This study analyzes 120 university–industry technology transfer projects. A significant positive relationship was found between the learning activities performed by the firm during the development and implementation stages of the technology transfer project andthe benefits to that firm from the project. In contrast, prior knowledge of the firm about the existing technology was foundto have only a marginal contribution to the project benefits. However, further exploratory analysis basedon high andlow levels of technical andorganizational uncertainty revealed more provocative relationships.