An Introduction to Technology Scouting: The Process and Advantages
The saying “Excel or die” is the foundation of product oriented businesses. Companies that don’t spend money on breakthrough research face the risk of becoming obsolete. Many companies start with a set of innovative ideas, on the basis of which they build differentiating products and achieve their initial success. Maintaining a competitive edge, however, may not be as easy as simply relying on past success and innovating around it. Improvement patents such as substitution inventions (replacing a product or process that is more efficient for the same purpose) and addition inventions (adding a component that wasn’t part of a product or process) are beneficial in boosting a patent portfolio but it still remains crucial to keep an eye out for promising technologies that can dramatically alter the industry you’re a part of. This is the reason why companies should conduct technology scouting regularly.
Technology scouting — what is it?
Technology scouting is the identification, analysis and assessment of novel or existing technologies. The process is part of a larger open innovation strategy in which R&D professionals look for technologies outside their own company and partner with others. People who engage in this activity (technology scouts) can be cross-domain consultants, in-licensing directors or external business development directors. Here’s how technology scouting works:
Advantages of technology scouting
1. Spot potentially disruptive innovations before it’s too late
Maintain an active technology scouting program to continuously identify innovations that are of prime importance. Doing so automatically reduces the risk of an unpleasant surprise from the competition.
Read the complete blog post “An Introduction to Technology Scouting: The Process and Advantages” to learn more about the advantages of technology scouting.
