HomeResearch & Knowledgeback to HomeBusiness to Businessback to Research & KnowledgeNine Realms: Independent vs. corporate venture capitalback to Business to Business

Case Study

Nine Realms: Independent vs. corporate venture capital

By Salvatore Cantale, Janet Shaner, Matthew Simmons and Sune Stilling

18 pages

March 2023

Order this case study

Reference: IMD-7-2407

This case is designed to discuss the tradeoffs between independent venture capital (IVC) and corporate venture capital (CVC). Students also have the opportunity to analyze two startup investment opportunities based on Nine Realms’ criteria. The case concludes with a discussion about a strategic choice faced by Nine Realms: should it continue as an IVC, list on the stock market or shift to a CVC? This allows students to debate the tradeoffs between the two approaches for the individuals involved.

Learning Objective

Describe the pros and cons of IVCs and CVCs for corporates, individuals and startups
Analyze two startup cases in based on the Nine Realms investment criteria and make an investment recommendation
Assess the way forward for Nine Realms

Keywords

Business to Business, Entrepreneurship, Finance, Strategy, Corporate Venture Capital, Supply Chain

Settings

Europe, Denmark
Nine Realms, Finance and Insurance, Venture Capital, Logistics and Supply Chain
2021-2022

Type

Field Research

Available Languages

English

Related material

Teaching note

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Keep reading

Article

Are you unintentionally creating a toxic workplace?

Does your company’s official narrative hide a toxic workplace? Identify the reality gap, realign incentives, and restore trust for lasting performance.

Culture Leadership Performance Measurement Strategy

By Robert Vilkelis

in I by IMD

Article

From oversight to foresight - Natacha Theytaz

ISRAF: a four‑pillar framework that helps boards fuse strategy, risk, assurance, and foresight to anticipate disruption before it hits.

Corporate Governance Leadership Strategy

By Natacha Theytaz

in I by IMD

Article

Why the Fed is not ready to bet on AI just yet

Kevin Warsh focused his first conference as Federal Reserve chair on June 17 on a familiar problem: fast-rising prices fuelled by the Iran war. Yet another challenge facing central banks goes beyond the immediate inflation shock. As investors plac...

Artificial Intelligence Finance

By Karl Schmedders

in The National

29 June 2026

Article

What Huawei's chip strategy reveals about innovation under pressure

Elon Musk’s reported Terafab project and Huawei’s Tau Scaling Law look, at first glance, like two versions of the same trend: the return of vertical integration in semiconductors. But the similarity is superficial. Terafab, if it materializes, is ...

Innovation Strategy

By Mark J. Greeven and Wei Wei

in Forbes.com

27 June 2026

Video

Why Leading an Orchestra Is Like Leading a Business | IMD

Discover what business leaders can learn from leading an orchestra, from aligning teams and turning strategy into action through collaboration.

What the End of the Postwar Order Means for Business | I by IMD

Explore how the end of the postwar order is reshaping business strategy through resilience, localization, and adaptation to geopolitical change.

One move at a time: How mindset shapes true greatness

Meta description: From chess prodigy to global champion, Judit Polgár shows how mindset shapes true greatness through discipline, persistence, and performance.

Banking’s biggest digital shift - Ralph Hamers - IbyIMD

Ralph Hamers on leading banking’s biggest digital shift: why banks must be tech-forward and how AI could redefine financial advice.

Finance Innovation Leadership Strategy

By Murat Tarakci

in I by IMD

Article

AI as your personal thought-leadership partner

Learn how to partner with AI as your personal thought-leadership co-thinker, unlock flow, and accelerate complex decision-making.

Innovation Leadership Performance Measurement Strategy

By Paolo Cervini

in I by IMD

Article

Building the brain vs. wiring the body

Explore why the future of AI lies in coordination, not automation, and how combining US and Chinese AI strengths can create lasting advantage.

Innovation Strategy

By Howard Yu

in I by IMD

Are you unintentionally creating a toxic workplace?

By Robert Vilkelis
in I by IMD

Summary

Does your company’s official narrative hide a toxic workplace? Identify the reality gap, realign incentives, and restore trust for lasting performance.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Culture

Leadership

Performance Measurement

Strategy

Browse all topics

From oversight to foresight - Natacha Theytaz

By Natacha Theytaz
in I by IMD

Summary

ISRAF: a four‑pillar framework that helps boards fuse strategy, risk, assurance, and foresight to anticipate disruption before it hits.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Corporate Governance

Leadership

Strategy

Browse all topics

Why the Fed is not ready to bet on AI just yet

By Karl Schmedders
in The National 29 June 2026

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Artificial Intelligence

Finance

Browse all topics

What Huawei's chip strategy reveals about innovation under pressure

By Mark J. Greeven and Wei Wei
in Forbes.com 27 June 2026

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Innovation

Strategy

Browse all topics

Why Leading an Orchestra Is Like Leading a Business | IMD

By Rainer Hersch
in I by IMD

Summary

Discover what business leaders can learn from leading an orchestra, from aligning teams and turning strategy into action through collaboration.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Strategy

Browse all topics

What the End of the Postwar Order Means for Business | I by IMD

By Qiyu Xu
in I by IMD

Summary

Explore how the end of the postwar order is reshaping business strategy through resilience, localization, and adaptation to geopolitical change.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Geopolitics

Strategy

Browse all topics

One move at a time: How mindset shapes true greatness

By Judit Polgár
in I by IMD

Summary

Meta description: From chess prodigy to global champion, Judit Polgár shows how mindset shapes true greatness through discipline, persistence, and performance.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Strategy

Browse all topics

Banking’s biggest digital shift - Ralph Hamers - IbyIMD

By Murat Tarakci
in I by IMD

Summary

Ralph Hamers on leading banking’s biggest digital shift: why banks must be tech-forward and how AI could redefine financial advice.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Finance

Innovation

Leadership

Strategy

Browse all topics

AI as your personal thought-leadership partner

By Paolo Cervini
in I by IMD

Summary

Learn how to partner with AI as your personal thought-leadership co-thinker, unlock flow, and accelerate complex decision-making.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Innovation

Leadership

Performance Measurement

Strategy

Browse all topics

Building the brain vs. wiring the body

By Howard Yu
in I by IMD

Summary

Explore why the future of AI lies in coordination, not automation, and how combining US and Chinese AI strengths can create lasting advantage.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Innovation

Strategy

Browse all topics