In the last thirty minutes, 700 patents were filed, 150 scientific articles were published, and 70 new start-ups were founded.
In the last 24 hours, 33,600 patents were filed, 7,200 scientific articles were published, and 3,360 startups were founded.
Stretch the math over the last year and the math comes out to 12,264,000 patents filed, 2,628,000 scientific articles published, and 1,226,400 startups founded.
Given this relentless flood of innovation, it has never been easier for organizations to acquire new technologies and invest in external innovation. However, finding the right technology can be difficult, as no single innovation team has the manpower to manually sort through every scientific article, patent, or startup filing.
Furthermore, it has never been more important for organizations to engage in open innovation. As the pace of technological innovation has increased, it has had a disproportionate impact on firm longevity. Since 2001, 52% of the Fortune 500 has disappeared; the average lifespan of a F500 firm has dropped from 75 years in 1955 to 15 years in 2016. This sobering reality underlines the need for firms to continually innovate in order to remain competitive, otherwise they are vulnerable to disruptive change within their core market.
But how can firms effectively identify and evaluate such a large number of technologies?
Wellspring provides the tools innovation teams need to identify innovative technologies, act on disruptive opportunities, and manage their technology networks around the world. Using machine learning, Wellspring is able to scan millions of data points from proprietary and public sources originating from startups, inventors, research article, government filings, and intellectual property data to stitch together comprehensive profiles of crucial emerging technologies, innovative companies, and groundbreaking researchers.
Furthermore, Wellspring provides the end-to-end management of the innovation process crucial to turning product ideas into profitable business units. By enabling evaluations between multiple business units and subject matter experts, and serving as a system of record for innovation, innovation teams are able to eliminate duplication of efforts. Maintaining a centralized database enables teams to improve transparency and reporting by maintaining metrics that hold teams accountable.