8 Beyond R&D: Understanding Corporate Objectives Startup engagement always serves a purpose, but that purpose is evolving. Traditionally, interactions between established firms and innovative startups were seen as a vehicle to benefit financially or drive innovation and adaptation to technological disruptions, often under the umbrella of “Open Innovation.” More recently, corporate venturing has been increas- ingly seen as a key driver of business ecosystems. Unlike a linear supply chain, a company’s business ecosystem is a dynamic network of interdependent players (including suppliers, complementors, and even competitors) who enhance the company’s value proposition. Such ecosystems are reshaping how companies co-create experiences, share risks, and adapt to rapid industry changes. For example, China Mobile leverages strategic equity investments in startups that can strengthen its business ecosys- tem by enhancing customer experiences in critical sectors such as digital intelligence transformation, cloud gaming, digital content, and fintech. The global Visa Fintech Partner Connect program helps clients connect with fintech innovators, fostering its “network of networks” approach and improving digital-first experience. Corporate venturing is also playing a growing role in advancing environmental and social impact initiatives. Examples include Unilever’s TRANSFORM initiative to support visionary impact enterprises, TotalEnergies’ $400 million Total Carbon Neutrality Ventures fund, which is dedicated to carbon neutrality, and United Airlines’ Sustainable Flight Fund, which launched with a $200 million commitment to sustainable aviation. Other corpo- rate venturing activities focus on supporting minority founders or funding environmentally friendly innovations that address major global challenges. Beyond external innovation, corporate venturing has re-emerged as a tool for building internal capabilities. Leading corporations use events, mentorship programs, business services, and work- spaces to blur the lines between intrapreneurship (entrepreneurial initiatives within the company) and entrepreneurship, fostering an innovative culture and attracting entrepreneurial talent. Some compa- nies even acquire startups not just for their products or services but for the expertise and creativity of their teams — a practice known as “acqui-hiring.” Activities and Programs Our analysis, as well as follow-up discussions and presentations to practitioners, suggest that the eight corporate venturing practices can be divided into two categories: Activities and Programs. Activities are narrowly defined stand-alone initiatives that can operate independently, often as entry points into corporate venturing, or support larger programs. These include Mentorship, Business Services, Events, and Workspaces. Programs are structured systems of interconnected activities. These include Corporate Venture Capital (CVC), where companies invest in startups in exchange for equity; Accelerators and Incuba- tors, which provide startups with funding, physical space, human and social capital, and other resources; Venture Building, where corporations create new startups from scratch, either internally or in collaboration with external actors; and Venture Clienting, where corporations become startups’ strategic customers, allowing them to get their products or service off the ground. After introducing and discussing all eight activities and programs, we review Venture Building and Venture Clienting in more detail, as they are relatively new phenomena gaining traction in corporate venturing.