“…Other kind of research remark the instable environment in which the TBF performs (Teixeira and Tavares, 2014;Clarysse, Bruneel and Wright, 2011;Suzuki, Teixeira, Ferreira and Real, 2011;Aspelund, Berg and Skjevdal, 2005;Kollmer and Dowlin, 2004;Granstrand, 1998). Also it has been studied the risk of the technological diversification over the sales (Kulicke and Krupp, 1987;Fontes and Coombs, 2001;Li et al 2012;Onetti, Zucchella, Jones and McDougall, 2012). Other authors made a clear differentiation on the performance of an independent TBF and the University Spin-Off where the last is constituted from the knowledge and support of the University or Research Institute (Ortrin and Vendrell, 2014;Suzuki et al, 2011).…”