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Identifying technology opportunity using dual-attention model and technology-market concordance matrix

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  • Motohashi, Kazuyuki
  • Zhu, Chen

Abstract

To understand the role of new technologies in innovation, it is crucial to develop a methodology that links technology and market information. Conventionally, the relationship between technology and the market has been analyzed using a technology-industry concordance matrix, but the granularity of market information is confined by industrial classification systems. In this study, we propose a new methodology for extracting keyword-level market information related to firms' technology. Specifically, we developed a dual-attention model to identify technical keywords from firms' websites. We then vectorized the market information (extracted keywords) and technology information (patents) using word embedding to construct technology-market concordance matrices. Matrices were generated based on a group of high-growth companies to suggest new technologies and market opportunities in the automotive, electronics, and pharmaceutical industries. Finally, two novel indicators are introduced to demonstrate the model's capability in identifying opportunities at the company level.

Suggested Citation

  • Motohashi, Kazuyuki & Zhu, Chen, 2023. "Identifying technology opportunity using dual-attention model and technology-market concordance matrix," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    • Handle: RePEc:eee:tefoso:v:197:y:2023:i:c:s0040162523006017
    DOI: 10.1016/j.techfore.2023.122916
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    More about this item

    Keywords

    Technology opportunity discovery; Dual attention model; Technology market concordance;
    All these keywords.

    JEL classification:

    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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