As any technology evolves, it tends to comprise both implicit and explicit knowledge. It is easier to capture explicit knowledge in terms of documents that accompany manifestation of a technology like a manual for a mobile phone. Implicit or tacit knowledge is better translated through experience sharing and other such trainings. Such knowledge definitely needs to be managed under the gambit of technology management. Technology management addresses the effective identification, selection, acquisition, development, exploitation and protection of technologies (product, process and infrastructural) needed to maintain [and grow] a market position and business performance in accordance with the company's objectives. European Institute of Technology Management Though the above definition explains technology management from the perspective of a company, we should understand that this very well applies to an industry too. It is important to retain focus on some valid points from this definition that we'll revisit later: A company's or industry's objectives demand specific market positions to be met or grown into so business performance satisfies the same. A company or industry needs to manage technological aspects with commercial impacts to ensure relevance to what is getting developed. There needs to be ways to identify, select, acquire, develop, exploit, and protect technologies that would help satisfy these needs. Elements of the list above imply that companies need a way to ascertain or project needs over a time period in forms of commercial goals, which would then need to be met with specific technologies that are managed. Companies mostly organize work across several technical and financial departments to arrive at such a consensual document that captures the relevant information in terms of the growth the company expects to achieve, the financial measurements of these, and the technologies that help the company achieve the projected goals. A document that captures such information typically tends to have elements 