Identification of technology-based opportunities for a technology intensive company

Abstract

On the search for the golden seeds of opportunity, technology-intensive companies, like the case company in power generation solution delivery business, need to be open to opportunities that occur in the business environment. This research shows the need for a systematic approach for identification of technology-based opportunities and provides the model for identification of technology-based opportunities.

A company willing to succeed in taking advantage of technology-based opportunities and restraining the possible industry transformation threats due to new technologies, should apply the systematic and structured model. The model enables company to scan systematically technical and technological environment and build technology-based opportunity related knowledge. The model is based on staged investment approach, which resembles the funnel of the front end of innovation through selection of the best ones to proceed to the next stage. Technology strategy acts as the main steering element of the model; however, technology-based opportunities, especially those arising from emerging technologies can modify company strategy.

The model has three main stages: technology identification, technology monitoring and preliminary investigation. Each of these stages has an evaluation and a prioritization point. Identification aims at identifying the vast amount of technologies that will competitive advantage for the future. Technology monitoring serves for gaining more information on a particular technology, and through preliminary investigation, the opportunity is tested and clarified. Furthermore, organizational roles, documentation and implementation of the model are presented. Collaboration and networking are valuable extensions of traditional in-house research and development and environmental scanning. The model is tailored to the needs of the case company and recommendations for the case company are stated.