Technological innovation is a strategic and long-term perspective of innovation. While innovation is a well-defined concept, often it has a wide interpretation to most people, particularly numerous discussions in the business and academic worlds. Innovation is broad in definition, because there exist new ideas that are being tested or new products/services that are being released to compete with existing products/services, which eventually result in patent portfolio based on latest innovations.
In order to understand how to properly execute a strategy for business, a business needs to first understand what types of activities lead to technological innovation that are eligible for patent protection. These activities include: Software Development, Cloud Computing, Digitalization, Virtualization, R&D, Design and Manufacturing. Therefore, each of these sub-categories represents a discrete set of activities that drive innovation and, consequently, technology investment.