This article focuses on co-development technology transfer models. It offers an empirical analysis of a pioneer model applied in Italy: the proof-of-concept network (PoCN) applied by AREA Science Park in Trieste. Starting with a review of the literature, the authors identify the drivers that facilitate collaboration between the industrial and research systems in the embryonic phase of technology development. Then, discussing the PoCN model, the article analyzes and explores an emerging phenomenon that is as yet poorly understood. The application of a model for co-development, in fact, highlights many advantages for both firms and the research system and improves the efficiency of matching between these distant and heterogeneous sectors. The authors report a single case study which, while appearing to be a limitation of the article, offers elements of originality because it concerns the first applied co-development model in Italy. There are many practical implications, not only for firms and research institutions but also for policymakers who seek to implement public policies to support innovation and technology transfer.