PART 1 3. SHORT-TERM AND LONG-TERM VALUE DRIVERS (YOU CANWIN BIG) Volkswagen, Samsung, Intel, Microsoft, Roche, No- vartis, Johnson & Johnson, Google and Merck are among the 10 biggest R&D spenders worldwide and all of them are already working with startups. On one hand, R&D and M&A are great ways to create value for corporations. On the other, working with startups helps mitigate the risks and reduces the time to market compared to the R&D and it comes at a lower cost compared to M&A. R&D Corporate Startup Engagement (CSE) M&A INSEAD #500CORPORATIONS 14