Research and Technology Organizations (RTOs) according to their mission are responsible for technology development and facilitating its commercialization in order to enhance and support the technological and innovative capabilities of relevant and related industries. The complexity and specific nature of the technology development process in RTOs in order to effective respond to the needs of industry require to designed a technology development and commercialization process which encompasses different requirements to meet the numerous challenges and problems in this direction and lead to matching between type and time of technological demands of industry and technology development and commercialization process of RTOs. In order to respond to these challenges, this paper attempt to present a modified model for the technology development and commercialization in RTOs. This model is adjusted based on the existing literature using the case study (multiple) of technology development and commercialization process in best practices by using qualitative analysis. After explaining the model, finally concluded with the analytical implication of the model.