mam week 1 introduction to tec entre - copy

Introduction to Technology Introduction to Technology Introduction to Technology Introduction to Technology

UNIT 1UNIT 1

Introduction to Technology Introduction to Technology EntrepreneurshipEntrepreneurship

Introduction to Technology Introduction to Technology EntrepreneurshipEntrepreneurship

What is technological What is technological entrepreneurship?entrepreneurship?

• It is simply entrepreneurship in a technology-intensive context

• It is a process of merging technology

© sir mahfuz 2

• It is a process of merging technology prowess and entrepreneurial talent and skills

Technology + Entrepreneurship = Technopreneurship

1/25/2011

The technological The technological entrepreneurship continuumentrepreneurship continuum

Discovery

Invention

MARK

PROD

© sir mahfuz 3

Innovation

Entrepreneurship

KETS

DUCTS

1/25/2011

Who is the technopreneur?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

© sir mahfuz 4

organizations and by exploiting new raw materials (Schumpeter, 1934)

• Someone who perceives an opportunity and creates an organization to pursue it.

1/25/2011


• 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

© sir mahfuz 5

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)

1/25/2011


• The technopreneur is a bold, imaginative deviator from established business methods and practices who constantly seeks the opportunity to commercialize new products, technologies,

© sir mahfuz 6

who constantly seeks the opportunity to commercialize new products, technologies, processes, and arrangements (Baumol, 2002)

1/25/2011


• 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

© sir mahfuz 7

nonsense while integrating a variety of ideas from diverse groups and disciplines (Manuel Cereijo, 2002)

1/25/2011


• 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

© sir mahfuz 8

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).

1/25/2011

What is entrepreneurship?What is entrepreneurship?

• A way of thinking and acting that is opportunityobsessed, holistic in approach and leadership balanced for the purpose of wealth creation (Babson’s definition)

• Entrepreneurship is creative destruction. Dynamic

© sir mahfuz 9

• 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)

1/25/2011

What is entrepreneurship?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

© sir mahfuz 10

for a different business or a different service (Drucker, 1985)

• Entrepreneurship is the pursuit of opportunitywithout regard to the resources currently under one’s control (Stevenson)

1/25/2011

What is entrepreneurship?What is entrepreneurship?• Creating the “New” and destroying the

“Old”

– New knowledge– New products– New processes

© sir mahfuz 11

– New processes– New services– New markets– New business models– New raw materials

1/25/2011

Entrepreneurial process vs. Entrepreneurial process vs. Technopreneurial processTechnopreneurial process

• Entrepreneurial processOpportunity Analysis

Business Planning

© sir mahfuz 12

Business Planning

Gathering Resources

Implementation

Scaling and Harvesting

1/25/2011

Entrepreneurial process vs. Entrepreneurial process vs. Technopreneurial processTechnopreneurial process

• Technopreneurial processIdea Generation

Idea Screening

© sir mahfuz 13

Concept Testing

Business Analysis

Prototyping

Test Marketing

Commercialization

Monitoring &Evaluation1/25/2011

Technopreneur and the Technopreneur and the EconomyEconomy

• Technopreneurs as agents of economic growth

© sir mahfuz 14

ECONOMY

Entrepreneursas agents ofprogress

Natural capital

Financial capital

Intellectual capital

Beneficial outputs(Maximized)

Undesired wasteOutputs

(Minimized)

Increase Safety

1/25/2011


• Three elements of the intellectual capital

– Human capital• The skills, capabilities, and knowledge of the firm’s people.

– Organizational capital

© sir mahfuz 15

– Organizational capital• The patents, technologies, processes, databases and networks

– Social capital• The quality of the relationships with customers, suppliers and partners

1/25/2011


Economic GrowthRelationship betweenintellectual and entrepreneurialcapital towards entrepreneurialactivity and economic

© sir mahfuz 16

Ii

Intellectual Capital Entrepreneurial Capital

Entrepreneurial Activity

+

activity and economic growth

1/25/2011

Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Differences)(Differences)

Entrepreneur• Likes to compete• Is a self-starter• Is able to do many things at

once

Technopreneur• Likes to innovate• Is part of a team• Is able to do many things at

once, but chooses to delegate

© sir mahfuz 17

once

• Is creative, and has dreams and goals

• Likes to work for him or herself and be in control

once, but chooses to delegate

• Is innovative and has a greater vision

• Likes to be the one to control innovation and be part of an evolution

1/25/2011

Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Differences)(Differences)

Entrepreneur• Is motivated by a strong

desire to achieve and attain financial success

• Focuses his/her attention on the chances of success rather

Technopreneur• Is motivated by a strong

vision and his passion to innovate

• Takes failure in stride and knows it will lead to

© sir mahfuz 18

the chances of success rather than the possibility of failure

knows it will lead to success if correction can be made

1/25/2011

Entrepreneurs vs. TechnopreneursEntrepreneurs vs. Technopreneurs(Similarities)(Similarities)

Entrepreneur• Is able to determine risk and

has the courage to take risks• Is independent and self-

confident, yet knows where to

Technopreneur• Is able to determine risk

and has the courage to take risks

• Is independent and self-confident, yet knows

© sir mahfuz 19

confident, yet knows where to get help

• Likes a challenge• Hardworking and willing to

stick with a project

confident, yet knows where to get help

• Likes a challenge• Hardworking and willing to

stick with a project

1/25/2011


Entrepreneur• Is not easily discouraged• Maintains good health, has

lots of energy and can handle stress

Technopreneur• Is not easily discouraged• Maintains good health, has

lots of energy and can handle stress

© sir mahfuz 20

handle stress• Has a strong sense of self-

worth

handle stress• Has a strong sense of self-

worth

1/25/2011


Entrepreneur• Is a positive thinker who

does dwell on setbacks

Technopreneur• Is a positive thinker who

does dwell on setbacks• Often has a close friend

© sir mahfuz 21

does dwell on setbacks• Often has a close friend or

relative who owns a business• Often has a close friend

or relative who owns a business

1/25/2011

Successful traits of Successful traits of technopreneurtechnopreneur

• Integrity• Leadership• Impatient: bias toward

action (with analysis)• Quick clock speed

• Pragmatic: willing to compromise

• Rejoices in other’s victories

• Driven to solve a valuable

© sir mahfuz 22

• Quick clock speed• Modest ego. Seeks and

accepts coaching• Willing to be different,

but knows it (not oblivious)

• Driven to solve a valuable problem for customers

• Strong entrepreneurial intensity

• Willingness to incur the costs of growth

1/25/2011

Successful traits of Successful traits of technopreneurtechnopreneur

• Willingness to use wide range of financing sources

• Emphasis on a team-based organizing structure

• Focus on innovation

• Excellent communication skills

• Understand the value of business principles

– Formation and

© sir mahfuz 23

• Focus on innovation• Committed to

commercialization of technology discovery

– Formation and execution of a sound business plan

– Raising of money– Building an organizational team

1/25/2011

Factors leading to Factors leading to entrepreneurial successentrepreneurial success• Ability to initiate and operate a purposeful

enterprise• Ability to operate within the context and

industrial environment at the time of initiation

© sir mahfuz 24

industrial environment at the time of initiation• Ability to identify and screen timely

opportunities• Ability to accumulate and manage knowledge

and technology

1/25/2011

Factors leading to Factors leading to entrepreneurial successentrepreneurial 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

© sir mahfuz 25

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

1/25/2011

SummarySummary• 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

© sir mahfuz 26

• 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.

1/25/2011

mam week 1 introduction to tec entre - copy

Documents