What is Technopreneurship?
Technopreneurs associate the control of technology with the essence of entrepreneurship. They create new products; new services and new business markets using high-tech ways to keep us knowledgeable, amused, and linked every day; for example, smartphones and social media, streaming videos and cloud computing, etc.
Technopreneurs are unlike inventors. Inventors originate with ideas, but technopreneurs put them into action. Their businesses offer new jobs, new challenges, and new opportunities for new workers for making life better.
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Today’s technopreneurs are separating in every direction and at astonishing speed and they are generating avenues for individuals who have not had the chance to become technopreneurs in the past.
Technopreneurs are both change-makers and futurists. Their inventions have changed the way we live and work today; further, their vision will change life even more in the future.
Meaning of Entrepreneurship
- According to Babson, entrepreneurship is a way of thinking and acting that is opportunity obsessed, holistic in approach, and leadership balanced for wealth creation.
- Schumpeter opines: Entrepreneurship is creative destruction. Dynamic imbalance brought on by the innovating entrepreneur, rather than equilibrium and optimization, is the norm of a healthy economy and the central reality of economic theory and practice.
- To quote Drucker, “The entrepreneur searches for change, responds to it, and exploits it as an opportunity. Innovations are the specific tool of entrepreneurs, how they exploit change as an opportunity for a different business or a different service”.
- Stevenson says, “Entrepreneurship is the pursuit of opportunity without regard to the resources currently under one’s control”.
What is Technological Entrepreneurship?
Technological entrepreneurship is an entrepreneurial activity with intensive use of technology. It is a process of amalgamating technology process and entrepreneurial talent and skills.
Technology + Entrepreneurship =Technopreneurship
Technopreneurship is creating ‘new’ knowledge, products, services, markets, business models, raw materials, and the like and destroying the ‘old’.
Who is technopreneur?
- Schumpeter defines a technopreneur as “a person who destroys the existing economic order (creative destruction) by introducing new products and services by creating new forms of organizations and by exploiting new raw materials”.
- Technopreneur is someone who observes an opportunity and creates an organization to pursue it.
- As per Kuemmerle, a technopreneur is a person who undertakes risks (by creating an enterprise or business) that has the chance of profit (or success). Technopreneurs distinguish themselves through their ability to accumulate and manage knowledge, as well as their ability to assemble resources to achieve a specified business or social goal.
- According to Baumol, “the technopreneur is a bold, imaginative deviation from established business methods and practices who constantly seeks the opportunity to commercialize new products, technologies, processes and arrangements”.
- Manuel Cereijo says, “The technopreneur distinguish logic from tradition, tradition from prejudice, prejudice from common sense, and common sense from nonsense while integrating a variety of ideas from diverse groups and discipline”.
- In the words of Dorf and Byers, “Technopreneurs are skilled in applied creativity, thrive in response to challenge, and look for unconventional solutions. They experience challenges, create visions for solutions, build stories that explain their visions, and then act to be part of the solution. They forge new paths and risk failure, but persistently seek success”.
Successful Traits of Technopreneurs
Technopreneurs must:
- Be honest
- Have leadership qualities
- Be action-oriented
- Be quick
- Have a modest ego
- Be a seeker and learner
- Be eager to be different, but know it (not unaware)
- Be realistic and willing to compromise
- Celebrates other’s victories
- Be determined to solve a valuable problem for clients
- Have strong entrepreneurial strength
- Be willing to incur the costs of growth
- Be willing to use a wide range of sources of finance
- Believe in a team-based organizing structure
- Focus on invention dedicated to the commercialization of technology innovation
- Have outstanding communication skills
- Recognise the worth of business principles
- Be able to formulate and execute a sound business plan
- Beable to raise money
- Be able to build an organizational team leading to entrepreneurial victory
- Be capable to recruit and work a purposeful enterprise
- Be capable to operate within the framework and industrial environment
- Be capable to identify and screen timely opportunities
- Be capable to gather and manage knowledge and technology
- Be capable to organize resources – financial, physical, and human
- Be capable to measure and mitigate doubt and risk related to the initiation of the enterprise
- Be capable to deliver an advanced contribution that includes innovation and originality
- Be able to inspire a cooperative team of people who have the abilities and knowledge necessary for success
Challenges of Technopreneurs
Following is a list of some of the challenges faced by technopreneurs:
- Start-up capital: The major challenge faced by any technopreneur is to acquire capital to start the business.
- Good location: After start-up capital is obtained; finding a perfect, appropriate, and good location is also very important. • Work-life balance: Finding adequate time for business and family activities and deciding priorities is another challenge faced by technopreneurs. Equivalent importance and time should be allotted by the technopreneur for running a business and also for family activities.
- Peer Advice: At times when there is confusion in the mind of a technopreneur, he/she cannot seek advice from family and friends as they do not have sufficient business knowledge.
- Operating Capital: Access to operating capital after the business is launched, is one of the challenges faced by technopreneurs.
- Absence of a domestic/local market to sell products/services: Technopreneurs find it challenging to sell products/ services as domestic or local market is absent.
- Concerns about a risk in new business: If the technopreneur is already employed and has a good job and he/ she is worried about commencing a new business as it is completely risky.
- Government and business programs and assistance: There are very fewer government and business programs and also the absence of assistance and help provided to the technopreneurs.
- Strong competition: In any business activity there is the existence of strong competition and it is one of the major challenges for technopreneurs.
- Technical expertise: There is nonexistence or absence of a basis of technical expertise and knowledge.
- International knowledge: When commencing any business, technopreneurs may lack international knowledge of acquiring inputs or selling outputs.
Entrepreneurs Versus Technopreneurs
An entrepreneur is an individual who likes to participate and compete.He/ she is a self-starter. He/she can do many things at once. He/she is imaginative and has a clear vision and objectives. Entrepreneurs like to work for themselves and be in control. Entrepreneurs are inspired by a strong desire to attain and achieve financial success. They focus their consideration on the probabilities of success rather than the opportunity of disappointment or failure.
Technopreneur is an individual who likes to invent and innovate and is part of a team. Technopreneurs can do many things simultaneously, but they choose to delegate. Technopreneurs are ground-breaking and have better dreams, like being the ones to control innovation and be part of development. They are interested in a strong dream and have a passion to revolutionize. They take failure in pace and know that it will lead to victory if improvements are made.
Similarities between Entrepreneurs and Technopreneurs
Entrepreneurs and Technopreneurs can regulate risk and have the bravery to take risks. Both are independent and self-independent and self-assured yet know where to get help from. Both like an encounter are careful and eager to stick with a project. Entrepreneurs and Technopreneurs are not easily depressed, they uphold good health, have lots of energy and can handle stress, and have a strong sense of self-worth. Often they have a close friend or relative who owns a business. Both are painstaking and eager to stick with the project, not easily disheartened, positive thinkers who reside on delays.
Entrepreneurial Process and Technopreneurial Process
The entrepreneurial process starts with opportunity analysis leading towards business planning then gathering resources, implementation then scaling and harvesting the returns.
The technopreneur’s process starts with idea generation, once the idea is generated next stage is idea screening, after idea screening concept testing is done then the business analysis is done. The next stage of prototyping i.e. sample testing is followed by commercialization. Once it is commercialized, monitoring and evaluation is done.
In the entrepreneurial process, everything starts with an opportunity whereas in the technopreneurial process, everything starts with an idea.
Entrepreneurs and the Economy vs. Technopreneurs and the Economy
Entrepreneurs are considered agents of progress. They use financial capital and sometimes there is undecided wastage which results in minimized outputs. Technopreneurs are considered the agents of economic growth. They use natural capital which results in maximized outputs. They are also considered as the intellectual capital of the nation which increases the safety of the nation.
Significance of Technopreneurship and Risk Involved
The existing small businesses are nowadays transformed by computers and the internet from local places of business to national and global market competitors. In developing a small business some advantages can be availed by applying the technology-entrepreneurship (Technopreneurship) which are as follows:
- Business process becomes easier and simple
It is a known fact that we are saving time and distance through the cost of marketing and shipping by utilizing Technopreneurship. Today, a business can be started anytime, anywhere, by making purchases from different regions with ease and more convenience. By using electronic devices and social media networks we can curtail the lead time businesses spend on delivering and receiving the goods or services, which creates an immediate competitive advantage in the small business, which means that to both suppliers and consumers, the business process becomes much simple and easier.
- Promotion and popularization
It is considered one of the fastest and simple ways to promote and popularization of a product or service by utilizing technology-entrepreneurship like the internet. From the website through the Google Spreadsheet attachment, one can receive a purchase order. Moreover, for using the Google business platform to market and promote the products and services today Google has the innovation to facilitate the small businesses.
- Revenue and Profitsmaximization
Technopreneurshipraises productivity which eventually gives rise to profits that means better pay and less vigorous working conditions. By lessening raw material costs, an entrepreneur can enhance the resources but gaining profits as much as possible is only through the utilization of technopreneurship towards their business.
- Creation of more innovations and creativity
In developing a small business, innovation, and creativity are required. Through the utilization of technopreneurship, an entrepreneur will be more focused and ruminate more on how they can generate more creativity for the development of their small business and make it better, more profitable, and more popular.
- Storage and Sharing of Business Information
Electronic storage systems are created by technology for the data protection of the company as it is essential for business integrity and process. For developing small businesses, we can get a lot of information from technology. For example, the entrepreneur who runs the business of creative cakes can share various tips and important tricks using the website. They get countless information around the globe from other entrepreneurs who are in the same business.
Risks Involved
Entrepreneurs must not ignore the risk of technology-entrepreneurship (technopreneurship) in developing their small businesses. Before the application of the idea of technopreneurship to their business, entrepreneurs must be alert and considerate about these risks along with the advantages of technopreneurship. There are some risks of technopreneurship in developing small businesses established as follows:
- Increase in Expenses – This is one of the first disadvantages since technology is associated with business and technology. Entrepreneurs must wisely and professionally utilize technology as technology is not cheap enough.
- Creating Error – Technology today at the place of work is very common. This may lead to employees not identifying errors that might have been identified had the task been done physically and manually. It means that when we enter the wrong data some digital error may happen.
- Declining Ethics – For instance, entrepreneurs while improving their business may choose to surf the internet for private reasons. There is a possibility that the entrepreneur may become more inclined towards personal interests as he/she cannot discriminate between the time devoted to personal priorities and business benefits. Technology entrepreneurship has some risk influence on business which can be sorted or solved by developing the habit of discipline within the entrepreneur and his/her employees.
Implications of Technopreneurship and Technology Management
Future Implication in this context means how to flourish business in the future with the help of technology, in this era several young entrepreneurs have performed well using technology. Young entrepreneurs who have a different mindset and who are creative, imaginative, inventive, and who are capable to make something “out of the box” are capable to venture into technopreneurship. There is a need to encourage and motivate the youth to apply innovation in developing small businesses using technology and entrepreneurship.
Technopreneurship is an entrepreneurial term reserved for entrepreneurs who are involved in the field of information technology. Technopreneurs such as Sergey Brin and Larry Page (Google), Mark Zuckerberg (Facebook), Bill Gates (Microsoft), Steve Jobs (Apple), Jack Dorsey (Twitter), and Kevin Systorm (Instagram) are a few illustrations of entrepreneurs who are involved in the world of information technology.
Information is very substantial in discovering opportunities, which we want to be familiar with, as a vehicle of our integrity to a miscellany of information in our environment. Much of the information that is repeatedly ignored is caused by our inability to classify and determine the chances that occur.
There are many means, which can be used to gather information, ranging from print media to electronic media. The more comprehensive the sources we can get, the easier for us to get information about business opportunities.
The impression of information technology and communication technology is probable to make rapid changes in life. Through information technology, we can invent, discover, find, scrutinize, and share information professionally and positively successfully. Information technology includes all matters related to the process, the use of tools, operation, and management of information.
While communication technologies are all those things that are associated with the use of tools to process and transfer data from one device to another, information technology and communications technology play an imperative equal containing a complete understanding of all activities related to the processing, manipulation, organization, management, and transfer of information between media.
Fundamentally, there are two types of IT-related businesses, viz. products, and services:
- Products which include hardware, and Software;
- Services which include Applications, and E-Commerce.
Infrastructure in terms of information and computer software is the income of the business that makes software. You as a seller will receive reservations according to the needs of your customers. Infrastructure is a business that delivers computer and information services, such as computer service, technology news, internet service, etc.
E-Commerce: The Internet is progressive and is used for the global distribution of products and services, and employment in managerial and professional fields. E-commerce can be defined from numerous perspectives:
- Communications: Distribution of information, goods, facilities, or expenditures over computer networks or other electronic means and mediums.
- Trade: Distribution of means to purchase and sell products, services, and information for the Internet or other online facilities.
- Business processes: Running business procedures or processes automatically through an electronic network, replacing business processes with information transmitted quickly.
- Service: A way or a method for governments, businesses, consumers, and management to cut and curtail costs while purifying the quality of service and speed of service of consumers.
An E-commerce site fundamentally gives and facilitates every business owner/ holder the ability to have unlimited store hours, give the customer 7 days a week and 24 hours a day, contact the store, and buy items, products, and services. An example of the latest technology running and operating the process is online shopping (Amazon, Flipkart) whereby customers/consumers can straightly and directly buy goods and services from sellers in real-time, without an intermediate service, over the Internet.
E-business is beneficial for the company, customer, and society as it increases the market, crosses national markets, and enters global markets, so companies can reach more customers, choose the best suppliers, and inaugurate dealings with business partners. It lessens the cost of distributing, storing, developing, processing, and retrieving paper-based information and permits companies and business houses to realize a highly specialized business. It benefits the customers by delivering quality products and services at affordable prices and society by increasing living standards.
Technology Management
The Association of Technology, Management, and Applied Engineering defines technology management as the field concerned with the supervision of personnel across the technical spectrum and a wide variety of complex technological systems. Technology management programs classically include training in production and operations management, project management, computer applications, quality control, safety and health issues, data, and general management principles.
Technology management can be defined as the integrated planning, design, optimization, operation, and control of technological products, processes, and services. It is the management of the use of technology for human advantage, and to create competitive advantage. Technology management is a set of management a discipline that allows organizations to manage their technological fundamentals.
In an organization, the role of the technology management function is to understand the worth of certain technology for the organization. As long as there is value for the customer, continuous development of technology is valuable and accordingly, the technology management function in an organization should be capable to reason when to invest in technology development and when to withdraw. The Technopreneur must be able to manage the technology effectively and efficiently for the success of the enterprise.
The following are characteristic concepts used in technology management:
- Technology strategy is a judgment role of technology in the organization,
- Technology forecasting is the identification and documentation of likely relevant technologies for the organizations possibly through technology investigation,
- Technology roadmap is mapping technologies to business and market needs, and
- Technology project portfolio is a set of projects under development and technology Portfolio is a set of technologies in use.
The diffusion of innovations theory developed in the first half of the twentieth century perhaps is the most authoritative input to our understanding of technology. It recommends that all innovations follow a similar distribution pattern –known today in the form of an “s” curve though originally based upon the concept of a standard distribution of adopters. In wide-ranging terms, the “s” curve recommends four phases of a technology life cycle – emerging, growth, mature, and aging.
These four phases are joined to growing levels of acceptance of an innovation or, in our case a new technology. In recent times, for many technologies, an inverse curve that agrees to a decreasing cost per unit has been suggested. For information technology, where much of the cost is incurred in the early phase it has been a reasonable expectation though this may not prove to be universally true. Technopreneurs must gather relevant information and take decisions accordingly.
Carnegie Mellon Capability Maturity Model is the second major contribution to this area. A series of progressive capabilities can be quantified through a set of threshold tests proposed in this model. These tests determine repeatability, definition, management, and optimization. Any organization has to master one level before being able to proceed to the next suggested through this model.
The third significant contribution in this area comes from Gartner the research service; it is the hype cycle, in the early stages of growth which advises that our modern approach to marketing technology results in the technology being overestimated. These fundamental concepts provide a foundation for formalizing the approach to managing technology taken together.
Mobile Device Management
Nowadays everyone uses technology one of the examples is Smart Phones, so it is essential for technopreneurs to know about Mobile Device Management (MDM).MDM is the administrative area dealing with organizing, safeguarding, checking, integrating, and handling mobile devices, such as smartphones, tablets, and laptops, in the office and other areas. MDM intends to enhance the functionality and safety of mobile devices within the enterprise while instantaneously caring for the corporate network. MDM is usually applied with the use of a third-party product that has management types for particular sellers of mobile devices.
Accreditation and Certification
Technopreneurs can enhance their skills by getting accredited and certified by a well-known organization. In technology management, The Association of Technology, Management, and Applied Engineering (ATMAE), recognizes selected academic programs. By appearing for a rigorous exam administered by ATMAE covering production planning and control, security, excellence, and management/ supervision, an instructor or graduate of a technology management program may choose to become a Certified Technology Manager (CTM). For accrediting technology management programs, ATMAE program accreditation is recognized by the Council for Higher Education Accreditation (CHEA).
