University technology transfer is the process by which a university commercializes inventions and innovations developed by university faculty and researchers. Technology transfer takes many forms, from patent licensing to forming start-up ventures on campus. University technology transfer programs are growing exponentially. Universities have long reflected upon, studied, and implemented transfer and commercialization programs. However, due to current economic and legal realities, an intense, if not completely new, era has emerged. Universities are increasing their commitment to, and support of, commercialization programs. Policies and missions have been revisited and reshaped. Campus research is exploding with applied innovation. Faculty and students are being recruited by the strength and virtue of commercialization programs. Economic pressures and competition are intense. Opportunities, as well as pitfalls, abound in this complex field. Universities that proceed with the proper balance of aggressiveness, creativity, and prudence will realize the many benefits of university technology transfer.