Corporate venturing means creation of new businesses through incorporation of entrepreneurship by big businesses. Many successful examples are found in both new industries and commodity markets in which large companies establish cross-border "win-win" collaborative relationships with venture businesses. In Japan, however, relatively few cases of corporate venturing can be seen as successful, chiefly because of overestimation of technology as the linking factor of big businesses and venture companies. Analysis of several exemplary cases in Japan shows that their strategies focus generally on the innovative forms of services, new business models, or exploitation of new markets (mostly in Asian countries) instead of novel technologies. A key factor for successful corporate venturing is the leadership of the top management in mobilizing the entire organization and creating a corporate culture favorable for risk taking.