TECHNOLOGY transfer (TOT) is clearly defined by Grosse Robert, as the process of transferring skills, knowledge, technologies, methods, samples of manufacturing and facilities among governments or universities and other institutions to ensure that scientific and technological developments are accessible to a wider range of users for further development.

Plainly, it is the process by which technology developed in one place is exploited and used in another place. This can be done in two major ways: horizontal and vertical transfer.

Horizontal transfer is the most common form of technology transfer. This takes place when technology is moved from one area to another, while vertical transfer takes place each time technology is moved from one department to another within the same area.

It is important to note that the transfer of technology is not confined within geographical boundaries, but can be done internationally, that is where technology is transferred between different international institutions and governments. This can be said to be 'International Technology Transfer.'

The concept of international technology transfer, therefore, helps us answer the questions on the rapid widespread of technology around the world.

The transfer of technology indeed is an important process that should be encouraged globally as it helps to bridge the gap between academia and private sectors. In other words research and developments from institutions can be transferred to other governmental and private institutions for further development and services, which in turn boosts the technological standing of an economy.

Technology transfer also helps breed more technological advancements, as it brings about collaboration of great researchers and their institutions from different places to advance a certain technology. This in turn could lead to the licensing of that technology, sponsored research opportunities for interested parties, commercialise new products and services, create start-ups among others. All these would eventually benefit governments, institutions and the entire public.

Institutions are able to retain intellectual property rights to inventions and will be able to further their research with funds from licensing income generated by its patent portfolio. Creation of start-ups (which is the establishment of new business ventures) around new inventions would lead to provision of jobs.

With the development of new technologies in medicine, communication and transportation to eco-friendly materials and processes, definitely life would be made easier and standards of living would improve, as these new products and methods replace older ones.

Hence, there would be increase in production and rapid commercialisation of new products and services across the globe. It can, therefore, be said that technology transfer brings about immense economic benefits, as it increases revenues for technology donors, receivers and the public in general and will surely speed up economic growth globally.

- Chukwuemeka Pearl is a student of Landmark University, Omu Aran, Kwara State.