PurposeThis paper aims to explore and illustrate the technology transfer (TT) experiences of a small to medium‐sized enterprise (SME), Rayton Packaging, using the stage‐gate approach to TT as an inquiry lens.Design/methodology/approachThe approach described in this case conceptualizes TT as a process consisting of a set of stages and decision gates.FindingsA TT project cannot be considered to be effective unless it also leads to profitability and growth for the firm. In today's global business setting, TT should be seen only as a component of business strategy and not in isolation as a technology project.Originality/valueThis paper describes the stage‐gate approach which has been successfully used for managing new product development programs in large firms.