Although central to the success of internal venturing programs, the evaluation and selection of entrepreneurial initiatives has surprisingly received only limited attention by extant corporate entrepreneurship research. Despite the recent upsurge of interest in selection-related issues, to date, empirical evidence on how corporate venturing decisions are made is rather scant. In this paper we explore, based on an interview approach, the actual evaluation and selection process of internal corporate ventures and the underlying decision-making criteria. Furthermore, drawing on archival data analysis, we examine possible differences in the criteria used to evaluate and select ventures at different stages of development.