The University and the Start-Up:Lessons from the Past Two Decades

This paper explores one of Edwin Mansfield's enduring interests: the interface between academia and industry. It highlights some key lessons regarding the management of university-based spin-outs, drawing on a variety of sources. I highlight the challenges that the spin-off process poses, the impracticality of directly financing firms through internal venture funds, and the ways in which universities can add value to faculty ventures.