Technology transfer is often perceived to be transfer of intellectual property (IP). Very few realize that there are other means of transferring technology. Most common means of technology transfer is the transfer of the IP alone. While this is interesting in itself, it is not the best means of transferring technology in all cases. IP such as patents, trademark and copyrighted material can easily be transferred in this manner. However, that is the lowest level of technology transfer possible. The next level of technology transfer is the ability to handover technology from the originating team to the recipient team. This involves having the creator(s) of technology innovation working with a team from the recipient side handing over technology and know-how. Transfer of software works best in this manner. This level is followed by the next higher form wherein the person or team creating the intellectual property is transferred over to the recipient company. This would certainly be of immense value in situations where a trade secret is being transferred. Excellent examples of level three technology transfer are leading and bleeding edge technologies in domains such as space and military. The best form of technology transfer is when the team/the entire organization and the culture are transferred over. This is where the most challenges are met in merger and acquisition situations. The paper will illustrate some examples from experience working in a publicly funded research lab.