The paper examines new start-up companies created as a result of university-based biotechnology research in Australia, specifically om tje technology corridor of Southern Queensland. Qualitative research, drawing on five case studies, was used to explore key issues identified in the literature on R&D commercialisation and university-to-industry technology transfer. Three main areas impacting on university start-ups are: (i) university-related issues which cover university-industry relationships and Intellectual Property (IP) acquisition; (ii) internal performance related issues, such as organisation structure, goals, motivations, and management and technical rsources; and (iii) exterrnal/environmental related issues, such as the role of government, state of the economy, changing markets, competition, and access to funding and resources. The area of internal performance is lacking in research and struggling to be understood in the Australian biotech-context. The paper explores this erea, identifying major issues and problems, and how they are being addressed within each start-up.