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Venture client

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A Venture Client is a company that purchases, uses and adopts startup solutions with the purpose of obtaining a strategic benefit.[1][2][3] Venture clienting enables companies to tap into new technologies, business models and ideas and foster a culture of agility and growth.[4]

The difference between a “normal” client and a venture client is that the startup solution presents a high risk of failing.[2][5][6] The venture client company accepts the additional risk because the startup product solves a strategically relevant problem better than alternative solutions.[6][7][8][9] The problem is strategic when it impacts the competitiveness of the venture client company.[10] The differentiating factor between traditional Corporate Venture Capital (CVC) and Venture Clienting (VCL) is that, in essence, the latter focuses on the purchase of a startup product to obtain the strategic benefit without an equity stake.[11] The term venture client was coined originally and popularized by Gregor Gimmy.[6]

Companies that can benefit strategically from startup partnering chose to establish a dedicated corporate Venture Client Unit. The purpose of such an organisational unit is to enable the entire company to gain competitive advantage from startups on a continuous basis.[12] Such venture client units operate on a dedicated venture client model, referring to venture client specific processes and resources, and are categorised as a corporate venturing vehicle.[2][9][13]

Notable Venture Client companies with a dedicated Venture Client Unit are BMW Group (BMW Startup Garage), BSH Hausgeräte (BSH Startup Kitchen), Holcim (Holcim MAQER), Bosch Group (Open Bosch) and LG Electronics (LG Future Home).[14][15][16][17][18][19][20][21][22]

References

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  1. ^ Böhm, Markus; Hein, Andreas; Hermes, Sebastian; Lurz, Martin; Poszler, Franziska; Ritter, Ann-Carolin; Setzke, David Soto; Weking, Jörg; Welpe, Isabell M.; Krcmar, Helmut (2019). "Die Rolle von Startups im Innovationssystem: Eine qualitativ-empirische Untersuchung" (PDF). Studien zum deutschen Innovationssystem (2019–02). Retrieved 4 August 2020.
  2. ^ a b c Sanders, David; Dumler, Carolin; Gomez, Jamie; Saleh, Nicole; Goldstein, Andy (2020). "Multi-Channel Corporate Venturing A Build, Partner, Buy approach for corporate leaders in the new decade". Deloitte Digital. Retrieved 4 August 2020.
  3. ^ Gimmy, Gregor (2021-10-28). "What is a Venture Client company, and what is a good one?". Medium. Retrieved 2021-10-28.
  4. ^ Gutmann, Tobias; Greiss, Sebastian; Hüttenhein, Christian (2024). Venture clienting: how to partner with startups to create value. London New York, NY: Kogan Page. ISBN 978-1-3986-1694-3.
  5. ^ Siota, Josemaria; Andrea Alunni; Paola Riveros-Chacón; Mark Wilson; Mattias Karlsson Dinnetz (2020). Corporate Venturing: Insights for European Leaders in Government, University and Industry (Technical report). Publications Office of the European Union.
  6. ^ a b c Gimmy, Gregor; Kanbach, Dominik; Stubner, Stephan; Konig, Andreas; Enders, Albrecht (27 July 2017). "What BMW's Corporate VC Offers That Regular Investors Can't". Harvard Business Review. Retrieved 4 August 2020.
  7. ^ Croy, Rickard; Anton Wieselblad (2018). Enhancing Innovation Through Asymmetric Partnerships : How a big corporation can improve its prerequisites for opportunistic adaptation (MSc). KTH Royal Institute of Technology. Retrieved 4 August 2020.
  8. ^ Prats, Mª Julia; Amigó, Pau; Ametller, Xavier; Batlle, Adrià (2017). "Corporate Venturing: Achieving Profitable Growth Through Startups" (PDF). IESE Business School (2017–01). Retrieved 4 August 2020.
  9. ^ a b Prats, Mª Julia; Siota, Josemaria; Canonici, Tommaso; Contijoch, Xavier (2018). "Open Innovation: Building, Scaling and Consolidating Your Firm's Corporate Venturing Unit" (PDF). IESE Business School (2018–05). Retrieved 4 August 2020.
  10. ^ Gimmy, Gregor (2021-10-28). "What is a Venture Client company, and what is a good one?". Medium. Retrieved 2021-10-28.
  11. ^ "VENTURE CLIENTING – THE NEW APPROACH TO CORPORATE VENTURING". Capgemini. 2019-11-11. Retrieved 2023-06-28.
  12. ^ "The Venture Client model". Maize. 2018-01-22. Retrieved 2021-02-21.
  13. ^ Gimmy, Gregor (2021-10-28). "What is a Venture Client company, and what is a good one?". Medium. Retrieved 2021-10-28.
  14. ^ Niessing, Joerg; Capron, Laurence; Furr, Nathan; Balze, Pascale; Bodner, Julia (2 May 2019). "How Corporates Co-innovate with Startups: The BMW Startup Garage". INSEAD. Retrieved 4 August 2020.
  15. ^ Kyriasoglu, Christina (24 January 2020). "Ausgebremst". No. 2/2020. Manager Magazin. Retrieved 4 August 2020.
  16. ^ "LG Future Home - Join to redefine the future home with LG". www.lgfuturehome.com. Retrieved 2023-06-27.
  17. ^ "BMW Startup Garage". BMW Startup Garage -Venture Client Unit of BMW Group. Retrieved 4 August 2020.
  18. ^ "BSH Startup Kitchen". BSH Startup Kitchen - Venture Client Unit of BSH Hausgeräte GmbH. Retrieved 4 August 2020.
  19. ^ "LH Startup MAQER". LH Startup MAQER - Venture Client Unit of LafargeHolcim Ltd. Retrieved 4 August 2020.
  20. ^ "Open Innovation: Bosch honors best start-up collaboration". Bosch Media Service. 16 May 2019. Retrieved 4 August 2020.
  21. ^ Stueber, Juergen (24 July 2020). "Die digitalen Brutkästen der Autobauer". Tagesspiegel Background. Retrieved 4 August 2020.
  22. ^ "Open Bosch is the Bosch group's Venture Client unit". 20 November 2020.
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