Many companies, universities and governmental organizations now have an Office of Technology Transfer TTO, also known as "Tech Transfer" or "TechXfer" dedicated to identifying research which has potential commercial interest and strategies for how to exploit it. For instance, a research result may be of scientific and commercial interest, but patents are normally only issued for practical processes, and so someone—not necessarily the researchers—must come up with a specific practical process.
The process to commercially exploit research varies widely. It can involve licensing agreements or setting up joint ventures and partnerships to share both the risks and rewards of bringing new technologies to market. Other corporate vehicles, e. Often these approaches are associated with raising of venture capital VC as a means of funding the development process, a practice more common in the United States than in the European Union , which has a more conservative approach to VC funding.
Technology transfer offices may work on behalf of research institutions, governments and even large multinationals. Where start-ups and spin-outs are the clients, commercial fees are sometimes waived in lieu of an equity stake in the business. As a result of the potential complexity of the technology transfer process, technology transfer organizations are often multidisciplinary, including economists, engineers, lawyers, marketers and scientists. The dynamics of the technology transfer process has attracted attention in its own right, and there are several dedicated societies and journals. There has been a marked increase in technology transfer intermediaries specialized in their field since , stimulated in large part by the Bayh-Dole Act and equivalent legislation in other countries, which provided additional incentives for research exploitation.
The U. Despite incentives to move research into production, the practical aspects are sometimes difficult to perform in practice. Attempting to rush research prototypes into production fully tested under diverse conditions, reliable, maintainable, etc.
Firstly, public expenditure on healthcare and elderly care in the EU is already significant and expected to increase as a percentage of the GDP. Secondly, in many Member States elderly people have significant spending power, adding to the already important public sector-stimulated market.
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Unlocking the Potential for Successful Technology Transfer
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The Economics of Research and Development and Technology Transfer - Call for Papers - Elsevier
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