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Simple English definitions for legal terms
technology transfer
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A quick definition of technology transfer:
Technology transfer refers to the process of selling or licensing intellectual property, which can include inventions, ideas, or other forms of knowledge. This can be done by universities, companies, or individuals who want to generate income from their intellectual property. For example, a university may have an office of technology transfer to manage their intellectual property and sell it to companies who can use it to create new products or services.
A more thorough explanation:
Definition: Technology transfer refers to the process of selling or licensing intellectual property. It can also refer to the field that involves the sale and licensing of intellectual property. Many universities have an office of technology transfer to manage their intellectual property and generate income from it.
Examples:
- A software company licenses its technology to another company for use in their products.
- A university sells the patent for a new medical device to a pharmaceutical company.
- A research institution partners with a startup to develop and commercialize a new technology.
These examples illustrate how technology transfer involves the exchange of intellectual property between different entities. The first two examples involve the sale or licensing of existing technology, while the third example involves a partnership to develop new technology. In all cases, technology transfer can lead to the creation of new products and services, as well as economic benefits for the parties involved.