What is Technopreneurship? Meaning and business model
11 November 2020 9minutes read
Reading Time: 9minutes
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!
A technopreneur is a person who revolutionizes the prevailing economic order by making the best use of technology at hand. They introduce new concepts of products and services in the market. 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. 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
Let me break this down a bit more.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?
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. 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!
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!
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, you can use that time to refine your skills and – enhance your technical skills, develop your communication skills, as well as form new connections.
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.
Do you see where I am going with this? Social media also helps drive traffic to their websites, so why not? If you want a detailed discussion on social media marketing, check out our blog on social media marketing. Also if you want a detailed outline of how social media drives traffic to your website, we have a blog for that too – How to drive traffic to your website using social media.
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. Generates job vacancies
Startup businesses create an increased amount of job vacancies. I am sure you are with me on this.
Don’t they need manpower to operate their business procedures? Exactly!
Similarly, technopreneurship ideas generate job vacancies. This in turn tackles the issues of unemployment in a country. This is how technopreneurship alleviates the status of unemployment. How smooth is that?
2. Boosts utility of local resources
Several productive sources are accessible in the market for usage. You don’t always have to outsource it, right? The utilization of local resources helps in the growth of its value too. A much-needed co-dependence, I would say!
3. Technological advancement
An innovative and creative technopreneur plays a significant role in uplifting the engagement of technology in society. This in turn empowers our engagement with evolving technology as well. And why is that important?
Well, development! If you want to evolve and be a part of the developed sector, you have to align yourself with the changes and be welcoming to them. Technopreneurship is all about that acknowledgment.
4. Capitals and investments
Investments are one of the most essential parts of any business. Right? Naturally, an Entrepreneur/ technopreneur needs capital to start up their business ventures.
So what do you think they do?
They take economic support from various investors. Simple! They use the public savings which in turn leads to economic flow and development. To be very precise, technopreneurs use the money for overall societal development. Tell me you love the idea already!
5. Encourages entrepreneurial activities
The young generation finds massive inspiration in entrepreneurs/technopreneurs. They do get golden opportunities to work in association with such firms.
This in turn opens them up to innovation and hard work that leads to success. Wait! There’s more!
This whole pattern, correspondingly motivates these young teammates to grow in the field. Maybe start their business ventures too!
Having said all this, I don’t want you to think that entrepreneurs and technopreneurs are the same. So let’s talk a bit about that.
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.
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:
Hi-tech projects in Information Technology, life services, the internet, electronics, as well as for biotechnology.
Service firms with a major focus on technology.
Design products and services that use the latest form of technology to serve various purposes.
Technology-driven activities to deliver normal business undertakings.
Are we clear on this? I guess we are!
How to become a successful entrepreneur?
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.
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?
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!
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, 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 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. How cool is he?
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.
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!
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