Commercialization of academic research is considered as main tool of trade and industry growth in developed and developing countries. The growth of third mission activities in higher education institutions mainly aims at commercialization of academic research and entrepreneurial platform creation, in order to bridge the gaps between industry and academia. Innovation is the first commercial application of academic research commercialization. The purpose of this paper is to identify the current challenges and barriers that Pakistan’s Higher Education Institutions are facing in commercialization activities. In this present study Delphi method is used to find out the main challenges and solutions for academic research commercialization in Pakistan. Analysis has been constructed according to the current situation of the issue. Finally, the paper concludes with the discussion of research findings.