Corporate venturing doesn’t fail because of startups — it fails when corporates forget why they exist in the first place. In this episode of the Scouting for Growth Podcast, Sabine VanderLinden speaks with Scott Gunther, General Partner at Firemark Ventures, the corporate venture capital arm of IAG in Australia. With more than 10 years inside IAG and 6+ years running its venture fund, Scott offers a grounded, experience-rich view of what actually makes corporate venturing work — and what quietly breaks it. Scott’s journey into CVC land didn’t start with buzzwords. It started during the dot-com boom, inside one of Australia’s largest corporates, running 90-day sprints to launch new digital businesses before the internet was even called the internet. That era shaped his mindset: technology cycles repeat, hype comes and goes, but execution, discipline, and customer relevance endure. At Firemark Ventures, the mission is clear: bring the outside world into the enterprise to future-proof how insurance is delivered. That means scanning global macro trends, learning from adjacent industries (from Agritech to AI to B2C platforms), and applying those insights back into IAG’s purpose: to make the world a safer place. For Scott, purpose isn’t a slogan — it’s the North Star that keeps the venture arm aligned with the core business. One of the strongest messages in the episode is this: CVCs only succeed when they see themselves as integral to the enterprise, not an innovation sidecar. That requires deep understanding of the core business, strong relationships with internal leaders, and humility about what the venture arm can — and cannot — do. Scott is refreshingly honest about guardrails. When Firemark launched, they made deliberate choices: They don’t lead investment rounds They don’t invest in certain markets They avoid late-stage deals early on Those constraints weren’t limitations — they were focus mechanisms. As the fund matures, the thesis evolves, but clarity upfront prevented distraction and internal confusion. This discipline is what allows Firemark to stay strategically relevant while adapting over time. Talent is another recurring theme — and Scott doesn’t mince words: diverse experience beats narrow expertise. The most successful CVC teams combine breadth and depth across industries, functions, and geographies. Add remote work into the mix, and suddenly the talent pool becomes global — if leaders are willing to trust outcomes over optics. For startups and scaleups, Scott’s perspective is equally valuable. Corporate investors are not just capital providers — they are long-term strategic partners. But they operate within constraints of purpose, governance, and enterprise reality. Understanding that context is critical to building durable partnerships. This episode is essential listening for: Corporate leaders building or refining CVC arms Startup founders working with strategic investors Innovation leaders navigating internal alignment Investors balancing strategy, discipline, and growth As Scott puts it, innovation is not optional. If organisations aren’t moving forward, they’re standing still — and in today’s market, standing still means falling behind. Corporate venturing done right isn’t about chasing the next shiny thing. It’s about staying relevant — on purpose — for the long term.