This work uses an evolutionary approach to organizational studies to make a comparison between the technology development in established companies and in academic spin-off companies. The objective is to analyze the following question: Do established companies and academic spin-off companies need different capabilities for technology development process? The several literature documents available were used as secondary evidence source. Both types of companies appear to be discussed independently, with different approaches. The conducted comparison was based on the list of document attributes including main discussed themes. These themes were considered as indicatives of capabilities suggestions to be developed in each type of company or in their development stages. The documents were evaluated on the presence or absence of attributes and they were grouped using binary cluster analysis. Based on cluster analysis results, a descriptive model of new technology based company’s capabilities development path was elaborated with evolutionary organizations logic view. It was demonstrated that, especially when the technology is highly innovative, the idea of capability development and business model construction is detached, both in spin-off and established companies.