Determinants that drive commercialisation of potential university innovation outputs through technology transfer offices

Abstract

The emergence on knowledge-based and innovation-based economy has led to numerous universities restructuring themselves in response to this new economic growth shift. Technology transfer is the process of converting scientific findings into useful products or services for society.The purpose of the study was to identify they key determinants that drives successful commercialisation of university innovations by technology transfer offices.The research took a qualitative methodology wherein open ended questions in the form of narrative inquiry were posed to experts in the field of university technology transfer to explore and understand the critical determinants that drives successful commercialisation of university innovations. From the twelve themes that emerged as determinants for diving successful commercialisation of innovation, buy-in by top management of the university, awareness about technology transfer office, enabling environment and financial stability were considered as highly critical for commercialisation of university innovations by technology transfer offices.A technology transfer office can create many benefits for the university, industry, and the surrounding community, but it requires carefully planned and consistent longterm financial and administrative support. And above all, it requires technology transfer officers that are able and willing to take risks and university top management that support them.