In recent years, universities have become increasingly entrepreneurial as evidenced by their rapid escalation into technology transfer, the process by which university-developed technologies are commercialized. Stimulated in part by a favorable policy environment for patenting and licensing as well as increased competition for limited resources, university commercially oriented activities are nevertheless risky and controversial. Yet, it is unlikely this trend will be reversed, and hence research to inform its responsible practice is needed. This study investigates the effect of core R&D resources on university licensing to small and large companies, two important but distinct forms of licensing activity. Implications of the findings for policy and practice are offered.