Everything You Need to Know About Transfer of Technology
Understanding Transfer Of Technology
As the name suggests, Transfer of Technology refers to the sharing of a technology that helps a particular organization to achieve a specific goal. It plays a vital role in business as it's an economic decision to share the technology rather than attempting to license the entire technology for a particular requirement.?
Types Of Technology Transfer?
Based on the exchange parties, the transfer of technology can be categorized into four types as discussed below.
These technology transfers take place between the sub-branches of the company based on the requirements and ability to meet specific goals. Such collaborations often lead to optimised performance, enhanced competitiveness, and accelerating growth.
International technology transfers take place across borders and help technology reach out to new markets, boosting the possibilities of business innovations. It involves the exchange of technical expertise, scientific methods, and production processes between business entities, which enables them to operate with the latest technologies and boosts their competitiveness.
This type of technology transfer occurs between private corporations and government agencies or non-profit organizations to foster development, promote innovation, and commercialization of technology or intellectual property.
These technology transfers take place between the industrial organizations and the universities to promote research partnerships and licensing agreements, benefitting both sectors. The transfer of Intellectual property, patents, and innovation can lead to creation of new products and services in the industry.Moreover, it also allows the universities to attain more funds to strengthen upcoming research and development.?
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Breakdown of Technology Transfer Process
The Transfer of Technology takes place in four phases which makes it easier for them to streamline effectively.
The initial process involves identification of the innovative technology and determination of its feasibility and market potential. The next step involves protecting and patenting the intellectual property to ensure that your property/ technology is protected under the Intellectual Property Act.?
The secondary phase involves developing agreements and licensing permissions to ensure that once you have found the requisite people/ organisation, things go down easily.?
This is a cumbersome task and it is recommended for the same that you reach out to business-generating consulting firms, which makes it easier to connect the technology with the requisite market. Verkko Group can be your preferred choice for the same.
Post identification of the target market and potential business partner, all you have to do is settle down and watch your technology being commercialized and doing wonders.
Conclusion
Technology Transfer is an innovative approach that utilizes advanced technology to optimise the production processes, hence boosting overall output. But it's a burdensome task to find the suitable technology and the target market with requirements - like ‘finding a needle in a haystack’. Here, Verkko Group can support you with its international business network and portfolio of clients from all domains to match requirements at both ends.?
Place your free consultation call now with industry experts.