Internal development of ("Intrapreneurship") and/or external minority investment in new entrepreneurial ventures has become a strategy of choice for businesses looking to stay ahead of the innovation curve. But there are a number of potential pitfalls that in-house counsel need to avoid in creating, structuring, negotiating, and implementing such a transaction. A panelist of in house and outside counsel will discuss a marketplace orientation, share their proven strategies for successfully spinning-off or investing in a new business, and point out the benefits and risks of home-grown enterprises.