4 J ust a few years ago, the prevailing narrative painted startups as Davids to corporate Goliaths — nimble disruptors poised to topple established giants. More recently, market volatility associated with increases in inflation and interest rates has flipped this dynamic. The reduced risk appetite of venture capitalists and other investors has significantly impacted startup funding, leading to significant valuation corrections, fewer liquidity opportunities, and a change of focus to profitability and sustainable growth over rapid scaling at all costs. In the context of today’s high tech, such a change requires deep pockets and big clients. No wonder startups are seeking creative ways to engage with corporations which, in turn, seized this opportunity to address their strategic priorities. The recent story of Microsoft investing nearly $14B into OpenAI and integrating it into its applications has reverberated across the tech community and inspired many similar alliances. Introduction: From CVC to Corporate Venturing