This paper deals with the characteristics of two basic elements for the study of innovation in the firm: the concept of technological innovation, which is defined as a flow magnitude; and the concept of technology, which is defined as a stock magnitude. The technological innovation process is characterized by: being of a continuous nature; being path dependent; being irreversible and being affected by uncertainty. Technology, as the main product of this innovation, has the properties of knowledge and is characterized by: having a large tacit component; being difficult to transfer; being assimilated by accumulation; and being partially appropriable. These characteristics are articulated in a series of propositions that could contribute to the establishment of a consistent ground for the study of the technological innovation management.
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Mariano Nieto Antolín (2004) studied this question.