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

eiicon Co., Ltd. (eiicon), which operates Japan's largest open innovation platform "AUBA", headquartered in Bunkyo-ku, Tokyo, with Ayuko Nakamura as President and Representative Director, announced on July 2, 2026, that XSprout Co., Ltd. (XSprout), a comprehensive advisory firm for corporate venturing optimization established as a joint venture between eiicon and Spiral Innovation Partners, headquartered in Minato-ku, Tokyo, with Osamu Kagawa and Yasutaka Matsumoto as Representative Directors, has published the 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 knowledge of practicing companies.

Click here to apply to view this white paper (XSprout form):

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 "what results CVC activities bring to business and management" both internally and externally.

While there are certain evaluation metrics for financial returns, strategic returns have different objectives and expected outcomes for each company, so there are no common metrics.

As a result, many companies operate while struggling with the definition of results and KPI design.

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

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

Format: PDF (24 pages)

Published by: 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 surrounding "Strategic Returns"

What are "Dual Achievement Companies" that achieve both results and positive feedback?

Four guiding principles for strategic return design

・Challenges and Insights

The reality of CVCs struggling with defining strategic returns: Attitude towards defining and continuous nurturing

Gap between recognition of KPI necessity and actual situation: KPI setting is important, but willing to change

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

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 factors such as years of operation, investment performance, exit performance, business collaboration status, KPI design status, and organizational structure, with the aim of understanding the actual situation of defining, measuring, editing, and operating 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 Results

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," revealed characteristic initiatives in the definition, measurement, and operation of strategic returns.

This white paper introduces:

・Challenges in defining strategic returns

・Actual situation of KPI design and operation

・Commonalities observed in Dual Achievement Companies

・Four discussion points for strategic return design, etc.

□ Event Report Featuring Participation of Many CVC Managers Also Included

The latter half of this white paper also includes 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"

At the event, Kazuma Takahashi, CVC Manager of the Open Innovation Promotion Office at Seino Holdings Co., Ltd., and Kazuko Wada, Group Leader of the 3G Group, SU Growth Strategy Department, Open Innovation Promotion Headquarters at 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 practitioners, such as communication with management, collaboration with business departments, and continuous operation within the organization.

This white paper provides a digest of that content.

Event Scheduled to Further Explore "CVC Evolution 2026 Vol.02" (July 31st, Azabudai Hills, Tokyo)

This session will provide a digest explanation of the "CVC Evolution 2026 Vol.02" in approximately 45 minutes.

We will convey specific key points for KPI design from a practical perspective, including the 3-layer model (performance, action, and foundation KPIs) and how to deal with the "distortions" that inevitably arise in KPIs.

Following this, there will be time for Q&A with participants and a networking session. ■ Date: July 31, 2026 (Fri) 17:00-18:30 (Reception: 16:30-)

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

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

Participation Fee: Free Please apply from the form below if you wish to participate. https://forms.office.com/r/uXVsEHtha7

Regarding Viewing of This White Paper

Please apply from the form below if you wish to view this white paper.

(XSprout Form)

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

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

Company Name: XSprout Co., Ltd.

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

Representative: Osamu Kagawa, Yasutaka Matsumoto

Established: December 8, 2023

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

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

eiicon Company Overview https://corp.eiicon.net/

Company Name: eiicon Co., Ltd.

Representative: Ayuko Nakamura, President and Representative Director

Date of Establishment: April 3, 2023

Headquarters: 2F Toranomon 36 Mori Bldg., 3-4-7 Toranomon, Minato-ku, Tokyo *Relocated to the above address on April 1, 2026.

Tokai Branch: Inside STATION Ai, 1-2-32 Tsurumai, Showa-ku, Nagoya City, Aichi Prefecture

Shizuoka Base: B1F FUSE, The ZAZA City Hamamatsu Chuo Building, 100-1 Kaji-cho, Chuo-ku, Hamamatsu City, Shizuoka Prefecture

Kanagawa Base (within WeWork Ocean Gate Minatomirai): 8F Ocean Gate Minatomirai, 3-7-1 Minatomirai, Nishi-ku, Yokohama City, Kanagawa Prefecture

Kansai Base (within KiP, Kigyō Plaza Hyogo): 56 Naniwa-cho, Chuo-ku, Kobe City, Hyogo Prefecture

Okinawa Base 1 (within Lagoon KOZA / KSA Works): 1-7-8 Chuo, Okinawa City, Okinawa Prefecture

Okinawa Base 2 (within Have a good day): 18-4 Higashi-machi, Naha City, Okinawa Prefecture

Singapore (eiicon Asia Pacific Pte. Ltd.): 20 Anson Road, #11-01 Twenty Anson, Singapore 079912

Business Activities: Operation of the open innovation platform "AUBA", event planning and support services, sourcing services, etc.

eiicon Co., Ltd. supports business creation through OI support tailored to the business phase of companies, using Japan's largest open innovation platform and hands-on consulting specializing in open innovation (OI).

What is Open Innovation?

A methodology of innovation proposed by Henry W. Chesbrough (USA) in 2003, which "creates innovative new value by combining internal and external media and technologies within a company." It is an approach that advocates for actively incorporating external collaboration, not just relying on internal resources.

Services offered by eiicon

Japan's Largest Open Innovation Platform "AUBA"

A web platform specializing in open innovation, the largest in Japan, with over 39,000 registered companies. It provides an all-in-one system for business creation, which leads to discontinuous growth and business survival. AUBA is a service for intentionally creating innovation. ISO 56001 certified.

https://auba.eiicon.net/

Cross-border Co-creation Platform for Overseas Companies to Support and Accelerate International Co-creation (Overseas Companies x Japanese Companies)

"AUBA for Global"

An open innovation platform that supports and accelerates approaches from overseas companies and organizations aiming for co-creation with Japanese companies and organizations. It provides support through innovation advisors, including connections with Japanese companies and organizations registered on "AUBA" and applications for acceleration programs operated by eiicon and AUBA for companies and local governments. We aim to accelerate encounters between overseas and Japanese companies by registering many overseas companies and organizations, mainly in Southeast Asia, and to create an environment where cross-border co-creation can occur more intentionally.

https://corp.eiicon.net/forglobal

Full Hands-on Support Service "AUBA Enterprise"

Including internal new business and open innovation projects, our consultants with extensive experience in business creation support design fully customized support according to the company's concerns and needs. We support business creation through support tailored to the company's phase, from business strategy support to creating specific opportunities for partner co-creation and team building support.

https://corp.eiicon.net/service/enterprise

Media to Vitalize Business "TOMORUBA"

A "media to vitalize business" for business professionals. It delivers information on fundraising, funding, joint research, and know-how for creating businesses from startups, SMEs, and large corporations across various industries and regions, as well as local governments and universities.

https://tomoruba.eiicon.net/

Major Awards

In December 2022, received the Excellence Award at the "4th Japan Service Award" for its innovative and excellent service.

https://service-award.jp/result04.html

In February 2023, received the Commissioner's Award of the Sports Agency at the "5th Japan Open Innovation Award" for its series of open innovation initiatives, including matching and co-creation between sports teams/organizations nationwide and partner companies through acceleration programs.

https://www8.cao.go.jp/cstp/stmain/20230120oip.html

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

FACT BOX

  • Source: PR TIMES
  • Category: 企業情報
  • Organizations: Spiral Innovation Partners / eiicon Asia Pacific Pte. Ltd.