Policy orientation effects on performance with licensing to start-ups and small companies

This study empirically tests a model of a university's selectivity and support policy orientation for technology licensing and its interaction with the external environment for entrepreneurship. Using a sample of 134 US research universities, we investigate main, two-way and three-way interaction effects for two measures of technology transfer performance-licenses with companies that subsequently go public and product royalties. Results indicate both main and moderating effects for both measures of performance. Implications for practice and policy are offered, with special attention to public universities.