Technology transfer helps develop early stage intellectual property into tools for direct use by the research community, or into bases for new platforms, products, or services to be made into products for public use. Successful collaborations are formed between researchers across different universities or industries in order to advance the knowledge in a particular field or to further develop a technology. These collaborations may result in licensing or sponsored research opportunities that benefit both partners. In addition, technology transfer ensures that the interests and rights of the university in the intellectual property are protected. The university is able to retain the intellectual property rights of the technology and issue a license for the conditional use of the technology.
Successful transfer and development of the technology helps promote the research institution and its commercial partners. The university obtains recognition and increases its reputation for their research and innovation potential. Industry partners can also reduce the costs incurred during their research and development stage by licensing technology from a university. Another benefit for the university involves using the licensing revenue to support further research and education at the institution. Universities protect their investments in research by patenting new technologies, which gives them an opportunity to reach the stream of commerce. The university’s investments in the technology help stimulate local economic development. The ultimate beneficiary of technology transfer is the public, who benefits from both the products that reach the market and the jobs resulting from the development, manufacturing, and sale of products.