Globally, commercialization of university innovation has increased and gained in interest by universities, industry and politicians. The idea of marketing innovation produced by universities is the practice embraced in most advanced economies. However, government\'s investment in R&D have not generated the anticipated return. A gap has been identified between innovation developed from publicly financed research and the failure to convert these findings into tangible outcomes. Research undertaken without the ambition to commercialize or to be profitable, lacks market focus. The study reports on an investigation that explored reasons for the current low commercialization rate of university innovation in South Africa, with a view to increasing this rate. The qualitative data enquiry discovered that the key challenges in commercialization were perceived to be: lack of entrepreneurial skills, lack of adequate infrastructure and funding opportunity to commercialize research, commercialization not regarded as a high priority to senior university management, institutional bureaucratic regulations and an inefficient system of decision making with regards to intellectual property, research lacks market focus, research is not undertaken with commercialization in mind and lack of local industry receptors to induce engagement. Design: This paper adopted the mixed survey method, which utilized a questionnaire survey to collect data from the 23 university IP managers, and a semi-structured interview schedule was used to collect data from innovators affiliated to one of 23 universities. Value: This study outlines key factors that could, if implemented improve level of commercialization of university innovation. Innovation and entrepreneurship changes our lives, work and contributes to our future. Has contributed to improved standard of living, creates job opportunities and generation of income, which forms conditions for prosperous societies. Creates social change. Breaks away from tradition, produces unique offerings that generates new wealth. All resulting in greater morale and economic freedom with profound, long-lasting impact on human race.