The article studies definition of the technology-based companies, its features and management approaches practiced in the industrialized countries to help strengthen TBFs in the developing economies like Ukraine . Clear understanding of TBF meaning and its distinctive features allowed to find optimal managerial processes to increase company’s financial and competitive position. Two types of technological changes such as invention and innovation were considered to distinguish managerial models for both. Classification of innovations and management processes such linear and chain-linked were analyzed to show threats of the former and advantages of the later. New technology exploitation and strategic technology road mapping were suggested as the new techniques aimed at achieving a pre-defined result such as target performance, cost reduction and etc. Various conflicting but necessary forces that form corporate culture were summed up to help choose the most conducive one for innovation growth and its realization in daily business operations. There are different approaches discussed in the article that should be applied while managing small and large TBFs to help capitalize on their strong sides. Improvement opportunities for technology-based companies in the developing countries like Ukraine were considered and practical recommendations were given.