Apart from educating students and conducting scientific research, technology transfer (TT) is the third “mission pillar” of modern universities. TT from universities to business as a source of innovations and inventions is, on the one hand, an important factor in socio-economic development, on the other hand, it generates income for universities and, by creating links with market practice, also affects their scientific development and quality of teaching. However, due to its complexity and due to the pluralism and heterogeneity of the approaches involved in TT processes at a country (or even regional) level, participation is a difficult challenge for the academic community. In the article the main factors influencing TT between universities and business are identified and a relevant process emphasizing into the requirements of universities being freshmen in this field is presented. In the frame of the current work a two-fold approach was applied: (a) a literature collection and review were undertaken aiming at identifying TT-related methods, tools, procedures and best practices across universities at an international level and (b) an detailed analysis of the TT-related procedures at the four European universities participating in the study.