Scholars and policy makers recognize that collaboration between industry and the public research institutions is a necessity for innovation and national economic development. This work presents an econometric model which expresses the university capability for collaboration with industry as a function of size, location and research quality. The field of observation is made of the census of 2001-2003 scientific articles in the hard sciences, co-authored by universities and private enterprises located in Italy. The analysis shows that research quality of universities has an impact higher than geographic distance on the capability for collaborating with industry. The model proposed and the measures that descend from it are suited for use at various levels of administration, to assist in realizing the "third role" of universities: the contribution to socio-economic development through public to private technology transfer.