The creation or inclusion of new technology has become an essential element for companies to uphold or improve their rival position in the marketplace. Companies running in sectors where the competition takes place on the basis of price only, like removal or commercialisation of raw materials, may depend on new or advanced technologies to improve their efficiency in the removal of raw materials by improving their dynamic processes or getting new machinery & equipment. While investing in technology advancement may be expensive and uncertain, there are many uncertainties associated with the innovation process. It has the benefit of preventing technological reliance on other companies or entities and enables the company to increase its technological capability and to innovate as per its own specific requirements. The developing and least developed nations, due to the lack of resources to create and the accessibility of an enormous pool of foreign technology for exploration & exploitation, attain such technology from the developed ones, giving rise to the idea of technology diffusion and technology transfer. Scroll down to check more information regarding Technology Transfer Agreement.<\/p>\n\n\n\n
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