what is technology transfer

Technology transfer, also known as transfer of technology, is the process of transferring technology from the person or organization that owns or holds it to another person or organization, in an attempt to transform inventions and scientific discoveries into new products, processes, applications, materials, or services. Technology transfer can occur between universities, businesses, and governments, both formally and informally, and both openly and secretly. The process of technology transfer is guided by the policies, procedures, and values of each organization involved in the process. The key steps involved in technology transfer include knowledge creation, disclosure, assessment and evaluation, IP protection, fundraising and technology development, marketing, commercialization, product development, and impact. Technology transfer aims to ensure that scientific and technological developments are accessible to a wider range of users who can then further develop and exploit the technology into new products, processes, applications, materials, or services. Technology transfer is closely related to knowledge transfer, and it can occur horizontally across different areas or vertically by moving technologies from research centers to research and development teams. Technology transfer professionals play a key role in protecting the intellectual property associated with valuable innovations so that they can be licensed and commercialized and brought to the marketplace for societys benefit. Successful technology transfer has benefits for universities, companies, regional and national economies, and society at large.