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Technological Innovation, a given nowadays with unavoidable, unpredictable and evolving underlying risk and opportunity, could be described by the Chinese thinking on risk and opportunity. For a business, technological innovation is critical to its long-term sustainability. Knowledge enabling informed decisions could help a business to manage its technological innovation issues. CLP, an electric utility with over 100-year history, relies on a portfolio of technologies to operate its business. Traditionally, competent technical staffs and special task forces help CLP to manage technological innovation in their respective functional areas. Yet, emerging issues such as climate change and competition have escalated many technological innovation issues beyond the scope of individual functions and operational planning horizon. In 2001, CLP established an independent research unit to enhance the building and sharing of strategic knowledge in CLP. The parallel functional and knowledge-based approach is observed to deliver positive contributions in CLP.