TECHNOLOGY SCOUTING: WHY DOES THE NUMBER OF TECHNOLOGIES YOU IDENTIFY MATTER?

Identifying technologies is a cumbersome process. Often companies don’t have a strategy that specifically considers the number of technologies to identify in the preliminary stages of the technology scouting process. Here’s why it is very important to have a range in regards to the number of technologies.

 

Only 5% Of Of Shortlisted Solutions Move Beyond The Technology Scouting Process

Companies identify and make a list of many different technologies to consider. However, very few make it past the initial stages. Out of those that are shortlisted from hundreds, on average only 5% make it to the next stages. The adoption rate is usually less than 1%. As such, you must have a defined approach to ascertain how many technologies you’re identifying. It also depends on the type of technology you're searching for. Identifying too many technologies will consume more time during the subsequent shortlisting process. On the other hand, identifying too few technologies can leave you with fewer options. Therefore, you must have a strategic balance when you identify technologies for matching solutions.

 

Overcoming The Challenge Of Fewer Technologies

In innovation development, most companies have a technology adoption rate of less than 1%. If you’re not able to identify enough technologies, you’ll eventually be left with fewer options. Often we have seen innovation departments struggling with finding more technologies to consider. To overcome the challenge you must try to identify the barriers to finding new technologies. Start by asking the question: Is it possible that there are so few solutions to our company’s needs? Once you know that there are possibilities of identifying more prospective solutions, start by looking at the right places. Introspect and dig deep into the challenges and collectively brainstorm and devise solutions. Most of these challenges can be overcome by having a defined strategy.

The problems and discrepancies with the number of technologies are also related to the means you’re leveraging to find new technologies. You must not shy away from considering innovative ways to find prospective solutions.

Get the Mastering Technology Scouting Guide

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.