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Although Technology Transfer Offices (TTO) only has been working for approximately ten years in Spain this figure is receiving a growing interest from academics. The goal of this book is analyze this phenomenon in Spain. The first Chapter develops a general simple benchmark that permits the analysis of the TTO s role and how they produce and commercialize their outputs, Research contracts, Licenses and University Spin-offs (USO). In particular, those contributions come from the new advances in the micro economic analysis of TTOs. The subsequent two chapters analyze the case of USOs, a sub-product of TTOs and an under-explored issue in Spain. A primary Spanish sample of USOs and a comparison sample of high- technology independent start-ups were collected. The dataset is composed by 71 new ventures (43 of those are USO). The evidence presented stresses that USOs receive more facilities at the founding and these initial advantages seem to be maintained at the moment of receiving public or venture capital funds. Besides, the lack of managerial skills of academic entrepreneurs is an impediment for growing.