Purpose – The management of innovation through spin-off enterprises represents one of the many strategies adopted by universities within the framework of the third mission activities. Previous studies showed that these companies, though characterized by a higher level of innovation, continue to struggle to survive and grow (Lindholm 1997; Lejpras and Stephan 2009; Balderi et al. 2011). Only recently, the survival of enterprises and their performance have increased qualitatively and quantitatively. Main objective of the present contribution is to identify all possible factors positively influencing performance, and to draw the directions of the performance development. Design/methodology/approach – The methodology used for the analysis of the existing literature is based on the Systematic Review (Cook et al., 1997; Staples and Mahmood; 2007; Abatecola et al. 2011). This approach uses a revision process that allows the analysis of what has been studied and produced in literature so far, introducing a rigorous critical methodology (Tranfield et al., 2003).We use here the database EBSCOhost, and we reviewed a dataset of 108 articles to judge the respect of relevance and quality parameters, using the approach “fit for purpose” (Boaz et al., 2003). Originality/value – This study contributes to the literature on spin-off performance reviews, in particular the capacity of intellectual capital to maximize the value for the enterprise (Kujansivu 2009) and resulting in positive performance. The analysis has led to the identification of 9 variables:(a) Incubation phase and support; (b) Knowledge and competencies; (c) Funding; (d) Geographical location; (e) Network e Partnership; (f) Size; (g) Responsibility and trust; (h) Innovation and novelty; (i) Motivation. Practical implications – This study encourages further investigation on intellectual capital on academic or university spin-off. Also, it provides some guidelines for researchers, organizations and institutions that are willing to invest on or manage innovation and intellectual capital within the enterprise.