Small- and medium-sized enterprises (SEMs) are the important part of economic society whose innovation activities are of great significance for building innovative country. In order to investigate how technological innovation (TI) and business model design (BMD) affect the business performance of SMEs, samples of 268 SMEs in the artificial intelligence industry and hierarchical regression models are used in the analysis. The results indicate that TI, BMD, and the matching of them have different effects on the innovation of SMEs of different sizes. These findings are helpful for enriching the theory of the fit between TI and BMD and providing theoretical guidance for the innovation activities in SEMs.