For a region's economy, the extent of use of modern business practices is part of a vital cycle linking technology, productivity and employee earnings. Well- planned use of technology generally results in higher productivity.
Improved productivity supports business growth and retention.
With growth and retention comes expansion of employment, higher wages, more extensive skill training and a high standard of living. The public sector supports this vital cycle by helping companies modernize their business practices, move into new markets as their international competitors have, and maintain the skills of their employees. New technologies operate as a source or supply to spur new ventures through new product commercialization or new firm start-ups. This is the focus of technology transfer or technology commercialization programs. The emphasis of technology transfer is on applied research and commercialization of advanced technology products or processes or on the start-up or incubation of advanced technology firms.