Corporate Venturing is on the rise. A growing number of corporations recognize the value of collaborating with start-ups to enhance their innovation powers. However, an important question remains: how to do this in the best possible way to make the cooperation a success for both the corporate and the start-up? This research aims to get insight into best practices and guidelines in order to better organize and drive corporate – start-up collaboration.

1. #theartofCV
BELGIAN
CORPORATE VENTURING
BAROMETER2019

2. 1. Foreword
2. Highlights 2019
3. CV Barometer: Established firms
4. CV Baromerer: Young firms
5. Sample
6. About AMS
7. About PwC
Table of content

3. Corporate Venturing is on the rise.
A growing number of corporations recognize the value of collaborating with start-
ups to enhance their innovation powers. However, an important question remains:
how to do this in the best possible way to make the cooperation a success for both
the corporate and the start-up? This research aims to get insight into best practices
and guidelines in order to better organize and drive corporate – start-up
collaboration.
Vincent Molly
Andries Reymer
Foreword

4. Before you start reading:
Abbreviations and definitions used
SME - Small and Medium sized Enterprises (less than 250 employees)
FB - Family Businesses (firm is perceived as a family business)
LE - Large Enterprises (more than 250 employees)
NFB - Non-Family Businesses
EF - Established Firms (SME, FB, LE, NFB founded more than 10yrs ago)
YF - Young Firms (founded less than 10yrs ago)
SU - StartUp or ScaleUp
ScU - ScaleUp
I/A - Incubator/Accelerator

5. Interest to collaborate with SUs raises from 1/5 (2016-
2018) to 1/3 (2020-23).
Most Corporate-Startup forms of cooperation do not
involve equity.
SMEs and FBs follow the lead of LEs and NFBs in
collaboration with SUs.
Belgian CV Barometer
Highlights 2019

6. Different forms of cooperation

7. Interested to read more
Download our white paper

8. The perspective of ESTABLISHED FIRMS

9. Worked in the past 3 years together on innovation with
(in order of importance):
1. Suppliers
2. Customers
3. Other firms within the industry
4. Other firms outside the industry
5. Research institutions
Belgian CV Barometer
Established firms
data

10. ☞ SMEs and FBs worked less together with research
institutions than LEs and NFBs.
☞ SMEs and FBs worked less together with other firms
outside the industry than LEs and NFBs.
Belgian CV Barometer
Established firms
insights

11. 1 out of 5 established firms worked on a strong to very strong
degree together with SUs in the past 3 years
For 2 out of 3 established firms the intensity of working
together with SUs has increased in the past 3 years
Belgian CV Barometer
Established firms
data

12. ☞ SMEs and FBs worked less together with SUs than LEs
and NFBs.
☞ SMEs and FBs worked together with less SUs than LEs
and NFBs.
insights
Belgian CV Barometer
Established firms

13. For the future, more established firms plan to work together on a
strong to very strong degree with SUs:
20% did so in the past 3 years
↓
24% has plans for doing so in 2019
↓
36% has plans for doing so in 2 tot 5 years time
Belgian CV Barometer
Established firms
data

14. ☞ SMEs and FBs plan to a lower degree to work together
with SUs than LEs and NFBs.
☞ However, for the future, the gap for SMEs and FBs will
become smaller compared to LEs and NFBs.
insights
Belgian CV Barometer
Established firms

15. Top 10 forms of cooperation established in the past 3 years:
1. Attending network events where startups are present
2. Buying products or services from startups
3. Starting and developing a project together with a startup
4. Setting up a strategic cooperation with a startup
5. Going on (international) mission to find inspiration and innovation and to meet startups
6. Sponsoring or co-organizing network events where startups are present
7. Giving advisory and guidance to startups
8. Granting startups access to business assets such as machinery, knowledge or office space
9. Organizing or sponsoring competitions and awards oriented towards startups
10. Organizing or sponsoring of hackathons
Belgian CV Barometer
Established firms
data

16. ☞ Equity-based forms of cooperation are not in the top 10 of
cooperations in the past 3 years.
☞ Of all the 20 forms, SMEs and FBs explored less different
forms of cooperation compared to LEs and NFBs.
insights
Belgian CV Barometer
Established firms

17. Top 10 forms of cooperation planned for 2019:
1. Attending network events where startups are present
2. Buying products or services from startups
3. Starting and developing a project together with a startup
4. Setting up a strategic cooperation with a startup
5. Going on (international) mission to find inspiration and innovation and to meet startups
6. Sponsoring or co-organizing network events where startups are present
7. Giving advisory and guidance to startups
8. Granting startups access to business assets such as machinery, knowledge or office space
9. Organizing or sponsoring competitions and awards oriented towards startups
10. Doing an acqui-hire
Belgian CV Barometer
Established firms
data

18. ☞ Equity-based forms of cooperation (doing an acqui-hire)
enter the top 10 of planned cooperations in 2019.
☞ Organizing hackathons is no longer in the top 10.
insights
Belgian CV Barometer
Established firms

19. Top 10 forms of cooperation interested to explore in 2 - 5 years:
1. Buying products or services from startups
2. Giving advisory and guidance to startups
3. Starting and developing a project together with a startup
4. Attending network events where startups are present
5. Setting up a strategic cooperation with a startup
6. Granting startups access to business assets such as machinery, knowledge or office space
7. Sponsoring or co-organizing network events where startups are present
8. Going on (international) mission to find inspiration and innovation and to meet startups
9. Taking over a startup
10. Doing an acqui-hire
Belgian CV Barometer
Established firms
data

20. insights
☞ Equity-based forms of cooperation (taking over a SU,
doing an acqui-hire) enter the top 10 of planned cooperations
in 2 - 5 years time.
☞ For the future more interest also goes to giving advisory,
and less towards attending network events and going on
(international) mission.
☞ Going to a startup studio or granting a licence to a SU also
gain more interest (ranked 13 and 14 respectively).
Belgian CV Barometer
Established firms

21. BelgianCVBarometer
Establishedfirms

22. BelgianCVBarometer
Establishedfirms
data

23. About the authors
Prof. dr. Vincent Molly
Vincent Molly is Academic Director of the Family
Business Community at the Antwerp Management
School and professor of Entrepreneurship and Family
Business at KU Leuven – faculty of Economics &
Business. He is also co-founder of Familymind. His
passion and expertise lie in the field of family business,
business transfer, entrepreneurship, innovation and
strategic and financial management of SMEs.

24. Established firms are the least aware of the following forms of cooperation
(in order of importance):
1. Organizing or sponsoring of hackathons
2. Joining an acceleration program together with other organizations
3. Developing an own incubation program oriented towards startups
4. Sponsoring or co-organizing network events where startups are present
5. Starting an own acceleration program
Belgian CV Barometer
Established firms

25. Belgian CV Barometer
Established firms
data
Top 3 of most important motives forwarded by established firms for
the past and planned cooperations with SUs (in order of importance):
1. Exploring new products and markets
2. Gaining knowledge and competences
3. Getting access to new technologies

26. Belgian CV Barometer
Established firms
insights
☞ The following motives are less frequently mentioned:
achieve financial goals, getting access to intellectual property,
developing an ecosystem, and transorming our company.
☞ Main motive differs depending on the form of cooperation
with the SU.

27. Top 5 of channels through which established firms and SUs
reached out towards each other (in order of importance):
1. I directly contacted myself a SU
1. We were approached by a SU
2. Through a university or knowledge institution
3. Through an employers’ organization
4. Through a sector federation
Belgian CV Barometer
Established firms
data

28. insights
Belgian CV Barometer
Established firms
☞ Firms mostly approach each other directly, without the
help of intermediairies.
☞ SMEs used the following channel less compared to LEs:
directly contacting a SU; through a risk capital investor;
through an incubator / accelerator; through a university or
knowledge institution; and through a sector federation.

29. Preference regarding proximity of SUs for future cooperations
(in order of importance):
1. A Belgian SU
2. A local player
3. No preference
4. A European SU
Belgian CV Barometer
Established firms
data

30. insights
Belgian CV Barometer
Established firms
☞ Proximity of partner plays a role for most established
firms.
☞ FBs prefer less to work together with a European SU
compared to NFBs.

31. Belgian CV Barometer
Established firms
data
Top 5 of most important challenges experienced by established firms
in their cooperations with SU (in order of importance):
1. It was very difficult to select the right SU for our company
2. It was very difficult to fit the activities and time investment in the daily operations
3. There were too big cultural differences between our company and the SU
4. We didn’t have enough knowledge how to successfully deal with these cooperations
5. The decision-making in our company and the SU was too different

32. insights
Belgian CV Barometer
Established firms
☞ SMEs and FBs experience less difficulties regarding
different decision-making in their company and the SU
compared to LEs and NFBs.
☞ Finding SUs can be difficult, but especially making the
right selection forms an even bigger challenge.

33. Belgian CV Barometer
Established firms
data
Most important reasons why established firms have not cooperated
yet with SUs in the past 3 years (in order of importance):
1. Very difficult to fit these activities and its time investment into the daily operations
2. We very little work together with other parties when innovating
3. We focus very little on innovation in our company
4. No idea how to find and get in contact with SU
5. No idea how to select the right SU for our company
6. Our budgets do not allow to set up cooperations with SU
7. We don’t have enough knowledge how to successfully deal with these cooperations

34. insights
Belgian CV Barometer
Established firms
☞ The time investment worries many firms, and is more
present among SMEs compared to LEs.
☞ Firms that look for cooperation with SUs are those who
put innovation high on their agenda.

35. The perspective of YOUNG FIRMS

36. 55% of young firms worked on a strong to very strong degree
together with established firms (EFs) in the past 3 years
For 4 out of 5 young firms the intensity of working together
with EFs has increased in the past 3 years
Belgian CV Barometer
Young firms

37. For the future, more young firms plan to work together on a strong to very
strong degree with EFs:
55% did so in the past 3 years
↓
71% has plans for doing so in 2019
↓
77% has plans for doing so in 2 tot 5 years time
Belgian CV Barometer
Young firms
data

38. insights
Belgian CV Barometer
Young firms
☞ YF which have participated into an Incubation/Acceleration
program in the past 3 years, have even stronger plans to work
together with EFs in the future compared to other YFs.

39. Belgian CV Barometer
Young firms
data
Top 10 forms of cooperation established in the past 3 years:
1. Attending network events where corporates are present
2. Selling products or services to corporates
3. Pitching to executives or on events where corporates are present
4. Setting up a strategic cooperation with a corporate
5. Receiving advisory and guidance from corporates
6. Participating to competitions and awards organized by corporates
7. Starting and developing a project together with a corporate
8. Going on (international) mission to find inspiration and innovation and to meet corporates
9. Participating to an incubation program organized by a corporate
10. Getting access to business assets such as machinery, knowledge or office space of corporates

40. insights
Belgian CV Barometer
Young firms
☞ Equity-based forms of cooperation are not in the top 10 of
cooperations in the past 3 years.

41. About the authors
Andries Reymer
In 2006, Andries graduated from the University of
Antwerp as a Master of Integrated Product
Development. He has worked in several different roles
across a broad variety of industries, from start-ups to
multinationals. Since 2016, Andries has combined
innovation research and one-on-one consulting for
Antwerp Management School. He assists a diverse
selection of companies in all aspects of value
innovation. He is also active as a guest professor for the
full-time masters programs.

42. Belgian CV Barometer
Young firms
data
Top 10 forms of cooperation planned for 2019:
1. Setting up a strategic cooperation with a corporate
2. Pitching to executives or on events where corporates are present
3. Starting and developing a project together with a corporate
4. Attending network events where corporates are present
5. Selling products or services to corporates
6. Going on (international) mission to find inspiration and innovation and to meet corporates
7. Participating to competitions and awards organized by corporates
8. Receiving advisory and guidance from corporates
9. Getting access to business assets such as machinery, knowledge or office space of corporates
10. Participating to a hackathon

43. insights
Belgian CV Barometer
Young firms
☞ Setting up a strategic cooperation becomes the most import form
of cooperation in 2019.
☞ Participating to an incubation program is no longer in the top 10.

44. Belgian CV Barometer
Young firms
data
Top 10 forms of cooperation interested to explore in 2 to 5 years:
1. Going on (international) mission to find inspiration and innovation and to meet corporates
2. Getting access to business assets such as machinery, knowledge or office space of corporates
3. Receiving advisory and guidance from corporates
4. Starting and developing a project together with a corporate
5. Taken over by a corporate
6. Setting up a joint venture with a corporate
7. Participating to a hackathon
8. Setting up a strategic cooperation with a corporate
9. Taken over as an acqui-hire by a corporate
10. Participating to competitions and awards organized by corporates

45. insights
Belgian CV Barometer
Young firms
☞ Equity-based forms of cooperation (taken over by a EF, taken
over as an acqui-hire, setting up a joint venture) enter the top 10 of
cooperations interested to explore in 2 to 5 years.
☞ Attending network events, and selling to corporates are no
longer in the top 10.
☞ For the future more interest also goes to getting access to
business assets, and participating to a hackathon.

46. BelgianCVBarometer
Youngfirms
data

47. Young firms are the least aware of the following forms of cooperation
(in order of importance):
1. Participating to a hackathon
2. Pitching to executives
3. Receiving a license from a corporate
4. Taken over as an acqui-hire by a corporate
5. Receiving advisory and guidance from corporates
Belgian CV Barometer
Young firms

48. Belgian CV Barometer
Young firms
data
Top 3 of most important motives forwarded by young firms for
the past and planned cooperations with established firms
(in order of importance):
1. Getting access to the market
2. Increasing brand awareness
3. Increasing credibility

49. insights
Belgian CV Barometer
Young firms
☞ The following motives are less frequently mentioned: increasing
exit potential, getting access to specialized business assets.
☞ Main motive differs depending on the form of cooperation with
the EF.

50. Top 5 of most important channels through which young firms
and established firms reached out towards each other
(in order of importance):
1. I directly contacted a corporate myself
2. We were approached by a corporate
3. Through an incubator / accelerator
4. Through an employers’ organization
5. Through a university or knowledge institution
Belgian CV Barometer
Young firms
data

51. insights
Belgian CV Barometer
Young firms
☞ Young firms mostly approach established firms directly,and are only
in second order approached by EFs.
☞ As an intermediary, Incubators/Accelerators (I/A) play the largest
role in matchmaking.
☞ SU are more frequently linked to EFs through an I/A.
☞ ScU are less frequently linked to EFs through an I/A.

52. Preference regarding proximity of established firms for future
cooperations (in order of importance):
1. A European corporate
2. A Belgian corporate
3. A local player
4. A non-EU corporate
5. No preference
Belgian CV Barometer
Young firms
data

53. insights
Belgian CV Barometer
Young firms
☞ Most young firms prefer a European or Belgian player.
☞ SUs and young firms who have been involved in an I/A
program prefer more a non-EU corporate.

54. How strongly linked are your activities compared to those of the EFs
(in order of importance):
1. Our activities were partly linked
2. Our activities were very strongly linked
3. Our activities were totally not linked
Belgian CV Barometer
Young firms

55. Top 5 of most important challenges experienced by young firms
for their cooperations with EFs (in order of importance):
1. The decision-making in our company and the corporate was too different
2. It was very complex to set up a cooperation with a corporate (legal, IP, …)
3. It was difficult to find and get in contact with corporates
4. There were too big cultural differences between our firm and the corporate
5. It was very difficult to fit these activities and its time investment into the daily
operations
Belgian CV Barometer
Young firms
data

56. insights
Belgian CV Barometer
Young firms
☞ Different decision-making and complexity to set up the
cooperation are seen as bigger challenges by YFs compared to EFs.
☞ Finding EFs is seen as a bigger challenge than making the right
selection of EF.
☞ ScUs experience less difficulties to find and to get into contact
with EFs.

57. About the authors
Prof. dr. Robin De Cock
Robin De Cock is an assistant professor of
entrepreneurship at Antwerp Management School. He
received his PhD in applied economics from Ghent
University under supervision of serial entrepreneur and
Prof. dr. Bart Clarysse. He spent 3 years as a post-doc
researcher at the innovation and entrepreneurship group
of Imperial College Business School in London where
he conducted research for the European Commission
and taught entrepreneurship in various programs for
bachelor and master students.

58. Read more about
our research
Sample
Participate here
to our
study
The insights in this report are based on the answers of more than 600
Belgian firms, of which 66% are established firms and 34% young
firms (founded less than 10 years ago). Almost 70% of the firms
concern small- and medium-sized enterprises (less than 250
employees). About half of the established firms perceive themselves as
a family business. The firms are mainly active in the services,
technology, industrial, trade and construction sector. 61% of the firms
are B2B, 34% are B2C and 13% B2G (business to government).

59. Antwerp Management School is an international business school that helps its customers to create
sustainable value by shaping talent into becoming Global Citizens, mastering the art of decision-
making and leading people. To accomplish this mission, Antwerp Management School delivers state-
of-the-art management knowledge, anchored in a business and organizational context. This is the
fundamental basis on which we put three value pillars that we believe are needed to become Global
Citizens.
Antwerp Management School enters into partnerships with companies and organizations that strive
towards excellence in their field. We look for synergies with our partners, who actively contribute to
and benefit from those synergies. Our common goal is sustainable value creation through the creation
of a network that allows innovative and pioneering reflection.
About Antwerp Management School
Read more

60. Both PwC and PwC Legal have been advising and assisting corporations, small, mid-size and large
companies and family businesses for years and they have been early supporters and enablers of the
start-up and scale-up community, whether local or international. Working hand in hand with these
businesses, partners at both the consulting firm and the law firm are in a well-placed position to
understand their clients’ needs.
Corporate clients everyday increasingly strive to innovate, a field where start-ups and scale-ups excel
in, and they have the ability and means to manage challenges of possible disruption from the latter.
Both firms are acting as a catalyst to provide an easier connection between corporate clients and the
start-up community, and accompany them in their venturing journey with the necessary legal, tax,
technical, strategic and financial expertise.
Read more
About our partners PwC & PwC legal

61. Disclaimer
Please notice that despite the large size of our dataset, this is no guarantee for the
representativeness of the whole population of firms. Comparison to other studies is only partly
possible when taking into account sample characteristics, definitions and methodology. We
can’t be held responsible for the completeness and accuracy of the information provided.
This report may be freely distributed, republished and posted as long as the authors are
mentioned and the content is not modified, decompiled or reference to the source is being
removed.

62. Adapted from a design by Vexels
Sources
Collaboration by Chanut is Industries from the Noun Project
Follow by Faisalovers from the Noun Project
Money by Anton Kalik from the Noun Project
Ship by Anne Bittencourt from the Noun ProjectPhoto by Stefan Gunnarsson on Unsplash
Photo by Thomas Vimare on Unsplash
Photo by BRUNO CERVERA on Unsplash
Photo by Filip Bunkens on Unsplash
Photo by JJ Ying on Unsplash
A special thanks to all the companies that participated to our study, and to all the
students at KU Leuven who supported us in the data collection.🙏
🏻

64. Opening minds.
Touching Souls.
Energizing Business.