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The growing importance that knowledge and innovation are acquiring as the basis for economic development and growth has led universities to expand their traditional functions, spreading their commitment in the contribution to economic and social welfare through their so-called third mission. Certainly, universities have turned into one of the most important engines for regional development. However, these demands are not accompanied by a greater availability of resources. On the contrary, universities are struggling to carry out their teaching and research activities simultaneously, alongside technology transfer efforts. In this study we argue that due to the scarcity of resources and because universities follow different strategies with regard their three core missions (teaching, research and third mission), the assessment of universities’ performance should acknowledge this reality. Accordingly, we propose the use of qualitative comparative analysis to do so. More specifically we investigate the portfolio of technology transfer activities (including patents, spin-offs and R&D contracts) relaxing the traditional constraint that universities should conduct all types of technology transfer activities. Instead, our model allows universities to concentrate in the activity in which each university performs best. Data from the Spanish public higher education system is used. Two points of time are compared: 2008 and 2015.