On this episode of Scouting For Growth, Sabine VdL sits down with Scott Gunther — corporate venture capitalist, startup enthusiast, and the kind of operator who can walk into a blue-chip boardroom and a messy early-stage war room… and still be useful in both. This episode is a sharp look at what’s really happening in Corporate Venture Capital (CVC) in 2025, how the venture client model is shifting corporate innovation from “invest and hope” to “partner and execute,” and what both insurers and founders need to do (and stop doing) to win in the next cycle. CVC in 2025: stabilising, but no longer a 2021 party Scott explains that CVC investment has regained a degree of stability, with meaningful deal-flow still moving into startup investment. But corporations are changing their approach: Some have closed their CVC arms. Others have narrowed focus. Some have pulled back entirely. And a few are doubling down. The biggest shift? CVCs are facing slower exits and weaker financial returns than the 2021/22 highs — meaning the “spray and pray” era is over. The new CVC edge: portfolio care + strategic discipline In the last 2–3 years, the best CVCs did two things well: kept their portfolios afloat (survival mode) protected and nurtured their strategic assets (growth mode) Scott sees this becoming the defining CVC trend for 2025: less headline-chasing, more hands-on value creation. The rule that saves everyone time: no sponsor, no deal One of Scott’s most practical lessons is about what happens after the investment. His team won’t take anything forward until there’s an executive sponsor in place — because post-investment execution is where most corporate-startup relationships either accelerate… or die slowly in meetings. That’s why Scott’s model includes a dedicated post-investment team whose job is to connect the startup and the corporate and drive mutual commercial value. Not vibes. Results. The big opportunity for insurers: understand humans, not just tech Scott points to the real frontier for insurers and innovation leaders: understanding how people interact with digital technology — and how that’s changing society. Segmentation, proposition design, and service expectations are no longer one-size-fits-all. Different demographics research differently, buy differently, and claim differently. The most savvy insurers will be the ones who connect: behavioural shifts customer cohort differences data and AI trends …to build better experiences and smarter underwriting. And if they get it right? That’s the “holy grail” Scott describes: the segment of one. Own vs outsource: faster, cheaper… still uncertain Scott also calls out a reality leaders feel daily: innovation is moving faster and getting cheaper — but the uncertainty remains around what capabilities should be owned internally versus outsourced or partnered. That decision is becoming a strategic differentiator, not an operating detail. Governance matters (and the “G” is underrated) Scott adds a leadership-level insight: many people talk about ESG, but too often ignore the “G.” Governance shapes how a company runs itself, manages risk, makes decisions, and scales responsibly — which ultimately impacts customers and communities far more than most leaders realise. Why this episode matters For insurance executives, this conversation is a clear message: innovation isn’t about investing in startups. It’s about executing partnerships that deliver outcomes. For founders, it’s a reminder: corporates don’t just want a product — they need internal sponsorship, measurable value, and a path to adoption. Because 2025 isn’t about who makes the most bets. It’s about who creates the most commercial traction — faster, smarter, and with governance built in.