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This article explores how the use of process theories can lead to a better understanding of the university spin-off venture formation process. The most frequently used conceptualization of the new venture formation process is the stage model or life-cycle theory. However, no conceptual framework exists to describe how the venturing process proceeds from one stage to the next. Based on a longitudinal study of the initiation and early development of four university spin-offs, this article shows that life-cycle, teleological, dialectic and evolutionary theories explain different aspects of the spin-off venturing process. In combination, these theories may provide a more holistic understanding of the academic entrepreneurship process. The assumptions of each theory suggest important implications for further research on academic entrepreneurship and entrepreneurial processes in general.