A guide to fundamentals of Technology Entrepreneurship
How to become a technology entrepreneur
Technology entrepreneurship is an investment in a project that gathers experts with assets and combines complex scientific and technological knowledge. These advancements are permitting to tackle the requirements and challenges of entrepreneurship. However, it considers the merger of theoretical knowledge with practice-driven skills. Or in other words, it creates value for the firm.
Technology-based solutions can solve socially-oriented problems and contribute to economic growth.
Fundamentals of technology entrepreneurship
- For the success of entrepreneurship in new technology ventures, factors like the creation of new firms, financing and growing a venture are significant.
- Purpose of Technology Entrepreneurship is to introduce new ventures or brands by analyzing the potential of technology and putting forward the idea of innovative commercialization.
- Identification of commercial prospects and the market opportunity is creating economical and management models of Entrepreneurship & Innovation.
- Investment required will need investors to contribute to the enterprise. Venture Capital industry is completely or highly involved with the opportunities brought up by the innovative minds and firms.
- Alternative uses of Technology against the popularly used methods by initiating inventions are enhancing efficiency and productivity of the students of Top Engineering Colleges.
- New Venture Formation and its legal status, structure and capital distribution are significant for playing its role in Society for its benefit and sustainability in business.
- Business plan, strategy, processes, funding, entrepreneurial growth strategies focuses on testing, developing, and growing the understanding of new businesses market. Also, it includes the roadmap for executing the business plan, marketing research, segmentation and positioning, digital marketing, and marketing high-technology products.
- Creating and protecting Intellectual Property by copywriting and patenting technologies, developed and processes of the company, the net present value of IP and its future value vs. cost for improvement.
Importance of technology venture for economy
Technology ventures are significant to change the global economic picture. It is increasing the need to acquire the skills required for developing one. However, it includes the dos and don’ts in research on the idea, conceptualizing, developing, commencement and managing successful new Technology-based Enterprise.
Government initiatives have a high potential for employment generation or wealth creation. However, there are more than 120 incubators in India. They support the startups of various sectors like manufacturing, IT, Engineering, Waste Management, Biotechnology, etc.
In conclusion, it is said that there are many angel investors who are affluent individuals. In addition, venture capitalists are providing capital to start-up ventures and small companies. However, they are looking at investing in new technology ideas that are worth fortune. This provides excellent opportunities for today’s engineers to focus on technology entrepreneurship, besides academics.