Innovation Radar
A tool used to monitor and track competitors' innovations, including new product developments, technological advancements, and R&D efforts.
Implications
A tool or framework used to systematically identify and monitor emerging trends, technologies, and opportunities that could impact a business, often used to stay ahead of market changes, guide strategic planning, and foster a culture of continuous innovation.
Example
Example: A consumer electronics company uses an innovation radar to track advancements in wearable technology, identifying potential new product ideas and partnerships that could enhance its product portfolio.
Related Terms
Different from traditional market research, which might focus on current market conditions, innovation radar specifically targets future opportunities and trends, helping companies to anticipate and respond to changes proactively.
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