[XSprout] Publishes White Paper on Practical Knowledge for Creating CVC Performance Through KPI Design: "CVC Evolution 2026 Vol.02 - Prescription for Strategic Returns: KPI Design and Practical Knowledge"

XSprout's "CVC Evolution 2026 Vol.02 - Prescription for Strategic Returns: KPI Design and Practical Knowledge"

XSprout Co., Ltd. (XSprout, Headquarters: Minato-ku, Toranomon, Tokyo; Representatives: Shuu Kagawa, Takuya Matsumoto), a comprehensive advisor leading corporate venturing to optimal solutions, announced on July 2, 2026, the publication of its white paper, "CVC Evolution 2026 Vol.02 - Prescription for Strategic Returns: KPI Design and Practical Knowledge," focusing on the design and operation of strategic returns in corporate venture capital (CVC).

This white paper is based on the results of the "CVC Activity Status Survey" targeting major domestic companies and the content of the event "CVC Evolution 2026 Session #2: How to Measure Strategic Returns? - Setting Discussion Points and Overview for KPI Design," held on May 22, 2026. It examines the theme of "how to define, measure, and communicate strategic returns to management," a challenge faced by many companies, from both survey data and the insights of practicing companies.

Click here to apply to view this white paper: https://forms.office.com/r/Q9HkZq1krp

Background of White Paper Publication

In recent years, CVC activities by domestic companies have continued to expand, with an increase in investment cases and collaboration examples. On the other hand, there is a growing awareness of the challenges in objectively evaluating and explaining to stakeholders "what kind of results CVC activities are bringing to business and management."

While there are certain evaluation metrics for financial returns, strategic returns lack common metrics because the objectives and expected outcomes differ for each company.

As a result, many companies are operating while struggling with the definition of performance and KPI design.

XSprout created and published this white paper with the aim of providing insights into strategic return design for CVC managers and new business leaders facing these challenges, through a survey of the current situation and the knowledge of practicing companies.

"CVC Evolution 2026 Vol.02 - Prescription for Strategic Returns: KPI Design and Practical Knowledge"

Format: PDF (24 pages)

Publisher: XSprout Co., Ltd.

Contents (Table of Contents):

・Foreword: How are the results of co-creation measured?

・Introduction

About the "Prescription for Strategic Returns" Survey

The contradiction inherent in "Strategic Returns"

What are "Dual Achievement Companies" that balance results and tangible outcomes?

Four guiding lines for strategic return design

・Challenges and Insights

The reality of CVCs struggling with defining strategic returns: The attitude of tackling definitions and the attitude of continuous nurturing

A gap exists between the recognition of the need for KPIs and the reality: KPI setting is important, but companies are not reluctant to change it

Explaining strategic returns internally is a common difficulty across industries: Secure reporting channels and demonstrate progress with actual results

New challenges arise even after setting KPIs: Dual achievement companies continuously review their KPIs

・Conclusion: Three practices that underpin the prescription

・Event Report

How to communicate CVC performance: Discussion points and practical knowledge for visualizing strategic returns

"CVC Evolution 2026 Vol.02" Survey Overview

This survey is an industry-wide survey targeting major domestic companies with experience (or consideration) in corporate venturing and minority investments in startups.

The survey investigated aspects such as years of operation, investment performance, exit performance, business collaboration status, KPI design status, and organizational structure, with the aim of understanding the current state of definition, measurement, editing, and operation of strategic returns in CVC activities.

【Survey Overview】

・Target Audience: Personnel in charge at domestic companies involved in corporate venturing and startup investment

・Number of Valid Responses: 119

・Survey Content: Years of operation, investment performance, exit performance, collaboration performance, strategic return evaluation, KPI design/operation status, etc.

・Survey Objective: To grasp the actual situation of KPI design and operation for strategic returns and analyze success factors

□ Main Survey Findings

The survey revealed that while many companies emphasize strategic returns, they are not adequately measuring and evaluating their performance.

Furthermore, analysis of companies with both collaboration and exit achievements, defined as "Dual Achievement Companies," confirmed distinctive initiatives in the definition, measurement, and operation of strategic returns.

This white paper introduces:

・Challenges in defining strategic returns

・The reality of KPI design and operation

・Commonalities observed in Dual Achievement Companies

・Four discussion points for strategic return design, etc.

□ Event Report Featuring Participation from Many CVC Professionals Also Included

In the latter half of this white paper, a report from the event held on May 22, 2026,

"CVC Evolution 2026 Session #2: How to Measure Strategic Returns? - Setting Discussion Points and Overview for KPI Design"

is also included.

At the event, Kazuma Takahashi, CVC Manager, Open Innovation Promotion Office, Seino Holdings Co., Ltd., and Kazuko Wada, Leader, 3G Group, SU Growth Strategy Department, Open Innovation Promotion Headquarters, KDDI Corporation, participated as CVC practitioners. Together with moderator Ryohei Yamamori from XSprout, they discussed the concept of strategic returns and practical knowledge in KPI design and operation. The session shared perspectives such as:

・Shifting the focus of KPIs

・Measuring performance from multiple viewpoints

・Understanding the side effects of KPIs

In addition, lively discussions were held on practical issues faced by implementers, such as communication with management, collaboration with business units, and continuous operation within the organization.

This white paper provides a digest of that content.

Event Planned to Further Explore "CVC Evolution 2026 Vol.02"

(July 31st, Azabudai Hills, Tokyo)

This session will provide a 45-minute digest explanation of the essence of "CVC Evolution 2026 Vol.02."

We will convey specific key points for KPI design from a practical perspective, including the 3-layer model (performance, behavior, and foundation KPIs) and how to deal with the "distortions" that inevitably arise in KPIs, followed by a Q&A session with participants and a networking reception.

Date: July 31, 2026 (Fri) 17:00-18:30 (Reception opens: 16:30-)

Venue: TOKYO VENTURE CAPITAL HUB (Azabudai Hills Garden Plaza B, 5th Floor)

Operation: XSprout Co., Ltd. (Organizer), Mori Building Co., Ltd. (Operating Partner)

Participation Fee: Free If you wish to attend, please apply via the form below. https://forms.office.com/r/uXVsEHtha7

Regarding Viewing of This White Paper

If you wish to view this white paper, please apply via the form below.

https://forms.office.com/r/Q9HkZq1krp

XSprout Company Overview https://xsprout.co.jp

Company Name: XSprout Co., Ltd. (XSprout, Inc.)

Location: 5-9-1 Toranomon, Minato-ku, Tokyo

Representative: Shuu Kagawa, Takuya Matsumoto, Representative Directors

Established: December 8, 2023

Business Activities: Comprehensive advisory services for optimizing corporate venturing for business companies

XSprout provides comprehensive support for optimizing corporate venturing. We offer integrated advisory services from organizational setup to PR. In collaboration with eiicon and Spiral Innovation Partners, we provide a wide range of services, including partner search, support for open innovation execution, and CVC operation support.

* The information posted is as of the date of announcement. Please note that it may be subject to change without prior notice.