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There has been little direct, systematic empirical analysis of the role that universities play in enhancing the success of entrepreneurial ventures. We attempt to fill this gap by analyzing data from the US SBIR program, a ''set-aside'' program that requires key federal agencies (e.g., Department of Defense) to allocate 2.5% of their research budget to small firms that attempt to commercialize new technologies. Based on estimation of Tobit and negative binomial regressions of the determinants of commercial success, we find that start-ups with closer ties to universities achieve higher levels of performance.Keywords University technology transfer Á Small business innovation research program (SBIR) Á Commercialization Á Entrepreneurship JEL Classification M13 Á O31 Á O32 Á O38

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