Legislation concerning intellectual-property rights is changing, prompting universities around the world to focus more and more on the commercial potential of their research. One result is academic spin-offs. Our study compares academic spin-offs in the United States and Scandinavia, specifically Norway and Sweden. We found that four key dimensions— university relations, government-support mechanisms, industry relations, and equity funding—emerged as central elements in all cases. These four dimensions thus serve as comparative backdrops. We find important differences between the three countries, most markedly between the United States and the two Scandinavian countries. The idiosyncrasies of each country are discussed. We include implications for academic researchers, universities, and government agencies.