Technology scouting (or startup scouting) is a “process that identifies, evaluates, and selects skills, knowledge, and technologies that are valuable for the company’s future. The goal of technology scouting is to discover and integrate external solutions to address internal challenges.” (Lucas Colney, Open Innovation Advisor at Centech)
Technology scouting helps to instill a culture of innovation within your company. First of all, discovering new technologies or solutions enables you to foster collaborations and integrate new ideas or solutions internally. Moreover, unlike technology watch, scouting allows you to explore tangible solutions, thus offering a much higher potential for collaboration.
Identifying the technologies that are most relevant to your business sector enables you to avoid unnecessary development costs or the acquisition of technologies that don’t meet your specific needs. As a result, you’ll be able to optimize your budget and enhance your profitability.
Technology scouting, in conjunction with technology watch, enables you to identify the major players in future trends, allowing you to approach them before your competitors do. The in-depth work of technology scouting allows you to evaluate various solutions and highlight the best ones.
At Centech, we’ve built up our scouting expertise over the years. By continuously developing and refining our processes, tools, and methodologies, we are able to respond to any scouting request.
Startups are driven by commercial imperatives, and need to prove the viability of their ideas under real market conditions. This pressure drives them to be innovative, pragmatic and results-oriented.
The solutions you’ll encounter will be tailored to the realities of the market.
Collaborating with startups offers privileged access to innovative technologies, often before they are available on the market, giving you a competitive edge, but also the chance to explore new innovation opportunities ahead of your competitors.
Because of their smaller size and more flexible structure, startups can adapt quickly to market changes and new customer demands.
Startups can pivot quickly to adjust their offerings, to remain competitive in constantly changing environments.
Startups focus on implementing and scaling their solutions, with a clear vision of their practical application. By collaborating with them, large companies benefit from this approach, facilitating the rapid integration and adoption of new solutions into their operations.
Startup founders and their teams often have significant entrepreneurial experience.
This practical experience and connections can accelerate the process of innovation and integration into larger companies.
Boreal Ventures is a seed capital fund dedicated to financing Quebec companies specializing in high technology and applied sciences. The fund works with Centech to identify Quebec’s most promising technology companies.
At Collision Lab, we have privileged access to several local and international startup databases, including PitchBook and Crunchbase. These platforms provide valuable insights into startups, funding, and investors. Having access to these databases and our team’s expertise allows us to efficiently identify the startups that align with your specific requirements. Whether you’re seeking cutting-edge technologies, exploring innovative solutions, or looking for strategic partnerships, we’re here to assist you in finding the most relevant startups.
Over the years, Centech and Collision Lab have cultivated an extensive network of contacts and partners throughout Montreal, Quebec, and Canada. This network empowers us to efficiently share scouting requests and calls for projects. Additionally, some of our partners serve as valuable advisors and experts for specific scouting initiatives.
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