Innovation Scouting - What is it?

As a key element of open innovation, innovation scouting is a systematic concept for searching, gathering, analysing and disseminating information at the fuzzy front end of innovation process by thinking outside of the box with special task to identify and find new business, process or technology opportunities to support the happening of innovation and to gain competitive advantage.

InnovationScouting will look actively for ways to improve or radically change the existing business and technology.

These may consist of ideas, inventions, technologies, new process, new marketing technique or new market or customer to bring new value and innovative solutions. Additionally innovation scouting delivers an early warning about technology and other threats; identify the right opportunities in the right time to act on the right information.