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Technology Transfer

Technology transfer is the process by which technology or knowledge developed in one place or for one purpose is applied and exploited in another place for some other purpose. The term “technology transfer” historically has been associated with federal activities; however, the process is not restricted to the government. The most common form of technology transfer occurs between federal laboratories and nonfederal organizations such as private industry, academia, and state and local governments.

Technology transfer is the process by which existing knowledge, facilities, or capabilities developed under federal research and development (R&D) funding are utilized to fulfill public and private needs. [Source: utrs.com]

Term Sheet

A term sheet is a bullet-point document outlining the material terms and conditions of a business agreement. After a term sheet has been “executed”, it guides legal counsel in the preparation of a proposed “final agreement”. It then guides, but is not necessarily binding, as the signatories negotiate, usually with legal counsel, the final terms of their agreement. A term sheet implies the conditions of a business transaction, as proposed by a party. It may be either binding or non-binding.

Within the context of venture capital financing, a term sheet typically includes conditions for financing a startup company. The key offering terms in such a term sheet include (a) amount raised, (b) price per share, (c) pre-money valuation, (d) liquidation preference, (e) voting rights, (f) anti-dilution provisions, and (g) registration rights. [Source: Wikipedia]