This paper examines the development and performance of academic spin-offs (ASOs) in Romania, an emerging innovation ecosystem where university–industry collaboration remains limited. The study employs a four-step selection process to identify universities and uses discussions with Technology Transfer Offices to trace the spin-offs they created or supported. Financial indicators (turnover, net profit, employment) for the period 2020–2024 are analyzed using public data from the Romanian Ministry of Finance. Findings reveal that Romanian ASOs face systemic barriers such as fragmented institutional policies, scarce access to capital, and a weak entrepreneurial culture, yet they also demonstrate potential in strategic fields including IT, life sciences, and green energy. The results emphasize the importance of strengthening the Triple Helix collaboration among universities, businesses, and government. Implications highlight the need for clearer IP policies and stronger support infrastructures at HEIs, alongside active business involvement, in order to sustain the long-term growth and international competitiveness of ASOs.
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