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244 Part 1 Introduction

Figure 4.14 InnoCentive

Approaches to identifying emerging technology

PMP (2008) describes four contrasting approaches to identifying new technologies which
may give a company a competitive edge if they are involved in manufacturing or are looking
to improve their supply chain effectiveness. These are the four alternative approaches which
apply to e-business technologies (the author describe them for manufacturing and supply
chain approaches) and equally to other technologies:
1 Technology networking. This involves individuals monitoring trends through their personal

Technology scouting network and technology scouting and then sharing them through an infrastructure and
A structured approach to process that supports information sharing. PMP (2008) give Novartis as an example of a
reviewing technology
innovations akin to company using this approach. They facilitate sharing between inside and outside experts
football scouting. on specific technologies through an extranet and face-to-face events.
2 Crowdsourcing. Crowdsourcing facilitates access to a marketplace of ideas from
Crowdsourcing
Utilizing a network of customers, partners or inventors for organizations looking to solve specific problems. Eli
customers or other Lilly is cited as an example of a company using this approach. Lego is well known for
partners to gain insights
for new product or involving customers in discussion of new product developments. InnoCentive (Figure
process innovations. 4.14) is one of the largest commercial examples of crowdsourcing. It is an online market-
place which connects and manages the relationship between ‘seekers’ and ‘solvers’. Seekers
are the companies conducting research and development that are looking for new solu-
tions to their business challenges and opportunities. Solvers are the 170,000 registered
members of InnoCentive who can win cash prizes ranging from $5,000 to $1,000,000 for
solving problems in a variety of domains including business and technology.
3 Technology hunting. This is a structured review of new technology through reviewing the
capabilities of start-up companies. For example, British Telecom undertakes a structured
review of up to 1,000 start-ups to assess relevance for improving their own capabilities