During the last two decades, the convergence of a number of social and economic factors has increased the interest of universities, industry and government in the commercialisation of universities’ research output. Not without scepticism from some institutions and individuals, governments and universities around the world are taking steps towards identifying marketable research products, strengthening links with industry, and creating institutional frameworks needed to sustain and increase research output and speed the technology transfer process. These actions vary in degree and scope: from standardising and enforcing conventional intellectual property protection mechanisms, to creating support mechanisms for spin‐off companies and setting up venture capital funds to support their growth.