The main objective of this study is to test hypotheses by empirical study on the technology transfer from a national institute to small and medium sized enterprises(SMEs) in the Korean electronic devices industry. The important findings of the study are as follows: First, the success of the technology transfer from national institute to SMEs depends on the character of the project manager such as research experience and academic degree level. Second, the success of the technology transfer is related to the nature of the research project, especially to the technology life cycle stage but insignificantly to the amount of R&D fund and duration. Third, another success factor for technology transfer is the joint technology development between institute and SMEs, which is due to the possibility of early commercialization of the technology development project. Fourth, the hypothesis about the relationship between the project selection and evaluation results and technology transfer success is not statistically supported.