Scientific discoveries open up new horizons, and technologies based on them can create or transform markets. However, the process of translating scientific discoveries into technologies involves a series of risk steps, resulting in low success rates. In industrial technology research institutes such as ITRI, the planning of such projects typically starts with conceptualizing innovative applications that meet certain needs of consumers or society. Once initiated, the process is forced to be in constant touch with both ends of its range: scientific discovery and market needs; the utmost consideration is the large impact it will have on industries, economy and the society at large. In this talk, examples of industrial technology research from a semiconductor application perspective, along with the collaboration model with the industry and academia, are presented. Crucial factors leading to successful deployment of new technologies such as cost, quality, and reliability are also addressed.