Abstract
University spinoffs (USOs) have remarkably strengthened the linkage between universities and the industry. Number of technology patents and spinoffs coming out of university research has a significant impact on regional economic and social development. To further highlight the importance of university spinoffs the aim of this paper is to review the scholarly literature on university spinoff and present a comprehensive overview of what is a university spinoff, why is it important, what makes it significant and how university spinoffs are created/can be created. Besides reviewing the existing models of university spinoff creation, authors have also attempted to develop a stage model of university spinoff creation.
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