<p>The purpose of this study is to construct new research agenda for corporate venturing (CV) in the non-profit sector. Despites the growing number of CV phenomena world widely in the academia organization, researchers have overseen the importance and devoted little efforts to examine functions of academic spin-off from the perspective of CV theory. In order to clarify the role of CV for the public research organization, we conduct the comparative four case studies of CV in the case of RIKEN. RIKEN is founded in 1917, Japan's largest comprehensive research institution renowned for most high-quality research in a diverse range of scientific disciplines. This paper reports preliminary findings in our case studies of RIKEN spin-offs for understanding the distinctive characters comparing the other CV types such as academic spin-offs. We examined the four CV companies in the points of organizational institution level, technology domain and executive team level, and knowledge hub system. As the results, we delineate new research framework composed by two axes; liberal and competitive institutional environment and CV accelerator system. Although each four case studies have several unique characters based on different technology domains, we could identify the common patterns in their commercialization process. Our research agenda have to be examined by the longitudinal approach in the future research.</p>