Technopreneurship: Meaning, Examples and Importance: Various types of Entrepreneurs are running their businesses in several fields according to their interests. An Entrepreneur is a person who always finds out the opportunities and converts it into reality in the form of products and services to maximize profit and develop their business.
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Basic Idea of Technopreneurship
In this era of technology, a technopreneur begins their business with nothing but with a brainstorming idea. He identifies present practices and assesses some new ideas to do something different. A person who is engaged in technopreneurship creates a product or solution that uses technological solutions to change the way of doing something in an orthodox way. It improves how we have done something before and how it has to be done in the coming future.
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Technopreneurship: Meaning, Examples and Importance
To exemplify, the owner of Uber come up with a unique idea to call a can from any location through the application and keep a track of it through GPS. It takes the can or taxi industry by storm as it saves time of people and an easy way to book a car.
Meaning and Definition of Technopreneurship
In an intensive context, this is not a product but a procedure of synthesis to improve and create innovate the future of a person, a nation, and the globe as a whole. In this digital world, professional development programs, as well as training, have required to succeed in a knowledge-based society. They produce various strategic thinkers who have the relevant skills and talent to grab success in a changing global atmosphere at a fast pace.
Property has achieved through technology and accurate entrepreneurial skills. Some examples of successful technopreneurs are Bill Gates (Microsoft), Sergey Brin and Larry Page (Google), Jack Dorsey (Twitter), Steve Jobs (Apple), Kevin Systrom (Instagram), and so on.
According to Blanco 2007, “Technopreneurship comprises identifying modern technologies and even creation of technological opportunities by the presentation of commercial products and services.”
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What exactly Technopreneurship is?
As it is hinted by the term, it is a blend of two words such as “technology” and “Entrepreneurship”. Thoroughly, it is a kind of entrepreneurship in the field of technology. The process of technopreneurship is a combination of technological advancements and entrepreneurial skills. In the products and services transformation, an integral part of technopreneur is technology.
This is a new breed in the field of entrepreneurship. These types of entrepreneurship are suitable for a person who is intelligent, innovative, tech-savvy, appetite, and passionate in the calculation of risk. Technopreneurship gets to the next level of success through teamwork.
Technopreneurship Trilogy
Examples of Technopreneurs
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.
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- 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 disrupture 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. That biographical film about that man showcases the real picture of the tech world that we have today. It involves all 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.
Importance of Technopreneurship
Needless to say, technopreneurship has played an influential role in the use of technology for fulfilling various purposes. First off, 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, we are going to discuss 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
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.
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- 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.
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- 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
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.
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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.
Also See: Entrepreneurial Ecosystem: Definitions and Characteristics
Wrapping 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.
Thank the Technopreneurship, It makes it easy for companies to develop, distribute, store, process, and even access the information at a cheap cost. A big advantage that we should never ignore is that hitherto physical space covered with thousands of papers and now, it is simple to store it as a technological element.
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