Corporate entrepreneurship (CE) remains an integral mechanism large, multi-divisional firms use to renew their capabilities through innovation. However, as years of research has shown CE remains difficult when firms are confronted with innovation that is of a breakthrough nature; where research suggests traditional business practices are often problematic. In particular, the governance of breakthrough innovation (BI) projects becomes increasingly difficult due to the high levels of uncertainty and ambiguity that characterizes BI. It is precisely because of this reason many companies have created New Venture Boards (NVB’s) internal to the organization where the NVB is responsible for actively managing BI strategy. We take inspiration from the board and strategy literature and use Agency-theory (AT) and Strategic-choice (SC) perspectives to investigate the role NVB’s may play in BI strategy either through control or guidance.