01046nas a2200133   4500008004100000245005800041210005800099260000900157520058100166653003200747100001700779700001900796856009700815       2000                        eng d00aStrategic Value of Corporate Venture Capital Programs0 aStrategic Value of Corporate Venture Capital Programs  c20003 aCorporate 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.10aStrategy & Entrepreneurship1 aGobeli, Dave1 aMishra, C., S.  u/biblio/strategic-value-corporate-venture-capital-programs-0