There are spinouts and lousy ones. What differentiates them? We look at what `any' start-up needs to do to be successful. In this presentation, we ask and answer the following questions: (1) What is important in deciding which projects to spin-out? (2) What is not important, (3) What is going to be needed to take the company beyond seed money to am A round. (4) Why we need to learn to accept failure if we are serious about this business, (5) Why should a university spin out companies?, and (6) Where do venture firms fit in?