In a competitive environment, technology transfer has become increasingly important for commercial enterprises to gain competitive advantage over rivals.
Some of the advantages of technology transfer are the following:
- Technology transfer leads to competitive advantage for a company to edge out its rivals.
- Technology transfer helps in research & development (R&D) of a particular product which helps to take into account public and private need.
- New technological innovations can lead to creation of new markets and birth of new consumers.
- Long term advantages of technology transfer include sustainable economic growth in the future and commercialization of technology.