Technological diversification and identifying new markets are similar to exploring new territories. Sometimes you venture into uncharted regions, with the potential to discover hidden treasures. Other times, you find safer paths by exploring familiar but underutilized areas. To further explore the map metaphor… just as you can proceed blindly, use a paper map, or even a state-of-the-art GPS, you have a multitude of means and tools at your disposal to best manage your technological diversification. Let's try to clarify things.

UNDERSTANDING THE TECHNOLOGICAL DIVERSIFICATION STRATEGY

Technological diversification can be defined as the process by which a company expands its technology portfolio . This can be achieved by developing new technologies itself or by adapting existing technologies for new uses. objectives of a technological diversification strategy include increasing competitiveness , reducing risks , and seizing new market opportunities .

The benefits of technology diversification are numerous. For example, a technology company that diversifies its portfolio can be more resilient to market changes . It can also capitalize on new growth opportunities by identifying and entering new markets. According to a McKinsey study, companies that diversify their technology portfolio tend to achieve revenue growth 15% higher than companies that do not adopt this strategy.

However, technological diversification also presents challenges. It requires investing time and resources in R&D , and there is no guarantee that these efforts will be successful. Furthermore, managing a diversified technology portfolio can be complex and requires specialized technical and business expertise.

EXAMPLES OF TECHNOLOGICAL DIVERSIFICATION

Some of the most famous companies owe much of their success to the identification of key technologies.

Apple and financial services

The company with the apple logo is known for its iconic products such as the iPhone, iPad, and MacBook. However, Apple also launched Apple Pay , a mobile payment system that allows users to pay for purchases with their iPhone or Apple Watch. This initiative enabled Apple to enter the financial services market and offer a convenient and secure payment solution.

Amazon and home automation

The e-commerce giant is an excellent example of technological diversification. In addition to its core online sales business, Amazon has diversified its offerings by launching products such as Echo smart speakers with the Alexa . This diversification has allowed it to establish itself in the emerging market of virtual assistants and develop complementary services such as home automation and music streaming .

Tesla stores energy

Tesla is primarily known for its high-end electric cars. However, the company has also diversified its business by offering energy storage solutions through its Powerwall . The Powerwall is a home battery that allows users to store solar energy for later use, thus promoting the adoption of renewable energy and creating new opportunities in the residential energy market .

Samsung in Healthcare

A global leader in consumer electronics, Samsung has also embraced technological diversification. In addition to its televisions, smartphones, and home appliances, Samsung has invested in the health sector by launching products such as smartwatches , which monitor physical activity and provide health data to users. This diversification allows Samsung to reach a wider audience and capitalize on the growing trends in health and wellness .

Google is investing in Artificial Intelligence

Google, famous for its search engine and online services, has diversified its business by investing in areas such as artificial intelligence (AI) and virtual reality (VR). For example, Google developed Google Assistant , an advanced AI that responds to voice commands and offers a personalized user experience. In addition, Google launched Google Cardboard , an affordable virtual reality device that allows users to immerse themselves in virtual reality experiences . These technological diversification initiatives allow Google to position itself as a key player in the emerging fields of AI and VR .

These examples illustrate how world-renowned companies have successfully diversified by investing in new technology markets, enabling them to remain competitive and continue to grow . Technological diversification offers companies the opportunity to explore new opportunities, expand their portfolio of products and services, and respond to evolving consumer needs .

Traditional Methodologies for Identifying New Markets

Identifying new markets through technological diversification is a process that involves researching, analyzing, and evaluating numerous factors . These factors include emerging technological trends , unmet consumer needs , untapped market opportunities , and gaps in current market offerings .

One of the main tools used in this process is technology analysis . This involves understanding existing and emerging technologies, their potential applications, and their impact on industries and markets. Methodologies such as SWOT (Strengths, Weaknesses, Opportunities, Threats) and PESTEL (Political, Economic, Sociocultural, Technological, Environmental, Legal) analysis can also be used to assess a technology's potential in a new market.

Let's take the example of the automotive industry . At the beginning of the 21st ^century , automakers identified an opportunity for technological diversification electric vehicle technology . They analyzed the market, identified emerging technological trends, and understood the potential of this technology. Today, the electric vehicle industry is valued at over $160 billion and is projected to reach $802.81 billion by 2027 .

TOOLS FOR IDENTIFYING NEW MARKETS: TKM & TKM SOFTWARE

In the process of identifying new markets for technological diversification, our tools may surprise you. Developed by TKM , this software offers a wide range of features that can help your company diversify its technologies:

Analysis of a technological landscape

Thanks to our software such as Front View, IPMetrix, and Skopai, it is possible to perform a detailed analysis of a technological landscape, identifying new technologies, emerging trends, and potential competitors . This can help your company identify new opportunities for technological diversification.

Competitive intelligence

By monitoring patents filed by competitors , IPMetrix can provide valuable information on new technologies they are developing. This allows you to anticipate your competitors' moves and adjust your diversification strategy accordingly.

Technology assessment

IPMetrix can help assess the value and viability of new technologies . It is a valuable decision-making tool if you need to invest in developing these technologies or seek to acquire them through licensing or acquisitions .

Patent risk management

By performing a Operate (FTO) analysis , IPMetrix can help identify potential patent infringement risks . This can help a company avoid costly legal battles and diversify its technology more safely.

Patent strategy

IPMetrix can help develop an effective patent strategy by identifying patentable technologies and relevant regions for patent applications . This can protect a company's investments in technological diversification and increase the value of its patent portfolio .