What is Technopreneurship? Meaning & business model

Team TheCodeWork

11 November 2020 4 minutes read
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Reading Time: 4 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.

But what does that mean? 

A technopreneur is a person who revolutionizes the prevailing economic order. You must be wondering how. 

See, the technopreneurs introduce new concepts of products and services in the market. They create various forms of establishments by using innovative sources.

Isn’t that something you would like for your business? Technopreneurs stand out through their capability to absorb knowledge and implement it. And the best part is that they utilize the resources to reach a definite business goal.

Amazing, isn’t it?

Understanding Technopreneurship and innovation

Let me break this down a bit more.

In this technology-driven era, technopreneurs start their businesses with just an idea. They usually come up with this idea after a hard-core brainstorming session.

So how does this work? It works by adding fresh ideas to the regular flow of operation. This helps generate innovation. 

Technopreneurs create products that use technological remedies to revolutionize the orthodox way of doing things. Cool, right?

Technopreneurship importance

Here’s the interesting part.

Technopreneurship business ideas play a significant role in uplifting the engagement of technology with human development. 

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. Follow up!

Here is a list of the various ways in which technopreneurship process adds to development:

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? Here we go.

Similarly, technopreneurship ideas generates job vacancies. 

This in turn tackles the issues of unemployment in a country. 

It upsurges the employment rate of a given economy. Sounds good?

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. The best part is that it decreases the wastage of resources used.

3. Technological advancement

An innovative and creative technopreneur plays a significant role in uplifting the engagement of technology in society.

This in turn helps us make the best utilization of technology for our good. You see my point, right?

4. Capitals and investments

Investments are an essential portion of any business. Right?

Naturally, an Entrepreneur/ technopreneur needs capital to start up their business ventures.  

So what do they do?

They take economic support from various investors. They use the public savings which in turn leads to economic flow and development. 

See how this works?

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!

Objectives of Technopreneurship

Allow me to walk you through the main objectives of technopreneurship ecosystem.

You don’t want to miss this! 

Follow up!

Becoming a Successful Technopreneur

We have discussed enough the 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 with an idea, you need a team to support you. Isn’t it?

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, an agile 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 do have trouble. So expect them! Especially, in the domain of such an innovative field! 

So what are the challenges that you may expect? Well, there may be operational changes, 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 the plan fails. See my point?

3. Decision-making

Decision-making is a noteworthy skill you must possess to thrive in this field. With all the challenges that we just talked about, at the end of the day, you are the decision-maker. Right?

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.

It all boils down to the final stage where implementation is the key. Do you see how important this is?

You may also need to modify and implement your idea whenever required to do so.

I am sure they don’t need no introduction. Here are names of some of the noteworthy Technopreneurs include:

Elon Musk is also the founder of Tesla, which is an American clean energy company that produces electric cars. How cool is he? 

Overview

In a nutshell, 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 Technopreneurship ideas make 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.

Happy brainstorming!

Team TheCodeWork

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