Check out our Startup Ecosystem Program Learn More

What is Technopreneurship? Meaning and business model

TheCodeWork Team

11 November 2020 9 minutes read
content
Reading Time: 9 minutes

Technopreneurship. Now that’s a new word, right? So what is it? Well, allow me to explain. Technopreneurship is a method of merging technological expertise with entrepreneurship skills. How cool is that!

What to look out for!

A technopreneur is a person who revolutionizes the prevailing economic order by making the best use of the technology at hand. They introduce new concepts of products and services in the market that help the cause and fill their pockets too. When technopreneurs enter the market, all they have is an idea. You must be thinking that’s the norm, right? Well, here’s the difference! Technopreneurs observe the prevailing business practices and merge them with fresh ideas to create something exclusive.

Didn’t see that coming, did you?

Technopreneurs stand out through their capability to absorb knowledge and implement it, keeping in mind the interest of the society and their own as well. Using technological solutions to revolutionize orthodox practices is what they do and that’s a welcome change in the field of business. Don’t you think?

So, let’s dedicate some time to technopreneurs and learn more about them. Who knows maybe you are the next technopreneur out there! So, follow up. I am sure this is going to provide value and in-depth knowledge.

Here we go!

Understanding Technopreneurship and Innovation

Now that you have a basic idea of technopreneurship, let me break this down a bit more.

In this technology-driven era, technopreneurs start their businesses with a validated brainstorming session. Once they reach an innovative idea, they start plugging technology into this very brainchild. It is all about using creativity and innovation to revolutionize business productivity and traditional practices. You already see the flow, don’t you?

technopreneurship and innovation

The concept of technopreneurship enables every startup venture and every aspiring entrepreneur to take a leap of faith and travel this path to greater success. moreover, in a post-pandemic world, people are looking for tech solutions for everything. As a result, the demand is rising in the market for tech-based startups. So why not take a plunge in a pool that screams innovation, market demand, and success.

As of now, there is still a lot to explore in this field. If you happen to see light in this, please don’t hold back! That’s a personal suggestion here.

I will tell you the reason behind my confidence here. In order to do that, we have to move to the next section. Do follow up, you don’t want to miss this.

Is technopreneurship all about technology?

The shortest answer to this is, NO!

Is technopreneurship all about technology?

We will discuss a bit on this core part because I feel like I have talked a lot about how technopreneurship is about technology. So let’s see if there’s anything beyond that in technopreneurship, shall we?

See, technology does take the center stage here, but that’s not all there is. I have been stressing about the importance of an idea in technopreneurship. The idea is the skeleton here. Once you nail a brilliant idea, you are already halfway through to becoming the next Elon Musk or even Steve Jobs! oh yes, the impact revolutionizing and financial as well.

I am not kidding. This is the way to begin. To succeed as a technopreneur, you don’t have to invent anything, rather you have to innovate. You need to think of solving a problem that exists, using the tools that exist – only in a new and better way. See the difference? It’s a lot of brainstorming, folks! 

Of course, it takes years for an idea to become commercially viable. Nonetheless, if you have the right tech team to help you out, it can happen sooner. And talking of the perfect tech team, did I tell you about TheCodeWork?

Funding to Tech Based Startups Has Pumped Up

How wild is the money hoarding around tech-based start-ups right now?

Guess what? These days, more than 800 tech-based startups have a valuation of $1 billion each. Can you imagine? 

The craziest part is that these tech start-ups do not have to pitch to the investors anymore. On the contrary, the investors are pitching them for equity. Oh, how the tables turned!

Actually, you know what? Since the pandemic hit the world in 2020, everyone is all in for science and tech innovations. Don’t you agree? Simultaneously, the funding to Tech-based startups has increased and it only makes sense.

This whole frenzy of tech innovations includes breakthroughs in nuclear technology, artificial intelligence, space travel, electric vehicles, and additional domains. To add to this, tech companies and businesses have been dominating the stock markets too. So the rush is real, folks!

Wait, let me talk in numbers now.

U.S.-based tech start-ups have been successful in raising around $330 billion. This is almost twice the record of $167 billion of 2020! Additionally, a good amount of tech start-ups have successfully touched the $1 billion valuation mark, which is more than the numbers of the last ten years combined. Can you even imagine the surge?

In India alone, startups and companies operating on deep technology and scientific solutions have closed around 130 investments of $1.4 billion valuations in 2021. Have a look at the growth chart here:

funding in tech startups

Technopreneurship importance and Why the Market will need your Startup?

Here’s the interesting part.

Technology governs the lives of people these days. It has become a shape-shifting factor and businesses need to wrap their strategies around this. For example, let’s talk about social media. With the advent of the internet, social media has become a major part of our lives. This in turn has made businesses come up with marketing strategies (social media marketing) in order to promote themselves. 

Now moving on, suppose there’s a business that doesn’t utilize the facility of social media marketing, then can you imagine the website traffic that they are giving up on? Exactly! This is how technology is taking over. So why should entrepreneurs not explore this idea to create something big?

Technopreneurship business ideas play a significant role in uplifting the engagement of technology with human development. Isn’t that a lucrative approach anyway? 

Also, guess what! It contributes hugely to the economic development of the world. How awesome is that? Okay, wait. Allow me to provide some noteworthy evidence of what I am trying to preach.

Here I have a list of the various additional ways in which technopreneurship adds to development as well. Read along!

1. The funding in Tech startups is REAL

With the onset of the global pandemic, people have become inclined towards technology and its applications. This in turn is encouraging aspiring entrepreneurs to take a turn to set up tech companies with innovations (technopreneurship) as the market needs them. As a result, the investors are more inclined to fund tech-based startups as they guarantee more return on investment. That makes sense, right?

2. Market Demand is rising

As discussed earlier, the pandemic has made the world realize the importance and power of science. Also, the world has shifted to the digital space and this will only amplify from here. So it is more sensible to invest your time and effort in building tech startups, as the market demand is validated here.

Don’t you agree with me on this?

Difference between technopreneurship and entrepreneurship

Difference between technopreneurship and entrepreneurship

Entrepreneurs and technopreneurs are not the same, but similar. You can say, technopreneurship is a new breed of entrepreneurship. Let me elaborate.

Entrepreneurs are the ones who start with a fresh idea and go on to build it into a product or service. They test the product in the market via MVP (minimum viable product approach) and validate their product idea. 

In case you are a startup that needs to build an MVP, do reach out to us at TheCodeWork. We work with early-stage startups to turn their ideas into actions. To know more about MVP, read our blog on the same (What every entrepreneur should know about MVP). You can also follow our videos on the MVP series on YouTube (TheCodeWork). 

Moving on, technopreneurs are the ones who modify a traditional method of an activity, using technology. Is it clear now? Let’s say, Uber. What did they do? Their idea wasn’t a fresh one. All they did was – revolutionize cab calling service, using technology. 

I am sure we are on the same page now. 

Objectives of Technopreneurship

Now that we have covered the major aspects of technopreneurship, it would be unfair to leave out the objectives of technopreneurship. Don’t you think? So allow me to walk you through the main objectives of the technopreneurship ecosystem.

You don’t want to miss this! So here they are:

Are we clear on this? I guess we are!

How to become a successful entrepreneur?

How to become a successful technopreneur?

We have discussed enough concepts and motives of technopreneurship opportunities.

Now, the real question is how to become a successful technopreneur?

So let’s get on with it, shall we?

1. Build an agile team

See, once you come up with an idea, you need a team to support you. Isn’t it? It’s not a one-man show here. You always need a team. I will tell you why.

Suppose you are not that brilliant in the domain of technology, then you have to hire a tech-savvy.  Similarly, if you are tech-savvy yourself, you will need a marketing team to spread the word, right?

Either way, a compact team is the best support system that you can have to turn your ideas into reality. Let me help you out with this. Book a free consultation call with TheCodeWork. We work with early and growth-stage startups to provide them with agile solutions to turn their ideas into products. Let’s connect soon!

2. Boost problem-solving skills

In every field of life, you face/may face trouble. Especially in the domain of such an innovative field! 

So what are the challenges that you may expect? Well, there may be operational challenges, regulatory challenges, and of course funding. See where I am going with this? 

To deal with all these obstacles you need absolute problem-solving skills. Always decide on an alternative even before starting with plan A. This will provide a cushion to fall back on if plan A fails. See my point?

3. Decision-making

Decision-making is a noteworthy skill that you must possess to thrive in the field of technopreneurship. With all the challenges that we just talked about, at the end of the day, you are the decision-maker. So, you have to make the correct choices of commercially viable plans. You have to make stable decisions. Do not confuse the team by changing decisions repetitively.

This all boils down to the final stage where implementation is the key. Do you see how important good decision-making is? You may also need to modify and implement your idea whenever required to do so. Consequently, be prepared!

Also, if you are an aspiring entrepreneur who is stuck in the idea phase, let us help you out. Download a FREE SWOT analysis of your business idea.

Examples of Technopreneurs

Let’s clear the air and talk about some of the most successful technopreneurs out there. You would like that, won’t you? So, here, take a look!

Elon Musk CEO of SpaceX
Source: The CEO Magazine

Elon Musk is also known as the Tech Geek. I am sure you already know of him. But still, I will elaborate a bit. Musk revolutionized the concept of space travel technology. Heard of SpaceX, right? Yes, he is the CEO of the super successful space research brand SpaceX. 

He is also the founder of the payment gateway, PayPal. No wait, there’s more! 

Elon Musk is also the founder of Tesla, which is an American clean energy company that produces electric cars. But in a more real sense, it is driving more profits as a data company. Anyway, tell me, how cool is he!

Bill Gates CEO of Microsoft
SOURCE: Business Standard

Surely you have heard of Bill Gates.Bill Gates is the owner and founder of the most rewarded venture ever, Microsoft. Well, Gates revolutionized the software business to a whole new level.

SOURCE: Forbes

Here is another business magnate! Steve Jobs built the universal technology corporate venture, Apple, or as we say Steve Jobs Apple Computer Corporation. He brought great innovation to the market of electronics and gadgets with his corporation.

Overview

In a nutshell, the Technopreneurship business is a formula to discover innovative ideas using technology. It is the process of using technology for the advancement of a country or the world, as a whole. Don’t you see it? 

This form of entrepreneurship has helped reduce the cost of various other business ventures.

The best part is that the technopreneurship idea makes it easy for corporations to grow, allocate, process, and store information. It is a revolution in the field of business and entrepreneurship which will keep growing.

Talking of entrepreneurs, if you happen to be one, do get in touch with us at TheCodeWork. We would love to help you turn your business ideas into action with the services that we offer. At TheCodeWork, we are an agile team that works with early-stage startups, helping them build their MVP products and making their ideas happen. We are here for you!

Till then, happy brainstorming!

TheCodeWork Team

Our Content Team at TheCodeWork believes in quality content. We write everything related to startups and products at large. We publish our blog every alternate Wednesday. Subscribe to our newsletter to get notified of our awesome content.

Ready to get started?

Others also Read