As technology continues to drive innovation and growth, companies that utilize technology most efficiently will undoubtedly maximize profitability. But where does cutting-edge technology originate–and how can companies take advantage?
Companies should consider these 10 tips when looking to use new technologies to maximize their competitive advantage.
1. Recognize that advances are occurring outside your company and sphere of influence. Worldwide R&D expenditure is well over $200 billion a year. Most new technology advances are coming from others.
2. Realize that these advances are available to you. The great majority of new technologies are available through licensing, co-ventures, acquisitions, etc.
3. Develop a corporate culture that welcomes outside advances. You can’t begin to use other people’s technology until your own people get past the “not invented here” syndrome.
4. Set up an internal technology tracking system. This is a full-time job, and responsibility should be given to an individual who is aware of the process of commercialization.
5. Monitor the output of government labs and universities around the world. More than 25 percent of all research and development comes from government labs and government-sponsored research, where technologies are more readily available.
6. Watch for emerging firms with “breakthrough” technologies. A high percentage of revolutionary technology comes from small firms that are weak in capital, marketing, manufacturing, etc.
7. Be aware of universities working in key technology areas. University research groups are high on talent and low on money—therefore very approachable for commercialization opportunities.
8. Look beyond your borders. A high percentage of the world’s technology advances are now coming from small countries, with high motivation.
9. Develop a “long-term strategic plan” and attitude. Exploiting new technology is not going to increase the next quarter’s profits but is the source of new growth beyond.
10. Hire professionals to assist in seeking and acquiring. Advances in databases and information systems can provide great insight into the sources of tomorrow’s technologies.
Most high-tech companies of the past 50 years are no longer in business. They were either weak and acquired, or they fell off the competitive highway to success and market share.
Your future does not have to be an accident.Discover how to identify, acquire, and apply new technologies outside your organization. These 10 expert tips show how embracing external innovation can give your business a lasting competitive edge.
