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THE THREE INTERNAL BARRIERS TO DEEP-TECH CORPORATE VENTURING

Chief innovation officers must tackle not-invented-here syndrome, risk aversion,
and top-down cultures to successfully collaborate with deep-tech startups.

Josemaria Siota and Maria Julia Prats January 10, 2022 Reading Time: 5 min 

TOPICS

 * Innovation
 * Innovation Strategy
 * New Product Development
 * Technology Innovation Strategy

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WHAT TO READ NEXT

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    Andrew Winston






The flow of capital to deep-tech startups is rapidly becoming a torrent. From
2016 to 2020, annual investments in startups focused on commercializing emerging
technologies such as biotechnology, robotics, and quantum computing grew in
value from $15 billion to $60 billion worldwide, with the average private
investment more than tripling in size. Deep-tech corporate venturing (CV) — the
second-largest source of this funding — grew from $5.1 billion in 2016 to $18.3
billion in 2020.

The intent behind these deep-tech corporate investments is clear. In theory,
deep-tech CV enables companies to quickly gain expertise in leading-edge
technologies and pursue potentially disruptive innovations without building
internal capabilities from scratch. In reality, however, such funding can come
with high hurdles, such as time-to-market durations that often exceed five
years, and the greater risk inherent to novel and complex technologies. The
difficulties are underscored by an analysis we conducted using CV data from 46
international companies that was collected under the auspices of IESE Business
School in 2018. It revealed that 68.9% of the initiatives failed to deliver
their expected results.

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To better understand the most significant barriers to success in deep-tech CV
and the tactics that chief innovation officers (CINOs) can use to achieve more
positive results, we turned to East and Southeast Asia for our new study. (In
2019, Asian companies accounted for 40% of corporate venture investments in
startups, the largest percentage globally.) The study included an analysis of CV
in 180 companies and interviews with 77 of their innovation executives, most of
whom work in companies with CV portfolios that include a 25% or greater
concentration of deep-tech startups. It revealed three internal barriers that
CINOs commonly encounter with deep-tech startups and the ways in which they can
be overcome.


BARRIER 1: NOT-INVENTED-HERE SYNDROME

The first barrier is a familiar one. Too often, corporate R&D teams prefer to
develop technology internally rather than collaborate with external partners.
Thus, when CV teams propose an external innovation to bridge an internal
technology gap or open a new growth avenue, R&D resists. This resistance is
often rooted in the fear of losing control of the technology or in doubts about
the capabilities of the startup. In any case, collaboration proposals can be
rejected without further analysis, and growth opportunities are lost.



TOPICS

 * Innovation
 * Innovation Strategy
 * New Product Development
 * Technology Innovation Strategy

ABOUT THE AUTHORS

Josemaria Siota (@josemariasiota) is executive director of the Entrepreneurship
and Innovation Center at IESE Business School. Maria Julia Prats is the Bertrán
Foundation Professor of Entrepreneurship at IESE Business School.

TAGS:

Innovation Management Technology Investment Technology Startups Venture Capital

REPRINT #:

63311

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