When it comes to startup scouting, and more generally to open corporate innovation, every case is different, depending on the corporate culture, internal processes, teams in place, allocated resources and budget – and even the executive’s personality. Therefore, an efficient scouting technology and associated service must encompass the full spectrum of use cases and situations.
The first steps of a startup scouting process require a well-defined strategy and an alignment of all stakeholders involved. This is often a root cause of slowing down, if not inertia. Methodologies and tools exist to tackle these challenges (have a look at our partner Bloomflow). On top of that, the very next step is also a time-consuming exercise: exploring markets, landscaping ecosystems, mapping out a first innovation layer – all activities mobilising time and resources that extend the whole process duration. The momentum has passed, and an innovation fatigue sets in. In a word: speed is key.
Novable’s Real-time Search answers those challenges and risks by providing instant results from a set of topics submitted to the platform. It runs an in-depth search in the entire Novable database with a broader internal reach. The whole startup activity context is taken into account: company firmographics and website content (and soon other data points such as social feeds, patents, mentions in the news and other contextual sources).
Our clients use the Real-time Search for multiple purposes: map an innovation topic instantly, conduct background checks, reveal competition intensity, run market research, prepare business cases, feed strategy formulations, identify a startup upon a simple need, etc.