This paper describes the strategies and tactics that Oxford University has developed over a ten-year period to address the conflicting demands of the traditional university responsibilities of teaching and research, with the so-called third stream needs of more direct economic development.The approach has been based on a clear policy definition of the ownership of Intellectual Property Rights, and the allocation of university resources to encourage, and support researchers in protecting and commercialising inventions.The result has been a marked increase in disclosures and successful commercial development, through licences, consultancy and spinout companies, generating returns to the researchers, university and regional economy.The increasing tide of publications reporting threats to academic freedom from commercialisation and the generation of liabilities and any number of other dangers to universities, have led us to investigate the possibility of balancing the apparently conflicting objectives of maintaining a vibrant, curiosity-led research university whilst at the same time increasing its contribution to local, and national, economic development.

University technology transfer (UTT) has been growing in importance for many decades and is of increasing importance to university leadership, university researchers, research funding agencies, and government policy makers. It is of interest to academic researchers in the fields of business management, economics, innovation, geography, and public policy. UTT is a subset of the broader field of technology transfer, and it involves the transfer of university research results from the university to business so that the business can invest in the development of products and services that benefit society. The research results can arise from any academic discipline, are not limited to a particular definition of technology, and can be transferred to existing and new for-profit and not-for-profit organizations. The core activity involves licensing patent applications and other intellectual property to existing companies and establishing new companies that raise investment finance, to develop the early-stage research outputs into new products and services. In recent decades, research universities have set up technology transfer offices (TTOs) to manage their UTT activities. TTOs adopt a project management approach to supporting university researchers who wish to transfer the results of their research to business. Project stages include identifying, evaluating, protecting, marketing, deal making, and post-deal management. TTOs are also involved in other activities, beyond patenting, licensing, and entrepreneurship, which generate positive impact on society. Measuring and evaluating UTT is a topic of continuing debate, with an early focus on activity metrics developing into a more sophisticated assessment of the impact of university research outputs on society. Current issues in UTT involve understanding the position of UTT in the broader area of research impact, as well as funding and organization models for UTT within a university. The COVID-19 global crisis is highlighting the importance of university research and its transfer out to organizations that develop and deliver products and services that benefit society. It has further emphasized the importance of UTT as an activity where much more has to be researched and understood in order to maximize the benefits for society of all the activities performed by universities.

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