Technology transfer is a U.S. process through which technical information and products developed by the federal government are provided to potential users to encourage and accelerate their evaluation and/or use of the information or products. Usually the federal government’s involvement occurs at a state operated university or college which develops the technology and thus owns the intellectual property rights.
Since a university is usually not in a position to manufacture, distribute or market the technology, this intellectual property (called “the technology”) is transferred or licensed to a private company in order to manufacture, market and sell it. Technology transfers can also occur between private concerns.