Corporate Venturing is not a new phenomenon... it's been around for decades. But there's a growing number of large companies creating business development organizations aimed at leveraging their I/P portfolio through external licensing and/or partnership. Some are setting up groups to scour the globe for external innovators who may be able to bring new ideas and future potential sources of growth to these companies. Henry Chesbrough, in his book Open Innovation provided many examples of this trend, with a particular focus on Lucent and Intel. Today, there are many other examples, including Philips Medical, Kimberly Clark, P&G, Delphi, to name a few. Not every company can or should set up their own new ventures group... but they should be focused on moving beyond "not invented here" to "finding the best ideas and technologies where ever they are".