Effective technology transfer is an important activity that can drive innovation, enhance competitiveness, and build the technological capabilities of organizations. However, it is a process influenced by multiple factors determining its success. This research uses the quantitative framework to analyze those factors and provide a comprehensive understanding of managing technology transfer to foster technological capability building. An extensive literature review of the key factors central to successful technology transfer was identified. These include the organizational readiness of the recipient organization for the adoption of new technologies, absorptive capacities where an organization can make sense of and find needed external knowledge and apply it to change its circumstances, and the quality of relationships between the transferring and receiving parties which are determined by elements of trust, communication, and collaboration. Other characteristics of the transferred technology, such as its complexity and compatibility with existing systems, also play a significant role in determining success. External factors, such as government policies, intellectual property protections, and market conditions, further shape the environment in which technology transfer occurs. These variables were classified into three main categories: organizational, relational, and contextual factors. Accordingly, a conceptual model was developed to integrate those factors, focusing on the importance of building technological capability within the recipient organization. Technological capability building refers to the organization’s ability to absorb, adapt, and make use of transferred technologies in an effective way to drive innovative initiatives and ensure long-term competitiveness. Empirical data relevant to stakeholders involved in technology transfer projects- such as managers, engineers, researchers, and policymakers-are validated. Statistical analyses show that organizational readiness, close relationships, and favorable external conditions are critical for successful technology transfer. This research gives organizations a framework that will help them improve their technology transfer processes and marks capability building as an imperative to long-term innovation and competitive advantage.