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In the literature dealing with innovation systems, policies and instruments designed to stimulate entrepreneurship and foster new venture creation feature strongly (Hekkert et al., 2007). In reality, a key avenue for the innovation process seems to pass through the creation and growth of new, innovative firms. Startups can influence the innovation performance of a territory through their growth, as well as through the positive impact they can have on incumbent firms through trade in new goods and services, knowledge spillovers and competition (Erkko and YliRenko, 1998). The nurturing of startups is therefore generally considered a key element in regional innovation policy. Scholars, consultants and policymakers have long viewed the creation of an environment conducive to new and successful startups as the ‘holy grail’ of a regional innovation system, and it is very common for those engaged in this field to share the dream of creating ‘their own Silicon Valley’. Given this aim, in recent decades incubators have been seen as useful tools for stimulating the process by which new technologybased companies are created and matured. Over the years, startup incubation has been subject to a variety of models, including public vs. private ownership, nonprofit vs. forprofit orientation, narrow vs. generalist sectorial specialization and multiannual incubation programs vs. very short ‘acceleration’ initiatives (Peters et al., 2004). Among the actors developing incubation programs, universities have always played a key role. This has occurred because of the increasing attention paid by academic institutions towards their ‘third mission’

I3P as university business incubator – a dual mission in technology transfer and start-up ecosystem development