Adopting the contingency perspective, we examine the strategic orientation of university commercialisation models by conducting an explorative multiple‐case study of two university commercialisation offices (UCOs). We base our study in Australia, a relatively small, open OECD trading economy, where universities are under strong pressures to commercialise. While existing literature mainly focussed on quantitative and revenue‐based measures of university commercialisation performance, we identify two different UCO strategic models: ‘service‐provider’ and ‘relationship‐builder’. We also find university leadership, CEO ideology and academic awareness and support as key factors that shape UCO strategic models.