This paper aims to investigate strategies for transforming advanced technologies into concept products to create values by design. Using the Dechnology (Design+Technology) project run by ITRI (Industrial Technology Research Institute) as an example, we investigated three approaches to acquiring product concepts, including design competitions, collaboration with designers, and outsource to design consultancies. The research was done by conducting literature review, analysis of competition entries, and in-depth interviews with students participating in the competition, designers in collaboration projects, and employees from the research organizations. Results show that each of the three approaches has its respective characteristics and limitations. We found that, three factors--' comprehensibility', 'maturity' and 'application restrictions' of a technology--can be used to match a technology to one of the three design approaches. Additional suggestions on improving comprehensibility of technology and on planning collaboration with designers were also proposed. In particular it is important to distinguish between 'concept development' and 'system- and detail-level design' stages during a new product development process. Combining three categories of product (stand-alone product, software-oriented product, and integrated system) and three design approaches (design competitions, collaboration with designers, and outsource to design consultancies), this study arrived at a matrix of nine product-design approach combinations. We then discussed how to choose among different design approaches according to their advantages, disadvantages and features of suitable technologies, such that the understanding and cooperation between design and technology could be achieved through reasonable expectations of targets and limitations.