Logically, the term technopreneurship was coined from the words “technology” and “entrepreneurship”. Technopreneurship is a simple entrepreneurship in a technology intensive context. It is a process of merging technology prowess and entrepreneurial talent and skills.

Technopreneurship is the process of engineering the future of an individual, an organisation or a nation. Mass media and the internet are the main contributing factors for the popularity of technopreneurship. 

Technopreneurship is not a product but a process of synthesis in engineering the future of a person, an organisation, a nation and the world. In a digital, knowledge based society,Technopreneurship is integration of technology, innovation and entrepreneurship.

Meaning of Technopreneurship

Technopreneurship can be just described or understood by simply stating names of famous people like Steve Jobs of Apple Inc., Sergey Brin and Larry Page of Google, Bill Gates of Microsoft, Mark Zuckerberg of Face- book and other well-known technopreneurs out there. Interestingly, by just merely mentioning these names, it is easier to understand the concept and meaning of technopreneurship.

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Mass media and the internet are the main contributing factors for the popularity of technopreneurship. Due to Websites, new models of cell phones, laptops and tablet PC’s, it is evident that in every place, in every website, and in every channel being watched, there is Technology, Technopreneur and Technopreneurship.

We cannot deny the fact that this field is engrossing the whole business community. A lot of popular industries of today are changing their strategies just to comply with the needs of it.

Definitions of Technopreneurship

Technopreneurship in a nutshell is “Creating the NEW and destroying the OLD” with new knowledge, new products, new processes, new services, new markets and new business. Technopreneurship is, by a large part, still entrepreneurship. The difference is that technopreneurship is either involved in delivering an innovative hi-tech product, for example Intel or makes use of hi-tech in an innovative way to deliver its product to the consumer such as eBay, or both.

Technopreneurship requires tertiary level and professional development programs and training to produce strategic thinkers who should have the skills to succeed in a dynamically changing global environment. Traditional educational programs lack the methodology to transform today’s students into creative, innovative, visionary global leaders who understand the importance of technopreneurship.

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(i) Technopreneurship is a simple entrepreneurship in a technology intensive context. It is a process of merging technology prowess and entrepreneurial talent and skills.

(ii) Technopreneurship is not a product but a process of synthesis in engineering the future of a person, an organisation, a nation and the world. In a digital, knowledge based society.

(iii) Technopreneurship is integration of technology, innovation and entrepreneurship.

(iv) Technopreneurship is Act of turning “something” into a resource of high value by converting good ideas into business ventures that rely heavily on the application of human knowledge for practical purposes.

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(v) Technopreneurship is Entrepreneurship in the field of technology.

(vi) Firms in which technology plays a critical role in their operations is Technopreneurship.

(vii) Technopreneurship is the Process of engineering the future of an individual, an organisation or a nation.

(viii) Application of the newest inventions and advancements in com­ing out with new and innovative products through the process of dissemination is Technopreneurship.

(ix) Manufacturing of hi-tech products or making use of hi-technology to deliver products to consumers is Technopreneurship.

(x)Technopreneurship is Exhaustive use of technology in making profit.

According to Eric Schimdt “Technology is always evolving, and companies, not just search companies, can’t be afraid to take advantage of change.”

Logically, the term technopreneurship was coined from the words “technology” and “entrepreneurship”. It was first used in the year 1987 but gained popularity due to the wide use of the internet during the second millennium. There are various definitions of that word, depending on the individual giving meaning to it. From the most technical definitions, to the most sentimental and even the weirdest definition of the term, have been coined for technopreneurship.

Characteristics of a Technopreneur

Let us understand who a Technopreneur is:

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Technology and entrepreneurial skills are driving many economies to prosperity. The most famous of them all is Bill Gates, who made Microsoft a household name all over the world. Steve Jobs, well known for his innovations. iPod, which is the most portable gadget by the young population. Look at the success of Google – brain child of Sergey Brin and Larry Page. These are all Technopreneurs.

In order to understand who a Technopreneur is, it will be appropriate to consider some characteristics, which have been listed below:

(i) A technopreneur is an entrepreneur who is technology savvy, creative, innovative, dynamic, dares to be different and take the unexplored path, and very passionate about their work. They take challenges and strive to lead their life with greater success. They do not fear failure. They take failure as a learning experience, a stimulator to look things differently and stride for the next challenge.

(ii) Technopreneurs continuously go through an organic process of continual improvement and always try to redefine the dynamic digital economy.

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(iii) Technopreneurs are entrepreneurs who are into the core businesses involving technology-based industries. They make use of technology to come out with new or innovative products through a process of commercialization. The businesses are generally marked with high growth potential and high leverage of knowledge and intellectual property.

(iv) Potential Technopreneurs must be equipped with both technical and business skills.

(v) A technopreneur is an entrepreneur who is technology savvy, creative, innovative, dynamic, dares to be different and take the unexplored path, and very passionate about their work. They take challenges and strive to lead their life with greater success. They do not fear failure. They take failure as a learning experience, a stimulator to look things differently and stride for the next challenge.

(vi) Technopreneurs continuously go through an organic process of continual improvement and always try to redefine the dynamic digital economy.

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(vii) A technopreneur is an entrepreneur who is technology savvy, creative, innovative, dynamic, dares to be different and take the unexplored path, and very passionate about their work. They take challenges and strive to lead their life with greater success. They do not fear failure. They take failure as a learning experience, a stimulator to look things differently and stride for the next challenge. Technopreneurs continuously go through an organic process of continual improvement and always try to redefine the dynamic digital economy.

Technopreneurial Process

Steps involved in the technopreneurial process are as follows:

1. Idea Generation:

At this stage, the individual toys with various thoughts coming across his/her mind. These ideas may be generated by analysis of problems, while understanding technology and its uses or as a subset of other projects. The subconscious mind is usually working on such ideas.

2. Idea Screening:

As there are many ideas that are encountered at the first stage, the next natural progression is to check their feasibility and drop infeasible ideas.

3. Concept Testing:

Concept testing is the process of using surveys and other qualitative methods to evaluate consumer acceptance of a new product idea prior to the introduction of a product to the market. It saves the entrepreneur’s cost and also tests the probability of success and customer acceptance level.

4. Business Analysis:

Post successful completion of concept testing there is a need to develop a holistic view of business problems and evaluate business operations to improve core processes. It involves documentation of business requirements that can serve as a yardstick going forward.

5. Prototyping:

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A prototype is a sample of a product built to test a concept or process. A prototype is used to evaluate new designs and to enhance precision based on feedback. It is cost effective and properties of the prototype are very closely simulated to real products. Prototyping enables the technopreneur to capture customer expectations with precision and improve upon the actual product.

6. Test Marketing:

Test marketing is an experiment conducted in the test market consisting of actual markets and real-life buying, without the buyers being aware of evaluation exercises. It imitates the ultimate market-mix to gather customer response. Test marketing may last from a few weeks to several months Depending on the quality and quantity of sales data needed to make the final decision.

7. Commercialization:

At this stage, the idea finally takes the shape of a full-grown product and is launched in the market for financial gains. It involves various activities including marketing, advertising, supply chain management etc.

8. Monitoring and Evaluation:

At this stage the idea has transformed into a product and is currently circulated in actual markets to end consumers. It is very important for the organisation to keenly observe every stage of product evolution so as to improve upon the idea. This will eventually lead to financial gains and societal benefits.

Difference between an Entrepreneur and a Technopreneur

Entrepreneur:

  1. An entrepreneur likes to compete
  2. An entrepreneur is a pioneer
  3. An entrepreneur is creative and has dreams and goals
  4. An entrepreneur is able to do many things at once
  5. An entrepreneur is motivated by a strong desire to achieve and attain financial success
  6. An entrepreneur likes to work for him and be in control
  7. An entrepreneur focuses attention on the chances of success rather than the possibility of failure

Technopreneur:

  1. A technopreneur likes to innovate
  2. A technopreneur is part of a team
  3. A technopreneur is innovative and a visionary
  4. A technopreneur chooses to delegate his work
  5. A technopreneur is motivated by a strong vision and the passion to innovate
  6. A technopreneur likes to be the one to control innovation and be part of an evolution
  7. A technopreneur takes failure as a learning experience and strides for the next challenge