Technological innovation developments generate multiple benefits for organizations and humanity, their implementation however in the hands of the inventor or innovative company is not the only option. The way to monetize and optimize this great investment is technology transfer since it allows the exchange and benefit thereof for multiple corporations.
But what is technology transfer?
Technology transfer can be understood as “a transaction” involving two asset types: both tangible assets, such as physical products or prototypes, and intangible assets, such as technical knowledge, know-how, R&D&I results, and/or intellectual and industrial property assets. It involves two main entities: i) the creators of these assets and ii) the recipients who are responsible for capturing these assets to introduce or implement them in the different productive sectors, via new products, processes, or services, useful for generating economic and social development, and for the benefit of the sustainable development of a particular territory.
Thus, technology transfer is a great tool to maximize the benefits of an invention. Nevertheless, an undeniable factor limiting or slowing down the process of technology transfer should be noted, i.e., despite the existence of cutting-edge technologies created mainly by developed countries, for example, for the bioremediation of soils eroded by mining or for the generation of alternative energy sources, underdeveloped or developing countries lack the technological or productive capacity to implement them.
In this context, the synergies between the government, academic and industrial sectors of each country play a crucial role in improving their technological capacity, starting with changes in their innovative culture.
In this regard, one of the actions that governments have adopted is the promotion and financing of innovation projects developed by the industrial or academic sector from which new technologies, and even technology-based companies, emerge, and the provision of the appropriate mechanisms for their implementation in the market. Naturally, this benefits all those involved. For the innovation creators, it allows them to break the traditional technology transfer schemes, generally managed through commercial transactions of buying and selling tangible assets, and to explore a less conventional technology transfer scheme related to intangible assets, especially intellectual and industrial property, such as copyright, a patent, an industrial design, or a mark.
Thanks to technology transfer, society benefits from the generation of new jobs and governments improve their innovation indicators and generate economic development through an increase in taxes collected, which has a direct impact on their technological capacity.
In many cases, the process of transfer and implementation of technology is one of the most relevant challenges to successfully carry out the process, so it is crucial to have the support of professionals in Intellectual and Industrial Property (IP) who have the experience to guide both parties in the key stages of the development of these projects.
IP experts are an important support for creators of technological innovation during the process of protecting intangible assets. With their support, it is possible to define the ideal protection strategy in those markets or strategic territories by granting creators the right of exclusivity for a determined period to directly exploit it through the reproduction of the asset, either with their resources or indirectly through its transfer to other entities, through the sale or total assignment of the asset or through licensing agreements in exchange for royalties, which in turn translates into a return on investment during a shorter period in contrast to traditional schemes.
Finally, another reason why the intervention of these specialists is indispensable is to establish the value of the intangible asset and to be able to determine the price of the transaction, either the sale value or the royalty value of the asset.
At ClarkeModet we have an expert and multidisciplinary team of professionals specialized in the strategic management of Intellectual and Industrial property, and technology transfer, who support and customize solutions to successfully develop each project.
If you are interested in the protection or technology transfer, contact us at firstname.lastname@example.org.