The paper presents a model that provides the framework for the analysis of the legal, organizational, and social context of science and technology commercialization at public universities. The model covers three levels of analysis: (1) systemic level, encompassing existing legal system as well as systems and environment for commercialization (2) organizational level, including universities, their authorities and institutions as well as departments directly responsible for the commercialization of science and technologies, and (3) social level, i.e. academic community, to include scientific workers, administration, students. All those create a square-shaped framework in which relationships between subsequent factors are analyzed, as a result of which the generic weaknesses of commercialization systems at public universities may be easily identified. Thus it is argued that the proposed analytical framework can be successfully used for the needs of identification of challenges and barriers for science and technology commercialization either at a single university, or concerning a group of universities in a specific socio-economic environment (e.g. region, or country). It can be also useful when comparisons between systems determining effective commercialization at subsequent universities or groups of universities with specific features, are in question.