HOW TO REDESIGN YOUR TECHNOLOGY SCOUTING APPROACH TO FIND THE BEST MATCHING SOLUTIONS
The innovation landscape is continually evolving which makes the technology scouting process to find matching solutions both crucial and challenging at the same time. Most successful businesses actively work on constantly redesigning their technology scouting approach and underlying processes. Your approach to finding the latest technologies defines your agility to device and incorporate matching solutions. In this article we bring you advanced and practically tested tips about how to best redesign your Technology Scouting Approach.
Dealing With The Mindset Challenge
One of the most important factors that propel an innovation development process is a MINDSET. A collective organizational mindset is a core component of the process which if leveraged optimally can dramatically accelerate innovation development. However, creating a culture of innovation in an organization is both difficult and time-consuming - it’s a process in itself. It won't happen overnight and by the time it happens, you might already be left behind.
The most effective way to overcome MINDSET limits is to focus on matching solutions. You already know how important it is for your technology outcomes to match your company goals. And this leads us to the question: how to perfectly MATCH your company GOALS with a specific TECHNOLOGY?
Solving the technology Matchmaking puzzle to find the most accurate matching solution is a challenge and one of the biggest impediments in the process is “technology scouting approach.” Remember, innovation is a relative process where time is of the essence and how effectively you’re able to find matching solutions in a timelier manner will depend largely on your technology scouting approach.
If you’re stuck finding matchmaking solutions or you’re not able to scale your innovation development process, or maybe you’re exhausting the company’s R&D budget without making optimal progress, it is very likely that you’re relying totally on typical conventional ‘technology scouting techniques.’
Why conventional Match Making approaches fail?
Based on our ingenious research which involves consistent professional interactions with people in key positions at companies focussing on innovation development, we have been able to categorically identify these popular matchmaking ‘approaches.’ Here’s a nuanced analysis of their strengths and weaknesses to help you understand what you’ve been doing wrong all this time.
- Industry Events: A good number of companies predominantly rely on industry-specific events to ‘track’ and find matching technologies. While it is great to expand your network and get introduced to ideas, the effectiveness is heavily compromised because of the ‘inadequate technology landscape’. The number of events that provide value are few and scheduling your time to attend them as and when they happen is a task in itself. Not to mention the costs including participating fee and travel and accommodation allowances amongst others.
- Networking: Engaging with experts in your network is a great way to get feedback and insights into certain technical developments but it is limited in scope. The opinions and insights are very specific and limited to the area of their expertise. Not to mention that building an exhaustive network is cumbersome and requires a lot of time and effort. In business terms, it is also costly to develop an effective and elaborate network.
- Database And Digital Tools: Staying updated about the latest technological advancements is easy with innovation & patent databases or insight software. However, it can be counterproductive because these databases are not up to date and often compromised as the listings are paid. Moreover, the average monthly cost of subscribing to such databases starts from $1000/month and upwards. The cost-benefit analysis proves they are not the best of the technology scouting approaches.
- Startup Programs: Relying on startup incubator and accelerator programs are gaining popularity and are indeed helpful when it comes to identifying promising companies in your focus area. But apart from being very costly, most startups and such programs are aligned with an investment-driven mission and vision leaving little to no space for accommodating your particular development goals.
- Consultant Services: Paid consultant services are one of the most conventional approaches and almost every innovation development firm spends a significant percentage of their R&D budget with them. However, when it comes to finding matching solutions the range of ‘acceptable solutions’ provided is narrow and not more than one in most cases. It translates to relying on one acceptable solution and literally limiting your options even after spending a significant percentage of your R&D budget.
- Innovation Labs: A more advanced but highly costly solution that can be truly effective is to operate your own innovation lab. It gets more projects in your field to work with you and you can actually leverage them to your benefit. Cursory research just at the budget allocated by companies for running innovation labs shows it starts from $1 million a year and upwards. While the solutions you can get are more refined and tailored, it is challenging to develop more than one or two native solutions in a year.
- Proprietary Solutions: Creating your Proprietary solutions to track technical developments can get you some very promising and specific solutions that may give targeted results. However, with so many new developments flooding the markets every day, it is becoming increasingly difficult and costly to weed out unnecessary and repeat solutions. Not to mention, these Proprietary solutions can make a significant dent in your allocated budget.
Making an informed decision is the key and perhaps it is time you should focus on an advanced technology scouting approach.
An advanced and more robust alternative like the TSE (Technology Search Engine) that eliminates the typical challenges with conventional matchmaking and technology scouting approaches can help accentuate and scale your innovation development processes.
The Technology Search Engine (TSE) is a dedicated tool developed by industry experts to help innovation-driven businesses accelerate their technology scouting process and get more applicable technical solutions at the fraction of the cost and time invested in conventional methods.
With TSE you can literally find 10 times more novel solutions matching your company goals in a matter of days!
Get the Mastering Technology Scouting Guide
Innovation runs fast. Every year thousands of new solutions come to light. Nevertheless, it is acceptable to spend months in finding a unique technology solution matching a company's needs and even years in achieving the adoption of the technology. But with the large pool of technologies available on the market, why does it need such an enormous amount of time to find matching solutions? Download the Mastering Technology Scouting Guide - and we will show you how to boost your innovation process.