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The text explores commercial exploitation of university research through new company formation. It compares and contrasts the practical experiences and opinions of universities and academic entrepreneurs - as elicited during face-to-face interviews with those engaged in spin-off companies - with the findings of published research in the field. The organization and requirements for success in technology-based spin-out firms are examined in detail and their performance is compared with similar non-university firms. The book aims 1) to assess the extent to which the critical factors identified from the literature as influencing the formation, organization and operation of university-based companies were relevant to current practice, 2) to test the hypothesis that university-linked start-up firms share many of the characteristics of new technology-based firms (NTBFs) but that there are also some unique differences, and 3) to compare the characteristics of university spin-outs and non-university technology-based companies. The book is set within the context of university/industry collaboration, the departure point is the influence of technology transfer on national and regional economic development.