Scaling corporate ventures: the foundations.

The critical actions needed to go from
scratch to scale and beyond.
Critical actions
Scaling corporate
ventures: a
foundational guide

“Scaling is the hardest f****** thing you can do.”
- every entrepreneur, ever.

It's no secret. Many corporate ventures don't succeed.

Why? Most commonly, it's because the journey to scale is rushed,
foregoing some of the crucial data-gathering actions needed to
build a validated path forward.
 
 
Scaling requires a structured and adaptable approach in order to
meet the unique needs of the corporation and the value
proposition.

We're going to walk you through the three critical actions needed
to set your corporate venture up for success on its journey to
scale and beyond:

• Measurement: Define clear success metrics

• Team: Recruit an effective venturing squad

• Ownership: Select an entity format that suits your growth path

The insights and strategies presented are based on our
experience running 200+ tracks for global corporations.
When you push the
scale button, all
your past actions
are put to the test.
Leyash Pillay

Head of Content
LI NKEDI N
EMAIL
Thomas Brady

Senior Venture Architect

LINKEDI N
EMAIL

First, why do so many ventures fail to
reach the scaling stage?

They get stuck in the land of the living dead!
Discover. Pilot. Launch. Scale.
Venture Creation Venture Growth
Budget
Time
• No customer need

• Not validating early enough

• No corporate scale leverage

• Not choosing the right success metrics

• The wrong entrepreneurial team

• An incompatible ownership structure

• An unstructured legal setup
Reasons why ventures fail to scale:

What actions can you take to prevent
that from happening?

The critical actions
 
needed for scaling
success.
1
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Define clear venture success metrics
Select appropriate metrics

Venture development stages

Data dashboard and roadmap

Four golden rules
2
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Recruit an effective venturing squad
Phased team evolution

Venture team structure

Venturing unit team structure

Team communication
3
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Select an entity format that suits the growth path
Spin-in or spin-off?

Build, buy, or partner?

Type of partnership format

1
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Define clear venture success metrics
Select appropriate metrics

Venture development stages

Data dashboard and roadmap

Four golden rules
2
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M
Recruit an effective venturing squad
Phased team evolution

Venture team structure

Venturing unit team structure

Team communication
3
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Select an entity format that suits the growth path
Spin-in or spin-off?

Build, buy, or partner?

Type of partnership format
The critical actions
 
needed for scaling
success.

A venture without a
path, risky.

Without validation,
expensive.
Want to scale?
You need both.
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Measurement

The first critical action is knowing and tracking
the metrics evident of success. Avoid vanity
metrics by gaining a thorough understanding of
the value proposition and its business model.
Base your metrics on the core assumptions you have in these zones:
The relevant financial assumptions:
 
revenue, costs, profit, OPEX, etc.
BUSINESS GOALS
FINANCIAL
The relevant customer assumptions:
 
adoption rate, referrals, CAC, market share, churn,
etc.
CUSTOMER
The relevant product and process assumptions:
 
value proposition health, new feature
implementation, downtime, bugs, etc.
PRODUCT AND PROCESS
The relevant people assumptions:
 
hires, talent retention, stakeholder engagement,
mobility, trainings, etc.
PEOPLE
Business goals
Financial

The relevant financial assumptions:
 
revenue, costs, profit, OPEX, etc.
Customer

The relevant customer assumptions:
 
adoption rate, referrals, CAC, market share,
churn, etc.
Product and process

The relevant product and process
assumptions:
 
value proposition health, new feature
implementation, downtime, bugs, etc.
Team

The relevant people assumptions:
 
hires, talent retention, stakeholder
engagement, mobility, trainings, etc.
Select the crucial metrics of success.
Questions to answer:

• What are the most important metrics?

• How do they evolve over time?

• What will be the three most important
metrics to be measured by the board?
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• Market-sizing

• Consumer insight

• Buyer-intent

• Business case

• Corporate leverage
• Customer acquisition

• Monetisation

• Validated growth channels

• Retention

• Feasibility
• Healthy LTV and CAC

• Cost structure

• Operational efficiency

• Team set up
• Sustainable growth

• Economies of scale

• MoM/YoY growth

• Market penetration

• ROI
Metrics
Discover.
2 to 4 months
Pilot.
3 to 6 months
Launch.
6 to 24 months
Scale.
24+ months
A validated value
proposition.
Validated demand
with an MVP.
Positive and sustainable
unit economics.
Exponential
growth.
Then, apply them to relevant venture stages.
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CAC
# of Customers
LTV
Net profit margin
Market Share
Web shop conversion
Compiling a library of metrics to measure is easy,
but knowing which ones matter most at the right
time is where your energy should be focused.

The most important metrics should be
presented to the board for strategic decisions.
Conversion > 1.0%
LTV/CAC > 1
CAC < €40
Pilot
phase
Conversion > 1.7%
LTV/CAC > 2
CAC < €35
>5% >10%
> 0.2% > 3%
x
x
x
x
x
> 2.500 > 40.000+ x
Year 1 Year 2 Year 3
Scale up Beyond
Example of core metric at this
moment
Example of core metric at this
moment
Track them with a
dashboard of key metrics.
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H1 Sold
(Units) 190
Cumulative
(Units) 560
FY1 H1 - Month 06 FY1 H2 - Month 12 FY2 H2 - Month 24
Scenario B2C - D2C Retail Price €80
CAC<50
Conversion Rate < .5%
LTV / CAC > 1
€48
0.75%
1
CAC<50
Conversion Rate < .5%
LTV / CAC > 1
€37
1.50%
1.1
MOM Growth > 10%
Return On Assets > 1.0%
Net Profit Margin > 10%
19%
2
11.30%
H2 Sold
(Units) 600
Cumulative
(Units) 2.960
H2 Sold
(Units)
10.000
Cumulative
(Units) 56.160
FY2 H1 - Month 18
MOM Growth > 10%
Return On Assets > 1.0%
Net Profit Margin > 10%
31%
1.3
10.8%
H1 Sold
(Units) 3.200
Cumulative
(Units) 14.160
20 40 70 100 140 190 240 290 350 420 500 600
800
1100
1500
2000
2600
3200
4000
5000
6500
7500
9000
10 000
And finally, ground it in reality
by applying it to a time-
based roadmap.
Products sold
Key Decision

Metrics
Traction

There are four
golden rules to
keep in mind:
Kill or pivot faster, based on data.
Rule 01
Connect with strategy and assets.
Rule 02
Do not skip the pilot!
Rule 03
Time your integration/leverage wisely.
Rule 04
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Validate, kill, or pivot faster here!

The longer you wait, the higher the costs.
 
Track and measure strictly here.
 
And also, DARE TO KILL!
Budget
Time
Discover.
2 to 4 months
Pilot.
3 to 6 months
Launch.
6 to 24 months
Scale.
24+ months
Kill or pivot faster, based on data.
Rule 01
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Connection
with
strategic
purpose
Ability to leverage assets
VP 2
VP 5
VP 1
VP 3
VP 4
Beyond customer data, connection to strategy and
available assets needs to be mapped.

Many ventures arrive at scale but they don’t have the
corporate leverage to scale further or they are not in
line with the corporate strategic purpose, ending up
in the 'land of the living dead'.
Connect with your strategy and assets.
Rule 02
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Do not skip the Pilot!
Too often, corporates look to build the 'perfect'
product, pumping valuable resources into a 'full
offering' that isn’t validated.
 
 
MVPs are necessary to validate demand. They're
also an essential step on the scale journey.
PROBLEM

SOLUTION FIT
• Customer acquisition

• Monetisation

• Validated growth channels

• Retention

• Feasibility
Validate demand with
an MVP
Pilot.
3 to 6 months
Important Metrics
Make use of low-code
development solutions, which
keep costs down and speed up.
Rule 03
#Tip: Work with incognito
brands until after MVP.

 
Encourages focus, keeps the
mothership unharmed, builds
unbiased validation and helps avoid
unobtainable perfection.
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Time your integration/leverage wisely.
Potential integration/leverage point
Don’t connect to corporate systems too early i.e.
CRM, IT, and others.

Let the venture explore on its own agile way,
don’t slow it down.

 
First prove real traction!
A validated value
proposition.
Validated demand
with an MVP.
Positive and sustainable
unit economics.
Exponential
growth.
Key

Objective
Venture Creation
Discover.
2 to 4 months
Pilot.
3 to 6 months
Launch.
6 to 24 months
Scale.
24+ months
Venture Growth
Rule 04
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How we experiment with and
track certain metrics.
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Client case study

Get 50 more validation experiments
Launch a website as if your product were already
available for sale. Then, see how many people try to
buy it.

Where there’s smoke, there’s fire.
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One way is to test
desirability with a
‘smoke test’.
Client case study

Ad
 
A
Ad
 
B
Sense Kit
Guard
Sense
Awareness
Website
 
A
Website
 
B
Website
 
C
Sense Guard Sense Kit
Consideration
Learn more
 
Call to action
Desire
Order now
 
Call to action
Purchase
Qualitative Insights
 
Questionnaire
 
Depth interview
Advocacy
With limited
resources, we
can track real
data early on.

is a global bathroom solutions and
kitchen fittings manufacturer.
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Client case study

Sense

Guard

Sense Kit
CPC
IMPRESSIONS X X X
CTR
VISITORS X X X
Clicks More Info
VISIT PRODUCT PAGE X X X
Purchase intent
CLICK X X X
Actual purchases
BUY NOW
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Concept A Concept B Concept C
Purchase intent ——% ——% ——%
Acquisition cost €—— €—— €——
AVG order amount €—— €—— €——
Campaign
results

The results help
define any unclear
business case
elements with
validated metrics.
is a global bathroom solutions and
kitchen fittings manufacturer.
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Client case study

X

Documents
 
per year
X

Active

partnerships
X

Documents
 
in our platform
X

App downloads
X

sign-ups
x%

Customer
support
 
satisfaction
**%

YOY revenue growth
—-,—-

Average monthly logins
€——M

yearly revenue
Team of
 
x people
is a digital platform to store documents from
a wide range of different companies.
Comparatively,
metrics at the
growth stage focus
on the following:
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Client case study

How does measurement
affect your chance to
scale?
Key take aways

• Select metrics that affect decision-making

• Apply metrics to venture development stages and track

• Kill or pivot, based on data

• Connect with your strategy and available assets

• Do not skip the pilot

• Time your integration wisely
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Trusted by leading
organisations.
We’ve successfully completed 200+ innovation
tracks in the past 12 years and continue to build a
pipeline of ventures for our long-term partners.
See our cases

Team
Creation and growth
require a completely
different set of skills.
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CORPORATE

MARKET FIT
PRODUCT

MARKET FIT
PRODUCT

MOMENT
Discover.
2 to 4 months
Pilot.
3 to 6 months
Launch.
6 to 24 months
Scale.
24+ months
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Beyond prolific individuals, going from
scratch to scale requires a multi-team setup.
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Designer /
 
Prototyper
Customer Journey
Expert
Marketeer
Venture
 
Team
Project Lead ‣ Execution ownership

‣ Validation ownership

‣ Traction ownership
Venture
Creation
Venture
Growth
This system
puts the venture
on centre stage.
It’s critical to remember that it’s not
just the venture team involved. Yes,
they may be doing the everyday
execution, but support is needed on
various levels at various times.

This allows the venture to gain access
to corporate assets as needed.
 
 
Take note of the roles presented in the
venture creation team.
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‣ Funding decisions

‣ Corporate strategy

‣ Clear ‘go/no-go’ decisions
Venture
 
Board
Internal
 
Team
‣ Quality ownership

‣ Roadmap ownership

‣ Supporting venture teams
CEO
 
(if possible)
Director of
Innovation

Portfolio /
Venture Director
Methodology
Experts
Director of
Strategy

Director of
Corporate
Venture Capital
Portfolio /
Venture Director

Division Leadership
 
(venture sponsors)

Innovation
Support
Innovation
Recruitment
Ad-Hoc
Expertise ‣ Support when needed
Existing
Customers +
Partners
 
(if possible)
Subject Matter
Experts
 
(internal +
external)
Legal Experts
Division
Leadership
Development
Experts
Innovation
Evangelist
 
(Diplomat/
Sponsor)

‣ Funding decisions

‣ Corporate strategy

‣ Clear ‘go/no-go’ decisions
Venture
 
Board
Internal
 
Team
‣ Quality ownership

‣ Roadmap ownership

‣ Supporting venture teams
‣ Strategy ownership

‣ Growth ownership

‣ Financial ownership
Ad-Hoc
Expertise ‣ Support when needed
CEO
 
(if possible)
Director of
Innovation

Portfolio /
Venture Director
Methodology
Experts
Director of
Strategy

Director of
Corporate
Venture Capital
Portfolio /
Venture Director

Division Leadership
 
(venture sponsors)

Innovation
Support
Innovation
Recruitment
Existing
Customers +
Partners
 
(if possible)
Subject Matter
Experts
 
(internal +
external)
Legal Experts
Division
Leadership
Development
Experts
Innovation
Evangelist
 
(Diplomat/
Sponsor)
 
CTO
CEO
CMO
CFO
Dev Team
Growth Team
And, the
support
remains as the
venture team
evolves.
After Product-Market-Fit is found, your
venture team should evolve by hiring
external leaders with a focus on
growing the venture.
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Venture
 
Team
Venture
Creation
Venture
Growth

For venturing units,

this structure is scalable.
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CEO
 
(if possible)
Venture
 
Board
Director of
Innovation

Director of
Strategy

Director of
Corporate
Venture
Capital
Portfolio /
Venture
Director
Division
Leadership
 
(venture
sponsors)

Portfolio /
Venture
Director
Internal
 
Team
Methodology
Experts
Innovation
Support
Innovation
Recruitment
Existing
Customers +
Partners
Subject Matter
Experts
 
(int + ext)
Legal Experts
Ad-Hoc
Expertise
Division
Leadership
Development
Experts
Innovation
Evangelist
 
(Diplomat/
Sponsor)
Venture
 
Team
CTO
CEO
CMO
CFO
Dev Team
Growth Team
The venture board will have oversight on
multiple ventures with a bird’s-eye view
over all metrics.
 
 
The data and insights gained in this way
allows for more insightful strategic
decision-making.

Inter-venture
insights can
prove critical
to success.
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To gain those insights, open communication
between ventures must be implemented.
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Bring broad attention to insights, questions, problems,
achievements. Do not wait for scheduled stage-gates.
A constant feedback-loop across all teams within the support
structure garners deeper buy-in from all stakeholders.
Encouraging transparency with openness and a flat hierarchy
is a success factor for venture teams.
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The ideal feedback loop
From the venture board to the executional team
Real-time updates,
barriers and
boosters
Status overview,
problem resolution
Portfolio overview,
barriers and
boosters
Expert feedback and
insights into customer
journeys, markets, and
regulatory realities
1-2

per

Week
1-2

per

Week
1

per

Week
1-2

a Month
Portfolio

Director
Venture

Board
Methodology

Expert
Proposition

Lead
Ad Hoc

Expertise

+ Support
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How we helped evolve the leadership

of a growing corporate venture.
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Client case study

A BASF subsidiary, the largest chemical producer in the world.
 
• An evolution to external leadership was required to
grow the venture beyond the incubator.
 
• Bundl helped them recruit a CTO and CGO who were
geared towards scaling.

Recruiting external leadership
to grow successfully
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Forecasty.AI is a self-service forecasting platform powered by
advanced AI/ML technology, enabling easier and faster forecast
generation.
Client case study

How does the team you
hire impact your
chance to scale
successfully?
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Key take aways

• Creation and growth require a completely different set
of skills

• Consider external leadership talent when scaling

• Make a clear difference between the multi-team setup

• Create a continuous and transparent feedback loop

Watch Thomas van
Halewyck, founding
partner at Bundl,
present the actions and
insights of this deck.

The entity setup,
partnership choice
and its timing can be
the difference
between life and
death.
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Ownership

Do we spin-in or spin-
off?
1
Do we build, buy,
or partner?
2
There are two key questions you need to ask:
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And you need to ask them at a certain time.
The key decision moments lie on either side of your venture launch.
Ask yourself these questions at
these moments
Discover.
2 to 4 months
Pilot.
3 to 6 months
Launch.
6 to 24 months
Scale.
24+ months
2
1
2
1
Validation under incognito brands speeds up the process.
Do we spin-in or spin-
off?
1
Do we build, buy,
or partner?
2
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So, which entity setup is better for
your venture: spin-in or spin-off?
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A spin-in refers to creating a fully-
functional business unit with its own vision
and direction.
 
Typically, a strategic business unit operates
as a separate unit, but it is also an essential
part of the existing legal structure of the
parent company.
A spin-off refers to a process of creating
a new company that operates
separately from an existing one (e.g.
through the incorporation of a
subsidiary or joint-venture).
 
The spin-off, the newly created
company, has its own assets and
distinct business operations that are no
longer under the control of the parent
company.
Spin-in Spin-off
First, gain an
understanding

of each entity format:
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Then, compare
their features
and benefits.
Spin-in
Other
Spin-off
Strategy &

Governance
Legal &

Procurement
People &

Operations
Finance &

Tax
Branding &

Marketing
Maintain focus, more autonomy, and a faster
decision-making structure.
Insulates from liability, sets up faster with tailor-
made procedures, and more freedom to operate.
Easier to have a dedicated leadership team, faster
hiring procedures, and equity incentives possible.
Ability to tailor to the needs of the spin-off, involve
other investors, and unlock shareholder value.
More flexibility to experiment with new
brands, channels, and marketing tools.
Ability to build a tailor-made environment
and team.
Maintains strategic synergies and aligned
reporting structure.
Leverages corporate power, procedures, and
supplier network.
Leverages internal resources and the HR
department.
Ability to adapt to the needs of the
corporation.
Easier to leverage the existing brand
portfolio, channels, and departments.
Ability to leverage the existing assets of the
corporation as an unfair advantage.
Provides significant
advantages for scaling
Get the full deck on this topic
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Better to spin-in
Better to spin-off
For an extra
check, map your
venture on an

innovation matrix
The further away your value proposition is
from your core business, the more you should
consider a spin-off setup.
Existing offerings New offerings
Existing
markets
New
markets
Developing
breakthroughs and
inventing things for
markets that don't exist
yet
Radical

Innovation
Expanding from
existing business to
‘new to the company’
business
Adjacent

Innovation
Optimising existing
products for existing
customers
Core

Innovation
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Should you build, buy, or partner?
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Limited Capabilities Advanced Capabilities
Speed
of
Scale
Capabilities
Flexible
Immediate
Buy/Invest
Any
Partner Build
The Pacemakers Partners LTD - 2017
Two crucial
questions need
to be answered:

1. Do you have the necessary capabilities in-house?

2. Do you have time to build up those capabilities?
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Important considerations
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Budget Culture Legal governance
Synergies Termination Risk tolerance
Regulation

(Bureaucracy)
Which criteria
should form part
of your decision-
making process?

Choosing to partner creates the
opportunity to build an ecosystem.
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Each partner must assume one of the following roles:
Architect
The creator

Encourages others to join and defines the
standards and rules of the ecosystem.
Enabler
The empowerer

Supports the others involved by
developing goods and services.
Participant
The contributor

Has direct contact with end-users and
takes advantage of lower barriers to entry.
Get full deck on
ecosystem creation
<
Nespresso’s
ecosystem setup
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After selecting your role, you must choose the
type of ecosystem you hope to establish.
Open Managed Closed Exclusive Non-Exclusive
There are clear criteria to
access it (e.g. limits on the
number, specific guidelines
on functionality, pricing).
It involves a restricted
circle and where approval
and rules of participation
are tightly controlled.
Because of regulations or
restrictions, once you get in
an exclusive one you
cannot be attached to
other ecosystems.
The members are linked
through a distributed
system, designed by one
company, but used by
many.
Partners join and leave,
adjusting their offers as
customer demand and
technologies evolve.
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How we applied various ownership
structures to different ventures.
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Client case study

• Bundl helped Telenet explore untapped markets for
its existing offering.

• A wireless internet solution was born to reach new
customers.

• Close to core offering.

• Leverages core assets to maintain existing service
levels.

• Maintains close strategic synergies.
Offering the same service
in a brand new way
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Tadaam is a plug-and-play home internet offering that gives high
speed access to areas outside of existing cable coverage.
Client case study
The largest provider of cable broadband services in
Belgium.
Spin-in

• Bundl helped Telenet and 9.5 Ventures build a VR
entertainment park from scratch.

• Radical offering.

• Completely new market needs and new capabilities.

• International leverage of the mothership, Liberty Global to
expand beyond existing borders.
Creating a new world
of entertainment
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In less than three years The Park grew into 12 locations across 3 countries.
Being a spin-off allowed them to

• Validated a series of concepts with real customers.
 
• Close to core offering.
 
• Built startup, O.W.N, in collaboration with Bundl.
 
• Built new capabilities internally that can be applied to
new and existing products.
Building a venture,
and new capabilities
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O.W.N is a D2C skincare startup offering personalised products
that only include the ingredients a customer’s skin needs. It’s
minimal and planet-conscious.
Client case study Build

An international bank with a wide range of financial products
across multiple sectors.
• BNP Paribas Fortis looked to expand into electric-
mobility.
 
• Outside of core activities.
 
• A new market in which they have limited capabilities.
 
• Bundl helped them invest to gain access to:

• Technology

• Team of experts,

• Institutional knowledge

• Route into the market
Investing to gain access
into new markets
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Optimile develops all-in-one mobility solutions for companies to
meet daily travel needs of their employees.

• The flexible housing concept was validated in the
market.
 
• Telenet can provide internet services; which is close to
its core business.
 
• The construction element meant partnering with
Willemen group.
 
• More services were needed, leading to new partnerships
and an ecosystem that Bundl helped create.
Partnering to create
an ecosystem
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Flexible Housing aims to take the hassle out of moving to a new
place by offering flexible, co-living spaces that are fully equipped
and come with convenient services.

• Assess the right criteria to decide whether to
spin-in or spin-off

• Assess your capabilities and scale needs to
decide whether to build, buy, or partner

• Partnerships are often a key asset in scaling and
should be tailored to your needs

Looking for more corporate
entrepreneurship content?
Go to our Knowledge Hub
Head over to our Knowledge Hub and access the latest trends, techniques, and
strategies to take your corporate venture from scratch to scale and beyond.

Key take aways to ensure
successful scaling.
Measurement Team Ownership
• Select metrics that affect decision-
making

• Apply metrics to venture development
stages and track

• Kill or pivot, based on data

• Connect with your strategy and
available assets

• Do not skip the pilot

• Time your integration wisely
• Creation and growth require a
completely different set of skills

• Consider external leadership talent
when scaling

• Make a clear difference between the
multi-team setup

• Create a continuous and transparent
feedback loop
• Assess the right criteria to decide
whether to spin-in or spin-off

• Assess your capabilities and scale
needs to decide whether to build, buy,
or partner

• Partnerships are often a key asset in
scaling and should be tailored to your
needs

To scale successfully, intrapreneurs and their venture boards should accept that the
venture building process can’t be rushed. Well, it can, but it results in an unsteady
foundation you can’t build upon.

Continuously validating all aspects of the venture from day one is the only real way
to increase its long-term potential for success. Think of it like building an aeroplane;
you wouldn’t take off without any data that proves the plane can actually fly.

That same mindset should apply to every venture you build: don’t move forward
unless you find the right problem-solution fit. Make every decision based on real
data, pivoting when needed, or killing a failed pilot before it takes up any more
valuable resources.

The team you hire at each phase and the structure you use are equally important to
your venture's ultimate success. They need to facilitate communication at all stages
and be adaptable to meet the ever-changing conditions before, during and beyond
the scale phase.

And finally, the long-term future you envision for your venture relies on how
ownership is executed - you have multiple options at your disposal that serve a
variety of purposes. Make your choices based on their compatibility with your
broader goals and the capabilities you have available.

Good luck!

You can’t rush
innovation scale

Scale-up
recruitment
Finding the right profiles to
propel the value proposition
forward
Sourcing
Locating the right startups, third parties,
and ecosystem players for partnerships
Launching
at scale
Interim startup team in close
collaboration with the mothership
Market and
expansion validation
Exploring new market opportunities
and validating the expansion plan
through rapid experimentation
Scaling tactics
validation
Validating the various scaling
tactics that have been identified
Sales
outreach
Leading business development or
providing support to test and validate
tactics and frameworks
How we can help you accelerate your scale process

Not sure your
venture is on the
right scale path?
We can guide you through the
 
process and help your corporate
venture reach its scale potential.

Feel free to reach out and
 
start the conversation.
Thomas Van Halewyck

Founding partner of Bundl

LINKEDIN
EMAIL

Scaling corporate ventures: the foundations.

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