The aim of this article is to develop new patent indicators for evaluating technological innovation competitiveness between companies. A novel indicator representing an industrial's patent performance, Essential Patent Index (EPI), was developed by incorporating information on who cited these patents and when these patents were cited, based on the assumption that both contribute to meaningful quality assessment. By combining EPI and Chi's well known Technological Strength (TS) indicator, a second novel indicator Essential Technological Strength (ETS) was developed to represent the innovation competitiveness of an individual company. In this study, patent performance of three high-tech industries in Taiwan were analyzed using ETS as well as the traditional TS for comparison. Results from this analysis demonstrated that ETS provided better insights by clearly verifying the latent influence of citations, reinforcing the impact of essential patents, and aggrandizing the differences of innovation competitiveness between companies.