soft skills

Technology transfer refers to the process of transferring scientific findings to the commercial sector. It satisfies public and private needs. The following are the methods of technology transfer:

Joint ventures
Technical cooperation
License agreements
The following are the benefits of technology transfers:

Less expensive than R&D
Technical assistance from licensor
Needs lesser time to market
Transfer of technology involves external acquisition of technology. So, it does not require R&D. Technology transfer consultants determine the technological needs of a company. Consultants also search for partners. Partners satisfy the technological needs of the collaborating company. Consultants help companies in the negotiation process. Negotiation involves intellectual property rights and innovation financing. Technology transfers have also made an impact in universities. Universities strike up partnership with private enterprises. Universities provide transfer of information to the private entities and gain valuable financial resources. Developed countries provide technological expertise to the developing countries. Thus, technology transfer stimulates economic growth. Developing countries lack an effective institutional framework. An effective institutional framework facilitates the transfer of technology from universities to private entities.