Essay Example on Tech Transfer: Bridging Academe and Industry for New Ideas

Introduction

The process of technology transfer differs between sectors and technologies. This means that there is no single size that fits every solution. The most common tool for technological transfer includes both presentations as well as the publication of technical searches at workshops, conferences, and webinars. Significantly, these activities bring new ideas thus stimulating additional opportunities and activities where both academe and industry are aggregated to bring specific importance. Members of the industry mostly take away the upcoming solution of an issue out of the presentation with no clear outlook to the presenter.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Processes in Technological Transfer

Manufacturing research is exclusively suitable for technology transfer. This can make additional areas of research possible through result commercialization. The Semiconductor Research Corporation (SRC) Consortium model influences effective partnership form and shares the risks and costs associated with research and development among its team (West, 2012). Common members of the consortia include organizations in the industry that have the potential to build consensus regarding the precompetitive research and development objectives. In particular instances, such organizations split almost every task associated with research development among themselves then shared the outcomes (West, 2012).

The most effective technology transfer from university industrial research is hiring learners with completed thesis project research. The research project is then presented and provided with industrial feedback in a yearly review where every university student and consortium member are under contract. Then benchmarking on technologies is conducted to give chance researcher to measure and link the growth with other main performance metrics. Such elements are linked to enduring fast development in technology transfer technology (West, 2012). Therefore promoting improved value for industrial partners, and improve education by incorporating researchers who are more informed. The underlying problems are to be handled through government grants that can be channeled via a confidential fund concept nationally. Incase public fund is accessible, the matched fund can be applied to stimulate young ventures. According to technology Getz et al. (2016), the office of Chief scientists in Israel discovered a network of technology incubators that stimulate the transfer of technology out of universities to industry. Consequently, the respondent to review commenced for these findings were settled with the aim of increasing communal seed-funding initiatives (Getz et al., 2016).

Technology Development Lifecycle

The technology development lifecycle comprises of four scientific elements which include characterization, hypothesis, prediction, and experiments. The cycle starts by characterizing the technological requirements that need to be satisfied (Beck, 2013). Characterization involves the development of knowledge of recent circumstances, and insight of preferred future situation as well as recognition of certain objectives activities and events that can impact the transfer of technology (West, 2012). The hypothesis involves creativity and inventions activities through the application of available technologies. If development attains adequate maturity level, documentation of technology models is done in the form of a technology application manual and integrated data package (Beck, 2013). Then prediction of technological behavior is conducted while in use so that to achieve and under condition show by need. Lastly is an experiment that is structure and conducted to examine and implement the accuracy of the hypothesis in forecasting the real observed effects. Testing encompasses both measurement and collection of information while evaluation involves both data analyses and correct match data with the predictions technology (Beck, 2013).

Role of Funding Technological Development

Venture capital is the main factor that boosts innovation and support technology development. It fills the void in fund source for innovation and reduces cost for available capital sources to developing concerns. The capital venture industry is needed to offer an adequate capital return to attract private equity funds, adequate positive prospective to entrepreneurs to attract new ideas capable of generating good returns, and attract its participant returns to fill the void effectively (Peneder, 2010). The main challenging concern is how to earn a consistently higher return after investments in essentially unsafe business ventures (Peneder, 2010). Over dependency on technology by human have also presented concerning risks. Cybersecurity is a major risk that has to turn out to be the top policy's main concern. According to Getz et al., (2016) study, a quarter of the global cybersecurity funded by venture capital began in Israel. The country has invested more of its resources in complete cyber security development complex Cyber Spark a top company in check point sector and located in Beersheba (Getz et al., 2016).

Impact of Venture Capital Technological Development

Venture capital has a substantial impact on innovative technology which is valued by a potent amount at an industrial level. Even though in the United States the estimates fluctuate, for example on average one dollar of venture capital seems to be 3 times above potent to encourage technology as compared to traditional corporate research development dollars (Peneder, 2010). The connection between venture capital and development of technology at the individual level firm can rest on possible extraction surplus out of other companies as well as on industrial structure and features. Therefore, both corporate and government venture capital have played a great role in the development of technology (Peneder, 2010).

A venture capitalist is a professional fund manager who has experience with technology and finance. They identify and monitor promising entrepreneurs who can be innovative then they support their desires. Additionally, they place their investment into management teams so that to develop a portfolio of emerging companies with the aim of influencing the emergence of technology development (Peneder, 2010). Further, they serve on portfolio companies boards as advisors and financial assistance to support the emerging ideas that can bring technology innovation. However, the same venture capitalists help companies to exit via initial public offering (IPO), thus sabotaging technological development.

References

Beck, D. F. (2013). Technology development life cycle processes. Sandia report SAND2013-3933. Sandia National Laboratories, Albuquerque.

Getz, D., Goldberg, I., Shein, E., Eidelman, B., & Barzani, E. (2016). Best practices and lessons learned in ICT Sector Innovation: A case study of Israel. World Bank.

Peneder, M. (2010). The impact of venture capital on innovation behavior and firm growth. Venture Capital, 12(2), 83-107. https://www.taylorfrancis.com/books/e/9781315777306/chapters/10.4324/9781315777306-15

West, D. M. (2012). Improving university technology transfer and commercialization. Issues in Technology Innovation, 20, 1-15. https://www.brookings.edu/wp-content/uploads/2016/06/DarrellUniversity-Tech-Transfer.pdf