Wave energy converter (WEC) technology development has not yet delivered the desired commercial maturity nor, and more importantly, the techno-economic performance. The reasons for this have been recognized and fundamental requirements for successful WEC technology development have been identified. This paper describes a multi-year project pursued in collaboration by the National Renewable Energy Laboratory and Sandia National Laboratories to innovate and develop new WEC technology. It specifies the project strategy, shows how this differs from the state-of-the-art approach and presents some early project results. Based on the specification of fundamental functional requirements of WEC technology, structured innovation and systemic problem solving methodologies are applied to invent and identify new WEC technology concepts. Using Technology Performance Levels (TPL) as an assessment metric of the techno-economic performance potential, high performance technology concepts are identified and selected for further development. System performance is numerically modelled and optimized and key performance aspects are empirically validated. The project deliverables are WEC technology specifications of high techno-economic performance technologies of TPL 7 or higher at TRL 3 with some key technology challenges investigated at higher TRL. These wave energy converter technology specifications will be made available to industry for further, full development and commercialisation (TRL 4 - TRL 9).