At a Management Roundtable conference on technology scouting, Nokia's Hitesh Anand presented his company's "venture capital-like approach" to scouting innovations for new business opportunities. Anand described how to build a wide network of partners, while prioritizing a few deep relationships within specific nodes. He also discussed how to triage rapidly a large number of opportunities without weighing down the organization. Nokia's process includes scanning for opportunities, screening and consolidating the best possibilities, and then validating each of them on both the technology and business sides. Downstream, a new business case emerges, which may include licensing, partnering, internal development, or mergers and acquisitions.

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