Originally published September, 2009
In many industries, innovation is generally recognized as a critical ingredient for corporate success.
Until relatively recent times, most companies used internal research and development
as their only method of innovation. However, companies are now proactively considering all
sources of innovation, both internal and external, to remain competitive.
Many companies that are aggressively looking outside their walls for new technology are using
Innovation Scouts, specialists tasked to identify new opportunities for partnership, co-development,
licensing or acquisition. Innovation Scouting is a key element of Open Innovation, but
the practice of scouting for innovative products and services has been around much longer
and has an established place in traditional business practices as well.
Nerac’s survey was designed to benchmark current practices of innovation (or technology)
scouts. We sought to better understand several elements of innovation scouting programs
such as size, scope, sponsorship, skill sets, and objectives. We also hoped to identify any
discernable trends or common practices in scouting for external innovations, as existing data
on this is limited.
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- 84Originally published November, 2009 Executive Summary Open innovation offers a significant opportunity to leverage intellectual resources from outside the company. In fact, despite the number of resources available internally, the very largest companies have the greatest need for open innovation because of a natural tendency for institutionalized thought associated with any large entity. Beyond just…
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