What is technology transfer?
Technology transfer occurs when a technology developed for one organization or environment is moved into another. Often this movement is from a university, federal research lab, another company or individual to a business entity. A new business entity may be formed for that specific technology or an existing business may acquire or license the technology with a plan to commercialize it.
Commercialization is the process of turning new technologies into commercially successful products, services or processes. The commercialization process is complex and involves market assessment, product design, engineering, protecting intellectual property, marketing strategy development, raising capital and workforce training. Much attention is given to successful technology development in the areas of biotech, software, and other high tech fields but markets also exist for new innovations in existing sectors such as manufacturing, printing, power electronics, water quality and more.