TECHNOLOGY ENTREPRENEURSHIP

Technology entrepreneurship is an investment in a project that assembles and deploys specialized

individuals and heterogeneous assets that are intricately related to advances in scientific and
technological knowledge for the purpose of creating and capturing value for a firm. Technology
entrepreneurship is based on four elements: 1) Ultimate outcomes. Value creation and capture are
identified as two outcomes of technology entrepreneurship because the sources that create value
and the sources that capture value may not be the same over the long run. 2) Target of the ultimate
outcomes. The firm is identified as the target organization for which value is created and captured.
3) Mechanism used to deliver the ultimate outcomes. Investment in a project is the mechanism
mobilized to create and capture value. A project is a stock of resources (specialized individuals
and heterogeneous assets) committed to deliver the two ultimate outcome types for a period of
time. 4) Interdependence of this mechanism with scientific and technological advances. The
individuals involved in a project influence and are influenced by advances in relevant scientific
and technology knowledge. The project exploits or explores scientific and technology knowledge.
External and internal individuals and organizations co-produce the project’s outputs.

The concept of technology entrepreneurship is an interesting proposition that aims to limit these
shortcomings and develop innovativeness of small and medium enterprises. As part of the concept,
research and potential of scientific and research and development institutions is transformed
through the engagement of commercial entities and institutions of business environment into
products and services distributed on market principles and providing new values and desired
benefits to clients. The concept is based on such theoretical foundations as the notions of
intellectual entrepreneurship, academic entrepreneurship, issues of transfer and commercialization
of technology and management of knowledge and high-tech enterprises. The concept of
technology entrepreneurship is of particular benefit to SMEs which have already attained some
level of development and are planning on increasing competitiveness and further expansion in the
market by introducing products and services based on modern technologies into its offer. However,
the shortages in resources mentioned above hinder or prevent them from carrying out their own
activities with regards to innovation, which leads to an increase in their engagement in the transfer
of knowledge and new technologies from the scientific and technical environment while using
financial and non-financial support from the small business environment, mostly based on the
concept of an organization positive potential. Scope of operations forming part of the concept of
technology entrepreneurship requires a simultaneous and synergistic involvement of the enterprise
in 4 basic areas: 1) Internal company entrepreneurship, 2) Own technology and innovation
potential concerning the identification and development of required. 3) Integration of business and
science, 4) Market distribution of technological and innovation effects, through developing an
orientation on marketing and marketing abilities connected with it. This area mostly includes
market analysis with a view to identifying the demand for new products and services, searching
for information necessary to implement new technologies and obtaining feedback from clients
concerning the market offer introduced by the company.