Abstract
University spinoffs have remarkably strengthened the linkage between universities and industry. The 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 article is to review available literature on university spinoffs and present a comprehensive overview of what university spinoffs are, why they are important, what makes them significant, and how they are or can be created. In addition to reviewing existing models of university spinoff creation, we also propose a new, multi-stage, holistic model. The medieval university looked backwards; it professed to be a storehouse of old knowledge. The modern university looks forward, and is a factory of new knowledge.
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