Technology transfer is the process of sharing or distributing technology, knowledge, and skills from one organization or individual to another. This can happen between universities, research institutions, and businesses, allowing innovations to be developed into practical applications. For example, a university might develop a new medical device and then partner with a company to bring it to market. This transfer can take many forms, including licensing agreements, joint ventures, or collaborative research projects. By facilitating the movement of ideas and inventions, technology transfer helps accelerate economic growth and improve quality of life through new products and services.