University Technology Transfer – Opportunities and Benefits
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.
Tech transfer also occurs so that the technology can be applied in different fields than what is was designed as well. The researchers may have developed and been able to use the technology in one field, but license it out for use in other fields. For instance, the developer of the technology might be capable of exploiting the technology in diagnostic applications, but might not have the capability to exploit it in therapeutic applications, so they could license it out to a therapeutic application focused organisation. Finding available tech transfer opportunities and capitalising on them may be just what your organisation needs to develop that new product or service that you’ve been searching for.