Many studies have argued that absorptive capacity is necessary for technological cooperation of SMEs to yield positive outcomes. However, beyond absorptive capacity, there are influential factors across various dimensions for SMEs to effectively utilize external knowledge and resources to enhance technological innovation performance. This study analyzed the effects on technological innovation performance of SMEs—which have relatively insufficient knowledge and resources for technological innovation—absorbing knowledge spilled over from external sources, utilizing diverse technological cooperation networks, and employing legal and strategic appropriability mechanisms in the technological cooperation process. Additionally, the moderating effect of patents was investigated. Analysis of the Korean Innovation Survey (KIS) data targeting the manufacturing sector in 2010 revealed the following results. First, vertical technological cooperation and horizontal technological cooperation were found to have positive (+) and negative (-) effects on the economic performance of innovation, respectively. Second, the greater the effectiveness of strategic appropriability mechanisms, the more positive the impact on the economic performance of innovation. Third, patent activity showed a statistically significant moderating effect, negatively moderating the relationship between vertical technological cooperation and innovation performance. Furthermore, the relationship between the inflow of knowledge spillovers and innovation performance was found to be positively moderated. These research findings suggest that SMEs in Korea's manufacturing sector need to deploy innovation strategies tailored to the characteristics of technological cooperation with various partners in order to maximize the economic performance of technological innovation. Moreover, it can be seen that strategic means, not just patents, are very important as appropriability mechanisms for technological innovation. In particular, the results demonstrate that patent activity can be strategically utilized not only as a protection mechanism for innovation but also in terms of the effective management and utilization of knowledge spilled over from external sources that serve as origins of technological innovation in the technological cooperation process of SMEs.