Literature Review and Research Gap


Shane defines a university spin-off “as a new company founded to exploit a piece of intellectual property created in an academic institution” (2004a, p. 4). His definition includes three important aspects of a university spin-off. First, a new and independent company has to be incorporated, i.e., a new legal entity has to be formed. Second, the products or services the company offers are based on intellectual property. Shane notes that this piece of intellectual property does not have to be protected (e.g., by patents or copyrights) or licensed (2004a, p. 6). Many spin-offs exploit intellectual property without any protection. Finally, the intellectual property exploited has to be created in an academic institution.


Intellectual Property Venture Capital Initial Public Offering Entrepreneurial Orientation Critical Success Factor 
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© Deutscher Universitäts-Verlag | GWV Fachverlage GmbH, Wiesbaden 2007

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