Companies too often vacillate in their commitment to internal corporate venturing activities, leading to less than optimal outcomes. Executives need to better understand — and manage — the factors that drive cyclicality in internal corporate venturing. Thirty years of systematic study of internal corporate venturing has revealed that many major corporations experience a strange cyclicality in their ICV activity. (See “About the Research.”) Periods of intense ICV activity are followed by periods when such programs are shut down, only to be followed by new ICV initiatives a few years later. Like seasons, internal corporate venturing programs begin and end in a seemingly endless cycle.