Innovation

The strategic management of internal corporate venturing (ICV) presents a major challenge for many large established firms. The author's conceptualization of ICV suggests that vicious circles and managerial dilemmas typically emerge in the development of new ventures. These problems are exacerbated by the indeterminateness of the strategic context for ICV in the corporation, and by perverse selective pressures exerted by its structural context. This article presents four major recommendations for improving the effectiveness of a firm's ICV strategy.