From Tech to Deep Tech

• Can CVC be a way to prepare for
future acquisition?
CVC investment can pave the way
for future acquisition from the M&A
department. The corporate may build
in special rights, such as right of first
offer or right of first refusal, to secure an
option for future acquisition, but again
the corporate must be careful to avoid
jeopardizing the startup’s development,
and the CVC’s reputation. In particular,
it should not use its right of first refusal
to reject all offers for other companies.
On such issues, a strategic misalignment
between corporate and startups can
easily emerge.
• When and how fast should we integrate
a startup within the core business?
If the startup is at an early stage and
the corporate wants to buy only the team
or the technology, it can do so without
delay. If the startup is still at the stage
of searching for or refining its product
or business model, however, it should
stay independent in order to retain its
agility—a crucial advantage at this stage.
Integration into the corporate should
occur only when the startup has reached
a stage of development at which the
corporate processes and organization will
be not a hurdle, but a lever to increase
the speed and quality of industrialization
and commercialization. The corporate
must assess whether to integrate the
startup gradually or quickly. Interviews
with different stakeholders suggest
that integration should proceed at an
unhurried pace, with due regard for the
startup’s level of maturity.
Create an Ecosystem
Around Your Projects
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A corporate should not limit its relationship
with a startup to a one-to-one relationship.
Making it part of a broader community
engagement with other startups, companies
(not direct competitors), investors, suppliers,
customers, and scientists will help build a
connected ecosystem that can accomplish
several things:
• Balance the risks in a portfolio of many
startups.
• Increase the platform’s visibility in order
to attract key actors (including startups,
investors, public authorities, and others).
• Get a better understanding of the
ecosystem through a broad scope
of technologies.
• Enable startups to help and mentor
each other.
• Propose a more complete value
proposition to startups that will help the
corporate attract startups from a broader
range of domains, geographies, and levels
of maturity.
• Acquire enough weight in the industry
to impose new standards.
Questions to Answer
Before Building a
Collaboration Platform
-
Corporates should assess their situation
carefully before committing to building
a collaboration platform. The following
questions, in particular, are important to
consider:
• Do we have the necessary internal
capabilities and market experience to
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