Science‐based innovation via university spin‐offs: the influence of intangible assets

University spin‐offs (USOs) have attracted significant attention from scholars and policymakers as an important mechanism for science‐based innovation. The debate on how USOs generate innovation outcomes has often focused on tangible assets, while the role of intangible assets has been less explored and remains loosely defined. Yet emerging research suggests that intangible assets, especially in the early stages of a USO's lifecycle, have a critical influence on its survival and future success, highlighting a need for a better understanding of how intangible assets enable science‐based innovation through USOs. Drawing from several streams of literature, we define intangible assets in the context of science‐based innovation through USOs: an intangible asset is a resource that is non‐physical, non‐financial, has long life, and has potential to provide future benefits to the owner. Based on this working definition, we conduct a systematic literature review of the leading innovation management journals and inductively derive a framework outlining the antecedents, processes, and outcomes of science‐based innovation through USOs, focusing on the influence of intangible assets. The framework identifies the categories of resources which can enhance or hinder science‐based innovation through USOs. Such categorization reveals fruitful directions for future research such as a deeper examination of societal outcomes. We conclude by offering recommendations for scholars, practitioners, and policymakers to better leverage intangible assets to enhance science‐based innovation.