Technology transfer refers to the interaction between universities and the private sector to bring innovative solutions or new works to the public. Technology transfer typically involves the commercialization of intellectual property that has been developed by faculty, staff, or students with university resources or as a part of employment responsibilities.
In some instances, commercialization of technology can be accomplished by the licensing of patents or copyrights. In other instances, distribution and commercialization of technology may be aided by or depend upon access to the physical or tangible embodiment of the technology, as in the case of biological organisms, plant varieties, or computer software through a material transfer arrangement.
Licensing
In a licensing arrangement, a device or process is licensed to an industry for further development and eventual marketing and distribution; that is, a company receives the rights, through written agreement, to commercialize an early-stage technology. Normally, company resources and expertise are required to make something marketable, and a royalty is returned to the university.
A copyrighted work, such as a video-based work, software, or curricular materials, is licensed to a publisher or vendor. Occasionally, the product is essentially ready for the marketplace; however, the licensee’s expertise in packaging and marketing are needed.