This paper presents an empirically derived model of the process through which firms, that typically lack the resources and/or expertise in a particular technology area to implement certain strategic R&D projects of their interest on their own, initiate and implement them in the form of technology training ventures jointly with not-for-profit technology institutions. These firms are keenly interested in training themselves and acquiring the resources required for future R&D in that technology area and do so simultaneously and rapidly while completing the project Joint R&D projects implemented as technology training ventures can be more effective than formal technology training programmes for technology institutions to transfer their advanced technical knowledge to the industry. Firms can also see the application of new knowledge in a context of their immediate interest, thus helping them absorb it rapidly for future applications in their search for sustainable competitive advantage. The process model has been developed by drawing from and synthesizing several in-depth case studies of such joint R&D projects. Apart from contributing to theory, this model can enable practitioners in both firms and technology institutions to understand the effective processes required for initiating and implementing such technology training venture projects for mutual benefit.