The great treasure of the 21st century is data. Thanks to digitization, we produce tons of it and an infinite amount of data can be stored – but only a fraction of them is really used. All the data out there provides useful information. You just have to know how to extract relevant information from unimportant ones.
This is of course very different for every company and every branch. But data is also useful for innovation initiatives across the board: changes in user needs, technological advances, other ideas. All of this is data on which innovation can build.
The big problem is the sheer amount of data. Finding exactly what you need is almost impossible. At least as a person. Artificial intelligence is now able to search huge amounts of data in a short time. This makes it easy to find the right data.
What data is particularly useful for innovation?
It makes sense for innovation managers to deal with different types of data. Not all of them are freely accessible or available in a huge pool. You can only find out the changed needs of customers of your own company if you speak to these people. Dialogue and exchange create this information – but first you have to give your customers the opportunity to tell you.
Other data is freely accessible. Patent databases can be viewed by everyone, startups can be found on platforms such as Crunchbase. But how can you really use this information for innovation in your company?
Let’s talk about trends
There are trends everywhere, in every country, in every industry. There are also macro trends and mega trends that affect society across the board. They include topics such as artificial intelligence, Industry 4.0, future work, big data and mobility. But in every major trend there are various small micro-trends that have a more direct impact on companies.
In order to be able to identify whether new trends are relevant for your own company, regular trend scouting is necessary. But how many thousands of people do you need to assess all trends by relevance? Here is the moment when artificial intelligence makes life easier. Search for specific topics and get access to suitable options. So only a fraction of all trends have to be assessed by hand and you can find currents that are of interest to you more quickly.
In this way, suitable and relevant trends in your company can be easily picked up and used. Internal experts can evaluate these trends and pour them directly into new innovation initiatives. With the right software, new innovation projects can be started from trend topics, in which ideas arise. The innosabi technology enables trends to be transferred directly from our Trend Radar app to new, internal innovation projects.
Patents as inspiration for further development
Patents are also particularly exciting because they always contain something completely new. It does not matter whether it is from the ground up new innovations or innovative improvements in existing processes or products. Patentable always means that there is a new idea behind it. This is why patent databases can be a valuable source for innovation departments. Maybe there are opportunities to buy patents or to incorporate them into new products? Or do they provide the impetus for new research in your own R&D department?
But in Germany alone, over 180 new patents are registered every day. If you extrapolate this for Europe or even worldwide, there are really many new patents every day. How should such quantities be sensibly screened and assessed according to their relevance for the company? Again, the answer is technology. Intelligent search algorithms are able to collect and search a huge amount of data in a short time. This is exactly what is needed here. Use search and topic fields that you have defined to find patents that are relevant to your company. In this way, experts in your organization can screen patents from their specialist area, assess the potential and initiate new innovation projects based on this. This is exactly what innosabi technology enables with the Patent Scout.
Startups. Search, find, grow together.
Digitization often demands flexibility and adaptable processes. Both are things that are usually easier to implement for startups than for large companies – especially because startups that emerge in the digital age know their idiosyncrasies well. Companies that have been around for longer often have a certain size and established processes. Precisely these factors, which were important for the long-term existence, can now inhibit adjustments.
In general, you can say what works well for startups, does not necessarily work for large organizations – and vice versa. That is why collaboration becomes all the more valuable. But how can both sides benefit from collaboration? And more importantly, how do you find suitable partners? Companies struggle to find exactly the startups with which they would like to cooperate. Conversely, it is very opaque for startups which companies might be interested in their products, services or ideas.
As always, when it comes to a large amount of data, search algorithms and artificial intelligence can help. The innosabi startup radar supports you in finding exactly the startup that is of interest to you. Evaluate their potential and get in touch with them directly. In this way, you can bring the innovation potential of aspiring startups into your company.
Collaborating with larger companies is also an advantage for startups. The experience and mentoring opportunities that such a partnership offers startups are important for their development. The prospect of close cooperation in terms of product development or increasing reputation through successful showcase projects with established companies are also drivers of such a partnership. It is not for nothing that there are many startup campuses and accelerator programs.
However, these activities often shift to the analogue world and take place offline. This break between digital finding and contacting an analog startup campus can lead to delays. In the worst case, startups will have to relocate to participate in an accelerator program. Why not just use the technology and build a digital startup campus? Can’t partnerships with startups take place as digitally as developing new ideas from trends found online? Or working with your own customers? There are now so many ways to drive innovation digitally – regardless of the target group. Why not also with startups?
Data is important – the right evaluation is even more important
No matter who you work with and which data you want to evaluate, the real linchpin is how. The most beautiful data is of little use to you if you cannot evaluate it correctly and efficiently. For this reason, innosabi technology offers you a powerful semantic engine that supports you in the evaluation. With the apps Trend Radar, Patent Scout and Startup Radar you can find what you are looking for. Our software makes it easier for you to evaluate the data found and gives you the opportunity to seamlessly pour it into further innovation initiatives. #keepinnovating