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The present research analyzes the determinants of the technological impact of the innovations developed by R&D collaborations between universities and Small and Medium Enterprises (SMEs). Specifically, by adopting a multilevel approach, this study reveals the significant role played by SMEs' absorptive capacity, as well as by social and geographical proximity between the partnering organizations. In addition, this article shows the positive impact of the regional knowledge spillovers that are close to the technological fields of the innovations developed. The findings provide a better understanding of interactive learning in R&D collaborations between universities and SMEs, explaining how it may be further nurtured by knowledge spillovers available in SMEs' Regional Innovation Systems (RIS). The article may also support SME managers in the definition of these collaborations, university managers in the orientation of their technology transfer effort, as well as policy makers interested in the development of a more effective RIS. [ABSTRACT FROM AUTHOR]