This study aims to propose desirable technology development strategies for maximizing business performance, focusing on the technology development dimension, as information and telecommunications venture firms based on new technologies formulate business strategies in response to external environmental changes. To derive technology development strategies for information and telecommunications venture firms, 92 Korean information and telecommunications venture firms were analyzed. The study classified the environmental types to which these firms may belong, identified technology development strategic factors among the firms' internal resource capabilities, and analyzed the effects of these strategic factors on the performance measures of sales growth rate, asset growth rate, and return on investment. Furthermore, the study analyzed the effects on firm performance through the relationship between technology development strategic factors and external environmental factors, thereby identifying technology development strategies that can maximize business performance of information and telecommunications venture firms according to external environments. The empirical results showed that in terms of market competition, firms with stronger technological innovativeness and more frequent product upgrades had a greater impact on performance. In terms of external environmental uncertainty, firms with stronger technological innovativeness that actively pursued product upgrades and utilization of external resources were closely interacting with firm performance.