As I sometimes like to say- if the licensing side of the university tech transfer business is 29 years old by now, the practice of spinning-out companies based on university intellectual property is still really a teenager. The field is still young enough such that no one has written the definitive book on its application and in the meantime the field simply continues to evolve and grow at a stunning pace. And, like any teenager worth his or her salt, this form of university entrepreneurship is becoming increasingly boisterous, ambitious, somewhat unruly at times and yet is displaying enormous creativity, energy and imagination. As I approach the beginning of my fifth year in this field and with the benefit of having spun-out almost 50 university startups during this period, I have taken a moment to reflect on what I have seen and am seeing occur.