by Federico UlledTechnology transfer: a tool for transforming knowledge into real value
Technology transfer is one of the most powerful mechanisms for converting knowledge into economic development. In a context where intangible assets represent more than 90% of the market value of the S&P 500, transforming scientific advances into applied solutions is no longer just an option, but a strategic necessity for any country or organization that aspires to compete globally.
However, bringing that knowledge to market is not a simple process. It requires an increasingly sophisticated technical, legal, and operational framework, where the quality of agreements and the strength of negotiations play a central role.
One of the main challenges lies in drafting agreements involving intangible assets such as patents, know-how, algorithms, software, or confidential information. Unlike physical goods, these assets can be used simultaneously by multiple parties without being depleted, which requires more precise and tailored agreement structures.
The definition of the subject matter of the agreement is one of the most sensitive points. It is common for license agreements to mistakenly identify “technology” solely with the final product that will eventually be commercialized, omitting to include the process, technique, or knowledge that makes it possible or that is used in the manufacturing process. This ambiguity can lead to conflicts over what was actually licensed and under what conditions.
For this reason, every technology transfer agreement must include a clear and consistent description of the subject matter, its territorial scope, duration, terms of use, and restrictions, as well as, where applicable, the possible need to supplement that technology with other developments, either from the owner or third parties, and the economic effects that such supplementation could have on both the royalties agreed upon and the price of the product or service. The agreement must be more than a formality: it serves as a roadmap for the parties throughout the course of the relationship and its evolution.
However, a robust agreement is a necessary but not sufficient condition. An informed negotiation process is also key, in which the state of development of the technology, the licensee’s execution capacity, its business model, and the interests of both the technology owner and its potential partners and/or the need for or predictability of future partnerships are analyzed.
One of the most complex aspects is the economic valuation of the business. While there are standard market references, these standardized formulas do not always accurately capture the value generated or the risk assumed. The valuation must be carried out on a case-by-case basis, combining technical, financial, and market criteria, and fundamentally considering the stage of maturity and direct applicability of the transferred technology or the need for new supplementary developments. But beyond the economic return, technology transfer also generates value for society as a whole by allowing knowledge to be translated into concrete solutions that improve people’s lives.
In addition, it is essential that organizations—whether universities, research centers, startups, or companies—have specialized legal and tax advice from the beginning of the process. The early involvement of legal and tax advisory teams with experience in technology transfer allows conflicts to be anticipated and the interests of all parties involved to be protected.
Along the same line, it is essential to consider intellectual property from the earliest stages of development. Protecting intellectual assets with patents or other available means of protection, defining ownership or confidentiality agreements from the outset not only prevents future disputes, but also increases the strategic value of the technology when negotiating its transfer and qualifies the project’s eligibility and attractiveness to investors.
Unlocking the potential of technology transfer requires planning, solid legal structures, and an organizational culture that promotes interdisciplinary collaboration.
The world’s most dynamic ecosystems—such as Israel or South Korea—have institutionalized technology transfer processes as a central part of their economic development strategy. Learning from these experiences—adapted to each local context—can offer valuable insights for replicating and scaling successful models.
In a global scenario where competition is increasingly focused on intangible assets, developing effective capabilities for technology transfer is a strategic priority. Converting knowledge into impact requires appropriate frameworks, trained actors, and a long-term vision that articulates science, law, economics, and the market. An approach that integrates all these elements is essential to bridge the gap between available knowledge and its effective application in the real world, transforming isolated advances into real drivers of development.
by Federico UlledMergers and acquisitions on the rise in Argentina: the importance of protecting innovation
In a challenging regional context, Argentina stands out as an exception: while the mergers and acquisitions (M&A) market in Latin America declined in 2024, our country recorded an increase of 27% in the number of operations during the first quarter of the last year, and the mobilized capital more than doubled, reaching USD 1.75 billion. The figures, published in a report by the global firm Aon plc, reflect a dynamic that goes beyond the circumstantial: they point to a change in the market outlook.
The decline in inflation, the improvement of domestic macroeconomic indicators and the fiscal and trade surplus are generating a more favorable environment for private investment, according to a study by Buenos Aires Capital Partners. If we also consider the deregulations promoted by the government and a decrease in U.S. interest rates, 2025 is expected to be an even more active year for Argentina’s corporate transactions market.
The domestic growth of M&A activity can also be interpreted as a sign of confidence in the innovative potential of the country. The fact that local companies – those most familiar with Argentina´s particular context- are leading this type of movements, sends a strong signal to the international investment community. In many cases, the behavior of the local capital works as a barometer for those assessing investment opportunities in Argentina from abroad.
What’s interesting is not just the scale of the phenomenon, but its composition. Of the 95 transactions recorded nationwide in 2024, many were concentrated in knowledge- and innovation-intensive sectors, such as technology. It’s not simply a matter of buying and selling companies—strategic intangible assets play a critical role, including patents, trademarks, software, technical know-how, or technology developments protected by trade secrets. M&A transactions involve complex challenges related to intellectual property: the due diligence of intangible assets, proper ownership of rights, the assessment of litigation risks, and the valuation of patents and trademarks are all factors that can decisively affect the value of a transaction.
Technological disruption will continue to be one of the main drivers of the global market, as highlighted in Bain & Company’s report “M&A 2025.” Generative artificial intelligence, automation, quantum computing, and renewable energies are pushing many companies to pursue transformation through acquisitions. In this context, protecting innovation is neither a luxury nor a formality: it is a competitive advantage.
Argentina has talent, technology, and a renewed market dynamism. For this wave of transactions to be sustainable over time and contribute to the country’s economic development, one condition is essential: protecting innovation and investing in the growth of our innovative capacity.