We describe a proven process to foster the creation of technology-based services, products, and companies. We start by explaining how various stakeholders—a university,an innovation and technology transfer institute, and private and public client organizations—acting in concert, create multiple opportunities for the application of technology to real-world problems, and how some of those projects originate spin-offs. We then present a real-life example of one such company that develops software for mobile applications. It spun-off from a project with a big cellular phone service provider in 2001, incubated for three years at the institute, and moved out in 2004. Its revenues continue to grow at a rate of 30% each year. We draw on our experience in assisting the creation of 70 technology-based start-ups to provide practical recommendations and point out key success factors.