There are several approaches corporate VCs can take in setting up their venture program:
For finding innovations for current challenges the corporate VC can use collaborative innovation tools such as coding sprints, hackathons, or Xprize competitions.
For generating new business concepts, utilize accelerators by either bringing in an existing program or creating your own.
For creating new businesses, set up an incubator program either by joining an existing incubator in the area or by creating your own.
For solving specific problems, set up partnerships with entrepreneurs or venture capital firms using the joint venture model.
For investing in startups for future collaborations and projects, set up a fund and look at crowdfunding platforms, incubators, and venture capital channel partners.
There are several tools one can use to foster the collaboration.
The venture studio model can be used for building startups from the ground up.
Crowdsourcing can provide additional tools for finding developers, technology, or business models.
Entrepreneur-in-residence programs match the startup with an existing business to provide a solution in-house.
Embedding corporate employees in a startup can also be used.
Determine your objectives and then build your program around it.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.