This paper reviews various models of technological innovations at different levels: project level and productive segment level. Firstly, it examines a number of significant factors influencing the success and failure of technological innovation at project level. Specifically, the role and characteristics of technical information for the success of innovation is analyzed. Secondly, the paper discusses in detail the relationship between technological innovation and the evolution of a firm. Product and process innovations are analyzed in accordance with a three stage model; the stages are performance maximizing (uncoordinated), sales maximizing (segmental) and cost minimizing (systemic). Various implications of the model are presented in terms of the business policy variables such as diversification, standardization, productivity improvement, marketing, etc. The applicability of the model to a developing country is sought and a few suggestions to develop new model of technological innovations in LDC are discussed.