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technopreneurship
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Introduction to Technology Introduction to Technology Introduction to Technology Introduction to Technology
UNIT 1UNIT 1
Introduction to Technology Introduction to Technology EntrepreneurshipEntrepreneurship
Introduction to Technology Introduction to Technology EntrepreneurshipEntrepreneurship
What is technological What is technological entrepreneurship?entrepreneurship?
• It is simply entrepreneurship in a technology-intensive context
• It is a process of merging technology
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• It is a process of merging technology prowess and entrepreneurial talent and skills
Technology + Entrepreneurship = Technopreneurship
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The technological The technological entrepreneurship continuumentrepreneurship continuum
Discovery
Invention
MARK
PROD
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Innovation
Entrepreneurship
KETS
DUCTS
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Who is the technopreneur?Who is the technopreneur?
• 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
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organizations and by exploiting new raw materials (Schumpeter, 1934)
• Someone who perceives an opportunity and creates an organization to pursue it.
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Who is the technopreneur?Who is the technopreneur?
• A person who undertakes risks (by creating an enterprise or business) that has the chance of profit (or success). Technopreneurs distinguishes themselves through their ability to accumulate and manage knowledge, as well as
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distinguishes themselves through their ability to accumulate and manage knowledge, as well as their ability to mobilize resources to achieve a specified business or social goal (Kuemmerle, 2002)
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Who is the technopreneur?Who is the technopreneur?
• The technopreneur is a bold, imaginative deviator from established business methods and practices who constantly seeks the opportunity to commercialize new products, technologies,
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who constantly seeks the opportunity to commercialize new products, technologies, processes, and arrangements (Baumol, 2002)
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Who is the technopreneur?Who is the technopreneur?
• The technopreneur distinguishes logic from tradition, tradition from prejudice, prejudice from common sense and common sense from nonsense while integrating a variety of ideas from
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nonsense while integrating a variety of ideas from diverse groups and disciplines (Manuel Cereijo, 2002)
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Who is the technopreneur?Who is the technopreneur?
• 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
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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 (Dorf and Byers, 2005).
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What is entrepreneurship?What is entrepreneurship?
• A way of thinking and acting that is opportunityobsessed, holistic in approach and leadership balanced for the purpose of wealth creation (Babson’s definition)
• Entrepreneurship is creative destruction. Dynamic
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• Entrepreneurship is creative destruction. Dynamic disequilibrium 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 (Schumpeter, 1934)
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What is entrepreneurship?What is entrepreneurship?
• The entrepreneur searches for change, responds to it, and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service
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for a different business or a different service (Drucker, 1985)
• Entrepreneurship is the pursuit of opportunitywithout regard to the resources currently under one’s control (Stevenson)
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What is entrepreneurship?What is entrepreneurship?• Creating the “New” and destroying the
“Old”
– New knowledge– New products– New processes
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– New processes– New services– New markets– New business models– New raw materials
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Entrepreneurial process vs. Entrepreneurial process vs. Technopreneurial processTechnopreneurial process
• Entrepreneurial processOpportunity Analysis
Business Planning
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Business Planning
Gathering Resources
Implementation
Scaling and Harvesting
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Entrepreneurial process vs. Entrepreneurial process vs. Technopreneurial processTechnopreneurial process
• Technopreneurial processIdea Generation
Idea Screening
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Concept Testing
Business Analysis
Prototyping
Test Marketing
Commercialization
Monitoring &Evaluation1/25/2011
Technopreneur and the Technopreneur and the EconomyEconomy
• Technopreneurs as agents of economic growth
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ECONOMY
Entrepreneursas agents ofprogress
Natural capital
Financial capital
Intellectual capital
Beneficial outputs(Maximized)
Undesired wasteOutputs
(Minimized)
Increase Safety
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Technopreneur and the Technopreneur and the EconomyEconomy
• Three elements of the intellectual capital
– Human capital• The skills, capabilities, and knowledge of the firm’s people.
– Organizational capital
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– Organizational capital• The patents, technologies, processes, databases and networks
– Social capital• The quality of the relationships with customers, suppliers and partners
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Technopreneur and the Technopreneur and the EconomyEconomy
Economic GrowthRelationship betweenintellectual and entrepreneurialcapital towards entrepreneurialactivity and economic
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Ii
Intellectual Capital Entrepreneurial Capital
Entrepreneurial Activity
+
activity and economic growth
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Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Differences)(Differences)
Entrepreneur• Likes to compete• Is a self-starter• Is able to do many things at
once
Technopreneur• Likes to innovate• Is part of a team• Is able to do many things at
once, but chooses to delegate
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once
• Is creative, and has dreams and goals
• Likes to work for him or herself and be in control
once, but chooses to delegate
• Is innovative and has a greater vision
• Likes to be the one to control innovation and be part of an evolution
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Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Differences)(Differences)
Entrepreneur• Is motivated by a strong
desire to achieve and attain financial success
• Focuses his/her attention on the chances of success rather
Technopreneur• Is motivated by a strong
vision and his passion to innovate
• Takes failure in stride and knows it will lead to
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the chances of success rather than the possibility of failure
knows it will lead to success if correction can be made
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Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Similarities)(Similarities)
Entrepreneur• Is able to determine risk and
has the courage to take risks• Is independent and self-
confident, yet knows where to
Technopreneur• Is able to determine risk
and has the courage to take risks
• Is independent and self-confident, yet knows
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confident, yet knows where to get help
• Likes a challenge• Hardworking and willing to
stick with a project
confident, yet knows where to get help
• Likes a challenge• Hardworking and willing to
stick with a project
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Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Similarities)(Similarities)
Entrepreneur• Is not easily discouraged• Maintains good health, has
lots of energy and can handle stress
Technopreneur• Is not easily discouraged• Maintains good health, has
lots of energy and can handle stress
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handle stress• Has a strong sense of self-
worth
handle stress• Has a strong sense of self-
worth
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Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Similarities)(Similarities)
Entrepreneur• Is a positive thinker who
does dwell on setbacks
Technopreneur• Is a positive thinker who
does dwell on setbacks• Often has a close friend
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does dwell on setbacks• Often has a close friend or
relative who owns a business• Often has a close friend
or relative who owns a business
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Successful traits of Successful traits of technopreneurtechnopreneur
• Integrity• Leadership• Impatient: bias toward
action (with analysis)• Quick clock speed
• Pragmatic: willing to compromise
• Rejoices in other’s victories
• Driven to solve a valuable
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• Quick clock speed• Modest ego. Seeks and
accepts coaching• Willing to be different,
but knows it (not oblivious)
• Driven to solve a valuable problem for customers
• Strong entrepreneurial intensity
• Willingness to incur the costs of growth
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Successful traits of Successful traits of technopreneurtechnopreneur
• Willingness to use wide range of financing sources
• Emphasis on a team-based organizing structure
• Focus on innovation
• Excellent communication skills
• Understand the value of business principles
– Formation and
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• Focus on innovation• Committed to
commercialization of technology discovery
– Formation and execution of a sound business plan
– Raising of money– Building an organizational team
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Factors leading to Factors leading to entrepreneurial successentrepreneurial success• Ability to initiate and operate a purposeful
enterprise• Ability to operate within the context and
industrial environment at the time of initiation
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industrial environment at the time of initiation• Ability to identify and screen timely
opportunities• Ability to accumulate and manage knowledge
and technology
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Factors leading to Factors leading to entrepreneurial successentrepreneurial success
• Ability to mobilize resources – financial, physical, and human
• Ability to assess and mitigate uncertainty and risk associated with the initiation of the enterprise
• Ability to provide an innovative contribution that
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associated with the initiation of the enterprise• Ability to provide an innovative contribution that
encompasses novelty and originality• Ability to encourage a collaborative team of people
who have the capabilities and knowledge necessary for success
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SummarySummary• Technopreneurship is a process through which individuals
and teams bring together the necessary resources to exploit opportunities and in doing so create wealth, social benefits and prosperity.
• The role of technopreneur as agent of economic growth.• The technopreneur must know how to use knowledge to
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• The role of technopreneur as agent of economic growth.• The technopreneur must know how to use knowledge to
create innovation and new firms.• The level of economic prosperity of a nation is determined
by the level of entrepreneurial activity which flows from a combination of entrepreneurial capital and intellectual capital.
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