention at its
ATMs.
To engagewith startups,over the last four years,
DBShaslaunchedthe followingprograms:
INSEAD
~
The Business School
for the World~
1. ENGAGINGWITH STARTUPS
Entre reneur'saccountfor startu s.To be eligi-
ble,a startupneedsto beincorporatedin Singapore,
ownedbyindividualsandto bea newbusinessincor-
poratedwithin the last six months.The benefitsof
the Entrepreneur'saccountare a waiverof feesfor
thefirst three monthsfor the minimumaveragebal-
anceper monthand no fall-belowfee.A 50% dis-
countfor the MSIG BizshieldInsurance,one year
free subscriptionfor PayDay!Saas cloud payroll
solution,and severaldiscountson a mobile plan in
partnershipwith StartHub.
DBS Hots ot Pre-acceleratoris a 3-month pro-
gramdesignedfor digital startups,socialenterpris-
esandDBSintrapreneurto growconceptsinto pro-
totypes.It aims to cultivate entrepreneurshipand
intrapreneurshipin Singaporethroughexperimen-
tation, mentorshipandentrepreneurshipawardsof
SGD 25,000 each,without taking equity from the
startups.
Source:DBSHotspotPre-accelerator
DBSAcceleratorisa 3-monthprogrampoweredby
NEST in Hong-l<ong.The first program will host
eight fintech startupsthat will receive mentoring
but notfunding.
Source:DBSAccelerator

#500CORPORATIONS 45
PART3
DBS Venture Debt Financingis accessibleto
startupsbackedbyDBSpartnerventurecapitalists.
Today,startupsin Singaporeprimarily rely on ven-
ture capital to fundtheir operations.By offering a
dedicatedventure debt solution to tech start-ups
whichare at the growthstageof their businesslife
cycles, DBS is making available an alternative
sourceof capital for thesefirms to tap into, with
little or no dilution of their equity.Techstart-ups
canuseDBSventuredebtfor workingcapital,fixed
assetsacquisitionandevenprojectfinancing.
DBS BusinessClassa mobile app launchedfor
SMEs in late 2014. Through DBS BusinessClass,
entrepreneurscanconsultand connectwith indus-
try experts, investorsand fellow entrepreneurs.
DBS BusinessClassmemberscanalsoaccessnews
andarticlesontopicspertinentto starting andrun-
ningtheir businessesandattendexclusivenetwork-
ingevents.
Source:DBSBusinessClass
2. VIA PARTNERSHIP
Mico Loan DBS hasa partnershipwith SPRING
Singapore (governmentalagency) to provide an
easieraccessto fundingfor localSMEs.
DBS is one of the local sponsorsof Startu boot-
camp Fintechin Singapore,a leading European
acceleratorfocusedon financial innovation,which
hasgraduateditsfirst batchof 10 startupsin Singa-
poreonJuly 2015. 30 dedicatedDBSstaff provid-
ed mentorshipto the startupsthroughoutthe pro-
gram.
INSEAD
~
The Business School
for the World ~
DBS-NUS SocialVenture ChallengeAsia is an
Asia-wide social entrepreneurshipcompetitionor-
ganisedby NUS and DBS Foundation.It aims to
identify and supportnew socialventuresthat have
the potentialto generatepositive,scalableandsus-
tainablesocialimpactin the region.
Micro ,

#500CORPORATIONS 47
PART4
1.CorporateStartupEngagementshouldevolvein3phases(LPO)
STEPS DESCRIPTION 500 INITIATIVES
Learn Research,Events Accelerato~DemoDay,
Geeksona Plane
Partner SupportServices,Startup Programs,Co-Working Accelerator
Spaces,Spin-offs,Accelerators& Incubators
Own Investments, PreMoney,VentureCapital
Mergers& Acquisitions Unlocked,Invest,M&A----
2.Differentobjectivesrequiredifferentstartupengagement
INSEAD
~
The Business School
for the World ~
Events
Support
Services
Startup
Programs
Co-working
Space
Accelerators
& Incubators
Spin-offs
Investments
Mergers&
Acquisitions
Innovation Culture
• •
• •
• •
• •
• •
• •
• •
• •• Mostrecommended
Platform
• • •
• • •
• • •
• • •
• • •
• • •
• • •
• • •• Recommended Leastrecommended

PART4
3. Five recommendations as you deepen your engagement
with Startups
I Talk to a pool of startupsabout their needs as part
of your design process. It's easy to assume 1hey
would love this' when the bar for competitive of
ferings is getting higher.
2 There are many different ways to engage with
startups. The key is to keep in mind your objec
tives, resources and time frame for expected re
sults at all times.
3 You can start small, choosing one channel of en
gagement at a time and iterate fast based on the
results and buy-in. However if you don't shoot for
big enough wins from the get go, there may not be
enough to show to get you more resources.
4. Recommended Readings
BCG
Corporate Venture Capital Avoid the Risk, Miss the
Rewards
Bloomberg
The inside story of how - and why - Goldman Sachs
became a tech-investing powerhouse
Business Insider
Why Cisco Has Showered These Three Men With
Billions Of Dollars
CB Insights
Corporate Venture Capital Term Sheet Survey
CB Insights
Inside the Minds of Corporate Venture Capitalists
Global Corporate Venturing
The World of Corporate Venturing 2015
INSEAD
4 Whatever you choose to do, be prepared to work
at the speed of startups. Don't keep them waiting
on you. You don't want the engagement to back
fire.
5 Select the right partners to share the knowledge
and minimize risks. Doing it alone can be scary.
Feel free to reach out to us if you want recom
mendations.
HBR
Corporate Venturing
McKinsey
Demystifying the hackathon
TechCrunch
Corporate Accelerators Are An Oxymoron
�
The Business School
for theWorld� #SOOCORPORATIONS 48

#500CORPORATIONS 49
g
AbouttheAuthors
ArnaudBonzomis Director of CorporateInnovationat 500 Startups.You can contact him by email at
arnaud@500startups.com.
SergueiNetessineistheTimkenChairedProfessorof GlobalTechnologyandInnovationat INSEAD andthe
Research Director of the INSEAD-Wharton alliance. You can contact him by email at
serguei.netessine@insead.edu.
Pleasedirect questionsandcommentsaboutthis report via emailto: arnaud@500startups.com.
Acl<nowledgments
Theauthorswouldliketo thank NealCrossChiefInnovationOfficerat DBSBank,Phillip FriedmanSeniorDi-
rector,Startup Evangelismat Microsoft, David NahmaniDirecto~OrangeStartup Ecosystem,and Etienne
MoreauOrangeDigitalVenturesat Orangefor their contributionsto the casestudiesaswell as Pieter l<emps,
Vice Presidentat SequoiaCapital.
INSEAD
~
The Business School
for the World ~

#500CORPORATIONS 50
ResearchMethodology
Ourresearchisbasedonthe 500 world'sbiggestpubliccompaniesaccordingto the ForbesGlobal2000 ranking
andon interviewswith industryparticipants.Thissampleincludescompaniesin 37 countriesand69 industries.
Foreachof the 500 world'sbiggestpubliccompanies,we havescreenedtheir corporatewebsite,the latestpub-
licationof their annualreport andwe run searchesby usingkeywordsin Googleto identifytheir engagement
with the startupecosystem.With the informationcollected,we havebuilt a comprehensivedatabasewhich is
the basisfor our report.
INSEAD
~
The Business School
for the World ~

#500CORPORATIONS 51
LEGALDISCLAIMER
THIS REPORTIS PROVIDEDFORINFORMATIONPURPOSESONLYAND UNDERNOCIRCUMSTAN-
CESSHOULDTHE CONTENTSOFTHIS PRESENTATIONORANY PRIORORSUBSEQUENTCOMMU-
NICATIONFROM500 STARTUPS,INSEADORANY OFTHEIR REPRESENTATIVESBE CONSTRUED
AS LEGAL,TAX OR INVESTMENT ADVICE.THIS PRESENTATIONDOESNOT CONSTITUTEAN
OFFERTO SELL ORA SOLICITATIONOFINTERESTTO PURCHASEANY SECURITIESORINVEST-
MENTADVISORYSERVICESFROMANY 500 STARTUPSENTITY.
INSEAD
~
The Business School
for the World ~

Corporate Startup Engagement Uncovered

Recommended

Recommended

More Related Content

What's hot

What's hot (10)

Viewers also liked

Viewers also liked (19)

Similar to Corporate Startup Engagement Uncovered

Similar to Corporate Startup Engagement Uncovered (20)

Recently uploaded

Recently uploaded (20)

Corporate Startup Engagement Uncovered