TECHNOLOGY TRANSFER AND ITS IMPORTANCE
Technology Transfer is a collaborative process that allows scientific findings, knowledge and intellectual property to flow from creators, such as universities and research institutions, to public and private users. The main goal of technology transfer is to transform inventions and scientific outcomes into new products and services. It is also often very closely related to knowledge transfer. Knowledgentia Consultants which is one of the best corporate international law firms in India, has a team of experts who can ensure technology transfer is a smooth and effective process for various stakeholders involved in the process.
IMPORTANCE OF TECHNOLOGY TRANSFER
Technology transfer helps develop early stage intellectual property into tools for direct use by the research community, or into bases for new platforms, products, or services to be made into products for public use. Successful collaborations are formed between researchers across different universities and industries in order to advance the knowledge in a particular field or to further develop a technology. These collaborations may result in licensing or sponsored research opportunities that benefit all parties. In addition, technology transfer ensures that the interests and rights of the university in the intellectual property are protected. The university is able to retain the intellectual property rights of the technology and issue a license for the conditional use of the technology.
Successful transfer and development of the technology helps promote the research institution and its commercial partners. The university obtains recognition and increases its reputation for their research and innovation potential. Industry partners can also reduce the costs incurred during their research and development stage by licensing technology from a university. Another benefit for the university involves using the licensing revenue to support further research and education at the institution. Universities protect their investments in research by patenting new technologies, which gives them an opportunity to reach the stream of commerce. The university’s investments in the technology help stimulate local economic development. The ultimate beneficiary of technology transfer is the public, who benefits from both the products that reach the market and the jobs resulting from the development, manufacturing, and sale of products.
TYPES OF TECHNOLOGY TRANSFER AGREEMENTS:-
- TECHNOLOGY TRANSFER LICENSING AGREEMENTS
They are legally binding contracts where the owner of intellectual property in a valuable technology or licensor gives licensee permission to use that IP with conditions as described in the agreement.
- ASSIGNMENT OF INTELLECTUAL PROPERTY RIGHTS
- CONFIDENTIALITY AGREEMENTS
Non – Disclosure Agreements are legally binding agreements that dissuade parties from disclosing any kind of confidential information. An important condition for NDA to be efficient is to set up a clear definition regarding what information is considered confidential, who will have access to it, what are the measures to be taken in order to keep it confidential and to limit those obligations to a reasonable period of time.
- COLLABORATIVE RESEARCH AGREEMENTS
These agreements are entered into by two or more parties that wish to develop and commercialize a new technology. Parties jointly define the legal framework and their objectives including ownership of IP rights, benefits and risk sharing.
- CONSULTANCY AGREEMENTS
These kind of agreements involve consultancy work by university professors or researchers who provide their expertise in any industry.
- SPONSORED RESEARCH AGREEMENTS
These kinds of agreements usually govern relationship between a university or a research institute and a sponsor that maybe a government body or commercial entity interested in developing scientific solutions for a particular field of business.
- MATERIAL TRANSFER AGREEMENTS
These govern the transfer of physical assets and tangible research materials from the provider to the recipient that intend to use them for purpose of their own research.
- CONTRACT RESEARCH AGREEMENTS
They are concluded when a commercial company hires a university or research institute to conduct research towards a commercial goal.
- ACADEMIC SPIN OFF AGREEMENTS
They are newly created companies based on new technology developed by a university or research institution.
- UNIVERSITY RESEARCH BASED START UP AGREEMENTS
University research based startup is a company built on university granted license for one or more technologies. This agreement must address some key considerations such as IP, Financial conditions, management, conflict of interest concerns, participation and support of university inventor.
- JOINT VENTURE AGREEMENTS
A joint venture is a business entity created by two or more parties pooling their resources with objective of implementing a common business purpose.
Technology transfer enables private industry and academia to make practical use of advanced research, development, and technical expertise. Universities are a rich source of science and technology that can support local government and business development as well as economic growth. Thus, it is essential for research universities to transfer their wisdom to the public for its use and benefit. Today, universities operate in an economic climate that requires both capital and knowledge; takes advantage of government technology initiatives and serves as a catalyst for the creation of a large number of new, incubated companies. In fact, one way to take advantage of the dynamics of the “New Economy” and its ability to increase the quality of living at the local government level is to encourage universities to have a seedbed effect on their local economies. Knowledgentia Consultants has earned a name as one of the best law firm in India and most client focused firm providing solutions for technology transfer locally as well as globally. We are your one-stop solution for all kinds of legal, compliance and supplemental matters concerning technology transfer issues. In case of any query regarding this matter you may email us at email@example.com or visit our website -https://knowledgentia.com/.