This paper presents a reference model to support technology innovation decision-making processes. Based on decision theory, Information Technology (IT) governance principles, practical tools and a developed case study, we propose a reference model to guide IT leaders through decisionmaking processes, enabling them to make and justify rational decisions related to IT investments. The model includes the foundations, elements and activities of such processes. The main contribution of this work is to provide a tool to enable decision makers to align IT investments and architectures with business goals by raising their awareness on the various elements associated and influencing IT decisions.