What is technology transfer and why it is important?
Technology transfer is the process of commercializing technologies created by non-industry researchers. The word “transfer” is used because a technology typically needs to be transferred from one entity to another (e.g., from a university to a startup company or from a government research lab to a corporation).
Technology transfer is important for a few reasons:

1. Return on Investment. Non-commercial research requires funding, and in the U.S. that funding often comes from the federal government. Before the Bayh-Dole Act, very few university technologies created with federal funding made it to the marketplace. Fundamental research is valuable, but the failure to transfer technologies to the marketplace represented a major missed opportunity.
2. Economic Progress. We all benefit from the success of new technologies. Increasingly, pharmaceutical companies are reducing their research and development budgets and instead relying on university researchers to create new drugs.
3. Rewarding Innovators. People who create new innovations that benefit society deserve to be rewarded. Most researchers (at universities, at least) benefit financially when their technologies succeeded.
Virtually no one opposes technology transfer as a concept. When people criticize tech transfer, the criticism is almost always that it is not happening enough.

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