I explore the degree to which patents represent magnitude of knowledge transferred from University to Industry. Building on the Agrawal & Henderson (2002) framework, I compare two MIT engineering departments and the School of Engineering of the Pontificia Universidad Católica de Chile (UC Engineering). Based on quantitative and qualitative data I estimated the relative importance of patenting as a knowledge transfer mechanism. I found that in UC Engineering patenting and publishing activity have increased steadily, in line with faculty size increase. However, patenting is perceived by academics as a relatively less important technology transfer channel, and in terms of production counting it appears much less relevant. Although in terms of relative importance of publishing over patenting as a technology transfer channel both are relatively similar, in the perception of faculty; in terms of production counting there is a substantial difference. I suggest some plausible explanations, proposing new avenues for research.