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Technology and innovation processes are formed by knowledge bases and continuous flows of information. Their intangibility and the actual trend to support the competitiveness of the firm in the synergetic relations of its intangible assets have led to a new form of analysis of the technological innovation processes. Technology management also requires assuming new activities to manage effectively the flow of information and the knowledge reservoirs which are necessary to provide a quick answer to the uncertainty and dynamism of technological evolution. The firm should also create knowledge milieus, common shared environments or bas and a clear knowledge culture. In this paper, we review the importance of the knowledge consideration of technology and its incidence on the innovation process, and then we analyse which are the main charactersitics of knowledge management and how it should be put into practice in the innovating firm, where knowledge managers are an essential component.