This document outlines the essential elements of formulating a technological innovation strategy, highlighting four key aspects: assessing the firm’s position and strategic direction, selecting and valuing innovation projects, deciding on collaboration approaches, and developing protection strategies for innovations. It emphasizes the importance of both quantitative and qualitative evaluations in project selection. Additionally, it addresses the need for monitoring partners and various methods of safeguarding intellectual property.

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2. In this section, we will cover the key aspects of formulating a technological innovation
strategy, including:
1. Assessing the firm’s position and defining its strategic direction.
2. Choosing innovation projects in which to invest, including both quantitative and
qualitative valuation techniques.
3. Deciding whether and how the firm will collaborate on development activities,
choosing a collaboration mode, and choosing and monitoring partners.
4. Crafting a strategy for protecting—or diffusing—a technological innovation through
such methods as patents, trademarks, copyrights, and trade secrets

3. Formulating Technological Innovation Strategy