This research investigates the effects of financial and non-financial incentives offered to the managers of internal corporate ventures (ICVs) for contributing to overall parent company sales. Using agency theory in corporate venturing as a theoretical lens, we follow scholarship which suggests that companies actively manage entrepreneurial and risk-taking behavior through incentives and ownership shares. Our theorizing and an econometric tobit model on 244 hand- collected Spanish ICVs clarifies the relationship between financial and non-financial incentives as eliciting different types of motivation, different styles of collaboration, and overall different outcome realization mechanisms in ICVs.