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Research-Based Spin-Offs (RBSOs) are seen as a potential mechanism for technology transfer by commercializing academic research and thereby stimulate industrial innovation. RBSOs are heterogeneous, however, and in this paper we investigate how the use of different business models by RBSOs is related to their innovativeness. We use a sample of 82 young RBSOs from Norway to explore typologies of RBSOs developed in earlier studies. Our findings show that some types of business models are associated with higher innovativeness than others. The typology approach has portrayed RBSOs as if they pursue only one business model. In this paper we challenge this assumption by drawing on evolutionary theory and the idea that firms may follow several business models in parallel. Our empirical findings suggest that most RBSOs pursue several business models in parallel and that such firms are …