A large retail bank approached us to help structure their innovation agenda and explore new areas of innovation. As the company in question was yet only relying on internal innovation, the client wanted to achieve these outcomes through leveraging external innovation, via partnerships with- and investments in fintech start-ups. To assist them in meeting their goals, we developed a corporate venturing strategy, including key processes and team structure.

Our journey with our client began with us helping them create an overall innovation strategy. We defined their overall goals of innovation, to develop new business models and identify new areas for growth, while also making banking more efficient. In addition, we identified all the innovation stakeholders and their role, including the innovation department, business lines and external partners. This provided the client with a framework for innovation and enabled to position the corporate venture fund within the overall innovation strategy.

After the overall innovation strategy and role of the corporate venture fund were established, we developed an operating model of the fund. This included how investments were initiated, by whom and under what criteria investments were evaluated, and how partnerships would be extended to the business. This enabled our client to successfully set up the corporate venture fund, achieving multiple investments to date that both drive innovation within bank as well as provide financial returns.

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