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The term "technology transfer" could be used very broadly to refer to the movement of ideas, people and tools among academic institutions, industry, and the public. It could also more narrowly refer to the legal transference of inventions from one discrete entity to another under license agreements, for the purpose of commercialization or exploitation for profit. Its activities are usually carried out within a national or regional technology transfer system, which comprises of individuals, institutions, practices, laws and policies involved in the licensing, patenting and marketing of inventions. This paper itemizes, in a generalized manner, the steps in the entire technology transfer process, from idea conception through to product commercialization, and to show the impact of the process on economic stimulation and growth.