Investor's notebook: Insights from gener8tor's corporate innovation summit

At gener8tor's corporate innovation summit, a select group of innovators, VCs, entrepreneurs, and ecosystem builders gathered to discuss how corporations can survive — and thrive — through their next hundred years. Key insights on bridging the gap between corporate strategy and startup agility.

“Many of our corporations have been around for over a hundred years. It is our job and our privilege to help to survive one hundred more.” Credit: Kaitlyn Doyle On July 17, startup investor and accelerator gener8tor brought together a select group of corporate innovators, venture capital investors, entrepreneurs, and Chicago ecosystem builders for a night of conversation and dinner in a classic Chicago summer setting. Companies represented included Allianz, OshKosh, RelishWorks, Schreiber Foods, 1871, P33, Matter, mHub, TechNexus, Mars Wrigley, and OSF Healthcare. After initial networking, dinner and drinks, we were treated to a panel from some leaders in the corporate innovation and venture space: Blair Tritt from Schreiber Foods, Collin Bhojwani from Allianz, Jennifer Miller from Oshkosh Corporation, and Tyler Booth from Relish Works. The panel quickly introduced themselves and then self-moderated, discussing everything from the setup of their programs to the highs and lows of the jobs. Here are a few of my favorite highlights: Each of the panelists spoke of the “Why” behind corporate venture at their companies. It was clear that driving innovation was a key goal. Jennifer Miller from Oshkosh put it succinctly: “We were trading like a trucking company, but we wanted to trade like an trucking technology company, and we needed to take action to get there.” One criticism of corporate venture capital in the market is inconsistency. This group agreed that short-term commitment and venture capital just don’t mix. A corporation can’t do this for one year, stop, and expect to get the value they sought. Simultaneously, these CVC leaders recognized that the average employee at their company has a day job – they are working on delivering short term results, and as one panelist put it, “they are operating in the day-to-day; we have to think in the 3-5 year horizon or more!” It was a treat to hear about the success stories of the relevant CVC units – partnerships that develope

By Kaitlyn Doyle at TechNexus Venture Collaborative