This article analyzes the process of technology strategy formulation in two cases of Brazilian subsidiaries from telecom industry. One company belongs to the equipment layer (EQUIPCOMPANY), and the other to the network layer (NETCOMPANY). In EQUIPCOMPANY, technology strategy and corporate strategy are formulated in conjunction, and the subsidiary is involved in the creation of global products. The main advantage of this approach is the alignment around a common vision and the synergy created among subsidiaries. However, the subsidiaries’ autonomy to create innovations highly adapted to a specific country is limited. In NETCOMPANY, the technology strategy derives from the marketing vision of the future, and the Brazilian subsidiary can define its own strategy, merely requesting parent company approval for implementation. This approach brings agility to decision making and allows its subsidiaries to create innovations highly adapted to local specific needs. Nevertheless, NETCOMPANY faces poor coordination among subsidiaries, possible duplication of work and investment, and a lack of synergy and collaboration on innovation projects.