Startup scouting has become an agile approach to reaching a corporation’s innovation goals by generating new products and services. Therefore, startups can provide innovation impetus to speed up the innovation process such as product development, implementation of new technologies, and new business opportunities. Furthermore, a thriving corporate innovation can be extensively influenced by startups internally. It can provide access to new technology, boost corporate desire for transformation, reach new levels of customer awareness, collect new information in the operating field, and from a more practical point of view, reduce fixed costs.
However, before an acquisition or joint R&D, establishing a strategic plan containing determined elements will be crucial to building the foundation for a cohesive partnership. This refers to the fact that startup scouting not only involves identifying and evaluating corporate innovation milestones but also involves cooperating with external stakeholders. Including innovation managers and AI scouting technologies during this process, such as Novable, can majorly increase the probability of finding the right startup with whom to start the journey.