Technology development involves the creation of new technology platforms, materials, and other fundamental foundational product elements. As opposed to product development, which focuses on the creation of specific technology applications, technology development may or may not have specific commercialization goals. Alternatively, a technology development program may result in numerous commercialization pathways that span multiple industries and many product lines.
It should be noted that there is a distinct difference between technology development and product development. Product Development involves the process of developing practical commercial applications for technologies or ideas.