Six steps to technology scouting
We eat, sleep and repeat technology scouting. For those who are also responsible for technology scouting and want to improve their technology scouting results, we have compiled an overview of our six steps and best practices in technology scouting.
To us, technology scouting best practices highly depend on your objective for technology scouting. In practice, we see different types of objectives resulting in three types of technology scouting searches: peer search, technology search and sector deepdive.
Based on years of standing knee deep in the technology scouting “mud” we have compiled a list of 6 steps that we see coming back every time we conduct a search, and mapped best practices against each type of technology scouting search.
Our holy grail of technology scouting is the following: engage and iterate.
During each of the six steps below, you might need to take a step back, or maybe six, based on what you have learned in the process. The complex thing of technology scouting is that sometimes you don’t even know what exactly you’re looking for, the technology is not as mature as you’ve hoped, or all your assumptions seem faulty when talking to startups.
No harm, no foul there. To us, this is the beauty of technology scouting. The deeper you dive into the topic, the more you learn, and the better your decisions become. Even if it means killing your own babies.
Without further ado, our six steps for technology scouting, and best practices while doing so.
We can’t say it often enough – iterate, iterate, iterate. To us, this is the best and only way to improve your technology scouting results.