Determinants for the transfer of knowledge and technology in business and economy

A specific factor ensuring economic development is knowledge, which is a resource that, in principle, does not run out. On the contrary, its creation and distribution increases its importance, and the economic benefits gained from its use are constantly growing. Thus, knowledge is increasingly important in the production process in the modern economy. The ability to create and transform knowledge into new technologies, products and services, affect the market success of companies, and thus the development of the entire economy. The purpose of this article is to show the mechanism for the transfer of knowledge and technology in the business and economic environments. Moreover, the author attempts to demonstrate how the technology transfer process can increase the efficiency of the use of knowledge as a factor of development.