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This paper describes and discusses company spin-ins and spin-outs as a means to understand company growth in a dynamic context. The following question is asked: How can growth be understood in spin-ins and spin-outs of innovative firms? The paper suggests return on capabilities as a measure to understand growth in an open innovation context.

The empirical part of the paper consists of a single case study. Data was captured through interviews and secondary data sources.

The paper points to that resources alone do not explain strategic decisions by a company and how spin-ins and spin-outs result from the need for capabilities, changes in business foci and temporary solutions to deal with overcapacities or lack of alternatives.

The paper contributes to research by discussing contemporary issues in strategy and innovation and relating them to the resource-based view and the growth of the firm. Spin-outs, and acquisitions and divestitures as interlinked events have rarely been focused on in the literature, while they remain frequent phenomena in practice.

In 2003, there was a concern among policymakers that spin-outs were being given undue prominence in consideration of the research commercialisation performance of UK Higher Education Institutes (HEIs) (Lambert, 2003). The aim of this research was to investigate what issues lay behind the data reported on spin-out activity by UK HEIs in the period 1998–2002.

The purpose of this paper is to provide a comprehensive initial evaluation of the wealth transfer hypothesis as applied to the second‐stage events and announcements that follow carve‐outs during the period from 1983 to 2004.

Using daily security prices, such combinations are shown to have multi‐faceted wealth transfers and wealth creation.

In contrast with the wealth losses found in previous studies, wealth increases are observed for parent stockholders and bondholders in the spin‐off announcement and event phases for combination carve‐outs and spin‐offs. Also, the spin‐off is the most prevalent second divestiture choice for parents with traded debt.

This study makes several contributions to the literature. First, in contrast with recent wealth transfer studies that use monthly bond returns, daily stock and bond returns are used to examine the wealth effect for parent stockholders and bondholders during the announcement and ex‐dates of second‐stage events. Second, in contrast with previous studies that found a wealth transfer from bondholders to stockholders in the spin‐off phase, statistically significant wealth retention was observed for bondholders and for stockholders at spin‐off and other second event announcements. Third, the results reflect that increased collateral from the carve‐out phase lessens the potential for bondholder wealth loss in the spin‐off phase.

This paper aims to show that systemic methods and thinking can be used to develop useful tools to address problems open in traditional science, such as Newtonian physics, universal gravitation, planetary motions, and the three‐body problem.

Expanded on the yoyo model introduced earlier for general systems, a new figurative analysis method is introduced in this paper.

After establishing its theoretical and empirical foundations, this method is used to generalize Newton's laws of mechanics by addressing several unsettled problems in the history. Through the concept of equal quantitative effects, it is argued that this new method possesses some strength not found in pure quantitative methods. After studying the characteristics of whole evolutions of converging and diverging fluid motions, the concept of time is revisited using the new model. As further applications of the new method, one covers Kepler's laws of planetary motion, Newton's law of universal gravitation, and explains why planets travel along elliptical orbits, why no external forces are needed for systems to revolve about one another, and why binary star systems, tri‐nary star systems, and even n‐nary star systems can exist, for any natural number n≥2. By checking the study of the three‐body problem, a brand new method is provided to analyze the movement of three stars, visible or invisible. At the end, some open problems are cast for future research.

This paper shows for the first time in history that several well‐established laws in physics can be generalized using systemic thinking. Beyond that, an operative method of analysis is introduced to investigate problems that have been extremely difficult to handle in the scientific history. With adequate quantitative tools developed to accompany this method, it can be reasonably expected that an active systemic scientific era with a slightly different tilt from the contemporary science will follow shortly.

In this paper a comprehensive survey of spinning phenomena is attempted. The presentation is elementary in character, starting with the simple geometry of the spin, then dealing with autorotation, including wing‐dropping tendencies, passing on then to a consideration of aerodynamic pitching and yawing moments, and finally some attention is given in turn to the incipient spin, the steady spin and recovery. The arguments are in the main qualitative so that a student of the subject may first familiarise himself with the fundamental principles. A bibliography is given which includes all the important papers published on the subject within the last few years, together with a few which are now more of historical interest. Most of these reports emanate from the A.R.C. and N.A.C.A. and due acknowledgment is made of the source of some of the experiments which have been taken in illustration of the points made. Although not the urgent problem that it once was, the subject of the spinning of aeroplanes continues to occupy a prominent place in the programmes of various research establishments, both here and abroad. Because both of the complexity of the phenomena involved and of the great importance that an ultimate solution should be found it has continued to be since the war one of the most difficult and protracted problems in aeronautics. Owing to the body of experimental data which has been gradually built up, model and full scale, designers now know what peculiar properties in an aeroplane are liable to prove dangerous as far as recovery is concerned. There is unfortunately no mathematical precision about this process and the fact that machines can still be built which, unless they are tested in the spinning tunnel and the necessary modifications made, might become uncontrollable in a spin should be sufficient to indicate that a final solution is far front having been achieved. It seems exceedingly unlikely that there will ever be sufficient experimental evidence to enable a designer to predict confidently that his machine, if it be perfectly orthodox, will not have some vicious spinning tendency. On the other hand, any designer could build a perfectly safe aeroplane from the point of view of spinning if due regard had not to be paid to other items of performance and safety. The necessity for compromise in design becomes a major problem when spinning is one of the factors that have to be taken into account. There is ample evidence that this problem is being resolutely tackled by designers. All the same, the present position cannot be regarded as satisfactory and, unless some new device is produced which will remove autorotation from the possible regimes of an aeroplane, we must continue to progress along already well‐tried lines.

The role of the university in the 21st century is rapidly changing, reflecting a growing interest in the commercialisation of university knowledge among scholars and policymakers. University spin-offs (USOs) represent one mechanism for commercialising knowledge that are attracting considerable attention because of their potential to (a) enhance local economic development, (b) assist universities in their major mission of teaching and research and (c) generate high-performance firms (Shane, 2004). Indeed, one study by Bray and Lee (2000), based on a small US sample, found that on average, technology transfer offices earned a higher return from equity stakes in their USOs, even allowing for a 50% failure rate, than from the average licensing agreement.

Following the triple helix (TH) model and the way knowledge is transferred into the industry domain, this chapter aims to define features interface that should be implemented in order to facilitate the University–Industry (UI) relationship and thus encourage the spin-off creation.

In order to support this relationship, a new business model configuration of an entrepreneurial ecosystem is proposed, aiming at creating a sustainable environment, where business entities can grow. The field of the Governance of Entrepreneurial Ecosystems is also investigated in order to define a framework for launching, developing, and sustaining a company over time.

This chapter presents a case study developed within the University of Salento (Italy). It capitalizes results from three different research analyses, based on questionnaires and interviews with actors of the spin-off network (professors and researchers, graduating students, admin-tech staff of the Technology Transfer Office, spin-offs’ CEOs/Associates, and R&D managers of external companies) and on results coming from scientific publications and regional/national reports in the innovation context.

A research methodology based on semantic network analysis and sentiment analysis has been applied in order to identify which features an interface should implement in order to facilitate the UI relationship and encourage the spin-off creation.

To support the start-up overcoming the “death valley,” the creation of a link between the strategy used to transfer value to the market and the phase of innovation is proposed inside the business model configuration. Some aspects of a governance model of an entrepreneurial ecosystem were also presented in order to support the business evolution of a single business entity and assuring sustainability over time.

The aim of the paper is to present a theoretical approach and an empirical analysis of factors affecting the spin-off creation, as although research on spin-off has increasingly received attention in recent years, few studies have focused on the main factors of the spin-off creation.

Considering the exploratory nature of our research objectives, the Université Libre de Bruxelles cases were chosen to evidence macro-, meso- and microfactors that affect the university's ability to create a spin-off.

Many factors that affect the spin-off creation were evidenced.

A multilevel perspective for the spin-off analysis was offered.

The purpose of this paper is to identify whether the entrepreneurial activities of universities in the UK can be statistically grouped together.

This paper is performing a principal component analysis (PCA) of the 2009/2010 UK Higher Education Business and Community Interaction Survey (HE-BCIS) data for the third stream activities of universities in the UK.

The PCA of the 144 included institutions identified four groups of entrepreneurial activities being engaged in by universities in the UK. Three of the four groups were related to spin-offs, labelled as “Staff Spin-off Activity”, “Non-HEI Owned Spin-Off Activity” and “Graduate Start-up Activity”. The remaining factor has been named “University Knowledge Exploitation Activity (UKEA)” and encompasses a wide range of university knowledge creation, exchange and exploitation activities.

The research indicates, through a ranking system for each university for the various groups of entrepreneurial activities, that universities are often entrepreneurial in just one or two of the groups of entrepreneurial activities identified by the PCA. Identifying what is causing those differences is required to further understand why we see this variation across the HE sector.

The use of a PCA to identify groups of entrepreneurial activities is a novel approach. Typically studies use a select few indicators, such as spin-offs or patents to analyse the entrepreneurial activities of universities. This study uses PCA to group together statistically related activities which can then be used to identify what is driving these groups of activities in future studies.

This chapter examines the processes of entrepreneurial network and capital formation at a university-based incubator. Incubators could help overcome start-up firms to gain access to entrepreneurial networks and credibility with external stakeholders, by supporting the entrepreneurial processes including the acquisition of variety of capitals and resources. However, the actual evidence on the effectiveness of incubators as a policy tool for business support has been rather contested. This chapter makes a contribution to the entrepreneurship literature by addressing the underlying processes of incubation as a key factor critical to achieve accelerated firm growth at the university-based technology incubator. Drawing on interviews and survey of start-up firms at a university-based incubator, co-evolution of business models with capital mobilisation and re-combination of resources is illustrated. The chapter concludes by arguing that more detailed processes and trajectories of ‘soft starter’ business model would contribute to the understanding and development of policy support for entrepreneurial processes.