Cubo Itaú: Scaling Open Innovation at Latin America’s Largest Bank

Cubo Itaú, created in 2015 by Itaú Unibanco and Redpoint eventures, grew from a São Paulo hub into Brazil's largest corporate-backed startup ecosystem. By early 2025, CEO Paulo Costa faced a strategic crossroads: replicate the physical model internationally or deepen a digital-first global platform. The case examines how a large incumbent uses an open innovation ecosystem to access external knowledge, accelerate transformation, and create value, while balancing scale, curation, community intimacy, and measurable business outcomes.

Participants analyse why incumbents use open innovation ecosystems; examine value creation in a multi-sided platform serving startups, corporations, investors, and the sponsor; assess the tension between scaling and preserving density, trust, and curation; compare physical internationalisation and digital-first expansion; and discuss how AI may reshape the role of corporate innovation intermediaries.