Innovation acquires value only when it is applied within government or industry. Getting real value out of innovation is a time-consuming and sometimes difficult process, requiring vision and perseverance as well as market proximity and capital. Where the market does not do this autonomously (market imperfection), TNO Companies can bridge innovation and valorisation through risk-bearing connections with industry and external investors. Through its external orientation, attitude and business morality, TNO Companies fulfils a crucial role for TNO in the valorisation process.