Licensing is the third and final stage of the technology
transfer process. In this phase companies or organizations are
given a license to use new technology to develop products and
services that are sold to benefit the public. The revenues
generated from the licensing processing then become funding for
new research and development. Three elements are key to
successfully taking a research discovery to practical
application: - A process to transfer an innovation or new
technology from the laboratory to the market place - A strategy
for marketing the innovation or new technology - A process for
evaluating what the innovation or new technology is worth in the
marketplace