Do you ever sit back and wonder how companies manage to stay ahead and keep coming up with fresh ideas? Difficult, right? It often comes down to a clever routine that mixes focused hunting with keeping an eye on the horizon. In the world of corporate innovation, this means bouncing between scouting for new opportunities and taking time to watch, listen, and get your house in order - a dual approach.
Let’s break down what this looks like.
Scouting: The heartbeat of external innovation
Scouting is like going on a treasure hunt, literally. Except instead of gold, you’re searching for game-changing startups, tech, and partners that could boost your business and keep you one step ahead of your competition. This phase is all about moving fast, working smart, and staying curious with a sprinkle of open-mindedness added in.
What Happens During a Scouting Sprint?
- Find the need: First, sit down with different teams and figure out where the business could use a boost. Maybe there’s a nagging problem to solve, or an area where you want to grow. Write up a “treasure map”, essentially a scouting brief to help guide your search.
- Go exploring: Now look everywhere. Scour market intelligence platforms, reach out to your network, visit events, chat with VCs, and maybe even drop a line to a university research group. Cast a wide net and see what you reel in.
- Play favorites: Not all that glitters is gold, so you’ll need to sort through your findings. Some startups might have great tech but aren’t ready for prime time. Others could be a perfect culture fit but need help on the regulatory side. Pick your favorites based on what really matters to your business.
- Test the waters: The best way to see if something works is to try it out. Arrange pilot projects or proof-of-concept (POC) tests. Get the right people in the room, including internal teams and startups alike, and see if the magic happens.
- Make it stick: If things go well, help your new friends join the family. That might mean investing, buying, co-developing, or even just partnering up. Track how things go and learn from every experience.
The lull: No rest for the curious
After the excitement of scouting, things might quiet down, but this is the time not to let your guard down. But instead, it’s the time to keep your finger on the pulse and make sure you’re ready for the next big hunt. Most innovation teams will be happy with their initial scouting results and cast aside tracking companies and spaces to focus on their selected companies. Be different, stay ahead!
What Goes On Behind the Scenes?
- Keeping watch: Stay tuned to what’s happening in the world from new tech to shifting consumer habits, or changing rules. Sometimes the best ideas come from industries you’d never expect or have scouted previously..
- Map it out: Keep your lists, maps, and charts up to date. Who are the new players in your space? Where are the gaps that competitors haven’t spotted yet?
- Talk it out: Have coffee with your business leaders asking questions like, what should you target next? What worked (or didn’t) in the last round? Adjust your strategy and sharpen your goals for future success.
- Network, network, network: Go to conferences, meetup dinners, and casual happy hours. Follow up with VCs, universities, and startups you’ve met before. It’s not about scouring for deals this time, but instead just about staying visible and plugged in.
- Sharpen your tools: Update your market intelligence. Train your team. Tweak your processes. It’s a bit of housekeeping, but it makes the next scouting phase that much smoother.
Why this back-and-forth works
Going all-out on scouting nonstop would burn anyone out. But ignoring the outside world would leave your company behind the curve. By alternating between focused scouting and quieter, watchful periods, you stay nimble and ready for whatever comes next. This is what we at FounderNest have witnessed from the world’s leading innovation teams.
You get to chase down exciting new opportunities, then catch your breath, learn, and prepare for the next adventure. It’s a rhythm that keeps both you and your company on your toes, so you never miss out on the next big opportunity. Nobody wants to be the next BlockBuster!
Sometimes, it takes both the thrill of the chase and the patience of the lookout to stay ahead.
