GigaOm has obtained the full text of a Cisco memo that covers the company’s decision to create a “spin-in” company that is funded by Cisco and designed to be acquired by Cisco down the road. The company memo covers the facts of the deal, but also goes into the problems the company has in creating new product lines efficiently and creatively. In the end, it all breaks down to a company that is so riddled with management layers and extraneous bureaucracy that it can’t innovate without creating externally managed subsidiaries.

[Source: GigaOm]