The implementation of the revised Lisbon strategy and new strategic document Europe 2020 require establishment of a general framework for effectiveness of a modern economy, based on high quality research and innovative products, instruments for marketization and good balance between the interests of consumers and owners, facilitating free circulation of knowledge. Technology transfer has some evident advantages and strengths. It comprises of various actors and building up of specific elements which play different roles in the transferring process. The technology transfer possesses an ability to deal with complexity of the innovation system, etc. However, there are still many deficits as barriers in effective and competitive economy such as insufficient knowledge of the opportunities for commercialization of inventions and difference in IP management approaches implemented by the industry and research organizations, etc. Technology transfer is a unique element of the innovation system aiming to overcome shortcomings of the system and to create a sustainable link between research and business communities. Technology transfer is a milestone for establishment of new types of relationships with the businesses, providing modern IPR knowledge and commercializing innovative technologies. Favorable legislation targeted at technology transfer is a prerequisite, and a new attitude towards IP rights is required, in a broad sense - a proactive role in innovation by managing IPR from research is needed.