CREATION OF UNIVERSITY SPIN OFF / JOINT-VENTURE COMPANIES
“A company that is exploiting a university or research institution intellectual property. The university or research institution may or may not own equity in the company. However, the royalty (running royalty and upfront fees) will be charged by the parent organisation due to exploiting the IP rights based on the negotiation.”
In this context a joint venture company is defined as a spin-off company if the company exploiting the University IPs.