From the very time they are launched, companies need to engage in a careful and deliberate process of developing, implementing and continuously improving policies and practices with respect to development, acquisition and protection of the technology and other intellectual property rights that are necessary for pursuit and achievement of their strategic goals and objectives. In general, technology management concerns itself with the creation or acquisition of technology, particularly the process of transforming basic knowledge, or science, into products that have practical and commercial utility in the marketplace or in internal business activities. Technology management also includes the steps that need to be taken to protect the technology of the firm, including the development and maintenance of an intellectual property rights portfolio, and the formulation and implementation of strategies for commercial exploitation of the company’s technological assets.
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