企业创业制胜之道：序列构建与人工智能（英）

McKinsey Business Building PracticeThe way to win in corporate venturing: Serial buildingand AI The results of our sixth annual survey show that repeat venture builders see thegreatest ROI, benefiting from both experience and advanced uses of AI. This article is a collaborative effort by Daniel Aminetzah, Jason Bello, Jerome Königsfeld, and Paul Jenkins,with Corinna Leist and Robin Martens, representing views from McKinsey’s Business Building Practice. Once an executive experiencesthe entrepreneurial spark, it’s hard to extinguish. The latestMcKinsey Global Survey on corporate venture building finds that leaders of companies that havebuilt new ventures want to build more.1Responses show that companies that have launched newventures—that is, entirely new products, services, or businesses that go beyond incrementalupgrades to create entirely new revenue streams—in the past five years are significantly morelikely than others to prioritize venture building. Surveyed executives say these efforts areachieving returns quickly and with less investment than in previous years, and the more venturesthey build, the more success they report. The findings also suggest that, overall, companies’ venture-building skills are maturing. In oursixth annual survey on the topic, reported new ventures are seeing larger revenues earlier thanin the past. Meanwhile, the practices that set successful venture builders apart go beyond themore foundational elements that emerged as success factorsin previous years, such as havinga C-suite sponsor and sufficient financial resources. In particular, companies with successfulventures are using technology such as AI to enable their creation of new ventures, and manyrespondents say data- and AI-driven ventures are in their future. The macroeconomic environment isn’t deterring venture builders The current macroeconomic environment—in whichgeopolitical instability and changes in tradepolicy vie for executives’ attention—has posed challenges for organizations so far in 2025.Lower-than-average consumer confidence reflects widespread economic uncertainty.2Despitethese potential obstacles, surveyed business leaders report that companies with experience inbuilding new ventures remain committed to such efforts. In fact, experienced business buildersare doubling down. Leaders from companies that have built new ventures in the past five yearsare 13 times more likely than others to have increased their prioritization of new-venture buildingin the past year. New-venture building is a top five priority for 58 percent of experienced venturebuilders, suggesting experience with new-venture building inspires companies to keep at it. Those companies that take the calculated risk to build new ventures often see success. Afterseveral years in which 43 to 44 percent of respondents reported successful new venturesthat met or exceeded their core organization’s expectations for growth or scale, the share isapproaching 50 percent in the latest survey.3 These new ventures are generating meaningful revenues. This year, we see a larger share ofreported new ventures with annual revenues over $10 million. Sixty-one percent of respondentssay their new ventures have crossed this mark, up from 45 percent in 2023 (Exhibit 1).4Acloser look shows that the share reporting revenues between $50 million and $100 million has Exhibit 1<VentureBuilding>Exhibit <1> of <8> The latest survey findings show a larger share of corporate venturescrossing key revenue thresholds. Annual revenue ofnew ventures atrespondents’companies,% of respondents1 McKinsey & Company nearly doubled, with a corresponding reduction in new ventures with reported revenues lessthan $1 million. The findings also suggest that new ventures are generating value faster thanin previous years. The average age of new ventures that respondents say have revenues over$10 million has decreased to about two and a half years (31 months), compared with more thanthree years (38 months) in the earlier research.5 The findings also suggest that when it comes to building new ventures, more is better; a portfolioof multiple ventures leads to larger reported gains. Fifty-nine percent of surveyed businessleaders who launched three or more new ventures in the past five years say their companies areseeing more than 10 percent of total enterprise-wide revenue from their venture-building efforts,compared with 32 percent of respondents from companies that launched just one new venture. We also see differences in success when looking at the underlying focus of new ventures.Ventures built around digital products and services—such as software, mobile apps, and cloud-based platforms—generated the highest average revenue, while hardware or physical-productventures generated lower revenues. Companies are limiting their exposure to risk and breaking evenwithin two years Our research shows that companies are being judicious about their investments in new-venturebuilding. The findings