This article describes the benefits of exploiting the IP resulting from research and innovation projects in universities and other research organizations through the attractive option of setting up a spinoff company. It targets university students, including Ph.D. and postdoc students, who want to accomplish an entrepreneurial venture in collaboration with their universities. The author also provides a broad spectrum of funding alternatives for spinoffs available in different countries and regions, especially in the United States, the European Union, and the United Kingdom.