Tech Translation, paths to achieve Transformative Growth
- Applying existing technology into products aligned in adjacent or emerging markets
- Applying new technology into products in existing markets or emerging markets
With respect to criteria 1, the degree of “transformative” growth is dependent on the capability of the team to pivot the technology into products that provide value beyond the original application of the technology. Companies regularly pursue Tech Translation but they might call it a different name or might not even have a name for it at all. Larger corporations typically set targets for revenue generation based on new product sales, which typically pressure the R&D or product development groups to deliver iterations to support the revenue goals of the company.
With this approach, incremental innovations are made, often however, transformative growth is not achieved.
Systematic Tech Translation allows technology companies to drive revenues towards transformative growth by pivoting existing technology and products into adjacent markets. Focusing on Tech Translation enables companies to lower total R&D spend and shorten their development cycle. Instead of the development staff working to develop new technology or incrementally forward products, they work to apply current state products into new applications outside of their existing market.
Yes, companies already do Tech Translation and do it well. Take 3M for example. They have found many uses for the Post-It® Note from the traditional product to whole planners and pens, all based on the original technology. The process for Tech Translation can be repeatable and quite profitable.
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