yet2 Enhances Traditional Tech Scouting Services with Virtual Open Innovation Tours
Waltham, MA– June 22, 2020 – yet2, a global open innovation services company, has enhanced its traditional tech scouting services, transforming its innovation tours to now offer a virtual format. With corporate travel restrictions likely to be enduring in a COVID-19 world, yet2 wants to ensure global organizations can continue their technology scouting as efficiently and powerfully as before.
“Our traditional innovation tours leverage yet2’s global technology and ventures networks in particular technology hotspots,” said Tim Bernstein, CEO, yet2. “Our new virtual tours leverage the same networks, harnessing our scouting and vetting expertise to find smart innovations and competitive ideas clients didn’t know of otherwise. But now, instead of face-to-face meetings, they will meet with the 10 – 15 most promising potential partners virtually.”
The yet2 team has developed the virtual innovation tours over several years, working with clients who, for various reasons, were unable to travel for in-person meetings. The ultimate goal of most yet2 open innovation tours is to get the client and the most promising potential partners to deal stage. Based on insights from early versions of the service, yet2 has incorporated several critical, non-obvious components to elevate the tours from just an interesting collection of meetings to a powerful formula for delivering deals and impact. Deals could include external and/or joint development agreements, funded development work, supplier agreements and more.
As with yet2’ s original innovation tour service, the new virtual tours include key components critical to delivering impact:
- Scouting & vetting potential partners
- Preparation of partners
- Agenda-setting and logistics
- Facilitation of meetings and follow-up actions
- Careful attention to anti-contamination and minimization of client risk
Virtual Tour Results
In one example of a virtual tour, where yet2 worked with an OTC drug company, the yet2 team conducted 17 Phase I vetting calls, which yielded five client-potential partners with NDAs in place. Phase II resulted in one partnership currently in due diligence and one signed partnership deal.
Recent virtual and in-person tours have covered:
- Digital health innovations
- Technologies that enhance OTC drug delivery
- Devices for OTC pain relief
- Digital sleep technologies for the consumer market
- Consumer products for beauty, health and well-being
- Innovations in food, nutrition and the microbiome
- Technologies for smart kitchens and kitchen automations
yet2 operates at the hub of the global technology market. Since 1999, we have been an Open Innovation services company working for an international corporate client base. yet2 provides hands-on technology transfer services in the areas of targeted technology scouting, strategic dealflow, Open Innovation portal management, innovation tours, anonymous deals, technology licensing, and patent transaction services – bringing our Open Innovation clients hundreds of millions of dollars in value. Learn more about yet2 by visiting: www.yet2.com. Follow yet2 on LinkedIn, Twitter and Facebook.
View the press release here: yet2 Enhances Traditional Tech Scouting Services with Virtual Open Innovation Tours