企业风险投资成功的4个关键

© Oliver WymanINTRODUCTIONWithout a clear focus and thenecessary expertise, many ofthese operations risk losingrelevance over timeIn recent years, Corporate Venture Capital(CVC) has become an essential tool forcompanies seeking to boost innovation andmaintain competitiveness in increasinglydynamic markets. However, as the BrazilianCVC ecosystem matures, new challengesarise. While managers recognize the strategicpotential of this type of operation, they alsoadmit that without proper structuring andclear alignment with corporate objectives,CVC may face difficulties, especially in a newinvestment cycle where the demand for moreconcrete results tends to increase.Our study, conducted by Oliver Wyman inpartnership with ABVCAP, focused on theBrazilian CVC ecosystem and included 57interviews with key players in this market —42 CVCs, six startups, five corporates, andfour third-party providers. Additionally,26 CVCs responded to a complementaryquestionnaire, providing a comprehensiveview of the practices, challenges, andInterviewsKey players in the market wereinterviewed, including fundmanagers, startups and corporates,as well as market third-parties42 CVCs expectations shaping the future of CVCoperations in the country. Among the mainpoints highlighted by the interviewees arethe need to define long-term strategies,ensure engagement from the parentcompany’s business areas, and overcomethe difficulties of generating tangiblestrategic value for corporations.The number of CVC funds in Brazil hasincreased significantly in recent years ascompanies sought to keep up with marketinnovation and what their competitorswere already doing, taking advantage ofthe recent low-interest rate cycle. However,as our research revealed, without a clearfocus and the necessary expertise, manyof these operations risk losing relevanceover time. The particularities of theBrazilian market, such as economic volatilityand the reduced number of investmentopportunities, especially in sectors likedeep tech, add a degree of complexity.On the other hand, sectors where Brazilhas clear competitive advantages, suchas fintechs and agribusiness, offer ampleinvestment opportunities in companieswith great potential to scale and take onglobal prominence.5Corporates6Startups4Third-parties © Oliver WymanExhibit 1: Distribution of CVCs that answered questionnaireSize of portfolio x founding year x size of corporateCurrent portfolio size20+11 to 206 to 101 to 5Until 2015(8%)2016–2019(17%)Above 50 billionBetween 15–50 billionBetween 5–15 billionCorporate revenue range, in R$, 2023Source: Oliver Wyman and ABVCAP analysisMost of the CVCs that answered ourquestionnaire were created in the post-pandemic period, especially those linked tocompanies with annual revenue of less thanR$15B; over 75% have a portfolio of up to 10startups, and about half have not yet madeany write-offs or divestments. The CVCs arelinked to companies from various sectorssuch as health, energy, agriculture, andsoftware/data. Financial services and retailcompanies constitute most of the samplespace, representing about half of the CVCs. This article aims to provide a practicalguide for companies wishing to structure orimprove their CVC operations in Brazil, basedon best practices and lessons learned fromthe market’s key players.Exhibit 2: Phases of the journey of structuring a CVCCreating the foundationStructuring and governancefor CVC operations:Structuring and governancephase, which establishes howthe CVC will be managed and howit will integrate with the parentcompany while maintaining therequired autonomyMeasuring successEvaluating long-term impact:Evaluation phase, whichinvolves measuring financialand strategic results, ensuringthat the CVC creates sustainablevalue for corporate and justifiesits long-term viability © Oliver WymanWe organized our findings into the phasesof structuring a CVC, covering from initialplanning to execution and evaluationof results.The art of creating valueFrom investment to innovation:Execution phase, when thefocus is on active portfoliomanagement and creatingsynergies between startupsand corporate to driveinnovation and value creationSetting the courseThe importance of an explicitand aligned strategy in CVC:Strategic planning phase, whenlong-term objectives and thevision of the fund are defined,aligning with corporate’sstrategic envisioningSource: Oliver Wyman and ABVCAP analysis © Oliver WymanChapter 1:Setting the course — theimportance of an explicit andaligned strategy in CVCOne of the main pitfalls faced by CVCoperations is the lack of strategic alignmentwith the parent company. Often, both theBoard and the company’s managementare not fully aware of the inherent risksof venture capital activity, leading tomisaligned expectations and mistakendecisions during the operation.“Often the Board ormanagement of largecompanies is unaware of theinherent risks of VC activity.”A frequent challenge reported in theinterviews is the lack of clarity betweenthe role of CVC