TY - JOUR T1 - Strategic Value of Corporate Venture Capital Programs JF - The Journal of Private Equity SP - 55 LP - 64 DO - 10.3905/jpe.2000.319969 VL - 3 IS - 3 AU - Chandra S. Mishra AU - David H. Gobeli Y1 - 2000/08/31 UR - https://pm-research.com/content/3/3/55.abstract N2 - Corporate venturing activities, driven largely by the need to be competitive in the Internet Age, have out-paced the accompanying theory on how such programs can create value. This article presents a framework for understanding value creation through a firm's venture capital programs. The framework includes two stages of value creation: a firm creates value through building technology equity and brand equity, and then corporate venturing programs can multiply this value. A mediating variable, free cash flow level, is included to allow for effective use of venture funds. ER -