In the knowledge economy, universities have a vital and growing role in supporting innovation and facilitating regional economic development through the addition of a 'third mission' of knowledge transfer activities to the core missions of teaching and academic research. Knowledge transfer capabilities appear to be influenced by the dynamic capabilities and culture of the host university. To date, knowledge transfer activities of universities have proven difficult to quantify with comparisons between institutions problematic. This paper addresses this gap in two ways. Firstly, the use of a ratio of published metrics gives greater insight into the relative degree of collaboration between universities and industry. Secondly, this research derives a measure of dynamic capabilities in Irish universities and correlates it with previously unpublished data on technology and knowledge transfer performance. The research finds a high correlation between universities with strong dynamic capabilities and their success in these dimensions of knowledge transfer.