The term technology transfer refers to the processes by which scientific research and discoveries are developed into practical and commercially relevant products and services. The term can also mean transfer of technology from one geopolitical location to another, typically from advanced to poor countries.
Processes involved in technology transfer
Technology transfer activities may include among other, processing and evaluating invention disclosures, filing for patents, licensing, protecting and safeguarding intellectual property, technology marketing, and using technology to create new businesses or improve upon the existing ones.
Many companies, business organizations, educational institutions and governmental agencies now set up separate cell to figure out commercial implications of a new scientific research. The next processes of commercial exploitation may involve licensing agreements between the research agency and the commercial agency, sharing of risks and rewards etc. If an agency is unable to fund its own research, then venture capital may be raised in order to fund a research. This practice is typical in USA. From 1980s, technology transfer has become increasingly common with an increasing number of legislations relating to patenting and trademark coming into operation.
Advantages of technology transfer
In a competitive environment, technology transfer has become increasingly important for commercial enterprises to gain competitive advantage over rivals. Some of the advantages of technology transfer are the following:
Technology transfer leads to competitive advantage for a company to edge out its rivals.
Technology transfer helps in research & development (R&D) of a particular product which helps to take into account public and private need.
New technological innovations can lead to creation of new markets and birth of new consumers.
Long term advantages of technology transfer include sustainable economic growth in the future and commercialization of technology.
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