This management book documents the remarkable transformation of DSM, first from a coal mining company to a commodity chemicals producer and then in the last two decades to the life sciences & materials sciences company it is today, with its strong focus on biotechnology. The book gives an inside view on the ?strategic learning cycles? that have driven this evolutionary transformation. It also discusses the company traits that have contributed to its ability to adapt, grow and prosper. Renowned business schools such as IMD and Babson have accompanied the second transformation of DSM through their executive education programs. The book documents this support and draws lessons for long-term collaboration between companies and the business school world.