Industry engagement and the application of universities' research outcomes for shaping society to achieve a habitable environment are possible as a result of technology transfer. With reference to universities in the Czech Republic, this paper proposes a model of effective knowledge management for intellectual property created by university employees according to the structure of individual faculties and their main research focus. The ultimate goal is to achieve effective technology transfer through knowledge management. A review of previous technology transfer models, such as appropriability, dissemination, knowledge utilization, communication, use of a university technology transfer office, and the Triple Helix, shows that these models cannot effectively transfer technology individually but can do so in combination at different levels. Consequently, a knowledge management model is introduced in this study for the transfer of technology from universities. The introduction of technology transfer offices (TTOs) is expected to protect intellectual property, generate new knowledge and create access to valuable knowledge, among other benefits.