This article examines how technology transfer has operated in university-company projects undertaken in small to medium sized enterprises via the UK Knowledge Transfer Partnership scheme. It adopts a qualitative case study approach, focusing on three companies drawn from an initial review of fourteen technology transfer projects. This provides the foundation for the development of a model of 12 key factors that underpinned successful outcomes in these projects. The fourteen projects are reviewed in terms of their impact on either process change, service improvement or product development, drawing upon the post-project assessments of the funding body and the developed model. Findings suggest that using new technology to innovate internal processes and services is likely to prove more successful than projects focusing on new product development. The model provides an analytical framework that will be of interest and value to academics and business practitioners looking to develop university-industry partnerships involving technology change and innovation.