This paper aims to establish the effective internal corporate venturing(ICV) process in Korea. Based on the research framework composed of ICV stages such as i) idea generation, ii) new venture team formation, iii) venture execution, and iv) application of venturing results, case studies are performed including two overseas firms (3M, Xerox) and five Korean firms. The results of this paper can be summarized as follows. First, the ICV process of Korean and overseas firms follows a sequence of stages. This paper examines characteristics of each ICV stage. Second, the types of ICV in Korean firms are somewhat different from those of US firms. The differences and implications are explained in this paper. Third, ICV projects in Korean firms can be categorized into three types such as i) technology application type, ii) new business activity type, and iii) related diversification type according to purposes of their ventures and relatedness of ICV business areas with existing ones. Characteristics and issues of each type are discussed in this paper. Finally, strategic decision flow and guidelines are presented based on the case studies.