Technological investment is an important driver of innovation, and the evaluation of technology potential is becoming increasingly important in this context. Although there is a range of possible approaches and tools for understanding and communicating the value of technology to potential customers, not all are useful or accessible in practice, where the situation is often complex and constantly evolving. Although many companies have their own customized processes in place for securing approval for technology development, often combining several techniques, very few empirical studies have been performed to learn from these practices and provide an overall view of the process of selling technologies internally or externally. In this paper, the current literature and practice related to technology valuation is reviewed and summarized in a five-step process for building a business case for technology investment that gives guidance on where and when to use specific valuation tools. The seller or proposers perspective is taken and consultative sales techniques incorporated. This provides a flexible reference for R&D managers and adds to the body of literature on the selection and use of valuation tools. A user friendly guide has been published detailing the five-step approach.