This is a masterclass in why large corporations invest in startups. The value, the challenges. Why the core must focus on exploiting competitive advantages of today, while the corporate venture capital (CVC) arm must focus on exploring the future. The balance of exploitation and exploration, of strategic and financial opportunities, why the power law means you need to unlearn the distribution law, and how many times do you need to fold a piece of paper to reach the moon. Nicolas Sauvage is the President of TDK Ventures, the Corporate VC arm of TDK, a Japanese multinational electronics corporation. He oversees fundraising, portfolio investment strategy, and portfolio development for TDK Ventures and ranked #17 out of over 4,000 heads of corporate venturing units in the Global Corporate Venturing Powerlist 2022.