Deal-making and university spin-outs: an examination of perceptions, processes and outcomes affecting deal success

This paper examines factors that contribute to successful deal-making for university spin-outs in the United Kingdon (UK). Although previous studies identify constraints to deal-making arising from issues over ownership claims, transfer and licensing of IP and access to private investment, few studies have examined actual deal-making processes, deal structures and deal outcomes or the perceptions of key players involved in spin-out deal-making - universities, spin-out founders and investors. The paper responds to the need for further study on understanding the deal-making process and how it affects the formation and subsequent success of university spin-outs.