My colleague Jukka and I had the exciting opportunity to represent Helsinki Business Hub at the GCVI Summit in San Francisco. Though I've visited US a few times before, but this was my first business trip and I looked forward to it.
The GCVI summit is renowned as the world's premier gathering for the corporate venturing ecosystem. It offers unparalleled knowledge transfer sessions through keynotes, fireside chats, workshops, and roundtables. It is also a great networking opportunity to connect with industry leaders in corporate venturing.
The 2020 gathering saw a sell-out audience of over 800 people including corporate venture capitalists, C-level innovation officers, technology officers, information officers and strategy officers, senior level corporate development executives, and corporate M&A professionals.
Corporate Venturing in the U.S. and Finland
According to PitchBook, global CVCs participated in over 1.3K VC deals in the U.S. in 2019, with total deal value reaching $53B. CVCs play an active role in the U.S. in comparison to other markets.
However, CVCs are not the cure for corporate innovation. CVCs need to learn to use different approaches and channels, not necessarily setting up an investment arm to tap into the startup and external innovation ecosystem. It's equally important to focus on intrapreneurship and utilizing internal innovation engines for problem solving and venture building.
Experiencing the local life
Attending the GCVI Summit in San Francisco was an amazing experience. I gained invaluable insights into CVC activities in the US but also immersed myself in the local life. The organizers had thoughtfully arranged whale watching trips before the conference, which allowed us to witness the beauty of the local marine life while engaging in relaxed and intimate conversations with fellow participants.
I also found time to participate in a unique workshop focused on whale protection. It was truly inspiring to see how locals in collaboration with universities were working together to protect these magnificent creatures.
