Technology transfer is the process by which basic science research and fundamental discoveries are developed into practical and commercially relevant applications and products. The magnitude stems from the fact that a research result may attract interest but only if there is any practical use, that patents may be granted and in order to implement that some one not essentially the researcher must come up. At this juncture the repression between the research institution and the private business functionaries gathers immense importance.
Exponential Growth of Technology in India has played an important role in all round development and growth of economy in our country. Technology can either be developed through own development and research or it can be purchased through indigenous or imported sources. India has opted for a sensible mix of indigenous and imported technology. Purchase of technology is normally called “Technology transfer” and it is normally covered by a technology transfer agreement.
‘Technology transfer’ means the use of knowledge and when we talk about transfer of the technology, we really mean the transfer of knowledge by way of an agreement between the companies or states. ‘Transfer’ does not mean the movement or delivery, transfer can only happen if technology is used. So, it is the application of technology and considered as process by which technology developed for one purpose is used either in various applications or by a new user.
Technology generally would comprise the following elements:
- Process Know how
- Design Know how
- Engineering know how
- Manufacturing know how
- Application Know how
- Management know how