%0 Journal Article %A Chandra S. Mishra %A David H. Gobeli %T Strategic Value of Corporate Venture Capital Programs %D 2000 %R 10.3905/jpe.2000.319969 %J The Journal of Private Equity %P 55-64 %V 3 %N 3 %X 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. %U https://jpe.pm-research.com/content/iijpriveq/3/3/55.full.pdf