Science Biweekly

The American dream has remained a tangible goal since James Truslow Adams popularized the idea in the 20th century. His ideal that “America is rich with opportunity for every person regardless of class and each person can fulfill their potential in accordance with their ability and work ethic” is alive and well. The United States of America has always been a home to innovative engineers and scientists.

The resources available to the average American exceeds most of the world and preserves the river of innovation that flows throughout the country. One benefit of our country is that the ideas generated from innovative thinkers can become profitable products, which fuel the American dream. However, in this era of sophisticated technology, obtaining the American dream for the small tech company would be nearly impossible without technology transfer.

Too often the resources required to develop new products in tech fields are unavailable to small companies. Technology transfer, or tech transfer, assists small companies in acquiring resources that are needed to develop their product. One major goal of the tech transfer field is to assist small technology companies in fulfilling their potential and profiting from hard work and ingenuity.

Technology transfer is the term used for the exchange of intellectual property between two entities. Today, many small businesses rely on technology transfer to assure they are competitive in the business world.

The biotechnology industry exemplifies the positive impact of technology transfer. A small company may have a potential marketable therapeutic but they will likely lack the necessary funds to take this drug to clinical trials.

Instead, the small company can license their patent of the drug to a larger company who has the resources to further develop the drug. In return, the small company will obtain royalties if the drug passes clinical trials and is commercialized. Without technology transfer, the innovative scientist who developed the drug would be unable to fully develop their product without taking on insurmountable risk.

The innovation of new technology has made intellectual property an invaluable asset for small and large businesses. In 2015, S&P 500’s intangible market value assets was estimated to be 87% compared to 17% in 1975 (Stathis, 2015). The technological field is rapidly advancing and inundating more facets of our daily life.

Yet, the complexities of these industries intimidate self-driven inventors preventing them from pursuing potentially life changing ideas. Technology transfer programs are aimed to assist inventors in technology fields. There are many programs available that offer information and guidance for technology transfer.If you have an idea that may be profitable, consult a representative from a federal or state program as they offer free advice to start you on your path to becoming the next Apple.

References

1. Stathis, K. L. (2015). Ocean Tomo Releases 2015 Annual Study of Intangible Asset Market Value. Retrieved from Ocean Tomo website: http://www.oceantomo.com//blog/2015/03-05-ocean-tomo-2015-intangible-asset-market-value/