Specific ‘interlinked-ambidextrous’ corporate venturing units address the challenge that few firms succeed to leverage corporate venturing for the strategic renewal of their competitive advantages. To examine their ‘strategic corporate venturing’ process, the study collects and analyses qualitative data from selected units in 16 European firms. The resulting themes are mapped into a processual model, including strategic renewal tasks, stakeholder management linking mechanisms, process activities, organizational capabilities, ambidextrous behaviors, and organizational antecedents. The key findings from the model provide valuable contributions, specifically a concretization of the strategic renewal task, the identification of strategic (portfolio) planning activities supported by ‘scoping’ capabilities, the behaviors of processual ambidexterity enabled by formal and informal linking mechanisms, and the combination of relevant organizational antecedents for the implementation of strategic corporate venturing.