Abstract: Innovation is a strategy that leads to gaining competitive advantage in the marketplace. It makes business organisations sustainable and enables them to be in positions to adequately meet the needs of their customers in the face of changing tastes and fashion. So, organisations that have poor attitudes towards innovation that consequently result in low ability to create products and services that satisfy their customers decrease their chances of growth and survival in the marketplace. The objective of this study was to investigate the effect of technological innovation on the performance of food and beverage manufacturing companies in Osun state, Nigeria. Specifically, the effect of product and process innovations on company performance was investigated.