When David Needs Goliath

How Corporations and Startups are Redefining Corporate Venturing

Drawing on a systematic review of Corporate Venturing activities at the 500 largest corporations in the Forbes Global 2000, this report charts the current shape of corporate–startup relationships to form an early-stage “state of corporate investment” baseline. Through a data-driven process in which 500 websites were reviewed to keep measures at bay, a clearer & pragmatic partnership where each side leverages the other’s strengths to create mutual value.

Key Findings

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Corporate venturing is mainstream: Most of the world’s largest firms now run at least one structured startup‑engagement program.

Eight practices, six goals: From CVC to venture clienting, companies tailor blended toolkits to meet objectives ranging from tech access to ecosystem building, showing how Corporate venturing flexes to solve diverse business challenges (include figure 2- from the report.

Procurement as innovation engine: Venture Clienting adoption turning buying power into fast‑track experimentation.

Venture Building is rising: more than 1 in 5 Global 500 companies now launch startups – independent entities still with strong ties to the parent corporation,

Ecosystem builders: Leading corporations now deploy venturing to expand full‑scale business ecosystems—programs such as Amazon AWS + Bedrock, Nvidia Inception, and Visa Fintech Partner Connect integrate thousands of startups into their platforms, turning complementors into long‑term growth engines.

Corporate Venturing Practices Adoption Across Continents, Countries & Industries

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Authors

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Gary Dushnitsky

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Gary Dushnitsky  is a Professor of Strategy & Entrepreneurship at London Business School and a Senior Fellow at the Mack Institute for Innovation Management at The Wharton School. His research is at the intersection of entrepreneurship, strategy and innovation. He has published extensively on the shifting landscape of entrepreneurial finance, exploring such topics as accelerators, corporate venture capital and crowdfunding.  

Dushnitsky serves as an editor on two of the Financial Times Top 50 Journals and received several academic awards. In addition to his academic work, he serves on advisory boards and also advises corporations in the Financial Industry, FMCG, and Pharma sectors on a host of corporate venturing issues. 

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Serguei Netessine

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 Serguei Netessine is the Senior Vice Dean for Innovation and Global Initiatives and the Dhirubhai Ambani Professor of Innovation and Entrepreneurship at the Wharton School. His research focuses on business model innovation and operational excellence, with applications across retail, technology, and aerospace industries. He has advised Fortune 500 organizations and governments. Netessine is a prolific academic with numerous publications in top journals such as Management Science, Operations Research, and Harvard Business Review. He is also the co-author of The Risk-Driven Business Model (Harvard Business Press), which explores how operational choices shape competitive strategy. In addition to his academic work, he is an active angel investor and serves on the advisory boards of several startups. 

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Claudio Garcia

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Claudio Garcia is a Senior Industry Fellow at the Mack Institute for Innovation Management at the Wharton School, where he contributes to advancing the practice and understanding of innovation through research and collaboration with corporate partners. He also serves as an Adjunct Assistant Professor at New York University and sits on the advisory boards of several organizations.  

Over the course of his executive career, Claudio held general management and strategic leadership roles across a range of industries—including food and beverage, finance, entertainment, media, and professional services—primarily within private equity-backed companies. This diverse experience led to a 14-year tenure at LHH, a global leader in human capital professional services, where he served on the executive committee, initially as President for Latin America and later as Executive Vice President for Strategy and Corporate Development, leading global initiatives in growth, innovation, and business transformation.  

Claudio is also a regular columnist for Valor Econômico, Brazil’s most respected business and economics newspaper. His articles on strategy, innovation, and human capital have been featured at leading publication outlets such as Harvard Business Review, Strategy+Business, The Corporate Board, Quartz, Thinkers50, and People + Strategy, among others. 

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Valery Yakubovich

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As the Executive Director of the Mack Institute, Dr. Valery Yakubovich focuses on creating synergies among research, teaching, and practice of innovation management within the school and university, promoting dialogue between practitioners and academics, and connecting with corporate and regional partners’ innovation ecosystems. 

In his previous roles, he conducted research, teaching, consulting, and fundraising at major academic and corporate institutions, including the Wharton School, the University of Chicago Booth School of Business, and the ESSEC Business School in France. 

Dr. Yakubovich’s research on technological and organizational innovations and social networks has appeared in top academic and practitioner journals, including Organization Science, American Sociological Review, Harvard Business Review, California Management Review and MIT Sloan Management Review, and was featured in mass media, including the Financial Times, the New York Times, and the Wall Street Journal. 

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