PERSEO (A): Iberdrola's Corporate Entrepreneurship Quest
In 2007, Iberdrola, a global utility company (fourth market cap in the world) headquartered in Spain with revenues of 39.1 billion EUR, created an innovation vehicle, PERSEO, to invest majority stakes in startups working with renewable energy. In 2012, PERSEO pivoted toward a corporate venture capital (CVC) approach. In 2017, the company added pilots and challenges to its ecosystem. In 2021, PERSEO had two unicorn exits. In 2022, PERSEO started a venture builder and a sustainability-focused fund.
Collection: IESE (España)
Ref: E-229-E
Format: PDF
Number of pages: 7
Publication Date: Sep 15, 2022
Language: English, Spanish
What material is included in this case:
Description
In 2007, Iberdrola, a global utility company (fourth market cap in the world) headquartered in Spain with revenues of 39.1 billion EUR, created an innovation vehicle, PERSEO, to invest majority stakes in startups working with renewable energy. In 2012, PERSEO pivoted toward a corporate venture capital (CVC) approach. In 2017, the company added pilots and challenges to its ecosystem. In 2021, PERSEO had two unicorn exits. In 2022, PERSEO started a venture builder and a sustainability-focused fund.
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Geographic Setting: España, Estados Unidos, Reino Unido
Learning Objective
The case is designed for MBA and executive education courses and sessions on corporate entrepreneurship and CVC. It also allows participants to discuss the various mechanisms of an open innovation ecosystem. The case is also relevant for those interested in the renewable energy industry, cleantech start-ups, and investments in environmental sustainability.
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