“…This broad approach has been used, either explicitly or implicitly, to study the growth of IBCs (Larsen et al ., ; Verbik and Merkley, ), universities' motives for establishing IBCs and the conceptual frameworks for strategies for managing them (Lane, ; Shams and Huisman, ). An obvious limitation of this approach is that universities differ from corporations in a number of ways, notably having a wider range of stakeholders (which include government, society and alumni), unique governance structures, non‐commercial missions and restrictive national regulatory environments (Baldridge, ; Slaughter and Leslie, ; Meyer et al ., ; Blackman and Kennedy, ; Stefenhagena, ).…”