University licensing, a technology transfer mechanism that has received less attention in the literature despite its relevance, was examined. Specifically, we explored the combined effect of human capital, research experience, and knowledge stock on licensing. We assumed that universities follow different patterns according to their internal strategy and resources. In order to deeper explore our results, we also investigated which combinations of the above factors led to the absence of licensing. To do so we used qualitative comparative analysis (QCA). Sample included 39 Spanish public universities with on-campus education. Our results suggest that universities should strive to achieve a good mix of quality and quantity in terms of human capital and research experience in order to be active in licensing. Surprisingly, knowledge stock is rather irrelevant. We observe that subject-mix plays a role, as technical universities are more prone to generate licences.