Spin-offs are companies that translate research results into commercial products and/or services to create an impact on society. They can originate from any faculty of the university or university college. In order to speak of a spin-off company, there has to be a transfer of knowledge and/or technology and/or intellectual property rights (IP) developed within the university or university college.
Setting up a spin-off is an iterative process, during which one has to constantly (re-)evaluate earlier decisions based on new information. Nevertheless, some fundamental steps have to be taken and intermediary milestones reached as depicted in the figure below.