Keeping up to date with the latest technology trends is crucial task for manufacturing companies to remainsuccessful on a globally competitive market. Designing a technology radar is an established, yet mostlymanual, process for visualizing recent technology trends.The challenge of identifying and visualizing technologies is addressed by the project TechRad which usesmachine learning to realize an autonomous technology scouting radar. One of its core functionalities is theidentification of technologies in text documents. This is implemented via Natural Language Processing(NLP).This paper aims to summarize the challenges and possible solutions for using entity recognition to identifyrelevant technologies in text documents. The authors present an early stage of implementation of the entityrecognition model. This contains the selection of Transfer Learning as a suitable method, the creation of adataset consisting of different data sources, as well as the applied model training process. Finally, theperformance of the chosen method is benchmarked and evaluated in a series of tests.