This paper outlines recent developments in our understanding of the process of innovation and the implications for technology management. It addresses the puzzle of the interface between technology management (private, for profit, firms) and technology policy (government), and the obvious implication that effective policy must be conditioned by an understanding of the practice of management. Equally important is the view that technology management is to be understood in terms of the systems of institutions which generate and support technology, systems which extend beyond the boundaries of individual firms. Underpinning these themes is a particular subplot, namely the link between technology management and competitiveness.