stimulate licensing revenue in the USA include the combined investment of university, federal and corporate R&D programs and grants, the prevalence of technology parks and incubators, venture capital and seed-expansion, as well as support services for start-ups in accounting, law, and marketing. The diversity of actors and support services results in thick markets for technology commercialization, enabling individuals to leverage the multiple institutional, financial and human resources in which they are embedded. Actors can rely on this ecosystem to seek help in negotiating flexible license terms, developing business models, recruiting talent, securing funds, and partnering with developers. The role of government support should not be underestimated. In 2010 alone, there was $39.1 billion in federally funded sponsored research expenditures in the USA (AUTM 2010). In contrast, the use of licensing in the developing world is frustrated by thin markets for technology. First and foremost, adequate IP enforcement is necessary in order for the IP system to act as an enabling environment for generating more licensing revenue. Companies must be assured that, if they pay for licenses, others will not simply steal technology, putting them at a competitive disadvantage. Yet, enforcement must be pursued in tandem with a more comprehensive approach to technology transfer, which recognizes the importance of technology parks, venture capital and monetization support services.

The existence of professional associations that collect information relating to technology transfer and reflect on the process and impact of commercialization is tremendously valuable. The Association of University Technology Managers, initially founded in 1974 in order to address concerns that US federally-funded inventions were not commercialized effectively, is now a global network of technology transfer professionals from over 350 universities, research institutions, teaching hospitals, government agencies and companies. It has been at the forefront of funding, compiling, and publishing academic technology transfer data, particularly in North America. The AUTM STATT database is a statistical resource for policy makers to understand the extent and impact of licensing programs so far. In the USA in 2010, AUTM member organizations executed 4,284 licenses, resulting in a total of 38,528 active licenses and options (AUTM 2010). 651 start-ups were formed, and 3,657 continued to operate in total. 20,642 inventions were disclosed, 12,281 new US patent applications were filed, and over $2.4 billion in total licensing income was generated (AUTM 2010). This type of impact assessment is vital in order to understand the role of TTOs and other organizations in patent monetization. AUTM has developed a universal licensing survey in order to support technology transfer globally through accurate impact measurement. The Association of European Science and Technology Transfer Professionals (ASTP) adopted this framework in 2009. Policymakers in developing countries should help domestic actors access these resources. Professional technology transfer associations are a valuable resource for TTOs in the developing world. International bodies such as AUTM, ASTP, the South African Research and Innovation Management Association (SARIMA) and the International Federation of Technology Transfer Organizations (IFTTO) should be leveraged to increase the efficacy of TTOs in the developing world. The Society for Technology Management (STEM), a non-profit organization recently created in Hyderabad, India to promote best practices in technology transfer and foster commercialization ecosystems is one of the initiatives that has been jointly funded by SARIMA, AUTM and IFTTO. The global network of IFTTO members is a particularly useful starting point for policy makers in developing nations to familiarize themselves with the practice of technology transfer and patent monetization.

TTOs play an important role in supporting the monetization of IP while simultaneously fostering knowledge spillovers. They are particularly valuable in nations that have thinner technology 20