How Corporate Venture Capital 2.0 is Reshaping M&A with Jennifer Miller

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Sep 23, 2025

Jennifer Miller, Senior Director of Corporate Development at Oshkosh Corporation, shares her extensive expertise in M&A and corporate venture capital. She discusses the evolution from financial-focused CVC 1.0 to the strategic innovation partnerships of CVC 2.0. Jennifer reveals how to efficiently manage over 400 deals annually, emphasizing thematic prioritization and rapid technical assessments. She also provides insights into structuring IP agreements to foster collaboration while safeguarding both corporate and startup interests.

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INSIGHT

Start Sourcing With Customer Needs And Tech Gaps

Sourcing begins with voice-of-customer and internal tech priorities, not just cold outreach.
Jennifer Miller stresses aligning market needs and internal build-versus-buy choices before hunting startups.

ADVICE

Diligence The Partnership Before Investing

Run technical diligence and partnership-fit checks before committing capital.
Tell startups upfront that partnership viability drives investment decisions more than pure financial metrics.

ADVICE

Get Info Rights, Not Burdensome ROFRs

Negotiate information rights and observer seats to stay informed about future M&A without blocking exits.
Avoid onerous ROFR terms that deter acquirers and limit startup growth.

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Jennifer Miller - Senior Director of Corporate Development, Oshkosh Corporation

Jennifer Miller, Senior Director of Corporate Development at Oshkosh Corporation, brings over 24 years of M&A experience spanning investment banking, boutique advisory, and corporate development. In this episode, she reveals how Oshkosh evolved their corporate venture capital approach from CVC 1.0's financial focus to CVC 2.0's strategic innovation partnerships. Jennifer shares practical insights on managing 400+ deal flow annually, structuring IP agreements, and balancing minority investments with traditional M&A within a single corporate development function.

Things You'll Learn

CVC 2.0 Framework: How to evolve from pure financial returns to strategic innovation partnerships that accelerate technology adoption
Deal Flow Management: Systematic approach to evaluate 400+ companies annually using thematic prioritization and rapid technical diligence
IP Structuring: Strategic methods for negotiating exclusivity, co-development agreements, and future acquisition rights without limiting startup growth

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The Buyer-Led M&A™ Summit is back.The virtual event built for dealmakers who want to eliminate chaos and take control from sourcing through integration. 📅 October 30, 2025 🕚 11:00 AM – 2:30 PM ET 💻 Free & Virtual Learn from leaders who've built scalable, repeatable strategies that keep deals on track - Register now.

____________________ Today's episode of the M&A Science Podcast is brought to you by Grata!

Grata is the leading private market dealmaking platform. With its best-in-class AI workflows and investment-grade data, Grata helps investors, advisors, and strategic acquirers effortlessly discover, research, and connect with potential targets — all in one sleek, user-friendly interface. Visit grata.com to learn more.

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Episode Chapters

[00:02:30] Corporate Development Evolution – Jennifer's 24-year journey from investment banking to strategic partnerships

[00:05:00] CVC 2.0 Philosophy – Shifting from financial investments to innovation-first partnerships

[00:10:00] Balancing M&A and CVC – Managing traditional acquisitions alongside minority investments in one team

[00:16:00] Proof of Concept Budget – How Oshkosh funds cross-business unit technology pilots

[00:20:30] Deal Flow Sourcing – Processing 400+ companies annually through thematic prioritization

[00:24:00] IP and Acquisition Rights – Structuring exclusivity and information rights without limiting startup exits

[00:31:00] Strategic Value Proposition – What startups gain from corporate investors beyond capital

[00:36:00] Integration Management – Preventing startup overwhelm while ensuring technology adoption

[00:41:30] Startup Positioning Advice – How entrepreneurs should approach strategic versus financial investors

Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.