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Strategic management of technology is a necessity for wealth creation in society, but also in corporations as members of that society. Emergence of new economical order enabled by global competition and proliferation of information involves increasingly rapid changes in technologies which causes major competitive challenges to enterprises to manage their technological capabilities. In the absence of commonly agreed management of technology frameworks this study discovers perceptions and current state of management of technology in high-tech SMEs. Theoretical background of this study is based on a conceptual framework of strategic management of technology originating from large enterprise practices. The elements are classified with respect to structures, objectives and company internal and external impacts. Conceptually entire field is perceived to be complex and there is contingency and immaturity in practices deployment in SMEs. As a conclusion it is suggested that SMEs should consciously develop management of technology practices, and the presented structures elements of strategic management of technology framework would provide a frame of reference when constructing the practices in enterprises. It is also proposed that strategic management of technology should be evolved as a distinguishing functional and managerial domain that enhances the management paradigm of multifunctional strategic orientation in enterprises.