How corporate ventures should be managed inside an organization is an intriguing question that has kept many researchers and practitioners occupied. The most basic idea is that raising ventures is different from mainstream activities and should therefore be organized in autonomous New Venture Divisions (Burgelman, 1985; Block and MacMillan, 1993). Notwithstanding the benefits of this approach, performance of most venture units is still mediocre at best. We deviate from accepted knowledge in the venturing literature by arguing for an open innovation approach towards the venturing process. That is, companies should have several units that are each responsible for one single phase in the venturing process instead of the traditional view of one unit being responsible for all phases in the venturing process. The key question this study addresses is what are the consequences of managing the venturing process through different units?