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.