Over the years, more and more companies have realized that the technology scouting process will help to define their future business strategies.
Scouting as a process, allows corporations to search the market for up-and-coming trends and technologies. It also gives them an opportunity to find new startups and collaborating partners that may not have been thought about.
As new technologies and startups rapidly emerge in our global market, it becomes more and more challenging for businesses to find and know what is out there! Therefore, large corporations are looking to technology scout consultants who have expertise in understanding and monitoring the demands of new trends and technology. The competition is only getting stronger, the time to be proactive is now.
Why is technology scouting important?
Many think big corporations don’t need technology scouts as they have the resources to
innovate their products. But just because a large corporation can spend millions of euros developing a new feature in their development, should they?
Let’s take a look at a window company whose key clients are housing developers. They spent several million on developing a way to make their glass darken in the sunshine i.e. photochromic technology. It was not the R&D that cost money. No, they also had to make changes to their manufacturing plant.
Then, a few months later, the company was introduced to a start-up that developed a similar solution that was far superior and could be used on any product made of glass.
The startups’ photochromic technology could have easily been implemented into their windows. It was easier to apply, darkened the material in a fraction of the time, and was far cheaper to produce.
Had this company been willing to do a bit of tech scouting, they could have utilized their resources better. Not to mention opened doors to more collaborative projects, and obtained a better end product for their clients.
So depending on your perspective, technology scouting can be seen in different ways. On one side, yes it increases competition, the number of players to watch out for, and the variety of goods and services available to customers. But on the other side, it presents opportunities for cooperation and collaborations with new players with superior, already existing technology. Not to mention at a fraction of the cost of developing a new internal R&D team.
What to expect from a technology scouting company.
A company can do its technology scouting internally, spending resources to scout global markets, startups, and new technologies. But again, this can be quite a waste of time and money.
Many companies will hire innovation scouts or technology scouts to do the leg work for them. The reason is, that technology scouts keep up to date on global markets and are more familiar with the local startups and the new technologies these startups are bringing. They have the tools and resources to think outside the box when it comes to new innovative solutions.
Since the majority of tech scouts are experts in innovation and new product development, it is easier for them to recognize possible partners, trends, and new technologies inside any industry swiftly.
The advantage of working with experienced technology scouts is the speed of that particular recognition.
Consider going back to the window company as an example. Knowledgeable about window design but ignorant of photochromic technology. The window manufacturer could have saved a lot of money if they had been open to a more collaborative approach to product development and outsourced a tech scout.
Whether your company decides to technology scout internally or outsource the service through a tech scout, one thing is for certain. If you want to compete in today’s technology world, you will need to be open-minded to collaboration. Otherwise, your company will not be able to compete for long.