Innovation is one of the key aspects that drive economic growth and social welfare, one of the ways that it occurs is through technology transfer. However, using a patent to innovate through technology transfer is a complex process, full of uncertainties, and there is not a well-defined process available that enables entrepreneurs to develop business models based on patents. Therefore, this study aims to develop a methodology to support entrepreneurs in the development of businesses from patents available in technology transfer programs. The P2B methodology was developed within two research steps. Firstly, based on a structured literature review and on the case study analysis of the European Space Agency Business Incubation Center (ESA BIC), an initial conceptualization of the methodology was developed. Secondly, data was collected throughout thirteen semi-structured interviews with experts in technology transfer and management, innovation, and business model development to create the final proposed P2B methodology. The P2B methodology addresses the inherent challenges of the innovative business development process, specific to the technology transfer context, by providing a set of twenty-three activities, supported by sixteen tools, divided into four major phases: technology analysis, value analysis, business model, and business plan.