One of the ways how to catch up with developed countries is through innovation. Companies can develop innovation in-house, but it has been determined that a more efficient approach is to acquire new knowledge and technology from external parties. In the meantime, relatively few companies choose to cooperate, therefore the aim of this research is to identify the key factors that need to be addressed in order to facilitate new knowledge and technology acquisition. In a systematic literature review, the scientific literature on technology transfer has been analysed, which determines an existing lack of holistic approach on the different impact of factors. Therefore, in this article, through the analysis of different sources, the innovation and technology transfer affecting factors have been summarised. The empirical research is based on a survey of sixty-five companies that hypothetically work with the technology transfer. Besides, an interrelationship analysis of the technology acquisition affecting factors was carried out. The research results indicate that acquisition of new knowledge and technology is closely linked with the internal research and development (R&D) work and presence in a foreign market, as well as indirectly with the fact whether the company is a part of a group. In the final of the article, the acquired results and their implications have been explained.