Jerry Petersen
Companies seeking to improve their competitiveness or position themselves for a successful exit can benefit from technology scouting, according to Keegan Caldwell, global managing partner at law firm Caldwell.
What is Technology Scouting?
Technology scouting refers to the process of identifying and assessing trends, technologies and opportunities that may affect one’s business, Caldwell said in an article posted Thursday on his company’s website.
The process involves articulating the technologies one’s company needs; scanning various sources reporting such technological developments; evaluating those developments for their potential impact, feasibility and strategic fit; and taking appropriate action, such as in-house research, partnership or acquisitions.
How Does Technology Scouting Improve a Company’s Competitiveness & Exit Strategy?
For Caldwell, a business can improve its competitiveness through technology scouting because the process can enhance that organization’s intellectual property portfolio or even shape its IP strategy.
The same process can improve one’s exit strategy because a company’s innovative potential and its valuation go hand in hand. “In the eyes of investors and potential acquirers, your value is often in your potential for future innovation. Technology scouting allows you to paint a compelling picture of this by showcasing awareness of emerging innovations and providing concrete plans for future developments based on scouting insights,” Caldwell said.
The global managing partner went on to underscore the necessity of technology scouting amid rapid technological innovation. He also predicted that the process will become even more important in the future.
