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The purpose of this paper is to identify the minimum conditions for the formation of an ecosystem that favours the emergence of spin-offs whose parent company is a family business.

Three family companies that have experienced processes supporting the creation of new companies led by family members were used for this exploration.

The findings show that it is possible to form an ecosystem with five basic components from which other factors of a different kind are derived, and that would favour the minimum conditions for new companies to emerge from the family business.

Spin-off companies have received valuable recognition in recent years. The vast majority of research on spin-offs considers those arising under the protection of a private innovation centre, a corporation, or university. This research gives more breadth to this coverage, by studying the emergence of spin-offs that rely on the family business as the parent company.

Esta investigación tiene el objetivo de identificar las condiciones mínimas para la conformación de un ecosistema que favorezca el surgimiento de empresas Spin-Off a partir de la empresa familiar como empresa madre.

Para esta exploración se tomaron tres empresas familiares que han experimentado procesos de apoyo a la creación de nuevas empresas lideradas por los miembros de la familia.

Los hallazgos muestran que es posible conformar un ecosistema con cinco componentes fundamentales a partir de los cuales se desprenden otros factores de diferente índole que propiciarían las condiciones mínimas para que emerjan nuevas empresas a partir de la empresa familiar.

Las empresas Spin-Off han tomado un valioso reconocimiento en los últimos años. La gran mayoría de investigaciones sobre empresas spin-off se ocupan de aquellas que surgen bajo el amparo de un centro de innovación privado, una corporación o una universidad. Esta investigación da más amplitud a esta cobertura, al estudiar el surgimiento de spin-off que se apoyan en la empresa familiar como empresa madre.

The purpose of this paper is to combine studies that describe the spin-off creation process with studies that analyze spin-off determinants to understand the phenomenon of spin-off development.

This paper proposes a theoretical framework to improve our understanding of academic spin-off development in southern Italy. Following a systematic combining approach, the framework is constructed by iteratively matching the concepts derived by the literature on spin-off processes and spin-off determinants with the empirical findings obtained through a case study of 19 spin-offs in southern Italy.

The combination of empirical results and literature analysis helps us to identify a general model for spin-off creation that could be particularly useful to explain the criticalities of their development.

This paper provides implications for policy-makers in southern Italy regarding factors for which intervention would support the creation of new spin-offs. This study also provides useful implications for policy-makers in other contexts, such as areas that may or may not be at a disadvantage.

The resulting framework represents an original contribution to the literature because it: links two aspects – the stages of spin-off creation and determinants of spin-off development – which are often considered separately in existing studies; explores factors that either impede or facilitate the different stages of spin-off development; provides a series of findings that can be successively tested in other studies; and sheds more light on the context of southern Italy, which has been investigated in only a limited number of previous studies.

This study aims to analyze the effectiveness of the spin-off policy which includes clarity of objectives and criteria, implementation and monitoring and evaluation functions.

The method used is a qualitative method with a theme approach and the analytical hierarchy process (AHP). Data were obtained from the results of focus group discussions and AHP questionnaires with informants from Indonesian Sharia Insurance Association (AASI), the sharia life and general insurance industry, the Sharia Supervisory Board, the government and regulators.

The results of the research are the effectiveness of the clarity of goals and criteria has not been realized optimally, the effectiveness of increasing profitability has not been realized, and the effectiveness of the monitoring and evaluation functions by the government and regulators has been realized. The supporting factor that has the highest level of importance is the role of the government and regulator.

The limitation of this research is that it has not used a wider range of profitability test tools and projections. The theoretical implication of this research is as a reference for robust research in identifying spin-off success factors because this study uses a mixed method where qualitative methods are used in the study using data from theory and expert informants from three parties: regulatory parties, associations (AASI) and the insurance company (life insurance and general insurance). These results form the basis for compiling a questionnaire with a quantitative method so that the data is become relevant based on theory (design) and practical side.

Practical implication of the study is that the Islamic insurance industry has to prepare to achieve condition of Tabarru funds and the investment reaches 50% of the main insurance fund. AASI, as the sharia insurance industry organization, continues innovating the most suitable form of spin-off that can be achieved by the Sharia business unit and also continues to coordinate with regulators to discuss existing problems. The government and regulators also support the implementation of the spin-off by providing convenience in various aspects such as spin-off period relaxation and government incentive and relaxation to enhance sharia insurance industry.

The contribution of the results of this research for the government and regulatory agencies is as input in setting policies and regulations related to spin-offs, for the industry is expected to be more prepared in terms of resources, commitment and strategy.

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.

Wall Street loves spin‐off announcements, but do spin‐offs actually increase shareholder value?

Academic knowledge can be put to use in a commercial environment in several ways. One such mechanism to transfer knowledge to the market place is the start of a new, separate company, termed an academic spin-off company, with the aim to commercially develop and exploit the knowledge generated in the university (Fontes, 2003). In 1999, the Dutch Ministry of Economic affairs published a paper stating that the number of high-tech start-ups in the Netherlands lags behind compared to other EU countries and the United States. Subsequently, initiatives were started to stimulate commercial exploitation of knowledge generated within universities. A specific initiative by the Dutch government in the area of the Life Sciences was the so-called Biopartner programme. This was started in 2000 with the objective to enhance the business climate for start-ups in the Life Sciences and to realize 75 start-ups within 5 years (Dutch Ministry of Economic Affairs, 1999). Actions were directed toward increasing awareness, stimulating starters, establishing facilities like a seed fund and academic incubators, and promoting the commercialization of academic knowledge within universities. A few years later, the Technopartner program and the Valorization Grant were implemented with similar instruments aiming at scientists in universities (Dutch Ministry of Economic Affairs, 2003).

In the continuation of a growing trend, last year more than 60 companies divided up their assets and sent a business unit out on its own into the world of freestanding, publicly traded companies. These spin‐offs represented more than $170 billion in new market capitalization. Some of them emerged ready to be on their own. Others have struggled with their newfound independence. Most wanted to “dramatically reshape their world.” Some have been faster than others to realize this aspiration.

Starting from corporate entrepreneurship, spin-off entrepreneurship and business model theory, this paper aims to examine the key influential factors and inherent mechanism in the process of business model transfer from parent enterprise to spin-off start-ups.

Grounded theory method is fit for constructing theoretical models, which can discover and interpret phenomenon and activities. According to the guidance of theoretical sampling and other core principles in grounded theory, this study extracts two parent enterprises named Haier and Phnix and lots of spin-offs derived from them.

This paper presents the theoretical framework that business models transfer from parents to spin-offs and probes into the embedding logic and connection relationship between factors and categories in this process, such as preconditions, incubation veins, business model elements, stripping mechanism and independent operations.

Although this study is focused on the manufacturing industry, the main characteristics, comparative advantages, governance rules summarized from transfer activities of business model in spin-off entrepreneurship can also bring inspirations to both parent enterprises and spin-off start-ups.

Excavates process and mechanism of business model transfer from internal to external, extends the theoretical perspectives about existing related theories such as corporate entrepreneurship, spin-off entrepreneurship and business model theory and reveals new approaches and methods on business model design, which is different from the past way.

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.

The paper is concerned with spin‐off firms and the process by which a new firm is created and formed from a university. The objectives are to examine characteristics of firms generated by this process, and the intensity of the spin‐off firms' network activity with the parent organisation and the local environment during this process.

The findings are based on a case‐study consisting out of three firms spun‐off from a research centre at Linköping University in the area of visualisation and computer graphics. The source data are gathered from semi‐structured interviews. No generalisation should be drawn from this study due to the small number of firms interviewed and the scope of the technological area addressed.

The results show the importance of collaboration between the university spin‐off, with both the parental organisation and outside organisms, to acquire external competencies in the technological area. The parental organisation plays a pivotal role in the spin‐off process, especially in its early stage where its catalyses the emergence of the business idea by supporting the spin‐off firm with infrastructure and expertise in a specific field of mentorship. However, as the spin‐off evolves, this pre‐incubation service complements yet more support services of municipality and region, which stand to be more important in the technological and business development of the spin‐off.

University spin‐offs have an important place in the innovation process, but their promotion must be part of a wider policy package encouraging networking not only with the host university, but with industry and the public sector as well. For universities and public research organisations, it is advisable to take a more active role in the spin‐off process beyond the pre‐incubation stage.