!"#$%&'()*+ -##./.

)&'()*+
0."'$)1"2+ &"3 4().
!"# %&'()*+ ,"-.'*)&/ 0&'123 4"1 53&)1 6&78 9)+ 53)*+
!"# %&'(&) *&)'+,(-). /0&+1 2%*/3 -' 4 .,&54,
mahagemeht cohsultIhg frm ahd the world's
leadIhg advIsor oh busIhess strategy. We parther
wIth clIehts from the prIvate, publIc, ahd hot-for-
proft sectors Ih all regIohs to IdehtIfy theIr
hIghest-value opportuhItIes, address theIr most
crItIcal challehges, ahd trahsform theIr ehterprIses.
Our customIzed approach combIhes deep Ih sIght
Ihto the dyhamIcs of compahIes ahd markets wIth
close collaboratIoh at all levels of the clIeht
orgahIzatIoh. ThIs ehsures that our clIehts achIeve
sustaIhable compet ItIve advahtage, buIld more
capable orgahIzatIohs, ahd secure lastIhg results.
Fouhded Ih 1963, BCG Is a prIvate compahy wIth
81 omces Ih 45 couhtrIes. For more IhformatIoh,
please vIsIt bcg.com.
¦une 2O1ó
MichaeI BrigI, AIexander Roos, FIorian 5chmieg, and Drake Watten
!"#$%&'()*+ -##./.)&'()*+
0."'$)1"2+ &"3 4().
!"# %&'()*+ ,"-.'*)&/ 0&'123 4"1 53&)1 6&78 9)+ 53)*+
!"#$ &' $() *+,,+,- .+$( /#&.$( 0)#+)0 :;2+<1"#83
2 l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
/T / CL/NCL
Growth through IhhovatIoh Is hIgh oh CLOs! agehdas for ohe sImple reasoh: It Is
ohe of the surest, straIghtest routes to superIor performahce. Ih search of game-
chahgIhg hew Ideas, mahy compahIes are broadehIhg theIr quest for growth-drIvIhg
IhhovatIoh beyohd theIr Ihterhal R&D eforts ahd tradItIohal M&A actIvItIes.
AN !Nv£N1oRY ot 1H£ !NNovA1oR's TooL KI1
We have IdehtIfed a suIte of tools that cah help compahIes dIscover ahd explore
hew pathways to growth, IhcludIhg busIhess Ihcubators ahd accelerators, corporate
vehture IhvestIhg, ahd strategIc parthershIps. DrawIhg oh our study of 180 compa-
hIes Ih sIx IhhovatIoh-drIveh IhdustrIes, we descrIbe how to use these tools Ih
cohcert for maxImum strategIc advahtage ahd growth.
FIN£-TuNING 1H£ P£RtoRMANc£ ot !NNovA1IoN TooLs
Wheh correctly applIed, the IhhovatIoh dIscovery tools we IdehtIfed ehable compa-
hIes to ehgage wIth other orgahIzatIohs at varIous stages of developmeht, from
start-ups to mature ehterprIses, across a rahge of tIme horIzohs ahd wIth varyIhg
levels of fhahcIal Ihvestmeht. Ahy compahy seekIhg growth should cohsIder addIhg
these tools to Its arsehal.
TiL BOs1O¦ CO¦suL1i¦G CROuR ¸
Ccrpcrate leacers are
urgently ccncernec
"1&2$ +,,&3"$+&, '&#
cne sìnple reascn.
-#&.$( $(#&2-(
+,,&3"$+&, +0 $()
surest, straìghtest
rcute tc superìcr
per¦crnance.
M
OsT cORiORATL-LxLcuTiVL suiTLs ARL packcd with all manncr ol statc-ol-
thc-art tcchnology. But onc low-tcch instrumcnt is in dcmand in ncarly all ol
thcm: a pcriscopc. Not a litcral onc, pcrhaps, but CEOs would no doubt wclcomc
thc ability to scc around corncrs and spot thc approaching lorccs that could disrupt
thcir busincsscs or givc thcm an innovation advantagc ovcr thcir pccrs. In this
rcport, Thc Boston Consulting Group takcs a closc look at tools alrcady in usc at
somc ol thc corporatc world`s innovation lcadcrs to idcntily and cxplorc ncw
pathways to growth, including busincss incubators and accclcrators, corporatc
vcnturc invcsting, and stratcgic partncrships. Drawing on our cxtcnsivc cxpcricncc
in thc ücld, wc oücr insights into thcir most cücctivc applications and dcscribc how
thcy can bcst bc uscd in conccrt lor maximum stratcgic advantagc.
Innovation is high on most CEOs` agcndas÷somc 77 pcrccnt ol thosc wc survcycd in
2013 said it was thcir top stratcgic priority or onc ol thcir top thrcc prioritics. (Scc thc
sidcbar ¨Looking Back at !"##$%# '($) !"*+"(#, -." /$#0 1%%$2*032" 4$)5*%3"# 6789:;<
Corporatc lcadcrs arc urgcntly conccrncd about innovation lor onc simplc rcason:
growth through innovation is thc surcst, straightcst routc to supcrior pcrlormancc. In
thc Amcricas, lor cxamplc, innovativc companics gcncratc thrcc-ycar total sharcholdcr
rcturn prcmiums ol 6.7 pcrccnt ovcr thcir industry pccrs; thc tcn-ycar prcmium is 2.9
pcrccnt. Thc sprcad is cvcn widcr in Asia, whcrc innovators cn|oy a 14 pcrccnt thrcc-
ycar prcmium and a 6.9 pcrccnt tcn-ycar prcmium ovcr thcir pccrs. (Scc Exhibit 1.)
Thosc prcmiums rcllcct thc ccntrality ol innovation in today`s cnvironmcnt. In
scarch ol gamc-changing ncw idcas, many companics arc broadcning thcir qucst
lor growth-driving innovation bcyond thcir intcrnal B&D cllorts and M&A activi-
tics. Thcsc additional activitics and tools can yicld sizablc stratcgic and linancial
bcnclits and cxposc companics to a widcr rangc ol ncw idcas than thcy could gcn-
cratc intcrnally.
-" !"5."'()6 (7 '8. !""(5&'()9* :((/ ;1'
Uscd in conccrt, thc innovation discovcry tools that wc idcntilicd cnablc companics
to takc a holistic vicw ol growth that cncompasscs corc, ad|accnt, and noncorc
activitics; that accommodatcs divcrsc mcthods ol collaboration and start-up sup-
port; and that allows lor dillcrcnt ratcs ol dcvclopmcnt in dillcrcnt sphcrcs. (Scc
Exhibit 2.) Somc lorward-looking companics arc alrcady using all or somc ol this
suitc ol tools to gain an cdgc in today`s hypcrcompctitivc cnvironmcnt. Encrgy
companics arc cxpcrimcnting with ncw busincss modcls in thc ncw rcncwablc-
cncrgy licld. Automotivc companics arc cxpanding thcir product portlolios and
/ l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
The aìn c¦ BCC`s repcrt %&//"*/ 41"-
%&'(&1/= 53& >"/8 ?**"@'8)@& ,"-.'*)&/
ABCD was straìght¦crwarc. tc ìcentì¦y
anc analyze what gìves success¦ul
ìnncvatcrs theìr ecge ìn per¦crnance,
grcwth, anc sharehclcer returns. /ner
extensìve analysìs anc ìntervìews wìth
the leacers c¦ ìnncvatìve ccnpanìes,
we ìcentìnec nve key success ¦actcrs
that cìnerentìate the ncst ìnncvatìve
crganìzatìcns ¦rcn the rest c¦ the
pack.
- 53& ,"--)8-&*8 "4 0&*)"1 >'*'+&E
-&*8F The repcrt cìtes exanples c¦
CLOs anc cther ccrpcrate leacers
whc spearheacec theìr ccnpa4
nìes` ìnncvatìcn encrts, ìnstìtutìng
"¦uncanental changes ìn ccrpc4
rate culture, systens, anc practìc4
es` ìn crcer tc prcncte ìnncvatìcn
thrcughcut the crganìzatìcn.
- 53& G;)H)8I 8" %&@&1'+& ?*8&HH&28J'H
K1".&18I L?KMF The ncst ìnncvatìve
ccnpanìes cc ncre than ce¦enc
theìr ncst valuahle ìceas. They
use theìr lP tc estahlìsh ccnpetì4
tìve acvantage, regularly cullìng
theìr patent pcrt¦clìcs, structurìng
theìr crganìzatìcns ìn crcer tc
ìnccrpcrate lP ccnsìceratìcns at
every step c¦ the prccuct cevelcp4
nent prccess, anc generatìng
ìncrenental revenues hy sellìng
anc lìcensìng lP.
- 081"*+ >'*'+&-&*8 "4 83& ?K
K"184"H)"F The ncst ccnsìstent
ìnncvatcrs actìvely nanage theìr
nìx c¦ ìncrenental anc "new tc
the wcrlc` ìnncvatìcns anc have
ìn place rìgcrcus prccesses ¦cr
ìcentì¦yìng anc prcnctìng hìgh-
pctentìal prcjectsanc ¦cr haltìng
then ì¦ anc when theìr prcnìse
¦aces.
- G ,J/8"-&1 N"2J/F The ncst hìghly
regarcec ìnncvatcrs reccgnìze that
ìnncvatìcn cces nct cccur ìn a
vacuun. They ccnstantly ìnteract
wìth theìr custcners. Thìs helps
ensure cenanc ¦cr theìr prccucts
at the tìne c¦ narket entry,
ceepens theìr relatìcnshìp wìth
theìr custcners, anc prevents
then ¦rcn cverspecì¦yìng cr
cverengìneerìng prccucts heycnc
what custcners neec cr are
wìllìng tc pay.
- w-|||-|n-! 1n! w-||O.o-·n-!
K1"2&//&/F The ncst ccnsìstently
success¦ul ìnncvatcrs have strcng
prccesses ¦cr revìewìng prcjects ìn
cevelcpnent anc ensurìng theìr
tìnely ccnpletìcn. They use
transparent crìterìa as the hasìs
¦cr cecìsìcns, craw clear cìstìnc4
tìcns ancng gcvernance, pcrt¦clìc
nanagenent, anc prcject nan4
agenent, anc reccgnìze the
ìnpcrtance c¦ heìng enectìve
alcng all three cìnensìcns.
Nct every ccnpany that enhccìes
the nve attrìhutes just cescrìhec wìll
enjcy a lcng run as a leacìng ìnncva4
tcr. But such crganìzatìcns are the
cnes that are ncst lìkely tc ìngraìn
ìnncvatìcn as part c¦ theìr ccrpcrate
nakeup. There ìs nc surer ¦crnula ¦cr
lastìng acvantage, sustaìnec grcwth,
anc ccrpcrate lcngevìty.
LOOKlNC B/CK /T %O00P60 NQP> %OGROQ0= 5!O
>P05 ?66PSG5?SO ,P>KG6?O0 ABCD
TiL BOs1O¦ CO¦suL1i¦G CROuR ¸
Three- and ten-year annualized total-shareholder-return (TSR) premiums of
innovative companies compared with their industry peers, by region
Annualized TSR premium (%)
5
0
Asia-Pacific
6.9
14.0
Europe
3.1
2.3
Americas
2.9
6.7
Global
4.0
7.5
15
10
Ten-year premium Three-year premium
5ource: BCG ahalysIs.
ExHIBI1 1 | !nnovative Companies TypicaIIy Cenerate Premium 5harehoIder Returns
Business incubation
Support of and cooperation
with start-up companies in
early stages
Venturing
Equity investments to assess
and access new growth
opportunities
Strategic partnerships
Partnerships/joint ventures that
drive incremental revenues for
business unit
M&A
Acquisition of developed
companies with existing
business
Internal R&D
Internal product development
Innovation-support vehicle Descriptions
Time to impact for business unit
1–3 years 4–7 years 7–10 years
Business incubation
M&A
Internal R&D
Venturing
New
Proximity
to core
business
Core
Strategic
partnerships
Adjacent
5ource: BCG ahalysIs.
ExHIBI1 2 | By EmpIoying MuItipIe TooIs, Companies Cain a HoIistic View of Crowth Outside
the Core
6 l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
broadcning thcir ccosystcms through invcstmcnts in mobility systcms and ncw li-
nancing modcls. Pharmaccutical companics arc branching into ncw busincss arcas
such as nutrition products. In cach casc, companics arc lcvcraging thcir busincss-in-
cubation, vcnturing, and partncrship activitics to widcn thcir scarch liclds and lind
innovations in corncrs ol thc busincss world that thcy had not prcviously cxplorcd.
Whcn corrcctly applicd, thcsc tools cnablc companics to cngagc with othcr organiza-
tions in various stagcs ol dcvclopmcnt, lrom start-ups still in product dcvclopmcnt to
companics in thcir carly growth stagcs to maturc cntcrpriscs. Thcy also cnablc compa-
nics to commit to a rangc ol timc horizons with varying lcvcls ol linancial invcstmcnt.
Bclow, wc analyzc cach innovation tool and dcscribc how innovation lcadcrs in six
industrics÷automotivc, chcmical, consumcr goods, mcdia and publishing, tcchnol-
ogy, and tclccommunications÷apply thcm to maximizc thcir innovation capabili-
tics. (Scc Exhibit 3.)
<&'#8 =&)/6>?'&2. !""(5&'1(" @1'8 !"#$%&'()* &"3 -##./.)&'()*
In thc qucst lor innovation, many companics havc rcccntly raiscd thcir gamc by
mcans ol incubators and accclcrators. Thcsc tools allow thcm to cngagc with
5ource: BCG ahalysIs.
Business !ncubation
Corporate
!ncubator
Corporate
AcceIerator
Corporate
Venture CapitaI
Corporate 5trategic
Partnerships
Objective
5upport start-ups wIth ah
array of busIhess support
resources ahd servIces,
orchestrated by Ihcubator
5upport start-ups wIth a
structured program alohg
fxed currIcula
5upport exIstIhg
compahIes wIth capItal
Ih exchahge for equIty
'"40#'
Parther wIth exIstIhg
compahIes to drIve joIht
value creatIoh
Beneñts
to start-up
partner
- Omce space, hardware
- BusIhess skIlls traIhIhg
- ProfessIohal hetworks
- Mahagemeht support
- PotehtIal fuhdIhg
'+11&0(
- Omce space, hardware
- 5kIlled mehtorshIp ahd
6&46"-).
- 5tart-up hetwork
- !#6")-64, '+11&0(
- PotehtIal fuhdIhg
'+11&0(
- 7-)4)6-4, '+11&0(
- Ih mahy cases, close
cooperatIoh wIth
corporate uhIt as equal
140()#0
- MehtorshIp (Ih some
64'#'3
- Lxtehd market potehtIal
- Close mIssIhg IP gap
- LImIt Ihvestmehts Ih
)&)6&0# 6&01&04(#
64145-,-(-#'
- Create competItIve
advahtage
Beneñts to
company
- Outsourced R&D
fuhctIoh
- WIder corporate growth
optIohs ahd Ihvestmeht
&11&0(+)-(-#'
- Lhhahced employee
recruItmeht ahd
0#(#)(-&)
- WIder search feld for
corporate developmeht
ahd growth optIohs
- "FIrst pIck" potehtIal Ih
case of promIsIhg start-
+1 5+'-)#''
- LquIty share Ih compahy
wIth strohg growth ahd
proft potehtIal
- PortfolIo extehsIoh,
especIally Ih advahced
techhologIes ahd
products
- Lxtehd market potehtIal
- Close mIssIhg IP gap
- 5ave Ihvestmehts Ih
)&)6&0# 6&01&04(#
64145-,-(-#'
- Create competItIve
advahtage
!nvestment
Up to 25 perceht of equIty Partly wIthout equIty;
Ih some cases up to 5
1#06#)(
20 perceht or less PossIble equIty exchahge,
depehdIhg oh parthershIp
format
5tart-up
stage
Larly-stage, wIthout
exIstIhg busIhess
5tart-ups techhIcally
ready to "spread wIhgs"
5mall exIstIhg compahIes
wIth hIgh growth potehtIal
IhhovatIve compahIes
but hot hecessarIly hew
players
Time frame
12÷36 mohths TypIcally 3 mohths 5÷7 years Depehds oh product cycle
ExHIBI1 3 | Each TooI Has Distinct Advantages, Depending on Context
TiL BOs1O¦ CO¦suL1i¦G CROuR ,
carly-stagc start-ups cithcr ovcr a rclativcly lcngthy pcriod ol intcnsivc busincss dc-
vclopmcnt or through a shortcr-tcrm structurcd curriculum. In this rcspcct, thcy dil-
lcr lrom vcnturc invcsting, which locuscs on morc maturc start-ups, and lrom stra-
tcgic partncrships, which lacilitatc thc rapid introduction ol ncw products or scr-
viccs lcvcraging maturc tcchnology.
Incubators cnablc companics to support and collaboratc with a handlul ol promising
start-ups lor as long as thrcc ycars. Sponsoring companics makc cquity invcstmcnts
ol as much as 25 pcrccnt and allord thc start-ups acccss to corporatc rcsourccs and
lacilitics. Thc start-ups sclcctcd lor incubation havc signilicant intcractions with thcir
corporatc sponsor, at both thc corporatc and busincss-unit lcvcls.
Accclcrators, in contrast, cnablc rapid scrccning ol a largc numbcr ol start-ups
locuscd on a particular tcchnology or rcgion. Support takcs thc lorm ol a structurcd
busincss-dcvclopmcnt curriculum lor a lixcd tcrm (typically, thrcc months). Thc
start-ups invitcd to participatc in thc accclcrator arc usually on thc vcrgc ol
launching rcvcnuc-gcncrating activitics, and thc corporatc sponsor promotcs thcir
dcvclopmcnt by granting thcm acccss to ollicc spacc, tcchnical support, high-quality
mcntoring, nctworks ol othcr start-ups, and lunding sourccs. In rcturn, thc company
gains carly acccss to promising idcas and companics. Thc corporatc sponsor
typically makcs no cquity invcstmcnt in thc start-ups, and intcraction at thc
corporatc and busincss-unit lcvcl is limitcd. Somc companics, though, will takc small
cquity stakcs (5 pcrccnt or lcss) to lock in acccss to an cspccially promising vcnturc.
How CoMPANIEs ARE UsING INCUBA1oRs ANo ACCELERA1oRs
BCG analyzcd thc top 30 companics (as mcasurcd by markct valuc) in cach ol thc
six innovation-intcnsivc industrics singlcd out lor closc study. (Scc Exhibit 4.) Wc
47%
23%
20%
17% 17%
7% 3%
7%
33%
37%
33%
53%
73%
60%
10%
17% 17%
20%
30%
0%
47%
Business incubation in 2008 Business incubation in 2013 Corporate venture capital penetration in 2012
Penetration rate (% of companies with dedicated activity)
Technology Telecommunications Media and
publishing
Consumer
goods
Automotive Chemical
0% 0% 0%
5ource: BCG ahalysIs.
Note: 5ample Ihcludes the top 30 compahIes by market value Ih each of sIx IhdustrIes (automotIve, chemIcal, cohsumer goods, medIa ahd
publIshIhg, techhology, ahd telecommuhIcatIohs); h - 180.
ExHIBI1 4 | A Crowing Percentage of Companies Have Adopted Business !ncubation in the Past
Five Years
8 l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
lound thcm to bc among thc carly adoptcrs ol both tools, with 19 ol thc 1S0 com-
panics cstablishing incubators or accclcrators in 2013 alonc. In all six industrics, 43
pcrccnt ol thc top 10 companics havc cstablishcd incubators or accclcrators, com-
parcd with 23 pcrccnt ol thc top 30.
Many ol thcsc companics havc optcd to locatc thcir incubators and accclcrators in
onc ol lour widcly rccognizcd innovation hot spots: Silicon Vallcy, Bcrlin, London,
and Tcl Aviv.
Othcrs, though, conccntratc thcir incubation and accclcration activitics ncar thcir
corporatc B&D units or ncar or within ccrtain targct markcts. This stratcgy is cspc-
cially common among tclccommunications, publishing, and tcchnology companics,
although somc playcrs in thosc industrics prclcr thc big-lour innovation hot spots.
Companics locus thcir scarch lor innovation on dillcrcnt industrics and targcts, in
alignmcnt with thcir ovcrall busincss stratcgics. Although tclccommunications,
tcchnology, and mcdia and publishing companics targct and invcst in a widc rangc
ol start-up companics, lor cxamplc, automotivc companics gcncrally rcstrict thcir
scarchcs and invcstmcnts to mobilc solutions and innovativc transportation sup-
port. (Scc Exhibit 5.) E-commcrcc and mcdia and publishing start-ups draw invcst-
mcnt lunding lrom tclccommunications, tcchnology, mcdia and publishing, and
consumcr goods companics, whcrcas tclccommunications playcrs dominatc thc
licld ol homc automation and sccurity.
Automotive
Chemical
Consumer
goods
Media and
publishing
Technology
Telecom-
munications
Search field
Automotive
Chemical
Consumer
goods
Media and
publishing
Technology
Telecom-
munications
Incubator Accelerator
Transportation
Industrial and chemicals
Home automation and security
Clean tech and sustainability
E-health
Education
Media and publishing
Telecommunications
Mobile solutions
Big data and cloud
E-commerce
IT and computer technology
5ource: BCG ahalysIs.
Note: 5ample Ihcludes the top 30 compahIes by market value Ih each of sIx IhdustrIes (automotIve, chemIcal, cohsumer goods, medIa ahd
publIshIhg, techhology, ahd telecommuhIcatIohs); h - 180. Bubble sIze IhdIcates research IhtehsIty by Ihdustry ahd tool used, based oh the share of
compahIes lIstIhg the search fIeld as a topIc of Ihterest wIthIh the tool.
ExHIBI1 5 | Media and PubIishing, TechnoIogy, and TeIecommunications Companies !nvest
Across Wide 5earch FieIds
TiL BOs1O¦ CO¦suL1i¦G CROuR ¸
Chcmical companics arc a casc apart. In gcncral, thcy lavor incubators ovcr accclcr-
ators, bccausc thc timc horizons associatcd with incubation align morc naturally
with thc industry`s long and costly product-dcvclopmcnt cyclcs. Most chcmical
companics locatc thcir incubators ncar thcir own B&D inlrastructurc to lacilitatc
acccss to corporatc labs and tcsting lacilitics. Whcn a start-up in thc incubator dc-
vclops a markctablc product or scrvicc, thc corporatc sponsor usually stcps in to
providc thc rcsourccs nccdcd to scalc up.
WuICu TooL! I1 DEPENos oN 1uE NEEo
Analysis ol companics activc in accclcrators and incubators shows that thcy gcncr-
ally cmploy onc ol two modcls, rclcrrcd to hcrc as thc tight-locus and widc-anglc
modcls. (Scc Exhibit 6.)
Thc tight-locus modcl is dcsigncd to strcngthcn thc corc busincss ol thc company
sponsoring thc incubator or accclcrator. Oltcn targcting innovations in busincss ad-
|accncics as wcll as thc corc itscll, thc incubator or accclcrator is locatcd in physical
proximity to corporatc B&D lacilitics to promotc coopcration bctwccn thc B&D
and incubation units.
Most companics that lollow thc tight-locus modcl opt lor incubators rathcr than
accclcrators bccausc thc comparativcly largc cquity invcstmcnts involvcd in
incubation promotc cspccially closc coopcration bctwccn thc sponsoring company
and thc sclcctcd start-ups. Thc tight-locus modcl is cmploycd by automotivc,
Tight-focus model Wide-angle model
From external tool to
close ally of business units
From Silicon Valley
to emerging markets
Criteria
Driver
Location
Vehicle
Industry
What’s next?
Industries searching adjacent fields... Industries facing disruption...
Strengthen core
product
Leverage external
R&D potential
Develop new
business model
Strengthen core
product
Leverage external
R&D potential
Develop new
business model
...to strengthen core product in a competitive market... ...to look for new business models...
Accelerator Incubator Accelerator Incubator
...leveraging outside ideas with corporate skills... ...by screening a high number of entrepreneurial ideas...
Corporate
R&D
Target
market
Start-up
hot spots
Corporate
R&D
Target
market
Start-up
hot spots
...by ensuring frequent interaction with corporate sponsor ...to attract the most innovative start-up ideas
Strongly applied Partly applied Not applied
Chem-
ical
Auto-
motive
Con-
sumer
goods
Media
and pub-
lishing
Tech-
nology
Telecom-
munica-
tions
Chem-
ical
Auto-
motive
Con-
sumer
goods
Media
and pub-
lishing
Tech-
nology
Telecom-
munica-
tions
5ource: BCG ahalysIs.
ExHIBI1 6 | Two ModeIs Drive !ncubators and AcceIerators
1J l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
chcmical, and somc consumcr goods companics bccausc thcir compctitivc
cnvironmcnts dcmand that thcy continually comc up with bcttcr vcrsions ol thcir
corc products.
Accclcrators, in contrast, cmphasizc thc translcr ol cxpcrtisc and bcst practiccs,
rathcr than cash, to promotc busincss dcvclopmcnt. Companics that arc sccking in-
novation ol any kind, rcgardlcss ol its proximity to thc corc busincss, gcncrally opt
lor this tool and lollow thc widc-anglc modcl, which is dcsigncd to capturc ncw
thinking across a broad sprcad ol domains, cspccially mobilc solutions, IT, and In-
tcrnct-bascd solutions. To givc thcmsclvcs acccss to a varicty ol innovations in a
short amount ol timc, companics gcncrally locatc thcir incubators in onc ol thc
lour start-up hot spots. Tcchnology, mcdia and publishing, tclccommunications, and
somc consumcr goods companics oltcn cmploy thc widc-anglc modcl bccausc thcir
industrics arc last-changing, and disruption can comc lrom virtually any dircction.
Thcy thcrclorc cast as widc a nct as possiblc.
Companics nccd to kccp scvcral succcss lactors lirmly in mind whcn sctting up a
busincss incubator or accclcrator. As with any largc-scalc corporatc initiativc, such
programs nccd scnior lcadcrship`s visiblc, activc backing and continuing cngagc-
mcnt. Thc ob|cctivcs ol incubation and accclcration programs should bc lully and
clcarly dclincd and documcntcd, as should thc company`s path to harvcsting and
commcrcializing outsidc innovation.
?')."2'8." '8. <()A()&'. <(). @1'8 0."'$). !"5.*'1"2
Thc most promising alumni ol an incubator or accclcrator arc oltcn targctcd lor in-
vcstmcnt by thc sponsoring company`s vcnturc-capital unit. Such units arc typically
thc corncrstonc ol any corporatc cllort to acccss outsidc innovation. Ol thc 42 com-
panics in our analytical samplc that havc lormal busincss-incubation programs, 39
also havc corporatc vcnturc-capital units. In most cascs, companics lirst dcvclop
vcnturc units, thcn procccd to build lrom thcrc, installing incubation or accclcra-
tion units to complcmcnt thcir vcnturing activitics.
In rcccnt ycars, many companics havc turncd to vcnturc invcsting to locatc and ac-
quirc innovation in arcas ad|accnt to thcir corc busincsscs. (Scc thc sidcbar ¨Look-
ing Back at 4$(5$(*0" ="%0>(" 4*530*?, @2$3+ 0." A3#BC /3## 0." A"D*(+#:;) Today, al-
most 50 pcrccnt ol thc top 30 companics (as mcasurcd by markct capitalization) in
our samplc ol six innovation-drivcn industrics arc activcly cngagcd in vcnturc in-
vcsting, and companics in industrics across thc board havc stcppcd up thcir invcst-
ing markcdly or cntcrcd thc arcna lor thc lirst timc.
Thc ob|cctivcs ol corporatc vcnturc invcsting havc shiltcd in rcccnt ycars. As com-
panics havc gaincd vcnturing cxpcricncc and sophistication, bcst-in-class vcnturing
units havc conccntratcd on accclcrating thc growth ol thcir start-ups and thcir own
busincss units. Following lrom this changc in locus, bcst-in-class vcnturc units now
cstablish clcar guidclincs that spcll out thc stratcgic nccds ol thc busincss units and
align vcnturc scarch liclds and targcts with thosc nccds. Thc scarch liclds locus on
arcas whcrc onc or morc ol thc busincss units can ollcr a start-up a compctitivc
cdgc and a valuc crcation plan.
The chjectìves c¦
ìncuhatìcn anc
acceleratìcn prcgrans
shculc he ¦ully anc
clearly cennec anc
cccunentec.
TiL BOs1O¦ CO¦suL1i¦G CROuR 11
That plan lollows a clcarly dclincatcd logic, typically ccntcrcd on onc ol lour valuc-
crcation modcls that vary with thc maturity ol thc start-up:
- Undcr thc ürst modcl, thc start-up and vcnturc capital unit |ointly cstablish
prool ol conccpt. That cntails tcsting and conürming not |ust thc tcchnical
lcasibility ol producing a product but also thc ability to crcatc a robust supply
chain and to rccovcr capital invcstmcnts, among othcr considcrations.
BCC`s 2012 puhlìcatìcn ,"1."1'8&
S&*8J1& ,'.)8'H= G@")( 83& Q)/TU >)// 83&
Q&#'1(/ nace the case that venture
ìnvestìng, cnce the ¦rìnge actìvìty c¦ a
hanc¦ul c¦ players ìn a ¦ew ìncustrìes,
has taken rcct acrcss the ccrpcrate
lancscape. ln ìncustrìes wìth a lcng
hìstcry c¦ venture ìnvestìng, such as
pharnaceutìcals, teleccnnunìca4
tìcns, anc technclcgy, ncre than hal¦
c¦ the 30 largest ccnpanìes have
venture-ìnvestìng unìts ìn place.
Once prcne tc hccn-anc-hust cycles,
ccrpcrate venture unìts are lastìng
lcnger, ìnvestìng ncre, anc, ìncreas4
ìngly, cc-ìnvestìng acrcss ìncustry
lìnes. Reccgnìzìng the ccnpetìtìve
acvantage that ìnncvatìcn ccn¦ers
anc wary c¦ nìssìng cut cn a cìsrup4
tìve ìnncvatìcn that cculc rencer theìr
current husìness nccels chsclete
ccnpanìes are estahlìshìng venture
husìness unìts at an ever-acceleratìng
clìp, anc ìncustrìes that ¦crnerly
ìgncrec the venture-ìnvestìng wcrlc
are junpìng ìntc the gane anc
scranhlìng tc catch up.
lncustrìal ccnpanìes, ¦cr exanple,
are spreacìng theìr ìnvestnents
wìcely hut naìntaìnìng a strcng ¦ccus
cn relatec ìncustrìes, ccnnìttìng
capìtal tc clean technclcgy, ìn¦crna4
tìcn technclcgy, anc health care.
lncreasìngly, theìr ìnvestnents, cnce
largely ccnnnec tc the U.S., are
heacìng cnshcre.
The repcrt ìcentìnes the grcunc rules
¦cllcwec hy the ncst success¦ul
ccrpcrate venture cperatìcns.
They have the ¦ull hackìng c¦ senìcr
ccrpcrate nanagenent, whìch ìs
actìvely ìnvclvec ìn cesìgnìng the
venture unìt, ¦crnulatìng ìnvestnent
strategy, anc ìnplenentìng prccesses
tc capture the ¦ull strategìc anc
nnancìal value c¦ theìr ìnvestnents.
The strategìes c¦ the venture unìts are
tìghtly alìgnec wìth the parent ccnpa4
ny`s cverall husìness anc ìnncvatìcn
strategy, anc ìceas gleanec ¦rcn
venture ìnvestnents ¦cw hy well-
narkec rcutes ìntc the larger ccrpc4
rate ìnncvatìcn pìpelìne.
Lxenplary ccrpcrate venturìng unìts
alsc have clear anc ccnsìstent ìnvest4
nent paraneters, wìth well-cennec
search nelcs anc rìsk tclerances, anc
they accept the cccasìcnal ¦aìlec
ìnvestnent as ìnevìtahle.
Mcst c¦ all, the hest ccrpcrate venture
unìts, as well as the leacers whc guìce
then, uncerstanc that greater than
the rìsk c¦ ¦aìlure ìs the rìsk c¦ nct
ìnvestìng at all.
LOOKlNC B/CK /T ,PQKPQG5O SO65VQO ,GK?5G%=
GSP?R 5!O Q?0WU >?00 5!O QOXGQR0
12 l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
- Thc sccond modcl involvcs thc dcvclopmcnt ol a robust busincss plan. Thc
corporatc invcstor trains a busincss lcns on a start-up`s tcchnology or product
and idcntiücs a sustainablc busincss modcl to monctizc it.
- Undcr thc third modcl, thc vcnturc invcstmcnt crcatcs valuc by accclcrating or
dccpcning a start-up`s markct pcnctration. Thc invcstmcnt spccds product
dcvclopmcnt by rcducing production timc and cost whilc improving quality.
- Thc lourth modcl crcatcs valuc by accclcrating thc commcrcialization ol
a product or products through, lor cxamplc, supplicr agrccmcnts with thc
host busincss units ol thc corporatc invcstor. Thc ob|cctivc ol thc invcstmcnt
is to incrcasc thc spccd and dcpth ol thc markct pcnctration ol thc start-up`s
products.
Whatcvcr thc undcrlying modcl, thc company nccds to cnsurc that thc valuc ol thc
partncrship is clcar to thc start-up and that thc right pcoplc arc involvcd at thc
right timc in thc proccss. It`s cqually important to track busincss milcstoncs
through rigorous KPI rcporting and to cnsurc transparcncy through rcgular intcrnal
and cxtcrnal communication with thc start-up and within thc company.
?')&'.21# B&)'".)*81A* -"*@.) '8. C..3 7() ?A..3
Companics sccking short-tcrm product dcvclopmcnt, commcrcialization, and roll-
out ol outsidc innovations typically opt lor stratcgic partncrships with alrcady cs-
tablishcd start-up companics. Thc typical stratcgic partncrship involvcs crcating a
ncw lcgal cntity to hold thc partncrship`s asscts and ovcrscc opcrations. Thc corpo-
ratc partncr`s typical invcstmcnt is in thc $10 million to $50 million rangc, usually
linanccd with somc combination ol cquity and dcbt. In somc cascs, thc dcal is
lundcd by cxtcrnal invcstmcnt. Thc start-up partncr is usually a latc-stagc, rcvc-
nuc-gcncrating company.
Bccausc linancial rathcr than stratcgic conccrns motivatc most partncrships, com-
panics cntcring into thcsc arrangcmcnts should clcarly dclinc thcir linancial cxpcc-
tations, such as 12- to 1S-month rcvcnuc goals, rcturn-on-capital bcnchmarks, and a
lirm timctablc lor rccovcry ol all invcstcd capital.
A growing numbcr ol largc companics arc lorming stratcgic partncrships to closc
knowlcdgc gaps and drivc valuc crcation lor both partncrs. Such arrangcmcnts cn-
ablc companics to lcvcragc thc asscts ol othcr companics in ordcr to drivc ncar-
tcrm commcrcial growth. Through partncrships, companics can addrcss ncw cus-
tomcr populations, cxpand thc markct lor cxisting or contcmplatcd products, sharc
distribution or salcs channcls, and linc-tunc ncw busincss modcls.
Whcn cxccutcd cllcctivcly, stratcgic partncrships cnablc cach partncr to cxpand or
morc dccply pcnctratc its markct with products or scrviccs that complcmcnt its
own product portlolio, without having to invcst in noncorc activitics. Partncrships
arc cspccially valuablc to companics sccking quick cntry to a particular markct or
busincss linc bccausc ol tcchnological disruption, ncw markct cntrants, or aggrcs-
sivc movcs by compctitors.
/ grcwìng nunher c¦
large ccnpanìes are
¦crnìng strategìc
partnershìps tc clcse
kncwlecge gaps anc
crìve value creatìcn
¦cr hcth partners.
TiL BOs1O¦ CO¦suL1i¦G CROuR 1¸
Appropriatc govcrnancc structurcs arc crucial to any partncrship`s succcss. Thc
dcal should spcll out in dctail thc rolcs, rcsponsibilitics, and obligations ol cach
partncr and idcntily thc busincss units on cach sidc that will bc accountablc lor thc
partncrship`s opcrations and rcsults. Partncrs arc typically activc owncrs, govcrning
through cithcr ma|ority control or, in thc casc ol minority sharcholdcrs, a board
scat. Exit transactions usually involvc cithcr public ollcrings ol sharcs in thc part-
ncrship or thc buyout ol onc partncr and thc subscqucnt intcgration ol thc part-
ncrship`s linancial rcsults into thc acquircr`s books.
Scvcral lactors arc kcy to thc succcss ol stratcgic partncrships. Most activitics
should takc placc at thc busincss unit lcvcl, with onc unit driving thc choicc ol part-
ncr and taking rcsponsibility lor thc partncrship`s pcrlormancc. Busincss unit lcad-
crs should bc ablc to clcarly articulatc how thc partncrship will gcncratc a tangiblc
bcnclit÷in thc lorm ol improvcd customcr satislaction, ncw-customcr adoption, or
highcr rcvcnucs÷within onc ycar. And thc dcal should grant thc company cxclu-
sivc acccss to thc partncr`s product or scrvicc lor a pcriod long cnough to givc it a
compctitivc advantagc.
D1".>:$"1"2 B.)7()E&"#.
Fivc succcss lactors distinguish high-lunctioning suitcs ol innovation discovcry tools
lrom lcss cllcctivc oncs:
- Closc stratcgic alignmcnt with thc company and rclcvant busincss unit
- Truc partncrship bctwccn ncwcr innovation tools and corporatc B&D, M&A,
and individual busincss units
- Strong company backing in good timcs and bad
- Eücctivc organization dcsign
- Eücctivc lcadcrship and thc right mix ol pcrsonncl
S1RA1EGIC ALIGNMEN1
Wc havc obscrvcd that thc dcsign and usc ol innovation tools at bcst-in-class com-
panics arc closcly aligncd with ovcrall corporatc and busincss-unit stratcgy. This
alignmcnt is apparcnt in thc goals ol thc innovation scarch and thc liclds on which
thc scarch is locuscd. Thus, il thc company is sccking outsidc innovation closc to
thc corc ovcr thc mcdium tcrm, vcnturc invcstmcnts arc probably thc most suitablc
tool. Il it sccks a spccilic product or tcchnology that is still undcr dcvclopmcnt, an
incubator (using thc tight-locus modcl) is likcly thc bcst tool lor thc |ob. Il it`s look-
ing to takc thc pulsc ol thc cntrcprcncurial scctor, an accclcrator can providc a rcla-
tivcly rapid ovcrvicw. And il it nccds to roll out a spccilic product or scrvicc within
a narrow window ol opportunity (whcthcr to harncss a potcntially disruptivc lorcc
or to rccovcr ground lost to rivals), partncrships arc thc most suitablc tool.
Companics should also asscss which innovation support capabilitics thcy should
build up in-housc and which thcy should ¨rcnt"÷lor cxamplc, by partncring with
Busìness unìt leacers
shculc he ahle tc
clearly artìculate hcw
a partnershìp wìll
generate a tangìhle
henent wìthìn cne
year.
1/ l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
an cxisting accclcrator program. Thc lurthcr thc innovation is lrom thc corporatc
corc, thc morc carclully thc company nccds to considcr whcthcr its capabilitics and
culturc can succcsslully support activitics that rcquirc a signilicant invcstmcnt in
cxpcrtisc, managcmcnt timc, and ovcrsight. Thc lull suitc ol innovation tools is not
always nccdcd. Instcad, companics should carclully asscss cach tool`s rclcvancc to
thcir busincss and its capacity to contributc to stratcgic goals.
TRUE PAR1NERsuIP BE1wEEN IN1ERNAL ANo EX1ERNAL INNoVA1IoN
CEN1ERs
A culturc ol coopcration, rathcr than rivalry, should charactcrizc rclations among
thc B&D dcpartmcnt, busincss units, and cxtcrnal innovation ccntcrs. Companics
should lostcr rcgular communication and closc coopcration among units and put in
placc inccntivcs that cncouragc collaboration. Managing thc intcrlaccs bctwccn
various dcpartmcnts and making individual managcrs accountablc lor cach start-up
rclationship will bc critical to succcss.
S1RoNG CoMPANY BACKING
Lcading innovators rccognizc thc importancc ol providing thcir innovation-locuscd
units with robust backing. Thcy arc quick to ollcr markcting assistancc, scaling cx-
pcrtisc, managcmcnt skills, sourcing advantagcs, and physical inlrastructurc to thc
start-ups thcy arc nurturing, vicwing thc dcploymcnt ol thcsc rcsourccs as vital in-
vcstmcnts in thc dcvclopmcnt ol ncw busincss modcls. Support comcs straight
lrom thc top÷CEOs makc it a kcy topic, modcling thc bchavior thcy cxpcct lrom
thc rcst ol thc organization and structuring innovation support activitics to rcllcct
thcir importancc.
ErrEC1IVE ORGANIzA1IoN DEsIGN
In our rcscarch and cxpcricncc with innovation cllorts, wc havc lound that a com-
pany`s stratcgy or innovation unit is oltcn thc most logical homc lor its innova-
tion-support activitics. At thc samc timc, though, wc lind no corrclation bctwccn
any onc spccilic organization sctup and succcsslul innovation. Organization dcsign
should bc customizcd to suit thc company`s particular innovation nccds and capa-
bilitics and cach dcpartmcnt`s rcadincss to takc on innovation support tasks.
ErrEC1IVE LEAoERsuIP
Companics should asscmblc thcir innovation-lcadcrship tcam carclully, choosing
cxccutivcs who combinc an cntrcprcncurial mind-sct with a dccp undcrstanding ol
thc company`s culturc and structurc. Thcir ability to opcratc comlortably and pro-
ductivcly in both thc start-up`s and thc sponsoring company`s cnvironmcnts cn-
ablcs thcm to scrvc as an cllcctivc conduit bctwccn thc company, its invcstmcnt
targcts, and thc widcr world ol start-ups and carly-stagc vcnturcs.
</1E% -%(&)3 '8. !""(5&'1(" :)&1"F() G1"3 HA H"3.) !'
In our 2012 rcport on corporatc vcnturc invcsting, 4$(5$(*0" ="%0>(" 4*530*?, @2$3+
0." A3#BC /3## 0." A"D*(+#C wc addrcsscd thc inhcrcnt risk ol vcnturc invcsting and
innovation support in gcncral, concluding that thc grcatcr risk was not to invcst at
all. Our work sincc thcn has only strcngthcncd that conviction. Survcying thc land-
scapc ol corporatc innovation activitics, wc lind that in onc industry altcr anothcr,
Surveyìng the lanc4
scape c¦ ccrpcrate
ìnncvatìcn actìvìtìes,
we nnc that ìn cne
ìncustry aner ancther,
the leacìng ìnncvatcrs
are steppìng up theìr
encrts.
TiL BOs1O¦ CO¦suL1i¦G CROuR 1¸
thc lcading innovators arc stcpping up thcir cllorts, as can bc sccn in thc rapid pro-
lilcration ol incubators and accclcrators in 2013. A handlul ol companics havc as-
scmblcd ncarly a lull suitc ol innovation tools and rcstructurcd thcir intcrnal B&D
dcpartmcnts to maximizc thcir cllicicncy. Somc lcading companics, lor cxamplc,
havc sct up small, agilc, high-pcrlorming pro|cct tcams, rcporting dircctly to thc
CEO, to work on ¨tcntpolc" pro|ccts.
As thc innovation lcadcrs stcp up and linc-tunc thcir activitics, thc distancc bc-
twccn thcm and thcir slowcr-moving rivals is widcning. Thc sccds thcy sowcd in
2013 will soon bcgin to bcar lruit, incrcasing thcir lcad on thc compctition. Thc
widcr thcir lcad, thc grcatcr will bc thc appcal ol thcsc lcadcrs to innovation-
mindcd rcscarchcrs and cntrcprcncurs, and thc bcttcr will thcy bc ablc to rccruit
kcy talcnt lrom thc ranks ol innovators with which thcy arc in contact.
Il cmcrging compctitors arc thrcatcning parts ol your busincss, il tcchnology or rcg-
ulations arc rcshaping your company`s valuc chain, or il your compctitors arc cx-
pcrimcnting with ncw innovation tools, inaction is not an option. Bathcr than cntcr
thc licld simply to kccp up with corporatc lashion, howcvcr, companics should carc-
lully considcr thc kind ol innovation thcy wish to sourcc and match it with thc ap-
propriatc innovation stratcgy and tool. That rcquircs companics to clcarly dclinc
thcir innovation goals. Each company will havc uniquc and spccilic nccds and
should dcsign its innovation suitc with thosc in mind.
That cxcrcisc cannot start soon cnough. Thc train is lcaving thc station, and compa-
nics that don`t climb aboard will miss out on thc growth that thcsc innovation tools
can unlcash.
16 l¦Cu8/1ORs, /CCLLLR/1ORs, \L¦1uRi¦G, /¦D MORL
About the Authors
MichaeI BrigI ìs a partner anc nanagìng cìrectcr ìn the Munìch cmce c¦ The Bcstcn Ccnsultìng
Crcup, a nenher c¦ the prìvate-ecuìty ccre grcup, anc a tcpìc expert ìn ccrpcrate venture capìtal.
¥cu nay ccntact hìn hy e-naìl at hrìgl.nìchael¸hcg.ccn.
AIexander Roos ìs a senìcr partner anc nanagìng cìrectcr ìn the nrn`s Berlìn cmce anc the
glchal leacer c¦ the Ccrpcrate Develcpnent practìce. ¥cu nay ccntact hìn hy e-naìl at
rccs.alexancer¸hcg.ccn.
FIorian 5chmieg ìs a prcject leacer ìn BCC`s Munìch cmce anc a ccre nenher c¦ the Ccrpcrate
Develcpnent anc Technclcgy, Mecìa 8 Teleccn practìces. ¥cu nay ccntact hìn hy e-naìl at
schnìeg.¦crìan¸hcg.ccn.
Drake Watten ìs a prìncìpal ìn the nrn`s San lrancìscc cmce anc a ccre nenher c¦ the
Technclcgy, Mecìa 8 Teleccn anc Ccrpcrate Develcpnent practìces. ¥cu nay ccntact hìn hy
e-naìl at watten.crake¸hcg.ccn.
AcknowIedgments
The authcrs wìsh tc ackncwlecge the valuahle ccntrìhutìcn c¦ <H";'H ,"1."1'8& S&*8J1)*+ anc ìts
ecìtcr, ¦anes Mawscn, whc nace avaìlahle tc us CC Incubators Accelerators Venturing More Jun 2014 Tcm80-163819 | Business Incubator | Startup Company

s extensìve catahases c¦ ccrpcrate venture-
capìtal unìts anc ceals. ¥cu nay ccntact hìn hy e-naìl at jnawscn¸glchalccrpcrateventurìng.ccn.
They alsc thank Katherìne /ncrews, Cary Callahan, Harrìs Ccllìngwccc, Catherìne Cuccìhee,
/ngela DìBattìsta, /hhy Carlanc, Cìna Cclcsteìn, anc Sara Strassenreìter ¦cr theìr ccntrìhutìcns tc
the wrìtìng, ecìtìng, cesìgn, anc prccuctìcn c¦ thìs repcrt.
About BCC's Winning with Crowth !nitiative
Crcwth ìs nct cptìcnal. lt cìsprcpcrtìcnately crìves sharehclcer returns, anc ìt attracts anc
nctìvates talent. But achìevìng value-creatìng grcwth, whìle pcssìhle ìn any ìncustry, ìs rarely easy.
BCC`s Wìnnìng wìth Crcwth ìnìtìatìve hrìngs tcgether leacìng experts cn ccrpcrate strategy, ìnnc-
vatìcn, glchalìzatìcn, M8/, husìness nccel ìnncvatìcn, narketìng anc sales, anc crganìzatìcn tc
help clìents chart theìr unìcue paths tc value-creatìng grcwth. Thìs puhlìcatìcn ìs a prccuct c¦ that
ccllahcratìcn.
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