25 January, 2026
Collaborative venturing in squads

IESE has published an Insight article “Beyond teaming up: how corporate venturing squads work — and where they struggle”
Collaborative venturing in Corporate venturing squads (CV squads) is creating multi-corporate alliances where several companies jointly scout, test, or invest in startups to drive innovation. These squads are growing as a strategic model for collaboration — even among competitors — but success depends heavily on governance and execution, not just innovation intent. 

Collaborative venturing in Corporate venturing squads (CV squads) is creating multi-corporate alliances where several companies jointly scout, test, or invest in startups to drive innovation. These squads are growing as a strategic model for collaboration — even among competitors — but success depends heavily on governance and execution, not just innovation intent. (IESE)

Why squads matter:

• CV squads help companies pool resources and access startup deal flow more effectively than acting alone.
• They address complex innovation challenges that single firms can’t solve independently.
• An example is 100+ Accelerator — a squad of major consumer companies working on sustainability solutions across many countries. (IESE)

Key findings from the report:

1. Evolution toward maturity:
   • Many CV squads aren’t one-off experiments but are persistent and expanding strategic vehicles.
   • At least 671 organizations have participated in 116 squads globally. (IESE)
2. Governance > innovation:
   • Most squads face friction — over 90% report challenges and ~80% face multiple issues.
   • The biggest problems are organizational (misaligned partner structures, internal blockers, design mismatches) rather than technical. (IESE)
3. Competitor dynamics:
   • Squads including competitors encounter more legal/regulatory issues but often have clearer role definitions.
   • Noncompetitor squads tend to struggle more with design and resource ambiguity. (IESE)
4. Different squad types need different approaches:
   • Six squad types (e.g., scouting, joint proofs of concept, co-investment) each have distinct coordination and leadership needs.
   • A one-size-fits-all governance model doesn’t work; management must fit the squad’s purpose and structure. (IESE)
5. Execution duties:
   • Across squads, partners typically divide tasks in four areas: strategic execution, resource allocation, startup engagement, and visibility/dissemination. (IESE)
6. The role of the CV manager:
   • Nearly all effective squads appoint a dedicated alliance manager.
   • The ideal profile varies: visionary leaders for exploratory initiatives, coordinators for execution-heavy squads, and neutral facilitators for competitor groups. (IESE)

Takeaway:
Collaborative venturing is a powerful model for collective innovation. The success relies on structured governance, alignment among partners, and intentional leadership — not just the promise of innovation itself. (IESE)