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2.1 CONCEPTUAL FRAMEWORK AND RESEARCH QUESTIONS To guide this research, a conceptual framework was employed, reflecting the generic institutional structure of technology transactions. The framework was inspired by the ‘contingent effectiveness model of technology transfer’ which was applied by Bozeman (2000) to order the literature on technology transfer that also relates to the standard microeconomic supply and demand model.1 Based on the assumption that participants in a technology transfer have multiple goals, the model includes five broad dimensions. The ‘transfer agent’ is the actor interested in transferring a technology. The ‘transferred medium’ is the means by which the technology is to be transferred (for example, license, sales). The ‘transfer object’ is the content and form of what is to be transferred (for example, technical knowledge, IP assets). The ‘transfer recipient’ is the actor who will be using the technology and finally the ‘demand environment’ is characterized by the market conditions relevant to the technology to be transferred. However, Bozeman’s (2000) model does not include intermediaries that can play an essential role in technology transactions. Subsequently, for the purpose of this study, I added such intermediaries to it. Figure 2.1 illustrates the framework applied in this study. The framework comprises of six elements, which can be further ordered into four categories: (i) the actors (sellers, buyers and TMI), (ii) the transaction, (iii) the traded asset, and (iv) the institutional (market) environment. Furthermore, the framework can be divided into a supply and a demand side. The supply side is concerned with owners...