Corporate venturing has undergone massive changes in the past 50 years, tracking with the growth and evolution of venture capital (VC) in a sequence of phases or waves punctuated by economic downturns.

We have seen five clear cycles in this 50-year period, with each cycle teaching new lessons, as well as bringing volatility.

Over this time, corporate venturing moved from a siloed and isolated financial experiment to an important and integrated element of mainstream corporate innovation.

Now, rising from the ashes of the 2008 recession, in what we call the fifth wave, we see unprecedented opportunity for all the pieces to come together, especially for corporations that know how to…