What is a spin-off company?
Among the various definitions, one can choose the one that defines a spin-off (sometimes also called a spin-out) company as a business entity established for the purpose of commercializing intellectual property created at a research organization. The relationship between the company and the university can vary in closeness. The university may directly contribute its intellectual property to the newly established company and acquire a stake in it, or it may contribute intellectual property to the company in the form of a license, or the new company may be founded by university employees based on their personal know-how, with ties to the university being only informal (the term “start-up” is more commonly used for such companies).
BUT defines a spin-off company in its internal regulations as a legal entity registered in the Commercial Register with which it has entered into an agreement regarding the use of the designation “BUT spin-off company” (or similar) and in whose business it participates through a non-monetary or monetary contribution, a transfer agreement, or an intellectual property license.