The practice of technology licensing is beneficial for any educational institution as well as the industries and above all it is good for the people and society as well. Basically technology transfer is a process of sharing technology between two or more organizations. Usually when one organization develops a new technology and shares it with another organization for development of this technology into an application or product that can be used commercially – this process is referred as technology transfer and this is done through technology transfer licensing. Generally it is the technology transfer services of the Universities that look after the complete process of university technology transfer.
Why Educational Institutions Are Opting For Technology Service?
The main reason behind the increasing interest of the educational institutions and universities and primary research organization in technology transfer is the fact that funding sources for fundamental research is coming down every day. This declining funding is actually affecting the infrastructure and facilities of the institutions and above all less number of researchers is finding it financially viable and interesting to pursue research work. This is the reason when technology transfer office arranges for licensing of the technologies to other organizations, it is beneficial for the individual researcher as well the institution. Apart from the money that is involved in the process there are other aspects of university technology transfer that help the institute to grow its research base and facilities.
bHow Businesses Can Benefit From Technology Transfer?
For any business it is always profitable to launch products that are based on cutting edge technologies. In fact this is the only way they can beat the competition in their respective industries. This is the reason that companies are interested to get license for the new technologies from research organizations. There are some organizations that look for innovations that are related to their business. Industries like pharmaceuticals and biochemistry and biotechnology benefit from the technology transfer and licensing to maximum. Then there are some companies that get into new venture when they come across breakthrough technologies from a University or research organization.
Contribution of Technology Transfer to People and Society
Students, professors and researchers brainstorm at the laboratory to innovate new technologies, drugs and procedures to ease different aspects of healthcare and technology. But without university technology transfer it is absolutely impossible that these innovations can see the light of the real life applications that can actually benefit people. Advancement of the theories and technologies that are evolving in the laboratory is possible through the technology transfer. Companies that took the process further and convert them to applications that can actually benefit people in many spheres of their life. Be it new technologies in healthcare, diagnosis and treatment or in other aspects of life – it surely contributes to the society in a significant way.