2025年企业创业制胜之道序列构建与人工智能报告

McKinsey Business Building PracticeThe way to win in corporate venturing: Serial building 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 incremental 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 successful 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 builders 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 ventures 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).4A The latest survey findings show a larger share of corporate venturescrossing key revenue thresholds. 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 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 are 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-product 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 suggest that they are creating new ventures based on proven concepts orexisting assets, largely staying within the industry they know, and using AI to build ventures moreefficiently at a time when AI technologies can create significant value for businesses with just afew employees. As a result, they are breaking even after lower levels of investment—and that’sdisproportionately true for the companies building the most ventures. In last year’s research, McKinsey & Company Respondents from the most experienced companies—that is, those that respondents sayhave built at least three ventures in the past five years—report the strongest outcomes. Theserespondents report generating 1.9 times the revenue for every dollar invested until breaking Our latest research also looked for the first time at how long it takes new ventures to breakeven, and more than eight in ten respondents report breaking even within three years. Infact, the majority break even within the first two years of operations (Exhibit 3). Companiesheadquartered in Asia and Latin America get their ventures to break even more swiftly. Amongthe 22 percent of respondents whose new venture broke even within their first year of operations, The timing and level of investment required to build a value-generating venture differ based onthe type of asset at its core. In our survey, nearly one-third of respondents say their new venturesfocusing on data or intellectual property broke even with investments of less than $1 million,while a much smaller share says ventures focusing on physical products re