Anchor firms are large, R&D-oriented firms that significantly impact the local economy. This study examines the conditions and mechanisms for the emergence and growth of spin-offs in a region following the closure or downsizing of an anchor firm. The literature on the loss of existing anchor firms and the emergence of spin-offs has only presented individual cases. Researchers have yet to attempt to find common mechanisms. This study extracts the following conditional factors from previous multiple case studies and investigates their relationships: anchor firm factor, spin-off factor, regional factor, and spin-off network factor. Using this framework, we studied past cases of spin-off creation, especially those related to Alps Electrics. This study contributes by specifying the factors facilitating spin-offs’ emergence and survival after an anchor firm’s closure or downsizing.