ROLE OF INNOVATION AND TECHNOLOGY TRANSFER AS AN INTEGRAL PARTOF BUSINESS DEVELOPMENT

Abstract

One field is attracting rising attention in this era of growing concern about the fair use of limited
resources. This field includes optimizing the value of the overwhelming quantity of technology
and innovative knowledge that has developed over the past few decades. Innovation will
contribute considerably to the economic and social growth of a country. This is particularly so in
the situation of technical innovation. New technologies increase the value of goods and services,
thereby creating income. Technologies are transferred to another party in the process of
developing and commercializing those new technologies in order to further develop or
commercialize them. In order to ensure that scientific and technical advances are available to a
wide range of users, technology transfer is the process of sharing knowledge, technologies and
manufacturing processes between various organizations
Universities have become recognized over the years as development hubs seeking to partner with
corporations to develop new products. In this partnership. The goal of this paper is to evaluate
systematically the technological transformation generated by partnerships between the
universities and the industry. In this paper the authors discuss technology transfers as an
important means of innovation generation and an integral part of business development also
explore the theory, methodology and practice of technology transfer management in order to
justify the components of the process for triggering the involvement of businesses in these
mechanisms. Identify the requirements for the efficiency of the processes studied and
substantiate suggestions for the implementation of the stages of technology transfer in the
process of creative enterprise growth.