Technology Entrepreneurship
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This document discusses technology entrepreneurship. It defines tech entrepreneurship as entrepreneurship focused on opportunities enabled by technology. Tech entrepreneurs have created entirely new industries through companies like Facebook, Google, and Snapchat. Countries have benefited economically from tech sectors through investment and jobs. The document outlines key lessons from tech entrepreneurship including defining and identifying opportunities, understanding impact, and critical success factors like creating unique value, adapting quickly, hiring the right talent, and targeting large markets.
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Technology Entrepreneurship
- 1. What is Entrepreneurship? Module 2 – Technology Entrepreneurship
- 2. Introduction Technology entrepreneurship – or tech entrepreneurship – is something every aspiring entrepreneur needs to know about. From facebook to Google, and Skype to Snapchat, tech entrepreneurs, have fostered entirely new ways of creating value and doing business – whilst also creating entirely new industries of their own! As a result, the tech-sector has become one of the most important sectors of many developed nations around the globe. A sector that creates huge investment and plenty of economic benefit – not to mention the positive impact it has on peoples lives.
- 3. Introduction So in this module, we want to introduce you to the world of tech entrepreneurship. After completing the module, you’ll be able to: • Define tech entrepreneurship; • Explain the impact tech entrepreneurship has had and the relationship it has with broader business; • Identify opportunities rife for tech ventures; and • Understand critical success factors for tech-ventures.
- 4. Technology Entrepreneurship – The Impact We all know facebook, twitter and google – some of the great examples of tech entrepreneurship. Companies like these have created new industries all on their own, creating billions of dollars of value, boosting economies in the countries from which they grow. Through tech-entrepreneurship comes investment and jobs. Through investment and jobs comes greater competitive advantage on an international scale, which in turn attracts more even investment which can be used to further develop the nation. Countries like Israel, for example, have enjoyed great economic growth thanks to their tech talents – so much so they now boast regions that can compete with the Silicon Valley!
- 5. Technology Entrepreneurship – The Impact So in addition to social media, thanks to tech entrepreneurs, we can now enjoy things like: • Access to global markets and talent – through things like elance and alibaba • Work on the go wherever we are – through things like smartphones and tablets • The ability to connect around the globe with ease – through things like Skype and Google Hangouts; and • Enjoy process efficiency better than ever before – through things like Basecamp and Evernote. As a result of all of this, not only do we get amazing tech-businesses, but we also see impact in other industries too. Like Zara for example. Thanks to the tech platforms they utilise, they can design, manufacture, ship and sell new fashion ranges around the globe, in as little as 2 weeks. And on the other end of the spectrum, medical tech-entrepreneurs help children manage their Cystic Fibrosis by playing video games in which their breathing is the controller! In instances like this, tech entrepreneurship can be seen as an enabler for other sectors to innovate – which is an equally important benefit of tech ventures.
- 6. What is Tech Entrepreneurship? Well, It’s just like ‘normal’ entrepreneurship, except with a particular focus on opportunities that require, or become amplified by, technology. So this means that tech entrepreneurs spot and identify opportunities in much the same way as others, and essentially go about developing solutions in much the same way too. The big difference is that they utilise and rely on their unique ‘tech’ skillsets to create their competitive advantage.
- 7. High-Tech Ventures Another concept that you’ll come across, is “high-tech” ventures. They’re essentially the same thing and like so many other concepts, are hard to specifically define. However, common threads see that high-tech ventures involve: • Heavy investment in R&D, aka Research and Development – which is the pursuit of creating new solutions, products and possibilities, • Heavy employment of engineers and scientists, to support the R&D; • Innovative and technologically advanced products – as a result of the R&D: and • Short product development cycles – to stay ahead of the game! Tech ventures are fast-paced and ambitious. They fuse tech expertise with entrepreneurial spirit, to create awesome new possibilities.
- 8. Elements of Successful Tech Entrepreneurship First of all, there’s the need to create Unique Value – these days, many people strive to solve the same problem or offer the same value. As a result, particularly in the tech field, creating truly unique value is of critical importance. As soon as a customer sees something they’ve seen before, it’s probably not long before they’re not your customer anymore! You’ve also got to stay up-to-date – not only with the way that value can be delivered, but also the type of value that’s actually demanded. There’s no point doing something unique that is outdated, or something that’s outdated, that is unique! And when it comes to tech, it’s not long before things are outdated - so this is a particularly important consideration.
- 9. Elements of Successful Tech Entrepreneurship You’ve got to get the right people – because more so than other ventures, tech ventures need talented people who not only have the technical smarts to create the unique, ever-evolving value required, but also a commitment to growing companies – and this is a hard balance to find. And another thing, is the size of the target market - thanks to all the requirements of staying unique and up-to-date with uniquely talented and clever people, tech-ventures can be very expensive. Therefore, having the ability to sell to hundreds of thousands of customers, or even millions of customers, is important – especially when investors are involved. Thankfully, unlike services, for example, the cost of serving one thousand customers and the cost of serving one MILLION customers, isn’t very different, which means profit grows rapidly and makes all the risk and investment worthwhile… Assuming you do a good job.