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Cyberscouting

Innovation Budget Planning Considerations

As you start Innovation budget planning, Here are eight things to consider:   When it comes to Innovation budget planning (and R&D), it's typically a laborious process that spans several months with business model canvases, business cases, proposals and pipeline discussions. I remember my inbox being flooded with documents, meeting requests and scientists pushing their research forward for my sponsorship. As Forbes magazine mentioned in an article last year “The presumption is that R&D spending is somehow connected to increased innovation, revenue growth and profits. However, leaders may be asking the wrong questions here. A focus on R&D spending might be a good way to gauge best practice within an industry, but it is not a measure of how innovative any company is. Having a great R&D process and achieving market success with the technologies we invent are two different things.” Nonetheless, budgets are the fact of corporate world and must be developed....

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The goal of open innovation is to allow organizations to collaborate with external resources to advance their technologies. Through OI, companies can efficiently address product or system needs and increase responsiveness to marketplace demands. Successful utilization of OI includes four essential steps and the right tool to manage them. Crowdsourcing The first step is connecting with external resources to gather and evaluate ideas. You need a strong cyber scouting tool that challenges and engage your target collaborators as well as filters ideas to assure the best concepts are captured. This system should also provide intellectual property protection for both the organizations and the external collaborators. Innovation Integration Organizations must have a system to take select ideas and integrate them into their system. This step is critical to achieving the full benefit of OI, and is one that is the most likely stumbling block. While some companies embrace the concept of OI, they are hesitant...

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View Full-Size Infographic   Innovation White Space R&D Defined White space is where unmet and unarticulated needs are uncovered to create innovation opportunities. It is where products and services don't exist based on the present understanding of values, definition of business or even existing competencies." - InnovationManagement.se Targeted Discovery Through a technology-driven process, you can build extensively upon your core traits to discover and identify white space targets. Deconstruction Engine Utilizing a unique deconstruction technology-driven engine, you can break down and deconstruct your core traits, piece-by-piece. Allowing you to capture specific characteristics that will lead you to new, adjacent opportunities that are transformational for your needs. Searchbot Scouting With the use of searchbot technology, you can data mine and extensively crawl the world wide web to unearth new solutions and innovators within the whitespace realm. Whitespace Analytics App Use of a powerful app like eZassi’s Open Innovation platform, Enovate, you can easily target and capture opportunities...

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