Corporate Ventures: When Elephants Dance

Large French corporations' relationship with startups evolved from suspicion to embrace. Initially, startups were seen as irrelevant or threatening. But digital disruption forced reconsideration. Now, most CAC 40 companies have startup programs: accelerators, venture funds, or acquisition strategies.

Orange's Orange Fab accelerator supports startups in telecommunications and related fields. Since 2013, it has accelerated over 100 startups across multiple countries. Beyond funding, Orange provides access to infrastructure, customers, and expertise. This creates win-win situations: startups get resources while Orange accesses innovation.

Corporate venture capital exploded. Total Energy Ventures manages over €400 million investing in clean tech. Air Liquide's ALIAD invests in deep tech. These aren't just financial investments but strategic partnerships. Corporations provide more than money: industry expertise, customer access, and scaling support that pure financial investors can't match.

Some corporations go further, acquiring startups to transform themselves. L'Oréal's acquisition of ModiFace brought AR technology in-house. Accor's purchase of Onefinestay expanded into luxury home rentals. These acquisitions show French corporations can integrate startup innovation rather than stifling it.