CB Insights Live: Startups And Accelerating Corporate Innovation
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Transcript of CB Insights Live: Startups And Accelerating Corporate Innovation
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#vcdata© 2015 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of theKPMG network of independent firms are affiliated with KPMG International. KPMG International pr ovidesno client services. No member firm has any authority to obligate or bind KPMG International or any othermember firm third parties, nor does KPMG International have any such authority to obligate or bind anymember firm. All rights reserved.
November 10, 2015
STARTUPS AND ACCELERATING CORPORATE INNOVATION
@cbinsights
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ABOUT CB INSIGHTSA unique combination of data science and machine learning to help you see what’s next.
About CB Insights
Backed by the National Science Foundation, CB Insights uses data science and machine learning to help our customers predict what’s next—their next customer, their next investment, the next market they should attack, the next move of their competitor or the next company they should acquire.
The world’s leading global corporations including the likes of Cisco, Salesforce, Castrol and Gartner as well as top tier VCs including, NEA, Upfront Ventures, RRE, and FirstMark Capital rely on CB Insights to make decisions based on data, not decibels.
To make your life easier, visit http://www.cbinsights.com
”A detailed discussion of data collection and how the company parses them is written by CB Insights’ data scientists; it convincingly tells the story of scalability and accuracy for what they call “The Cruncher.”
From “Predictive Analytics And Novel Visualization Draw Customers To 'Must Have' Data” published April 8, 2015
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A FEW OF OUR HAPPY CUSTOMERSThe most publicly reference-able customers of anyone in the industry
See what other customers have to say at http://www.cbinsights.com/customer-love
“Designed by a VC insider who truly knows the space and understands end-user needs.”
“We're using CB Insights at Salesforce Ventures to analyze industry trends that are relevant to our strategy. It's helped improve our efficiency.”
Matt GarrattSr. Director, Corporate DevelopmentSalesforce Ventures
“CB Insights provides our team with a holistic and thematic approach that really captures market activity….we've found CBI to have the best access for the most accurate market view.”
“We have been looking for a tool that could give us the ability to track, research and identify investment opportunities. CB Insights provides this simply and in a simple, easy to use interface. The depth of information that we get is exactly what we need. Great product.”
Jonathan TudorVentures DirectorCastrol innoVentures
“CB Insights perfectly illustrates what I expect today from such online services to stay tuned to our fast-changing Tech Landscape. Accurate and up-to-date data mash-ups, intuitive UIs, smart data visualization capabilities and direct API access… all packaged together with straightforward pricing.”
Simon MencarelliSenior Manager, Strategic PlanningDassault Systems
“CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.”
Nate D’AnnaCorporate DevelopmentCisco
Greg BaeInvestments & Biz DevComcast Ventures
Jack LeeneyPortfolio ManagerTelefonica Ventures
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WHO THE HECK AM I?
4
Anand SanwalCEO & Co-Founder
@asanwal
Prior to launching CB Insights in 2010, Anand managed the $50 million Chairman's Innovation Fund at American Express and also worked in their corporate venture and M&A units. Before American Express, he worked overseas in India, China and London for a # of startup companies. He is the author of a book "Optimizing Resource Allocation" and has degrees in Chemical Engineering from the University of Pennsylvania and in finance and accounting from the Wharton School of Business.
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WHAT WE’LL COVER
1. The faster pace of disruption
2. Innovation theater
3. Possibilities not problems – The “Yes,and…” approach
4. Unbundle thyself
5. Build, Buy or Partner?
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THE FASTER PACE OF DISRUPTIONWhat got you here won’t get you there
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TODAY’S EMERGING BUSINESS MODELS & STARTUPS BECOME TOMORROW’S PROBLEMS
11@cbinsightsSource: Clay Christensen Disruptive Innovation Framework
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IT’S HARDER THAN EVER TO STAY ON TOP…
13@cbinsights
The lifespan of an S&P 500 company is shorter and shorter.
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…AND THE THREATS ARE MULTIPLYING
Cost to Launch a Tech Startup
14@cbinsightsSource: Upfront Ventures
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TECHNOLOGY ADOPTION IS QUICKER THAN EVER
The penetration of technology happens quicker than ever before. Time is not on your side.
16@cbinsights
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HOW QUICKLY DOES ADOPTION HAPPEN?
17@cbinsightsSource: Wealthfront, New York Post
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WHATSAPP USER GROWTH?
17@cbinsightsSource: Facebook
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UNBUNDLING WELLS FARGO
All the startups attacking Wells Fargo (or Citi or Bank of America) product & service lines.
21@cbinsightsSource: https://www.cbinsights.com/blog/disrupting-‐banking-‐fintech-‐startups/
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WORRY LESS ABOUT THESE COMPETITORS
Disruptive, discontinuous innovation rarely comes from your giant competitive peers.
19@cbinsights
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AND WORRY MORE ABOUT DEATH BY A THOUSAND CUTS
There is an army of emerging players that are attacking legacy players at an individual product & service level.
20@cbinsights
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SO WHAT’S A CORPORATION NOT TO DOThe perils of innovation theater
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INNOVATION THEATER
20@cbinsights
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HIRE A CHEF
20@cbinsights
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BRING ON AN INNOVATION SHERPA OR DIGITAL PROPHET
20@cbinsights
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HAVE A STARTUP’Y OFFICE
20@cbinsights
open office xBox
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VISIT SILICON VALLEY – “EMBRACE INNOVATION”
20@cbinsights
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LAUNCH AN ACCELERATOR – GET ARTICLE IN TECHCRUNCH
20@cbinsights
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HIRE A CHEF
20@cbinsights
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CASUAL DRESS CODE
20@cbinsights
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HIRE SOMEONE WHO PLATEAUED AT GOOGLE OR APPLE
20@cbinsights
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POSSIBILITIES NOT PROBLEMSThe “Yes, and…” approach
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THE HEAD-IN-SAND DISMISSIVE APPROACH TO DEALING WITH INNOVATION, STARTUPS & THREATS
10@cbinsights
Brian Moynihan, CEO of America’s second-largest bank by assets, said most of the robo-advisers are going after investors who aren’t rich enough for the bank to worry about.
They are below the bank’s wealth “cut off,” Moynihan said on the bank’s quarterly earnings call, “for lack of a better term.”
Source: Q1 2015 Bank of America earnings call recap by Quartz
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THE END STATE FOR MOST STARTUPS IS FAILURE
10@cbinsights source: https://www.cbinsights.com/blog/venture-‐capital-‐funnel/
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THOSE GUYS ARE NOT THE PROBLEM
10@cbinsights
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THE ONES THAT SURVIVE BECOME THE PROBLEM
10@cbinsights
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BUT MOST INCUMBENTS FOCUS ON WHY THEY’RE BETTER AND/OR WHY THE STARTUPS WILL FAIL
10@cbinsights
“Our brand is trusted…”
“Supply chain is complex…”
“This is a highly regulated industry….”
“We’ve been doing this for 140 years….”
“Clients trust us. They won’t trust some startup….”
“We have a cost advantage….”
“Our risk management capabilities are proven….”
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STOP THIS! IT IS INTELLECTUALLY LAZY
10@cbinsights Cl
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HOMEWORK #1 – FOCUS ON POSSIBILITIES NOT PROBLEMS
10@cbinsights
1. Identify a startup or emerging industrythat you’ve previously “pooped on”
2.Write down 3 to 5 reasons you think itmight work and become successful
3. Email me your answers –[email protected]
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HOMEWORK #1 – WHY?
10@cbinsights
• Forcing a cultural mindset shift morethan anything
• Optimism leads to innovation. “Yes,and…” is inherently optimistic
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UNBUNDLE THYSELFWho might eat our lunch
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UNBUNDLING FEDEX
.
22@cbinsightsSource: https://www.cbinsights.com/blog/startups-‐disrupting-‐fedex-‐ups/
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UNBUNDLING APPLE iOS
.
22@cbinsightsSource: https://www.cbinsights.com/blog/unbundling-‐apple-‐ios/
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UNBUNDLING STARWOOD (THE HOTEL)
.
22@cbinsightsSource: https://www.cbinsights.com/blog/disrupting-‐european-‐banking-‐fintech-‐startups/
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DISRUPTING WALKING
.
22@cbinsightsSource: https://www.cbinsights.com/blog/disrupting-‐walking-‐transportation-‐startups/
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UNBUNDLING THE AUTOMOBILE
.
22@cbinsightsSource: https://www.cbinsights.com/blog/startups-‐drive-‐auto-‐industry-‐disruption/
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UNBUNDLING PAYCHEX
.
22@cbinsightsSource: https://www.cbinsights.com/blog/disrupting-‐walking-‐transportation-‐startups/
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UNBUNDLING HSBC
.
22@cbinsightsSource: https://www.cbinsights.com/blog/disrupting-‐european-‐banking-‐fintech-‐startups/
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UNBUNDLING HONEYWELL
.
22@cbinsightsSource: https://www.cbinsights.com/blog/disrupting-‐honeywell-‐startups/
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UNBUNDLING P&G
.
22@cbinsightsSource: https://www.cbinsights.com/blog/disrupting-‐procter-‐gamble-‐cpg-‐startups/
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UNBUNDLING CRAIGSLIST
.
22@cbinsightsSource: https://www.cbinsights.com/blog/craigslist-‐unbundling/
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HOMEWORK #2 – WHO ARE THE ATTACKERS?The players that might inflict upon us death by a thousand cuts
10@cbinsights
• List your business’ products & services(or use your website if possible)
• Identify all the startups who areattacking each product & service(include the ones you think are stupid. Remember “Yes, and…”)
• Study those gaining traction, look forthemes among business models, etc
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HOMEWORK #2 – WHY?
10@cbinsights
• Help you understand the landscape inone fell swoop (not a one-time effort)
• Catalyzes action. Visceral view intothreats works to get leadershipmotivated
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HOMEWORK #2 - AUTOMATING THE IDENTIFICATION OF STARTUPS WITH MOMENTUM (THE ONES TO WATCH)
49
Get in front of the best startups early
Understand signals of growth
• Hiring activity• Web traffic• Media chatter• Social media volume• Sentiment• Industry health• Investor quality• Tech/software stack
Stalk the smart money Identify performance metrics momentum
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BUILD, BUY OR PARTNERHow are corporations doing it today?
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BUILDIncremental or disruptive?
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CORPORATIONS ARE GOOD AT FLAVOR INNOVATION
7@cbinsights
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COPY EMERGING STRATEGIES WHICH HAVE TRACTION
7@cbinsights
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THE DISRUPTIVE MOONSHOTS ARE OFTEN HARDER
7@cbinsights
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PARTNERReally access innovation or good PR
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HAVE SKIN IN THE GAME OR DON’T WASTE STARTUP TIME
“Joint valuecreation”
@CBINSIGHTS#DATADRIVENNYC 5
6
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PARTNER IN EXCHANGE FOR EQUITY – MISALIGNED INCENTIVES?
• $25 million investment• Howard Schultz joined board
• $56 million loss to Square (discounted cardfees)
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NORDSTROM DOES IT WELL
Source: https://www.cbinsights.com/blog/nordstrom-e-commerce-case-study/
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WALK BEFORE YOU RUN
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BUYA nibble or a full bite?
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CORPORATE VC TODAY: FROM TECH TO HEALTHCARE TO FINANCE TO ENERGY TO MEDIA
7@cbinsights
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2015: CORPORATE VENTURE CAPITAL ON TRACK FOR NEW HIGHS
The first half of 2015 saw corporate VCs participate in 357 deals totaling $7.85B. At the current run rate, corporate VC deal activity is on track to top 2014’s high. Funding dollars involving corporate VC arms has topped $3B in each of the last 3 quarters.
6@cbinsights
@cbinsights
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CVC DEAL SIZES ARE NOW DECIDEDLY LARGER THAN VC OVERALL
Average deal size with corporate venture participation has topped $21M+ in five of the last six quarters. In contrast, average corporate venture deal sizes stood ≤ $17M in 2013.
11@cbinsights
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CORPORATE VCs PARTICIPATE IN 1 OF EVERY 5 VC DEALS IN 2015
Corporate venture firms participated in just over 20% of the 1,768 venture-backed rounds in the first half of 2015. That’s compared to CVCs participating in 15% of venture deals in H1 2013.
11@cbinsights
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NUMBER OF ACTIVE CORPORATE VENTURE FIRMS IS UP 82% SINCE Q1’12
106 different corporate VC firms completed an investment in Q1’15 – a multi-year high. That’s a 82% jump from the same quarter three years ago.
11@cbinsights
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MORE THAN HALF OF ALL US UNICORNS ARE BACKED BY CORPORATE VCs
It’s not just VCs who are hunting unicorns. Among the 74 US private companies valued at $1B or more, 51% have a corporate venture unit as an investor.
11@cbinsightsSource: https://www.cbinsights.com/blog/corporate-venture-unicorns/
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CORPORATE VCs WITH THE MOST UNICORNS
11@cbinsightsSource: https://www.cbinsights.com/blog/corporate-venture-unicorns/
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INTEL CAPITAL TOPS CORPORATE VC FIRMS BY EXITS
11@cbinsights*Exits by Comcast Interactive Capital since 2011 were counted under Comcast Ventures
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THE UNICORNS WITH THE MOST STRATEGIC ACQUIRERS
11@cbinsightsSource: https://www.cbinsights.com/blog/corporate-venture-unicorns/
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KLEINER PERKINS IS THE MOST FREQUENT VENTURE CAPITAL CO-INVESTOR WITH CVCs
Kleiner Perkins and NEA are the most frequent co-investors with CVCs since 2010 followed by Andreessen Horowitz.
11@cbinsightsSource: https://www.cbinsights.com/blog/top-venture-capital-corporate-syndicate/
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THE MOST ACTIVE CORPORATE VENTURE CAPITAL GROUPS
11@cbinsights
CVC Investor Recent New Investments
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THE MOST ACTIVE CORPORATE VENTURE CAPITAL GROUPS
11@cbinsights
CVC Investor Recent New Investments
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DIGITAL HEALTH / HEALTH IT DEALS BY CVCs CLIMBING
Corporate venture deals into the growing digital health and health IT arena rose 44% between 2011 and 2014.
19@cbinsights
NOTABLE CVC INVESTORS
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FIN TECH DEALS BY CVCs JUMP
Corporate venture deals into financial tech or ‘fin tech’ ticked up 75% between 2011 and 2014.
19@cbinsights
NOTABLE CVC INVESTORS
Select investments
Select investments
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CYBERSECURITY CVC DEALS HIT HIGH IN 2014
As reported threats continue to rise, corporate venture deals into cybersecurity rose 25% on a YoY basis in 2014 and hit a quarterly high in Q3’14.
19@cbinsights
NOTABLE CVC INVESTORS
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Select investments
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COMPARING SELECT CORPORATE VCs: TECH
19@cbinsights
CVC Investor Number of New Deals Per Year
Most Frequent Stage
Median Deal Size
50-60 $8M Seed
$13M10-20
Series B
Series B
Series A$15M20-30
30-40 $11M
$15M Series C10-20
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COMPARING SELECT CORPORATE VCs: HEALTHCARE
19@cbinsights
CVC Investor Number of New Deals Per Year
Most Frequent Stage
Median Deal Size
1-10 $17M Series A
$9M1-10
Series A
Series C
Series A$10M1-10
1-10 $14M
$24M Series B1-10
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COMPARING SELECT CORPORATE VCs: MEDIA
19@cbinsights
CVC Investor Number of New Deals Per Year
Most Frequent Stage
Median Deal Size
10-20 $10M Series A
$8M1-10
Series B
Series B
Seed$3M1-10
1-10 $15M
$6M Series C1-10
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COMPARING SELECT CORPORATE VCs: FINANCIAL SERVICES
19@cbinsights
CVC Investor Number of New Deals Per Year
Most Frequent Stage
Median Deal Size
1-10 $19M Series C
$14M1-10
Series B
Series D
Series C$19M1-10
1-10 $28M
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Technology companies, especially VC-backed ones, are increasingly (and somewhat artificially) expensive
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The Dichotomy – Exiting for $1B way harder than financing
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There are deals at the low end but for many corporations who want needle-moving M&A, this doesn’t work
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Top Acquirers of 2015
1 - 5 6 - 10 11 - 15
Microsoft Snapdeal Tripadvisor
Google IBM Motorsport.com
Accenture Zealot Networks FoodPanda
Yello Mobile Amazon Apple Inc.
j2 Global Twitter Rocket Internet
Top Tech Acquirers: Q1'15 - Q3'15