EPISODE · Oct 19, 2022 · 48 MIN
Scott Gunther: The CVC world of IAG Firemark Ventures
from Scouting for Growth · host Sabine VdL
On this episode of Scouting for Growth, Sabine VdL talks to Scott Gunther, General Partner at Firemark Ventures, the corporate venture capital fund of IAG, based in Australia. Scott has been at IAG for over 10 years and has been running the Venture fund for over 6 years. With strong expertise in marketing customer experience, among others, Scott wanted to bring something new to the group by opening his doors to the external world to ensure its resilience and relevance for the very long term. During this podcast, the pair discusses Scott’s path to CVC Land, and what IAG Firemark Ventures does to remain on top of its game. They also cover the topic of talent, talent, and talent, and what remote working means for Scott and his team. Finally, they discuss best practices for startups, scaleups, corporate innovators, and investors wanting to build their corporate venturing arm. KEY TAKEAWAYS Everything we hear, see, and experience in the startup world today is not new; it happened way back during the dot-com boom. That’s where I started, and I couldn’t ask for a more impressive grounding, working for one of Australia’s largest companies and trying to set something up – 90-day sprints to try to launch businesses, products, and services, and thinking about the World Wide Web before it became the World Wide Web, eCommerce, and the like. At the time, as a young man coming out of university, I probably had no idea what the future held for me. A fundamental part of why we do what we do is to bring the outside world into our own enterprise and transform how we deliver insurance. That means every day is different because you’re starting to look at global macro trends, different markets to see what’s working, and different parts of the customer journey. We’re working today with business-to-consumer businesses, Agritech, or AI businesses; there are no two days that are the same. The more that you can experience, whether it’s industry or role, function or geography, it really sets you apart from the rest to have this flexibility. Successful CVCs across the world are made up of teams that have really diverse skill sets. CVCs succeed or fail depending on their recognition that they’re part of something bigger and that the corporate HQ sets the primary direction and purpose. At IAG our purpose is to make your world a safer place, we’re there to insure customers, their assets, businesses, livelihoods, and a whole heap of other different risks. But also, if an incident or a claim happened, to be there to help them to recover. Working for an organization that is very purpose-driven gives you something to work backward from and something to aim for, like the North Star. Any CVC has to make sure that they’re not just a little adjunct of a corporation; they’re a really integral part of the business, and as a consequence, you really have to know your business inside and out. When we put our investment thesis together, we had to get razor-sharp on the things that you can and can’t do. You might want to invest in every market, look at startups at different stages, and invest different amounts. When you first get going you need to give yourself guardrails, like not investing in series c stage scaleups for instance. For instance, our CVC does not lead investment rounds. We do not invest in certain markets. As we evolve, we will adjust, refine, and expand our investment thesis, which will improve over time. BEST MOMENTS ‘I’ve always been a believer in breadth and depth of experiences, and my journey took me to different parts of the business world, but also into very relevant adjacent verticals too.’ ‘Insurance is something you fall into, and if you fall into it, you stay there.’ ‘Those CVCs who are really intrinsically in tune with understanding changing business models, but also the relationships across businesses and our industry, are the ones that are probably more successful.’ ‘Innovation is something that anyone in an organization should aspire to do. If you’re not moving forward, you’re standing still, and if you’re standing still, realistically, you’re going backward.’ ABOUT THE GUEST Scott Gunther is a corporate venture capitalist (CVC) & startup enthusiast. Scott partners with business leaders every day to help them identify and understand strategic opportunities to achieve digital transformation and customer growth. With years of experience designing future state digital-first businesses and delivering transformation programs across multiple industries, Scott possesses the unique skills and experience of both strategy and execution - a differentiator at the board table for both blue chip and emerging businesses. ABOUT THE HOST Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet. If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights. And if you’re interested in sponsoring the podcast, reach out to the team at [email protected]
What this episode covers
Corporate venturing doesn’t fail because of startups — it fails when corporates forget why they exist in the first place. In this episode of the Scouting for Growth Podcast, Sabine VanderLinden speaks with Scott Gunther, General Partner at Firemark Ventures, the corporate venture capital arm of IAG in Australia. With more than 10 years inside IAG and 6+ years running its venture fund, Scott offers a grounded, experience-rich view of what actually makes corporate venturing work — and what quietly breaks it. Scott’s journey into CVC land didn’t start with buzzwords. It started during the dot-com boom, inside one of Australia’s largest corporates, running 90-day sprints to launch new digital businesses before the internet was even called the internet. That era shaped his mindset: technology cycles repeat, hype comes and goes, but execution, discipline, and customer relevance endure. At Firemark Ventures, the mission is clear: bring the outside world into the enterprise to future-proof how insurance is delivered. That means scanning global macro trends, learning from adjacent industries (from Agritech to AI to B2C platforms), and applying those insights back into IAG’s purpose: to make the world a safer place. For Scott, purpose isn’t a slogan — it’s the North Star that keeps the venture arm aligned with the core business. One of the strongest messages in the episode is this: CVCs only succeed when they see themselves as integral to the enterprise, not an innovation sidecar. That requires deep understanding of the core business, strong relationships with internal leaders, and humility about what the venture arm can — and cannot — do. Scott is refreshingly honest about guardrails. When Firemark launched, they made deliberate choices: They don’t lead investment rounds They don’t invest in certain markets They avoid late-stage deals early on Those constraints weren’t limitations — they were focus mechanisms. As the fund matures, the thesis evolves, but clarity upfront prevented distraction and internal confusion. This discipline is what allows Firemark to stay strategically relevant while adapting over time. Talent is another recurring theme — and Scott doesn’t mince words: diverse experience beats narrow expertise. The most successful CVC teams combine breadth and depth across industries, functions, and geographies. Add remote work into the mix, and suddenly the talent pool becomes global — if leaders are willing to trust outcomes over optics. For startups and scaleups, Scott’s perspective is equally valuable. Corporate investors are not just capital providers — they are long-term strategic partners. But they operate within constraints of purpose, governance, and enterprise reality. Understanding that context is critical to building durable partnerships. This episode is essential listening for: Corporate leaders building or refining CVC arms Startup founders working with strategic investors Innovation leaders navigating internal alignment Investors balancing strategy, discipline, and growth As Scott puts it, innovation is not optional. If organisations aren’t moving forward, they’re standing still — and in today’s market, standing still means falling behind. Corporate venturing done right isn’t about chasing the next shiny thing. It’s about staying relevant — on purpose — for the long term.
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Scott Gunther: The CVC world of IAG Firemark Ventures
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