In addition to typical university focus activities such as the education of students, dissemination of faculty research findings through publications, and partnerships with corporate firms and outreach, today, new venture creation has also gained substantial interest. In fact, universities worldwide are increasingly viewed as venues for spurring entrepreneurship and economic development. This conceptual paper seeks to explore the types of capabilities that universities could develop and enhance to support the growth of technology-based new ventures. Using an entrepreneurial competence framework that builds on insights from the academic entrepreneurship literature, the paper identifies and discusses some of the key factors to be considered for the development of these new ventures. The paper concludes with specific set of recommendations on how universities could encourage the growth of technology-based new ventures.