Technology scouting allows companies to identify, evaluate, and acquire new technologies to gain a competitive edge, solve business challenges, or create new opportunities. To accomplish this internally, businesses tap into the existing knowledge and skills of their employees. And, externally, they search for and collaborate with external partners such as startups, universities, research institutes, or other companies. For example, Google acquired DeepMind, an artificial intelligence (AI) company, to enhance its own AI capabilities and applications. However, technology scouting is a challenging endeavor. It requires a lot of time, resources, and expertise to scan the horizon for relevant technologies. Further, it involves filtering out the noise and assessing the potential impact and feasibility of each technology, and managing the relationships with potential partners. It is also necessary to align technology scouting with the innovation strategy and goals to focus on the technologies that matter most for the business. To do all of this successfully, you should not settle for anything other than the best technology scouting software available! Let’s discuss more about such software and its capabilities in detail.
What does the Best Technology Scouting Software do for Innovation?
Amidst these challenges, technology scouting software streamlines and optimizes the innovation process. These tools help in finding, analyzing, and managing new technologies and partners in a systematic and efficient way. Here’s the list of the key features that the best technology scouting software provides:
- Access to a comprehensive database of technologies, startups, patents, publications, and more that are relevant to the business needs and goals
- Advanced search and filtering capabilities to narrow down the results based on the criteria and preferences
- Insights into trends, opportunities, threats, and competitors in the domain using natural language processing (NLP) and machine learning
- Evaluation of the technologies and partners based on various metrics such as relevance, maturity, novelty, impact, risk, etc.
- Tracking and monitoring the progress and status of the technology scouting projects and activities
- Collaboration and communication with internal and external stakeholders and partners
- Management of the contracts, agreements, and intellectual property (IP) rights with partners
You might be interested in: How Data-Driven Technology Scouting Speeds Up Corporate Innovation
Top 4 Benefits of Using Technology Scouting Software
Right from discovering to implementing new technologies, technology scouting software solutions come in handy. Here’s a list of some of their benefits.
1. Cut down research time and optimize resources
Innovating from scratch takes up a lot of time and is quite an effort and resource intensive. Using the best technology scouting software to identify relevant solutions saves significant time on research. This way, businesses leverage proven technologies to increase their rate of success.
2. Offer technological assistance to R&D teams
The research and development team requires certain technology to solve business problems. However, they may lack the expertise to implement those technologies and need assistance from external sources. Technology scouting software provides this assistance by connecting them to businesses that offer solutions in a cost-efficient manner.
3. Boost competitive advantage
The best technology scouting software provides businesses with clear insights into the industry they are operating. Consequently, they are able to identify emerging technologies in development. This provides them with opportunities to collaborate with startups and gain a competitive advantage.
4. Get a first-mover advantage
Technology scouting software platforms enable businesses to identify disruptive innovations. This allows them to skip the trial and error cycle and expedite the introduction of new innovations. As a result, they attract more potential customers.
Don’t forget to read: Role of Feasibility Assessment in Technology Scouting
Elevate your Technology Scouting Process with StartUs Insights
As AI continues to progress, data is playing a larger role in the innovation process. The good news is that you can use data to gather insights and make informed decisions.
Wondering how?
We, at StartUs Insights, develop the best technology scouting software, our Discovery Platform. It helps companies like yours to keep a tab on emerging startups, scaleups, and technologies that matter to you.
Powered by Big Data and AI, our platform covers over 3 million startups and scaleups globally!
So, what does this mean for you?
- Goodbye to Manual Labour — Replace weeks of desk research with just one click. You get all the information you need on startups, scaleups, technologies, and trends, all from one single source.
- Access to 100x Faster & Exhaustive Scouting — Get the best results out of over 1.8 billion data points from the WWW, startup ecosystem, databases, company aggregators, publications, research, and patents, in a jiffy!
- Deep Innovation Graph — Our proprietary and unique data in combination with our fast and exhaustive search process allows you to discover hidden diamonds long before anyone else does.
- Large-Scale Search Capabilities — Our highly performant search process allows you to manage even the largest queries — 1 000 keywords? No problem!
Why is Our Platform Better than Others?
- When you already know companies that matter to you, you can easily find more like them by using the Similar Company Search.
- Find, mark, and manage relevant solutions all in one tool using the Scout Manager.
- Once you identify relevant solutions, simply export the list and integrate it into your CRM.
That is not all. We also provide you with a Trend Intelligence platform that gives you access to 29 500+ trends and technologies. This allows you to:
- Anticipate Future Trends & Business Opportunities — we deploy advanced analytics to hundreds of thousands of trusted sources on startups, emerging technologies, and industry trends to provide you with accurate insights into trends impacting your industry in a short amount of time.
- Stay Up to Date — Monitoring the business ecosystem continuously ensures the identification of emerging technologies, trends, and opportunities. Our service provides you with regular updates on recent developments through Trend Intelligence Reports, Innovation Maps, and Real-time Databases.
StartUs Insights’ Discovery Platform is the best technology scouting software for evaluating new technologies with ease and confidence. It accelerates your innovation process by providing actionable insights into technologies and startups. So, book a demo with us and make a difference in your business!
