Tips For Successful Innovation Scouting
It’s not easy to come up with a new idea. It takes creativity, imagination, and insight. But it also takes work. And that work starts before you even have the idea.
Innovation scouting is the process of actively searching for new ideas and technologies that can improve your business. It involves looking outside your company for inspiration and keeping up with the latest trends in your industry. By doing this, you can make sure you’re always ahead of the curve and ready to take advantage of new opportunities.
What is Innovation Scouting?
Innovation scouting is an important activity that companies should put resources against to identify new technologies, ideas, IP, trends, and partners that could be exploited to create new products, processes, or services. This can be done in-house or with the help of external resources, such as an innovation agency.
There are a number of ways to scout for innovation, but the most important is to have a systematic and continuous approach. And, perhaps most importantly, it gives you a competitive edge.
Input for Innovation Scouting
The input to the process comes from desk research, online tracking, trend/demographic intelligence gathering, and face-to-face interactions.
One of the most important aspects of innovation scouting is gathering input from a variety of sources. This input can come from desk research, online tracking, trend and demographic intelligence gathering, and face-to-face interactions.
1) Desk Research.
By looking through patents, scientific journals, and other sources of information, you can get a sense of what is currently possible and identify potential gaps in the market.
2) Online Information Tracking.
By setting up Google Alerts or similar tools, you can automatically receive notifications when new information appears online about your chosen topic areas. This can be a great way to stay up-to-date with the latest developments.
Innovation scouting is not just about keeping up with recent developments; it’s also about knowing what your competitors are doing. After all, they may be onto something you haven’t thought of yet. By monitoring their activities, you can stay one step ahead.
3) Trend and Demographic Intelligence Gathering
Trend and demographic intelligence gathering is another important input source for innovation scouting. By understanding current trends and demographics, you can identify potential areas where new products or services may be needed. This information can be gathered through market research, surveys, and other data gathering methods.
4) Face-To-Face
By meeting with potential customers, partners, and other stakeholders, you can get a better understanding of their needs and pain points. This information can be used to identify potential areas for innovation.
Analyzing and Evaluating Innovations
Once you have gathered input from a variety of sources, the next step is to analyze and evaluate potential innovations. This process involves assessing the feasibility of an innovation, its potential impact, and how it could be brought to market.
1) Feasibility.
When assessing the feasibility of an innovation, you need to consider factors such as technical feasibility, market feasibility, and financial feasibility.
Technical Feasibility.
Can the innovation be developed? Do you have the necessary skills and resources? When assessing the technical feasibility of an innovation, you need to consider whether it is possible to develop the technology needed to make the innovation a reality. This includes assessing the current state of technology and whether it is possible to develop the required technology within the timeframe desired.
Market Feasibility.
Is there a market for the innovation? Will customers be willing to pay for it? When assessing the market feasibility of an innovation, you need to consider whether there is a need for the innovation and whether customers are willing to pay for it. This includes conducting market research to assess customer needs and desires.
Financial Feasibility.
Can we develop the innovation within your budget? Are there any potential sources of funding? When assessing the financial feasibility of an innovation, you need to consider the cost of developing the innovation and whether there are any potential sources of funding. This includes creating a financial plan and assessing investment opportunities.
2) Impact.
What is the potential impact of the innovation? Will it be disruptive or incremental? How will it affect our customers, our employees, and our bottom line? When assessing the impact of an innovation, you need to consider how it will affect your business. This includes conducting market research to assess customer needs and desires.
3) Bringing It To Market.
Once you have assessed the feasibility of an innovation, you need to consider how it can be brought to market. This includes developing a go-to-market strategy, identifying potential partners, and creating a prototype or MVP.
Go-To-Market Strategy.
What is the best way to bring the innovation to market? Should you launch it as a new product or service, or integrate it into an existing offering? When developing a go-to- market strategy, you need to consider the best way to introduce the innovation to customers. This includes considering your sales and marketing channels, as well as your pricing strategy.
Potential Partners.
Who could you partner with to help bring the innovation to market? When identifying potential partners, you need to consider companies that have complementary products or services, as well as those with a similar customer base.
Prototype or MVP.
Do you need to create a prototype or MVP to test the feasibility of the innovation? When deciding whether to create a prototype or MVP, you need to consider the costs and benefits of doing so. This includes assessing the risks and rewards associated with creating a prototype or MVP.
Innovation Scouting Report
An innovation scouting report should include an overview of the technology, an assessment of the competitive environment, and a review of the business model. It should also include an analysis of the market opportunity and a discussion of the risks and challenges associated with the technology.
An innovation scouting report should include an overview of the technology, an assessment of the competitive environment, and a review of the business model. It should also include an analysis of the market opportunity and a discussion of the risks and challenges associated with the technology.
1) Technology overview
An innovation scouting report should provide an overview of the technology, including a description of how it works and its key features. It should also assess the technology's current state of development and identify any potential gaps or areas for improvement.
2) Competitive environment
An innovation scouting report should assess the competitive landscape for the technology, including an analysis of the key players and their market share. It should also identify any barriers to entry and assess the potential for new entrants to disrupt the market.
3) Business model
An innovation scouting report should review the business model for the technology, including an assessment of the revenue streams and costs associated with it. It should also identify any key partners or suppliers needed to support the business model and assess the scalability of the business model.
4) Market opportunity
An innovation scouting report should assess the market opportunity for the technology, including an analysis of the size and growth of the market. It should also identify any potential target customers and assess their needs and requirements.
5) Risks and challenges
An innovation scouting report should identify and assess the risks and challenges associated with the technology. This includes an analysis of the technical risks, the commercial risks, and the regulatory risks. It should also identify any potential solutions to these risks and challenges.
Implementing successful innovations
Implementing successful innovations is critical to the success of any business. When done correctly, innovations can provide a competitive edge and help your business grow. However, implementing an innovation successfully is not always easy. There are several factors you need to consider, including feasibility, impact, and bringing it to market.
Risk of Not Scouting Innovations
Most companies do not put in place a systematic process of innovation scouting. This is a huge mistake because the process of innovation scouting can help companies to identify new opportunities, assess the competitive environment, and review the business model. Those that do, are the ones that are able to take advantage of new opportunities and be ahead of the curve. While it may seem like a lot of work, innovation scouting is essential for any company that wants to be successful.
Why Techtrend
There are several reasons you should consider Techtrend as your partner for innovation scouting. First, we have over 20 years of experience and we have a proven track record of success. Second, we have a team of experienced and qualified professionals who can provide you with the guidance and support you need to succeed. Third, we have a network of innovation scouts who can help you to identify new innovations and assess the market opportunity.
If you are interested in learning more about how we can help with innovation scouting, contact us at hello@techtrend.com. We would be happy to discuss your specific needs and see how we can help.
