For any technology transfer process to succeed, a number of steps need to be followed. The graphic below, produced by University of British Columbia, represents the numerous steps involved in such a process. While each organization and each technology transfer is different, some of the key steps and questions involved in moving new technologies to the marketplace are presented.

It is clear that any technology transfer process has three parallel components that need to be taken into consideration.

• Science and Technology: The first relate to the science and technology component, which is responsible for ensuring that a particular idea or invention is assessed for its technological feasibility and translated into a marketable product for commercialization.

• Marketing: The marketing component covers the business angle, assessing the market conditions and developing a business plan. It is also concerned with the business planning in terms of developing a comprehensive marketing strategy - to ensure a clear market capture for the new product.

• Financing: This is the third component that identifies and procures funds for seed capital, expansion, market penetration etc. in order to make sure that the return-on-investments is good.