Integrate external sources of knowledge

Techno revOn top of their own R&D activities and operational improvements, firms must develop the ability to proactively harvest technology (r)evolutions. They must be able to absorb technology intelligence from external sources, both in their socioeconomic ecosystem and in the wider environment.

Fig_3_16On top of their traditional marketing approaches, firms need to develop user-centric ways to “pull” untapped customer needs and uncover value gaps. They need to combine powerful analytics with in situ and empathetic observations and involvement of key users.

CVFirms should also invest time, money and resources to network and work with small innovative firms and disruptive start-ups, in particular through corporate venture capital initiatives. This should allow them to create options, leverage their assets and develop new competitive and technology intelligence.

Bibliography

Harvest technology (r)evolutions

Keywords: absorptive capacity, biomimicry, cross-industry innovation, Delphi method, greensourcing, not-invented-here, reverse engineering, technology intelligence

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Explore untapped customer needs: user-centric innovation

Keywords: cocreation, customer analytics, ethnography, lead users, living labs, market research, quality function deployment, toolkits, untapped customer needs, user-centric innovations, value gaps

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Seeding new ventures: corporate venture capital

Keywords: acquisitions, corporate venture capital, objectives of corporate venture capital, hackatons, innovation contests, innovation prizes

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  • (Video) The UBS Hackaton (on UBS website)
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(c) Prof. Benoit Gailly, Louvain School of Management

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