This post is sponsored by Lake Whillans, a distressed venture capital and litigation finance firm that helps companies facing litigation or arbitration.
They may work with you. But they’re not ready to trust you.
That’s a message entrepreneurs are sending in the MedCity News survey on corporate venture capital commissioned by Lake Whillans. Among the 450 innovators who took the survey, most made it pretty clear: we want to work with anyone who will give us cash and competitive advantage.
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For example, the top-tier outlets (Johnson & Johnson and Amgen) scored 3.8 or higher (out of 4) when respondents were asked to characterize their experience working with the fund. The “mid-tier” – organizations like Mayo Clinic and Takeda and Boehringer Ingelheim – scored a 3.3 out of 4.
Only one company scored less than 3 to that question.
Three out of four? Not bad.
But move down to our next category: most trustworthy. Suddenly, everyone drops a point – or more. Johnson & Johnson goes from 3.82 in the previous question to 2.53 when it comes to trust (the top score for trust).
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Why such a difference?
Entrepreneurs know what they don’t know. As much as they see the pros of working with corporate VCs – “It is great, not only for the funds but for the rest of the resources you get,” one respondent told us – they also know they’re in the ring with Goliath.
They’ve heard the horror stories of corporates that, while they may get rave reviews from some partners, will pull a Mr. Hyde act when it suits them.
Work with them? Yes. But it’s still too early to trust corporate VCs.
That’s a variant of the lesson I’ve been repeating for weeks now: tread carefully.
Be ready for that worst case scenario in which you’ll have to fight Goliath for what’s rightfully yours.
Lake Whillans is a distressed venture funding and litigation finance firm that helps companies facing litigation or arbitration. It’s writing an ongoing series to empower startups to better protect their businesses and increase their likelihood of success. Learn more about us at http://lakewhillans.com/.
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