There is at present great ferment in our institutions over something called "technology transfer." It is the "in" thing to be doing, and our great research universities are being asked to show in their grant proposals how they will transfer their technology to U.S. industry. The problem is that in many cases there is little if any technology to transfer. Most of these universities do not do technology: they do science and engineering. Through their faculty and graduates and their research programs they have a great wealth of knowledge and cutting-edge research results to transfer, but not usually technology. Indeed, we need to encourage better means for transfer of this knowledge.Technology is the application of knowledge, tools, and skills to solve practical problems and extend human capabilities. It is enhanced by the discoveries ofscience and shaped by the designs of engineering. It has been primarily the responsibility ofindustry. Unfortunately our changing national values and the associated tyranny of the bottom line have mitigated our incentives to take necessary risks and have weakened our ability to compete. Technology is indeed where we must focus our energies and ideas. We need to develop and transfer it within our industrial system, where it can benefit our nation. But to pretend that it will come from our great research universities is nonsense.