Initial and Further Business Development: Highlights from Business Model, Open Innovation, and Knowledge Management Perspectives

Abstract

In a technological spin-off, initial and further business development is a two-stage challenge of survival and growth. Spin-offs' business development relies on the design and renewal of an adequate business model, effective open innovation, and advanced knowledge management. This study describes the initial and further business development of a successful spin-off, MEMS&Co, through a longitudinal case study. The business model benefited from specific revenue/investments streams from clients and was subsequently supplemented by new business models in novel applications. Open innovation offered a unique outside-in process from universities, suppliers, and research centres and then transformed into an advanced new process. Knowledge management focused on cross-technical knowledge modularity and subsequently on knowledge recombination.