State of Corporate Venture Capital 2023

This document is a report on the state of corporate venture capital (CVC) as of 2023. It discusses the challenges faced by CVCs in a softening venture capital market, with a significant portion of CVCs experiencing their first pullback since their inception. The report highlights that 79% of CVCs surveyed were founded after 2014, indicating a reliance on a previously expanding innovation economy. Key findings include a 53% drop in active CVC investors year-over-year and an increased focus on strategic investments over purely financial ones. The report also outlines how CVCs are adapting to the current market conditions, including managing corporate parent expectations and navigating a more selective investment landscape. Additionally, it presents survey results from 209 CVCs, revealing trends in investment pace, decision-making processes, and the balance between strategic and financial objectives. The report concludes that despite the challenges, CVCs are positioned to continue their role as vital investors in the innovation ecosystem.