UNIT 1

Introduction to Technology
Entrepreneurship
 What is technological
entrepreneurship?

It is simply entrepreneurship in a
technology-intensive context
It is a process of merging technology
prowess and entrepreneurial talent
and skills

Technology + Entrepreneurship = Technopreneurship

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 The technological
entrepreneurship continuum
P
M
R
Discovery A
O
Invention
R
D
K
U
Innovation E
C
T
T Entrepreneurship
S
S

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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
(Schumpeter, 1934)
Someone who perceives an opportunity and
creates an organization to pursue it.

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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
their ability to mobilize resources to achieve a
specified business or social goal (Kuemmerle,
2002)

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 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,
processes, and arrangements (Baumol, 2002)

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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
diverse groups and disciplines (Manuel Cereijo,
2002)

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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
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?
A way of thinking and acting that is opportunity
obsessed, holistic in approach and leadership
balanced for the purpose of wealth creation
(Babsons definition)
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?
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
(Drucker, 1985)
Entrepreneurship is the pursuit of opportunity
without regard to the resources currently under
ones control (Stevenson)

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What is entrepreneurship?
Creating the New and destroying the
Old
New knowledge
New products
New processes
New services
New markets
New business models
New raw materials

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Entrepreneurial process vs.
Technopreneurial process
Entrepreneurial process
Opportunity Analysis

Business Planning

Gathering Resources

Implementation

Scaling and Harvesting

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 Entrepreneurial process vs.
Technopreneurial process
Technopreneurial process
Idea Generation

Idea Screening

Concept Testing

Business Analysis

Prototyping

Test Marketing

Commercialization
Monitoring &
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 Technopreneur and the
Economy
Technopreneurs as agents of
economic growth

Natural capital ECONOMY Beneficial outputs

(Maximized)
Entrepreneurs
Financial capital Undesired waste
as agents of
progress Outputs
Intellectual capital (Minimized)

Increase Safety

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 Technopreneur and the
Economy
Three elements of the intellectual capital
Human capital
The skills, capabilities, and knowledge of the
firms people.
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
Economy
Relationship between
Economic Growth
intellectual and
entrepreneurial
capital towards
entrepreneurial
activity and economic
Entrepreneurial Activity
growth

I Intellectual Capital + Entrepreneurial Capital

i

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 Entrepreneurs vs. Technopreneurs
(Differences)
Entrepreneur Technopreneur
Likes to compete Likes to innovate
Is a self-starter Is part of a team
Is able to do many things at Is able to do many things at
once once, but chooses to
delegate
Is creative, and has dreams Is innovative and has a
and goals greater vision
Likes to work for him or Likes to be the one to
herself and be in control control innovation and be
part of an evolution

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 Entrepreneurs vs. Technopreneurs
(Differences)
Entrepreneur
Is motivated by a strong
desire to achieve and attain
financial success
Focuses his/her attention on
the chances of success rather
than the possibility of failure
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Technopreneur
Is motivated by a strong
vision and his passion to
innovate
Takes failure in stride and
knows it will lead to
success if correction can
be made
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 Entrepreneurs vs. Technopreneurs
(Similarities)
Entrepreneur
Is able to determine risk and
has the courage to take risks
Is independent and self-
confident, yet knows where to
get help
Likes a challenge
Hardworking and willing to
stick with a project
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Technopreneur
Is able to determine risk
and has the courage to
take risks
Is independent and self-
confident, yet knows
where to get help
Likes a challenge
Hardworking and willing to
stick with a project
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Entrepreneurs vs. Technopreneurs
(Similarities)
Entrepreneur
Is not easily discouraged
Maintains good health, has
lots of energy and can
handle stress
Has a strong sense of self-
worth
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Technopreneur
Is not easily discouraged
Maintains good health, has
lots of energy and can
handle stress
Has a strong sense of self-
worth
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 Entrepreneurs vs. Technopreneurs
(Similarities)

Entrepreneur
Is a positive thinker who
does dwell on setbacks
Often has a close friend or
relative who owns a business
Technopreneur
Is a positive thinker who
does dwell on setbacks
Often has a close friend
or relative who owns a
business

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 Successful traits of
technopreneur
Integrity
Leadership
Impatient: bias toward
action (with analysis)
Quick clock speed
Modest ego. Seeks and
accepts coaching
Willing to be different,
but knows it (not oblivious)
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Pragmatic: willing to
compromise
Rejoices in others
victories
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
technopreneur
Willingness to use wide
range of financing sources
Emphasis on a team-based
organizing structure
Focus on innovation
Committed to
commercialization of
technology discovery
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Excellent communication
skills
Understand the value of
business principles
Formation and
execution of a
sound business plan
Raising of money
Building an
organizational team
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 Factors leading to
entrepreneurial success
Ability to initiate and operate a purposeful
enterprise
Ability to operate within the context and
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
entrepreneurial 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
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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 Summary
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
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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