TECHNOPRENEURSHIP

Learning objectives:
After the completion of the readings, the student will be able to:
1. Define technopreneurship.
2. Discuss the importance of technopreneurship.
3. Discuss how to become a technopreneur?

High-tech and entrepreneurial skills are driving our economy back to prosperity.
Technopreneursip-merging technology prowess and entrepreneurial skills- is the real
source of power in today's knowledge-based economy. A 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. Creativity is breaking the conventional mental blocks and playing with
imagination and possibilities, leading to new and meaningful connections and
outcomes while interacting with ideas, people and the environment.
Technopreneurship is the only source of long-run sustainable competitive advantage.
In an era of man-made brainpower industries, individual, corporate, and national
economic success will all require both new and more extensive skills sets than have
been required in the past . By themselves skills don't guarantee success. They have
to be put together in successful organizations. But without skills and technopreurship
there are no successful organizations. (Manuel Cereijo)
What is Technopreneurship?
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
The technological entrepreneurship continuum:

Who is the technopreneur?

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  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.
 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 mobilize resources to achieve a specified business or social
goal.(Kuemmerle, 2002)
 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)
 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)
 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)
As defined by the Collins Dictionary, “techpreneurs are entrepreneurs who start
and manage their own technology business.”
The name originated from the year 1990s and a blend of “techno” and
“entrepreneur” who takes the calculated risks in the techy world.
Do you know who the techpreneur is? Here are examples of some technopreneurship
that sets an example.
 Elon Musk
The billion Elon Musk has been regarded as a Tech Geeks, who is CEO of SpaceX,
PayPal, and Tesla. Further, Elon Musk is known as a disruptor and he has discarded
the misconception that the only best way to cut the business cost is outsourcing.
Elon Musk is always rushing the group of technopreneurs who love to take risks.
 Bill Gates and Steve Jobs
Other well-known technopreneurs cover Bill Gates who is the founder and owner of
the award-winning firm of all time, Microsoft. But we never forget the late Steve Jobs.
Of course, the film that has been made about Steve Jobs named “Pirates of Silicon
Valley” that give him a title of technopreneur. The biographical film was about the who
man showcased the real picture of the tech world that we have today. It involved all

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the creative actions involved in the building up of the global corporate empire, Steve
Jobs Apple Computer Corporation.
It is interesting to get such great technopreneurs at the same time. Both of these
companies competed with each other in the past times on various events. The battle
of these computer and software technology is appealing to watch.
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. (Bobson’s 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)
 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 one’s control. (Stevenson)
What is technopreneurship?
 Creating the “New” and destroying the “Old”.
- New knowledge
- New products
- New processes
- New services
- New markets
- New business models
- New raw materials
Entrepreneurial process vs. Technopreneurial process:
 Entrepreneurial process
Opportunity Analysis
↳ Business Planning
↳ Gathering Resources
↳ Implementation
↳ Scaling and Harvesting
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  Technopreneurial process
Idea Generation
↳ Idea Screening
↳ Concept Testing
↳ Business Analysis
↳ Prototyping
↳ Test Marketing
↳ Commercialization
↳ Monitoring & Evaluation
Technopreneur and the Economy:
 Technopreneurs as agents of economic growth.
Technopreneur and the Economy:
Three elements of the intellectual capital.
1. Human capital = the skills, capabilities, and knowledge of the firm’s people.
2. Organizational capital = the patents, technologies, processes, databases, and
networks.
3. Social capital = the quality of the relationships with customers, suppliers, and
partners.
Importance of Technopreneurship
Needless to say, technopreneurship has played an influential role in the use of
technology for fulfilling various purposes. It makes easy for people to stay in touch
with each other and comes up with some unpredictable products as well as solutions
that are beneficial for the nation.
Apart from this, it has also provided some other benefits to society and the nation that
contributes to economic and human development. Here are some of the significance
of Technopreneurship for a nation and the world too.
 Creating Employment Opportunities
When startup businesses, then there is an increase in the pool of job opportunities as
they need manpower to run all business operations. In the same way,
technopreneurship creates jobs and helps the nation to combat the problem of
unemployment. It increases the employment rate of an economy.
 Local Resources

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Various natural and productive resources are available that every entrepreneur can
utilize for business success. The usage of local resources increases its value and
reduces the rate of resource wastage.
 Business diversification and decentralization
An Entrepreneur can find out the business opportunities and locate them in areas that
are suitable including remote areas.
 Technological advancement
By being a creative and innovative technopreneur, they play an important role in the
field of utilization as well as the development of technology.
 Capital formation
Investment is an integral part of a business and an Entrepreneur requires funds to
start up and take their business to the new heights. They take financial assistance
from the investors and financiers and utilize the public savings that lead to economic
development.
 Promotion of entrepreneurial activities
The young generation gets a chance to work with such technopreneurship firms and
learn nuts and bolts how to get success. It also inspires these teammates and
employees to grow and start up their business firms too.
How to become a Successful Technopreneur?
The term “Technopreneurship” is very common these days as it has become the buzz
word. Ideally speaking, the word is a combination of entrepreneurship with
technological advancements. It is publicized as the next great thing in the startup of
the ecosystem. Now, the question arises is: how to become a technopreneur?
You ought to stay ready to explore unmapped areas. It is not associated with exploring
new ideas but it is about taking risks to figure out something new. More frequently, the
idea may not sound good at first but it can work brilliantly while executing. Thus,
experimenting is the only way to find out. Here are some steps on how to become a
Technopreneur.
 Build a team
Technopreneurship is the combination of one’s technical expertise with
entrepreneurial talent. However, the base remains the same. When you have a brilliant
idea, then it is the best time to find out the support and if you do not have the
technological know-how, then hire a tech-savvy.
If you have prowess in technology, then you need a marketing expert. This is not a
one-man show and you always require support to turn the idea into reality.
 Boosts problem-solving skills

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Being a Technopreneur, you ought to expect troubles at every turn. Especially, in the
beginning, you may tackle operational changes, funding, and also, regulatory
obstacles. So, it is necessary to have problem-solving skills.
If you failed in the real plan, you should pre-plan with an alternative. Moreover, there
is also a need to analyze the cost, time, manpower, and resources needed for various
avenues. Don’t forget to calculate the expected returns.
 The decision on the final strategy
Decision-making is a significant skill that every technopreneur must-have. After getting
an estimate of fors and againsts all options, you have to pick up the best strategy that
is cost-effective as well as commercially viable. Don’t baffle yourself by changing your
plans again and again.
Last but not the least, the final stage is to implement the idea such as launch the
product or service or platform you have been putting efforts on.
Hard work is not the only thing for being a technopreneurship but it also needs the
determination to make a certain idea work. You ought to modify your idea or brainstorm
for an innovative one, is it is required.
Is technopreneurship just about technology only?
To embark with, Technopreneurship acts as a new breed in the field of
entrepreneurship. Technopreneurship is not a solo show, so it includes individuals who
are passionate, innovative, and tech-savvy.
While the center of the stage is the technology but it all results from an excellent idea.
If you have a blockbuster idea that takes the entire tech industry by storm, then you
can become the next Steve job. Under Technopreneurship, not invention but
innovation is the key to success. It means to find out solutions for the problems by
utilizing technological resources.
Sometimes these ideas take a long time before it becomes a competition in the
marketplace. However, utilize that available time to build up as an entrepreneur and
boosts your technical skills and expand your connections.
The Main Focus of Technopreneruship
There are main areas on which a technopreneur need to focus on. We have mentioned
below:
 Hi-tech ventures in Information and Communication Technology, the internet,
life services, electronics, and biotech.
 Service firm where the main mission is technology.
 Designing of hi-tech products such as computer hardware or devices.
 Use of technology in the delivery of normal business activities.

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SUMMING UP!
Technopreneurship is not a product but a procedure to come up with human
innovations with the help of technology. It is all about making improvements with the
help of technological advancements for an organization, country as well as the globe.
This type of entrepreneurship has brought ample benefits in reducing the cost of other
businesses.

References:

https://dancelfandinotechno.blogspot.com/2013/03/what-is-technopreneurship
https://101entrepreneurship.org/technopreneurship/

https://technopreneurship.wordpress.com/2006/11/29/defining-technopreneurship

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 Feedback Activity
1. Based from the reading, make a comprehensive concept map on
technopreneurship. You should include short definitions of all the
terms that you will introduce. Add your references as needed.
2. On an A4, make a concept map manually. Use your presentable
and beautiful handwriting, Arial 12 ……then, scan/picture and
send it to me on our newly created gmail group….
cmbpsalms23@gmail.com ………on or before September 15, 2021
at 12:00 noon.

GOD BLESS US ALL…STAY SAFE…STAY AT HOME!

The Lord is my shepherd, I shall not be in want. He makes me lie down in green pastures, He
leads me beside quiet waters……Even though I walk through the valley of the shadow of
death, I will fear no evil, for You are with me; Your rod and your staff, they comfort me.
Psalms 23:1-4