The rapid acceleration of technological advancement has forced companies to turn to technology scouting services. Technology scouting refers to the process of finding new or emerging technologies to improve existing offerings. This process has become increasingly crucial because companies want to beat their competitors to powerful new technology and not fall behind startups. Additionally, many companies that engage in tech scouting through conferences and trade shows fail to dispense the information learned on trips to the rest of the organization, according to Scott Kirsner, CEO of InnoLead. Rank-and-file employees who would benefit from the information on new technologies often lack the proper avenues to get it. Global technology scouting services endeavor to fix that problem and to make technology scouting more accessible for all companies.
Astute Analytica recently authored a report on how the global technology scouting market will grow over the next eight years. According to the report, the market is expected to grow from $1.1 billion in 2021 to $1.8 billion by 2030. These figures are based on a 6.5% compound annual growth rate. Analysts expect an increase in demand for technology scouting services from various industries such as electronics, communication, packaging, and architecture will drive this growth.
There are dozens of high-performing technology scouting services, but among the companies spearheading the effort is Advanced Technology Innovation (ATI). ATI aggregates databases detailing cutting-edge technological, scientific, and business innovations and sources information from universities to write sector-specific reports that frame their findings. ATI has contracted with SwitchPitch to fuel its mission and find startups that fit its clients’ needs.
SwitchPitch’s extensive startup database adds a necessary component to the information aspect of ATI’s efforts. Once ATI has found (scouted) technologies in which its clients are interested, it leverages SwitchPitch’s assets to find companies dealing with those technologies. This synergistic relationship has added to ATI’s offerings. Technology scouting is itself helpful, but making meaningful connections with companies already working on technologies of interest drives deal-making potential much higher. Partnerships that create additional value for enterprises will demonstrate the value of technology scouting. Through SwitchPitch’s offerings, ATI has further gained access to companies that do not traditionally operate in the defense space. With ATI’s help, those companies have won federal contracts. ATI recently launched the Innovation Resource Hub, an ecosystem dedicated to helping nontraditional defense contractors with federal R&D.