Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.
In this episode, Andreas Munk Holm speaks with Gina Domanig, Managing Partner at Emerald Technology Ventures, and Nicolas Sauvage, President of TDK Ventures, on what it really takes to design, launch, and evolve corporate venture capital programs that endure.
They explore how corporates can balance financial credibility with strategic impact, why governance and structure matter, and how to bridge the cultural gap between startups and corporates. From KPIs and deal flow to long-term commitment, this is a masterclass in building CVCs that deliver more than returns.
🎧 Here’s what’s covered
00:00 Building a CVC program is more than financial—it’s a cultural shift.
01:00 Exploitation vs. exploration — balancing today’s business with tomorrow’s bets.
02:00 The role of funds, reserves, and acting like financial VCs to gain credibility.
04:00 Gina’s “CVC as a service” model — how Emerald engages with multiple corporates.
05:00 Why corporates must commit resources to both financial and strategic value creation.
06:00 Engagement processes — KPIs, partnerships, and designing for tangible outcomes.
07:00 Mining deal flow — helping corporates benefit even from startups not invested in.
08:00 Deliverables matter — deal flow, pilots, KPIs, and leadership pressure for follow-through.
09:00 Investor + consultant? Or financial + strategic VC? — the real identity of CVCs.
✍️ Show Notes
Exploitation vs. Exploration
Corporates must separate exploitation (supporting core business) from exploration (long-term strategy).
TDK Ventures focuses on mega trends, investing in entrepreneurs building the future.
Why Structure Matters
Fund structures with capital reserves help CVCs act like financial VCs.
This credibility makes collaboration with institutional VCs smoother.
CVC as a Service
Emerald’s multi-LP model: different corporates tap into shared infrastructure.
Requires both investment and business development teams to generate real value.
Engagement Processes
Corporates must commit resources to pilots, deal flow, and follow-ups.
KPIs tailored to each corporate’s needs ensure accountability.
Senior leadership involvement is essential—CVCs can’t do it alone.
Deliverables
Beyond direct investments: pipelines, pilots, introductions, and measurable strategic outcomes.
Regular reporting cycles keep corporates engaged and accountable.
The Identity Question
Some see CVCs as part investor, part consultant.
Nicolas argues CVCs must instead be both strong financial and strong strategic VCs—refusing the false choice.
💡 One-liner takeaway: Corporate venture programs succeed when they combine financial discipline with strategic alignment—backed by clear KPIs, strong governance, and leadership commitment.
