The practice of technology transfer can greatly benefit an organization. What is technology transfer It is the sharing of technology between two or more organizations. Usually, one organisation has developed a new technology and licenses it to the other organization, whose goal is to commercialize that technology. For instance, a university who has developed a new technology may license that technology to businesses so that the businesses can develop the new technology into a product, process, application, or service.

Who are the organizations who are involved in technology transfer Universities and other primary research organisations regularly license their technologies to businesses. Also, businesses involved in different fields may benefit from this sharing.

Parties on both sides of an agreement benefit. The researchers who developed the technology earn licensing fees, and the organisation who has licensed it can develop and manufacture it into a patented product or service to be sold, while avoiding rising research and development costs.

Many opportunities have emerged because of tech transfer. Fields like biotechnology and diagnostics, pharmaceutical drug discovery, energy and engineering, and microelectronics and optoelectronics are all making use of technology transfer. Researchers can now develop a technology, and then license it out so that organisations with other specialized skill sets can take it further. Researchers may be looking for organisations who can further develop the technology. These organisations may have superior manufacturing, marketing, and distribution capabilities.

» Read more: University Technology Transfer – Opportunities and Benefits