Technopreneurship: Benefits and Traits

• Technopreneurship is also known as technological entrepreneurship.

History

• Wainer and Roberts initially studied entrepreneurship and technical entrepreneurs in 1966.
• They referred to it as "technical entrepreneurship" in the original study
• Technical entrepreneurs have typical entrepreneur features and special features for establishing technical enterprises.

Definitions

• Technopreneurship is creating a new technological enterprise.
• It involves organizing, managing, and taking risks in a technology-based business.
• It requires assembling, deploying specialized individuals and heterogeneous assets, intricately related to advances in science and technology.
• The ultimate goal is creating and capturing value for a firm.
• It is innovating application of technical science and knowledge to create, manage a business, and take financial risks.
• Engineers are well-qualified in many respects but often lack the necessary business skills and entrepreneurial mentality
• It is a leadership style that identifies highly technological economic opportunities.
• Resources are acquired like expert manpower and capital
• Rapid growth and risk management occurs through decision making skills
• It is the process by which entrepreneurs gather resources, technical systems, and strategies for opportunities

Nature of Technopreneurship

• Technology applies knowledge to human work.
• It practically applies knowledge in a specific area and the capability.
• It is the result of learned knowledge or technical skills.
• Entrepreneurship is designing, launching, and running a new business
• Technopreneurship combines technology and entrepreneurship.

Importance of Technopreneurship

• It influences technology use for various purposes.
• It facilitates communication and generates beneficial products and solutions.
• Technopreneurship creates jobs and helps combat unemployment, increasing the employment rate.
• It is a way of realizing employment opportunities.
• It increases the value and reduces wastage of local resources.
• Entrepreneurs can find business opportunities in suitable areas, including remote ones
• It helps with business diversification and decentralization
• Creative and innovative technopreneurs play a vital role in technology utilization and development.
• It utilizes public savings for economic development by taking financial assistance from investors.
• Investment is integral to business. Entrepreneurs need funds to start and grow.

Entrepreneurship vs. Technopreneurship Similarities

• Both determine risk and take risks.
• They are independent, self-confident, and know where to get help.
• Both like challenges and are hardworking
• Both are Willing to stick with a project and not easily discouraged
• They are robust, energetic, and can handle stress.
• They have a strong sense of self-worth and are positive thinkers.

Entrepreneurship vs. Technopreneurship Differences

• An entrepreneur likes to compete as a self-starter, able to do many things at once.
• They have dreams, goals, and creativity
• They like to work for themselves and be in control, motivated by a strong desire to achieve financial success.
• They focus on the chances of success
• A technopreneur likes to innovate as part of a team.
• They delegate
• Is innovative with a greater vision
• Likes to control innovation, motivated by a vision and passion to innovate.
• Will take failure in stride, knowing it will lead to success if corrections are made

Technopreneurial Mindset (EM)

• Overcoming challenges
• Being decisive
• Accepting responsibility for outcomes
• Constantly improve skills
• Learn from mistakes
• A constant action on ideas
• Anyone willing to do the work can develop an entrepreneurial mindset.

Successful New Products

• Successful new products come from the convergence of 1) creative, 2) technical, and 3) business minds.

The Minds

• The creative mind conceptualizes and designs a product that customers find useful.
• The technical mind is the technology originator that converts new knowledge into functional things.
• The business mind harnesses the potentials of new product by creating the market space for them.

Technopreneurs Qualities

• Most successful and effective technopreneurs are not born, but made.
• They work with a team, trained by a mentor, and are calculated risk takers.
• They share responsibility, understand customer needs, and have business models.
• They know the value of the findable resources.
• Address solutions for a common good rather than to stand out, loving what they do.

Six Characteristics of the Minds

• Seeing and creating opportunities
• Turning ideas into action
• Managing risks, while leading the way and using resources smartly
• Collaborating to create shared value

Five Characteristics to Cultivate

• Positive mental attitude
• Creative mindset
• Persuasive communication ability
• Intrinsic motivation and drive
• Tenacity and ability to learn from failure

Twenty EM Traits

• Independent: Do not follow the crowd and carve their own path.
• Responsible: Empower themselves by improving by taking full responsibility.
• Abundant: Improve situations, make money, and create new opportunities.
• They are open, generous, and understand that "you get what you give."
• Goal-oriented: Have goals and plans
• Entrepreneurs don't fear failure; they appreciate it.
• Growth-oriented: Believe they can grow as people, learn new things, and develop new skills.
• Feedback-seeking: Know that learning from feedback will help speed up the validation process.
• Learning-oriented: More concerned with their learning and development.
• Forward-thinking: They need to think long term and are patient when it comes to rewards.
• Self-accepting: They accept themselves and working on becoming the person they want to be.
• Self-aware: Take full responsibility and pay close attention to their strengths and weaknesses.
• Collaborative: Think collaboratively and practice their leadership skills.
• Courageous: Self-doubt exist
• Comfortable with discomfort: Growth and expansion require you to move beyond your comfort zone.
• Adaptable: Safe in the knowledge that they can always adapt to new developments and have big goals.
• Problem-solver: Develop critical thinking and try to solve problems.
• Driven and tenacious: Self-motivated and driven to achieve their goals.
• Focused: Focused on achieving their goals, never procrastinating.
• Action-oriented: Knowledge without action is meaningless.
• Decisive: Entrepreneurs must confront problems and make quick decisions.

Engineers in Business

• Having an entrepreneurial mindset enables thinking and acting differently.

Samples of Technology/Engineering Based Companies Founded by Living Pinoy Engineers

• DMCI Group of Companies by Engineer David M. Consunji
• Enertech Systems Industries Inc (boiler manufacturing) by Engineer Guillermo Simeon
• Danitech Power Systems, Inc by Engineer Wilson Ulnagan
• PEMCOR Group of Companies by Engineer Bernard H. Morillo
• RPV Electro Tech, Phils. Corp. by Engineer Roland P. Vasquez
• OrangeApps by Sir Gian Javelona
• Delta-Star Manufacturing Corp. by Engineer Reynaldo Daquigan
• SPI/Semicon by Engineer David W. Lim.
• Mostron, Chips & Technologies, and S3 Graphics by Sir Diosdado P. Banatao.

Explore the benefits of technopreneurship, including enhanced communication, job creation, resource optimization, and business diversification. Understand the characteristics of a technopreneur, such as embracing change, valuing innovation, and managing risks effectively. Learn how they contribute to technological advancement and economic growth.