This study examines the effect of demographic characteristics and process factors of Japanese university spinoffs' top management teams on their performance from upper echelons perspective. Using our questionnaire survey on Japanese university spinoffs, we conducted regression analysis. As a result, it is revealed that high ratio of non-university members, heterogeneity, and the interaction effect of strategic consensus and private cohesiveness positively and significantly increase university spinoffs' performance. These results indicate that in order to achieve high performance, heterogeneity and cohesive communication in both business and private aspects on university spinoffs' top management teams are required. Additionally, with respect to the effect of top management team on firm performance, our results suggest that demographic characteristics and process factors can be discussed as separate factors.