Corporate venturing (CV) is said to be most productive as a path to superior corporate performance when practiced in a strategic manner. Unfortunately, considerable ambiguity exists concerning what it means in an organizational practice sense to strategically pursue CV. The result is a failure of many companies to fully leverage CV for strategic purposes. Based on a review of the CV literature and findings from a field study of 15 Swedish, U.K., and U.S. corporations, this article describes several models that depict the ways in which CV and business strategy coexist as organizational phenomena. Empirically derived propositions are offered to suggest how some companies are strategically engaged in their CV efforts.