• International Area Studies Review
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• v.13 no.1
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• pp.287-308
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• 2009

The purpose of this research is to find out whether Japanese characteristics are resulted from the role of industrial policy or entrepreneurial spirit, which induced by the emergence and growth of Japanese universities' spin-off. In other words, this paper shows the importance of not only the policy factor in the gestation and growth of Japanese universities' spin-off, but also the entrepreneurial spirit in the combination between spin-off and growth.