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The external environment in which universities carry out their activities has changed substantially in the last century. A historical milestone in this change was the publishing of Bush’s report in 1945. The fundamental principle of Bush’s report was simple: basic research discoveries will be converted via technology transfer to become powerful drivers of economic development and social welfare. Afterward, the mission of universities was no longer limited to teaching; in addition they must research (Valls and Condom, 2003).

Academic Entrepreneurship and Financial Problems: The Capital Structure of the University Spin-Offs