Program Audit

Opportunity Assessment wheel No matter how successful a Corporate Venture Capital (CVC) program may be, it is not unusual for a management change, strategic repositioning, or series of deals gone bad to trigger a reassessment of the program’s direction or efficacy.

Synchrony’s Performance Audit applies the tools of Innovation Capital™ to reviewing the existing portfolio and helping clients refocus their efforts going forward. The tools used in the review vary from situation to situation and can include:

  • TechBriefs™: In many cases the root cause of strategic disalignment is inadequate or inconsistent communication between CVC professionals and internal stakeholders. Synchrony’s TechBrief™ is a structured tool which connects the CVC group with internal stakeholders to identify specific, actionable areas in which external innovation can make a major difference.
  • Targeting Review:  Venture capital is a relationship-driven business, and it is not uncommon for a CVC group to become defined by the network it has developed rather than by the needs of the parent company. The Targeting Review takes a fresh look at dealflow and dealflow sources to ensure that all relevant opportunities are available to the firm.
  • Portfolio Review: Senior management will often initiate a review of the firm’s CVC activities by requesting an external review of the existing portfolio.The Innovation Capital™ system provides an excellent framework for determining the relevance of existing investments while simultaneously beginning to refocus the CVC group on a path to renewed relevance.
  • TiCR Implementation: Questions as to a CVC program’s relevance are almost always dogged by the subjectivity inherent in different perspectives and varying levels of familiarity with the firm’s specific innovation needs. Synchrony’s Total Innovation Capital Returns™ (TiCR) system identifies discreet 'Gapportunities' and quantifies their value relative to strategic priorities; this creates an objective standard for setting CVC targets and determining the value of specific deals.

The goal of the Performance Audit is to provide an objective, unbiased review of the program and to generate an actionable plan for how to bring its activities more closely in line with the strategic priorities and innovation needs of the enterprise. It delivers to CVC managers and key internal stakeholders an independent view of the best approach to responding to environmental change, and the best path to engender future success.

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