Technology Transfer (TT) is well recognized as one of the most important means to enhance innovative capabilities within firms. However, transferring technology is a complex process resulting from actions taken by various actors and organizations. In addition, when transfer actions occur, very often participants do not label it as technology transfer which makes it difficult to study. Many models describe the technology transfer process. Some models consider this process as a linear progression of steps. This process begins with idea generation and technology development at the university in order to establish a university-private firm relationship through a formal research agreement. Some models describe technology transfer as networking arrangements between two parties without relevant formal research. Others are based on the 'broadcasting analogy' where the technology to be transferred is assimilated to be a radio transmitted message. Based on a comprehensive literature analysis of existing technology transfer models and a long-term field observation of five transfer projects, this paper proposes one conceptual model for a better understanding of the technology transfer process between a Technology Transfer Center (TTC) and Small and Mediumsized Enterprise (SME). The model describes the stages of the technology transfer project from the step one of making contact to the step five of adoption. Based on five in-depth technology transfer projects analysis, this paper highlights the dynamic of a TT project by applying the proposed model.