Lesson 1: Introduction to Technopreneurship PDF

LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR LESSON 1: Introduction to Technopreneurship: Innovation and Ideas Introduc...

LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR LESSON 1: Introduction to Technopreneurship: Innovation and Ideas Introduction In the world of globalization, technology created a huge impact and influence in the society where people has become dependent. It is certainty that through technology people are interested in developing simple products for innovation. There are several innovations and inventions that made the world of technology and entrepreneurship more exciting and interesting because of its collaborative outcome to establish a competitive advantage in the business industry to become economically stable within a local and global perspective. Learning Objectives: At the end of the lesson, the students are expected to: 1. Explain the definition of Technology, Entrepreneurship and Technopreneurship. 2. Distinguish the difference between Entrepreneur and Technopreneur. 3. Explain the definition of Innovation. 4. Identify the types of Innovation. 5. Distinguish the principles of innovation. Technology and Entrepreneurship Most people definitely know the meaning of Technology, even in a simple definition as they encounter it in their daily lives. Now, let's define Technology, it is a body of knowledge devoted to creating tools, processing actions and the extracting of materials. It is an application of science used to solve problems. Nowadays, people utilized technology at work, for communication, transportation, learning, manufacturing and businesses. Many businesses used technology because it helps them to create new products for their consumers and to stay competitive not just locally but globally. What about Entrepreneurship? Entrepreneurship is the practice of embarking on a new business venture or existing businesses by combining different resources in order to develop new opportunities. Global businesses have been using technology to improve their products, to innovate 1 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR products and to develop new products that will be introduce and recognize in the business world. Technology and Entrepreneurship plays a vital role in making the business gain competitive advantage, improve the economic growth of the country and accelerates innovation. Definition of Technopreneurship Technopreneurship is simply the merging of Technology and Entrepreneur skills. Technopreneurship is a new breed of entrepreneurship that involves the collaboration of people who are intelligent, determined, creative, technology savvy and passionate in dealing with risk and functions as a team. Technology Entrepreneurshi Technopreneurship p The field of technology entrepreneurship is in its infancy when compared to other fields such as economics, entrepreneurship, and management. However, we are at a point where we can leverage the insights contributed by previous work to create a clearer working definition of technology entrepreneurship. A general definition that identifies the distinctive characteristics of technology entrepreneurship and describes its links with the fields of economics, entrepreneurship, and management. The proposed formal definition of technology entrepreneurship should prove valuable in adding to our understanding of how entrepreneurship functions in a firm that invests in projects that are interdependent with advances in science and technology. The following definition of technology entrepreneurship is proposed: “Technology entrepreneurship is an investment in a project that assembles and deploys specialized individuals and heterogeneous assets that are intricately related to advances in scientific and technological knowledge for the purpose of creating and capturing value for a firm”. The proposed definition of technology entrepreneurship is based on four elements: 1. Ultimate outcomes. Value creation and capture are identified as two outcomes of technology entrepreneurship because the sources that create 2 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR value and the sources that capture value may not be the same over the long run. 2. Target of the ultimate outcomes. The firm is identified as the target organization for which value is created and captured. 3. Mechanism used to deliver the ultimate outcomes. Investment in a project is the mechanism mobilized to create and capture value. A project is a stock of resources (i.e., specialized individuals and heterogeneous assets) committed to deliver the two ultimate outcome types for a period of time. 4. Interdependence of this mechanism with scientific and technological advances. The individuals involved in a project influence and are influenced by advances in relevant scientific and technology knowledge. The project exploits or explores scientific and technology knowledge. External and internal individuals and organizations co-produce the project’s outputs. Importance of knowing about Technopreneurship: Every business Start-up aims specifically at profit and growth. Venturing into entrepreneurship is often accompanied by various forms of risk such that it involves confidence and enterprise for interested businessmen to come on board. In this era of technology, we need to have more knowledge about Technopreneurship. Predominantly, there are two kinds of IT-related businesses, namely products and services. Product: Hardware, Software Services: Application, E-commerce Entrepreneur and Technopreneur An entrepreneur is a person that possesses various skills in terms of marketing, communication and strategically has the potential demand for the goods and services whether as a whole proprietor, with partners and within a corporation. There are different types of entrepreneur such as innovative, imitating, Fabian and drone. 3 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Figure 1. Diagram of Types of Entrepreneur Types of Entrepreneur Based on their working relationship with the business environment they are functioning in, various types of entrepreneurs can be found. The chief categories are these four types of entrepreneurs, i.e. Innovative entrepreneurs, Imitating Entrepreneurs, Fabian Entrepreneurs, and Drone Entrepreneurs. Let us now discuss each of them in detail. Innovative Entrepreneurs. This type of an entrepreneur is more interested in introducing some new ideas into the market, organization or in the nation. They are drawn towards innovations and invest a lot of time and wealth in doing research and development. Imitating Entrepreneurs. These are often disparagingly referred to as ‘copy cats’. They observe an existing successful system and replicate it in a manner where all the deficiencies of the original business model are addressed and all its efficiencies are retained. These entrepreneurs help to improve an existing product or production process and can offer suggestions to enhance the use of better technology. 4 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Fabian Entrepreneurs. These are entrepreneurs that are very careful in their approaches and cautious in adopting any changes. They are not prone to sudden decisions and try to shy away from any innovations or change that doesn’t fit their narrative. Drone Entrepreneurs. These are entrepreneurs who do not like a change. They are considered as ‘old school’. They want to do business in their own traditional or orthodox methods of production and systems. Such people attach pride and tradition to even outdated methods of doing business. On the other hand, Technopreneur is a person who perceives an opportunity by introducing new products and services, creating new forms of organization and by utilizing new raw materials. Most technopreneur undertakes risks that has the possibility of earning a profit. A technopreneur starts out with nothing but an ‘idea’ defying existing products, practices and systems in which he can think of a new solution through the use of technology and innovate it eventually. A technopreneur or techpreneur is an entrepreneur who gets a technology idea and finds an opportunity to make it a commercial reality. Alternatively, a technopreneur can also be a techie idea-owner who ventures to make his idea a commercial reality. Yes, it may seem that a technopreneur and entrepreneur are indistinguishable since many of their core skills are identical but at the end of the day, you can always use these features to differentiate the two. Technopreneurs use technology to solve problems in various industries like health, transportation, and agriculture. Needless to say, a good technopreneur ought to have a winning combination of business and technical skills to make it big. Here is a look at the essential technopreneur skills that every rising techie ought to possess to ensure that they survive in the industry. 1. Strong communication skills that close deals. Technopreneurs have to communicate with diverse people about their business ideas and products. Also, to get sponsorship you have to drive the message home in a proper way to potential sponsors. Similarly, every aspiring techpreneur should have it at 5 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR the back of their head that communication plays a significant role in determining their success. You need to understand where you are going, how to get there, who’s going to help you get there and how to convince them to help you get there. 2. Product management knowledge. What do Mark Zuckerberg (Facebook), Elon Musk (SpaceX) and Jack Dorsey (Twitter) have in common? Other than being the CEO’s of the leading tech companies in the world, they are strong product managers. As a technopreneur, you need to have a deep technical understanding of your product and understand the details without getting lost in the details. 3. Deep technical understanding. As a technopreneur, it is important to be tech-oriented. We’re not saying that you have to be a coding expert, but rather, to invest in your technical skills and understand the dynamics of your market. Otherwise, you will always find yourself relying on the Chief Technology Officer (CTO) or your trusted advisor; much like being locked in a box. 4. Take big risks. While every technopreneur’s story is unique, there is a common factor that unites them- they take risks. As Uber CEO Travis Kalanick-stepped down from Trump’s presidential panel to avoid losing customers, Elon Musk has continued his regular meetings with Trump. Just like Trump, Musk understands that big rewards come with significant risks. After all, Musk has always done what first seemed impossible. As a technopreneur, having the gambler mindset will serve you well. 5. Persistence. No great achievement in life is possible without persistence. A great technopreneur will stay positive because the odds will always be against taking the first leap of faith. Persistence in technopreneurship means sticking to the mission regardless of long or hard the road seems. Clearly, at the end of the day, all technopreneurs are entrepreneurs, but not all entrepreneurs are technopreneurs. 6 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Difference between Entrepreneur and Technopreneur Let us take a look at the difference between an entrepreneur and a technopreneur. ENTREPRENEUR TECHNOPRENEUR Likes to compete Likes to compete Self-starter/ pioneer Likes to innovate Able to do many things at once Part of a team Able to do at once but chooses to delegate Creative/has goals and dreams Innovative/Greater Vision Likes to work for himself Likes to be one to control innovation Motivated to achieve and attain Motivated by a strong vision and the financial success passion to innovate Focuses on the chances of success Takes failure in stride and knows that if rather than the possibility of failure corrected it will lead to success Entrepreneurial Process Figure 2. Entrepreneurial Process Flow 7 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR The Entrepreneur is a change agent that acts as an industrialist and undertakes the risk associated with forming the business for commercial use. An entrepreneur has an unusual foresight to identify the potential demand for the goods and services. The entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch the new ventures more efficiently. 1. Discovery: An entrepreneurial process begins with the idea generation, wherein the entrepreneur identifies and evaluates the business opportunities. The identification and the evaluation of opportunities is a difficult task; an entrepreneur seeks inputs from all the persons including employees, consumers, channel partners, technical people, etc. to reach to an optimum business opportunity. Once the opportunity has been decided upon, the next step is to evaluate it. An entrepreneur can evaluate the efficiency of an opportunity by continuously asking certain questions to himself, such as, whether the opportunity is worth investing in, is it sufficiently attractive, are the proposed solutions feasible, is there any competitive advantage, what are the risk associated with it. Above all, an entrepreneur must analyze his personal skills and hobbies, whether these coincides with the entrepreneurial goals or not. 2. Developing a Business Plan: Once the opportunity is identified, an entrepreneur needs to create a comprehensive business plan. A business plan is critical to the success of any new venture since it acts as a benchmark and the evaluation criteria to see if the organization is moving towards its set goals. An entrepreneur must dedicate his sufficient time towards its creation, the major components of a business plan are mission and vision statement, goals and objectives, capital requirement, a description of products and services, etc. 3. Resourcing: The third step in the entrepreneurial process is resourcing, wherein the entrepreneur identifies the sources from where the finance and the human 8 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR resource can be arranged. Here, the entrepreneur finds the investors for its new venture and the personnel to carry out the business activities. 4. Managing the company: Once the funds are raised and the employees are hired, the next step is to initiate the business operations to achieve the set goals. First of all, an entrepreneur must decide the management structure or the hierarchy that is required to solve the operational problems when they arise. 5. Harvesting: The final step in the entrepreneurial process is harvesting wherein, an entrepreneur decides on the future prospects of the business, i.e. its growth and development. Here, the actual growth is compared against the planned growth and then the decision regarding the stability or the expansion of business operations is undertaken accordingly, by an entrepreneur. The entrepreneurial process is to be followed, again and again, whenever any new venture is taken up by an entrepreneur, therefore, it’s an ever ending process. Defining Technopreneurial Process There is a strong connection between Technological development, Innovations and entrepreneurship. It is noteworthy that, entrepreneurship forms the sub structure upon which science and technology are built. As we understand it, technopreneurship is, by a large part, still entrepreneurship. The difference is that technopreneurship is either involved in delivering an innovative hi-tech product. Technopreneurship is not a product but a process of synthesis in engineering the future of a person, an organization, a nation and the world. Strategic directions or decision-making processes are becoming more demanding and complex. This requires universities, and in site professional development programs and training to produce strategic thinkers who will have skills to succeed in a rapidly changing global environment. 9 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Technopreneurial Process Technopreneurship is the process of organizational creativity and also a process of main streaming innovation to continually find solution to important corporate problems and implementing the solutions to, in turn satisfying the economy or target. It also lays emphasis on integrating technology with entrepreneurship. Technopreneurs are entrepreneurs who are into the intimate business of technology based industries. They make use of technology to come up with innovative products through commercialization. Aspiring technopreneurs must be adequately equipped with both technical and business skills. Technopreneurs continually go through the process of constant improvement and always try to redefine our dynamic digital economy. We need to encourage entrepreneurial views and skills at all levels of the society. 1. Idea Generation This is the process of creating, developing, and communicating abstract, concrete or visual ideas. It includes goals, strategies, concepts, design, style, plans and actions to come up with possible solutions for actual problems and opportunities. 2. Idea Screening Idea screening is a process that evaluates and contrast new prospective ideas for your business. It is where assessment will be instigated to make sure that your ideas is related to the business. The idea screening criteria are used to determine compatibility and whether the idea will earn profit or could return on investment. 3. Concept Testing It is the process of testing new or hypothetical products or services before they are launched. It is probably the possibility of generating the best product that has. 10 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR 4. Business Analysis A process of identifying what the business needs and determining solutions to business problems that will improved the process, management and the financial status quo to deliver value to the stakeholders. 5. Monitoring and Evaluation Every business should be monitored and evaluated according to the performance in the market. Monitoring and Evaluation is important for the business to diagnosed problems and improve what is needed to stayed in the competition. Thru evaluation the organization will identify the performance rating of the business. 6. Commercialization The process of introducing new products and services to the market. With commercialization, an organization entails production, distribution, marketing, sales, and customer support to achieve the commercial success of the new product or services. The use of advertisement, social media campaign, and video production is part of the commercialization so that the vision and the value of the product or services will be reach out to the society. 7. Test Marketing Test marketing is a process of experimenting and assessing your product to check its viability to customers compromising of actual stores and real-life buying situations. It is to test the consumer reaction towards the new product or services in the market. 8. Prototyping Prototyping is the overall design of the product where it shown its functionalities, specifications and interface that new product or services in the market. 11 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Innovation and Idea Generation What is Innovation? If we hear the word “Innovation” we usually come up with different definitions and points of view about it. Innovation is something that involves developing, creating new concepts and new ideas that will be useful for the target customers. Types of Innovation There are numerous types of innovation, but let us breakdown it into two dimensions, the Technology and Market that come up with four (4) types of innovation. Sustaining Innovation Sustaining innovation also known as routine innovation happens on an incremental basis, is often a response to customer and market demands or improvements in technology. The company obtained feedback from the customers about the product and services rendered to improve and provide greater value to the customers. Most companies that used the sustaining innovation has been successful 12 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR in building their businesses and continue improving their offerings to their customers and they have the awareness of the market needs. Examples of this companies are Apple, Intel and Amazon. Apple company which founded by Steve Jobs, Steve Wozniak and Ronald Wayne continue improving, innovating and upgrading their products to gain customer satisfaction and maintain customer's trust and loyalty throughout the years. On the other hand, Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, in the Silicon Valley. Currently, Intel's innovation in cloud computing, data center, Internet of Things, and PC solutions is powering the smart and connected digital world we live in. Amazon, is probably one of the biggest e-commerce worldwide. They intend to sell books before but now, they are selling more than hundreds of products globally where they continue to improve their products and services in order for their customers to be satisfied and pleased. Disruptive Innovation Disruptive innovation—the second type of innovation and the force behind disruption—occurs when a company with fewer resources moves upmarket and challenges an incumbent business. There are two types of disruptive innovation: Low-end disruption, in which a company uses a low-cost business model to enter at the bottom of an existing market and claim a segment New-market disruption, in which a company creates and claims a new segment in an existing market by catering to an underserved customer base Both types of disruptive innovation cause the incumbent company—which relies on sustaining innovation—to retreat upmarket rather than fight the new entrant. This is because the entrant has selected a segment (either at the bottom of the existing market or a new market segment) in which profit margins are relatively low. The incumbent company’s innovation strategy is driven by higher profit margins, causing them to pull out of the segment in question and focus on those with even higher profit margins. 13 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR As the entrant’s product offerings improve, it moves into segments with those higher profit margins. Once again, the incumbent company is motivated to retreat upmarket rather than fight for the lower-profit market segments. Eventually, the entrant pushes the incumbent out of the market altogether, having improved its product so much that it claims all existing market segments or renders the incumbent’s products obsolete. Returning to the example of the computing industry, the introduction of smartphones was a disruptive innovation, specifically new-market disruption. Smartphones catered to a new market segment of customers who didn’t need the level of capabilities offered by a laptop—basic, convenient internet access at a fraction of the cost of a desktop or laptop computer was enough. As the quality of smartphones improves, the laptop and desktop may be pushed further upmarket and, eventually, into obsolescence. Breakthrough Innovation Breakthrough innovation is not something everyone can accomplish. You have to systematically develop the capability to execute it successfully, and that is something you do not achieve overnight. Breakthrough innovation is when you bring something new to the world. It is developing something that no one else has done before; really original, something that couldn’t have been possible. It is the innovation that opens the organization to new markets or changes the way customers interact with the market or the industry. Breakthrough innovation is the most important concept in innovation because it can be demonstrated virtually all real economic growth or societal progress which is driven by disruptions. Breakthrough innovation has greater ROI but with much bigger risks. Breakthrough innovation is a radical new approach that leaves competition behind in some way Breakthrough innovation is not something everyone can accomplish. It’s a kind of “out of the box” thinking. There is a consensus that the external environment is an important antecedent of spurring innovation. It is important to capture the 14 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR rising trends and take advantage of changes in the external environment to spur breakthrough innovation and develop the capability to execute it systematically. An enterprise has always been parts of simple or complex ecosystems, and it has to be linked to the many and varied “touch points” between itself and the marketplace environment of which it is a part. Digital innovation must be a multi- disciplinary effort which would apply nonlinear thinking to provide better opportunities for leading breakthrough innovation than linear thinking. “Highly innovative organizations embed innovation into every aspect of their organization and adopt spiral approaches to manage breakthrough innovations successfully.” Basic Research Path breaking innovations never arrive fully formed. They always begin with the discovery of some new phenomenon. No one could guess how Einstein’s discoveries would shape the world, or that Alan Turing’s universal computer would someday become a real thing. As Neil deGrasse Tyson said when asked about the impact of a major discovery, “I don’t know, but we’ll probably tax it.” To his point, Einstein’s discoveries now play essential roles in technologies ranging from nuclear energy to computer technologies and GPS satellites. Some large enterprises, like IBM and Procter & Gamble, have the resources to invest in labs to pursue basic research. Others, like Experian’s DataLabs, encourage researchers and engineers to go to conferences and hold internal seminars on what they learn. Google invites about 30 top researchers to spend a sabbatical year at the company and funds 250 academic projects annually. Yet one of the best-kept secrets is how even small and medium- size enterprises can access world-class research. The federal government funds a variety of programs, such as the Hollings Manufacturing Extension Partnership, a series of manufacturing hubs to help develop advanced technologies, and Argonne Design Works. Local universities, which have a wealth of scientific talent, can also be a valuable resource. Taking steps to participate in these types of programs can help small business compete in competitive markets. For example, Mike Wixom of Navitas, a four-year-old battery company that joined the Joint Center for Energy 15 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Storage Research (JCESR) as an affiliate, told me, “As a small company, we’re fighting for our survival on a daily basis. Becoming a JCESR affiliate gives us an early peek at technology, and you get to give feedback about what kinds manufacturing issues are likely to come up with any particular chemistry.” So, clearly, being able to reach out to scientists on the cutting edge can help a business plan for the future, just as the other approaches, such as design thinking, open innovation, business model innovation, and others, can help propel a business forward if applied in the right context. But no one solution fits all problems. If your innovation strategy is struggling or failing, consider whether it’s because you’ve locked yourself into a single approach. There are always new problems to solve; learn to apply the solution that best fits your current problem. Ten (10) Principles for Sustainable Innovation in Business As a startup investor in this age of the entrepreneur, I see many more startups, but innovation is still hard to find. The most common proposals I hear are for yet another social networking site (over 200 active), or another dating site (over 2500 in the US alone). Startups that display real innovation, such as alternative energy sources and new medical treatments, are still rare. Finding real innovation in existing company environments is even tougher. From the classic book “Robert’s Rules of Innovation: A 10-Step Program for Corporate Survival,” by Robert F. Brands. Brands outlines the key steps which together spell INNOVATION, that I believe apply equally well to startups as well as corporate environments: 1. Inspire. Whether we are talking about startups or corporations, innovation requires a leader who can inspire others to step into the unknown. Followers and linear thinkers need not apply. Inspiration requires a vision, and an ability to communicate it to others. 2. No risk, no innovation. An entrepreneur looking for a sure thing will never innovate. Savvy investors tell me that startup founders who claim to have never failed are either lying or have never tried anything innovative. Failure is the best teacher. 16 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR 3. New product process. Innovation is not a random walk into the unknown. It starts with a vision, but benefits quickly from a structured process of idea generation, evaluation, prototyping, customer feedback and success metrics. Set milestones and meet them. 4. Ownership. A technical champion may drive a specific innovation, but the business leader has to own the result, in order to drive an appropriate business model, customer acquisition, support and a growth strategy. Business risks are not just development risks. 5. Value creation. Innovative technologies have no value until they are turned into solutions to real customer problems. Creating intellectual property, including patents, is the key to long-term value and a sustainable competitive advantage. 6. Accountability. Team members and leaders who are hesitant to accept full accountability jeopardize many innovations. This includes personal and team commitments to delivery schedules, quality assurance, and manufacturing and distribution requirements. 7. Training and coaching. Proper hiring of people with a natural curiosity, open- mindedness and ability to see the big picture is the way to create and enhance the right mind-set. Ongoing coaching from the top is essential to maintain the attitude and spirit. 8. Idea management. Build and manage a pipeline of ideas. From time-to-time, include customers and sales members in ideation sessions. Make sure all team members have some connection with the product — has either used it, sold it or assembled it. 9. Observe and measure. Tracking results are essential to optimal ROI. Product life cycles keep getting shorter and shorter, which mandates accelerated innovation cycles. Once a new product is launched, a key metric is the ratio of new product sales to overall sales. 10. Net result and reward. Based on ROI, incentives should be developed for all participants. Reward your people. Frequently, the key motivator is less financial than it is recognition for a job well done. People are your best innovation resource. Sustainable innovation is really the only sustainable competitive advantage. But innovation is hard, because people by nature resist change, and company cultures are most comfortable with status quo. Survival in today’s world of rapid 17 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR business change requires that you keep one step ahead of your competition. Innovation is what gives life to your business initially, and keeps it alive in the long term. Make sure your business can spell it. Startup A startup is a young company established by one or more entrepreneurs to create unique and irreplaceable products or services. It aims at bringing innovation and building ideas quickly. In our modern world, where everyone strives to bring innovation, a good idea isn’t enough to create a startup. To understand the features of different startups better, you need to review the following six types. Scalable startups. Companies in a tech niche often belong to this group. Since technology companies often have great potential, they can easily access the global market. Tech businesses can receive financial support from investors and grow into international companies. Examples of such startups include Google, Uber, Facebook, and Twitter. These startups hire the best workers and search for investors to boost the development of their ideas and scale. Small business startups. These businesses are created by regular people and are self-funded. They grow at their own pace and usually have a good site but don’t have an app. Grocery stores, hairdressers, bakers, and travel agents are the perfect examples. Lifestyle startups. People who have hobbies and are eager to work on their passion can create a lifestyle startup. They can make a living by doing what they love. We can see a lot of examples of lifestyle startups. Let’s take dancers, for instance. They actively open online dance schools to teach children and adults to dance and earn money this way. Buyable startups. In the technology and software industry, some people design a startup from scratch to sell it to a bigger company later. Giants like Amazon and Uber buy small startups to develop them over time and receive benefits. 18 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Big business startups. Large companies have a finite lifespan since customers’ preferences, technologies, and competitors change over time. That’s why businesses should be ready to adapt to new conditions. As a result, they design innovative products that can satisfy the needs of modern customers. Social startups. These startups exist despite the general belief that the main aim of all startups is to earn money. There are still companies designed to do good for other people, and they are called social startups. Examples include charities and non-profit organizations that exist thanks to donations. For instance, Code.org, a non-profit organization, encourages school students in the US to learn computer science. 6 Reasons to Work in a Startup Startups open the door not to a to-do list but rather to new possibilities and challenges that will let you grow with it. Let’s jump to the main reasons to join a startup. Flexible schedule. For sure, you’ll have a lot of work to do, but you can schedule the tasks according to your own comfort. You just need to negotiate it with your boss. One more advantage is that you can work remotely from any part of the world. The only thing you need is a good Internet connection. Variety of tasks. The opportunities and challenges you will face during your work in a startup will constantly change. This means that you will have a chance to adapt to the situation and master new skills to do the tasks needed for the further development of the project. Creative environment. It’s widely known that people who take risks and start new businesses have a lot of ideas and welcome creativity. They explore new approaches, products, and services to be original. That’s why you should contact the founders who will help you see everything from a new perspective. Professional growth. Working in a startup from the very beginning enables you to build a foundation of necessary skills and knowledge, gain experiences in different functional areas, and take responsibility for multiple tasks. Besides, as a business grows, you will grow as a professional by obtaining new career opportunities. 19 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Friendly team. Since the majority of startups are small, you’ll have the chance to get acquainted with all your colleagues personally. You’ll also share your ideas and thoughts with your team to boost the company’s success. Joining a startup is like becoming a part of a family. Career opportunities. Sometimes a large company pays more than a startup can afford. However, in a startup, you can obtain new incentives and skills while doing completely different tasks. In the long run, you’ll have irreplaceable experience as a professional. If you are interested in launching a startup on your own, it’s critical to consider the following steps to achieve success. 1. Find a good idea. To be successful, entrepreneurs search for products and services that are in great demand among customers. Analyze the demand, customers' needs and wants, and make sure that people actually need your product. You should also figure out whether your product will be able to attain at least ten clients. This will help you decide which product you want to create and in which direction to move. However, before putting your idea into practice, do your market research and analyze your competitors. 2. Develop a business plan. Having an idea isn’t enough since the process also requires a business plan. A business plan is a document that contains a 20 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR company’s objectives and ways to achieve its goals. It also includes a description of the business future and an outline of business strategy. Statistics show that people with a plan succeeded in obtaining investment capital and growing their startups. 3. Ensure you have adequate capital. There’s no definite amount of money you need to start a business since the costs of a startup vary from one industry to another. Depending on the type of business and the situation, you’ll need more or less funding. Some small startups without equipment and employee salaries might cost you approximately $10,000, while other ventures might cost millions. The main source of financing is usually the entrepreneur’s savings. 4. Choose the right people. You can’t disagree with the fact that to solve all issues you need some additional help. However, remember to choose people whom you trust wisely. You’ll need some employees and a manager to run a company. The number of workers depends on the industry you are in and how big your business is. Based on statistics, startups are small companies that have small teams. In general, startups consist of up to ten employees. 5. Pick a location and design a site. You need to have a physical and a web address so that customers can easily find your company. Consider buying or leasing a property to operate your business. Although purchasing it is significantly cheaper in the long run, you need to ensure you have enough costs. This way, you’ll save funds and have a good investment in your future beginnings. Design a site to promote your startup, take some pre-orders, and schedule possible appointments. Online presence is a must because it helps reach your target audience faster, promote products, and generate profit. 6. Learn how to leverage digital marketing techniques. You can have a great product, but you won’t be able to promote it without various marketing techniques. Consider the following marketing strategies: Search engine optimization (SEO), content marketing, social media marketing, email marketing, and Pay-Per-Click. 7. Create your customer base. After developing a site, growing your digital presence, and becoming a good marketer, it’s time to build a customer base. Create a convenient website to provide your consumers with a seamless experience and encourage them to come back. To get repeat customers, you 21 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR need to provide high-quality products and excellent customer service. Your clients are your main priority, so treat them accordingly. Idea Presentation Anytime you want to get a point across to your clients, prospects or employees, it can help to create a presentation. Presentations often include slides and other visual content designed to complement a spoken message. You can use them to pitch a new product or service, show your team how to complete a specific task or introduce a new initiative across your organization. Regardless of your actual message, it’s essential that you find some compelling way to get your message across. Here are some creative presentation ideas that you can use to make your next client pitch or team meeting really stand out. 1. Storytelling Presentation Instead of simply sharing a bunch of facts that your audience may have a hard time making sense of, create a story that demonstrates the impact of those facts. It could be a story from your actual life or business, or one you create to get your point across. Share a bit about the characters in your story so the people in your audience can relate to them. For example, if you’re presenting to clients, don’t just tell them about the problems that your product or service solves — actually take them through the experience of a customer who experienced that issue. Tell them about the day-to- day of living with that problem and then detail exactly how your product or service changes the experience. 2. Musical Presentation If you want your customers, employees or peers to really remember your presentation, try setting it to music. A catchy tune could really help your presentation stand out and help people remember the important parts. This may require some musical talent, but there are plenty of tools out there to help you 22 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR compose a tune and record it so you can play it during your presentation. Or if you play any instruments, you could actually perform your presentation live. 3. Video Presentation Instead of your basic slide presentation, you could share both visuals and audio content in the form of a video. You can have a video play in the background as you speak, or you could play it at the beginning of your presentations and then speak afterward. 4. Photo-Only Presentation If you do prefer using slides, consider taking the text out entirely. This could be especially useful for those who are prone to reading slides word-for-word. Instead, keep your notes on small cards that you can refer to throughout the presentation and just share photos in your slides that refer to what you’re speaking about. This gives them some context without distracting them from what you’re saying. 5. Immersive Presentation Your audience doesn’t have to just sit and watch your presentation — you can actually get them involved. This may work best with members of your team or smaller groups, but you could also choose to get a few members of a larger audience involved as well. Give each person a part to play and then set the scene for your presentation before guiding them through a situation relating to your product, service or new initiative for your business. 6. Question Presentation Asking questions to your clients or prospects can help you really get to know them so you can better sell to them. So why not add that element to your presentations as well? You could create a presentation that is customizable based on their responses. Ask questions periodically throughout the experience so they stay involved, and then shift your content from that point on based on what they have to say. 23 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR 7. Demonstrative Presentation If you’re attempting to sell a product or show your team a new type of business tool, it could help to share an actual hands-on demonstration rather than just showing slides. For bigger groups, you may simply use the product or tool yourself and project your screen so everyone can see. Or for smaller groups, you could have everyone actually try using the product themselves so you can work with them individually and answer any questions they might have. 8. Humorous Presentation Humor is a great way to relate to people and make them remember your presentation. You should carefully consider your brand before making this choice, since some clients may find this type of presentation a bit unprofessional. However, if you target a laid back crowd or are speaking directly to your team, it could be useful to share some jokes throughout the presentation or create a funny fake situation that still shows off your product in a fun and lighthearted way. 9. Animated Presentation Instead of using a video that’s shot live, use an animation tool to show your product in use or demonstrate a new business practice for your team. This can be especially useful if you want to show people in situations that may be hard to film in real life, like a product life cycle that lasts for decades. 10. Prop Presentations Or you could just ditch the slide or video equipment altogether and do something a bit more low tech. But it can still help to have some kind of visual aids. So you could instead invest in some basic props to use throughout the presentation to help get your point across. Idea Selection An innovative leader will encounter challenges in selecting the best ideas among the list of different innovative process. What are the criteria of choosing the best ideas? What will be the purpose of those ideas? There are usually different 24 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR methods that can be used in the process of selecting ideas. The steps introduced by Michael Putz for Lead innovation management consists of the following: Step 1- Rough Selection In the first step, the chaff has to be separated from the wheat, i. e. the ideas without potential have to be selected quickly. For this purpose, an "ABC analysis" can be used, where ideas are divided into three classes: A-ideas, those that are absolutely necessary for further processing. B-Ideas are those where you disagree about good or bad and are uncertain. C ideas that have no value and are to be rejected. The A-ideas are definitely going into the next round, the B-ideas are discussed and it is decided together per idea whether the idea will be adopted. C ideas are no longer considered. Step 2- Fine Selection In the next step, the sifted ideas are further selected. The method of "dots gluing" has proven its worth. Each participant receives five sticky points and can distribute them to their own favourites. If you count the points together you get a ranking. If there are less than ten ideas, the "rating" method can also be used. Each participant gives each idea between 0 and 5 points. The points are also added up and you get a ranking and a priority. Step 3- Detailed Analysis In the detailed analysis, ideas are qualitatively analyzed and evaluated on the basis of criteria. For product ideas, for example these are customer benefit differentiation potential and competitive factor technical and economic feasibility. In this process step, additional information is collected on the ideas, which is then analyzed and concretized in detail. A canvas, such as that of Osterwalder, can be used as a method for new business models. On the basis of the findings from the analyses, a decision is made as to whether the idea will be pursued further or not. 25 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Customer Needs One of the top priorities in business is to meet the demands and needs of the customer. An innovative leader undergoes a thorough research and identify the specific requirements or needs of the customer to produce a useful product. Figure 7 illustrates the top 5 myths about customer needs. Market Research and Validation An innovative leader should conduct a market research and validation to justify the needs of the customers. Quality measurement that demands the data gathered during surveys, interviews and market research. What about Market validation? Market validation is the process of determining whether your product is of interest to a given target market. Market validation involves a series of customer interviews with people in your target market, and it almost always takes place before you've made significant investment in your product/concept (Semick, 2016]. 26 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR The Decision Making Process Decision making is an enormous task because the success of the business relies on its process to come up with great solution. Various methods, models and processes can be considered to make a decision. The figure below shows the 5 stages or step process that an innovative leader must consider. Problem or Need Recognition As an innovative leader you must identify the different problems or need recognition of the consumer. The needs of the consumers are the basis or foundation of creating or producing a new product or services in the market. By assessing the needs of the consumer, an innovative leader can generate excellent ideas for innovation. Information Search When the problem occurs, there should have a solution. And to develop a solution an innovative leader should be resourceful in such a way that he or she can think of bright ideas. Information search of products and services that will satisfy the needs and wants of the consumer. Evaluation of Alternatives In determining the needs and wants of the consumer, the innovative leader should provide different choices of products. Customers will begin to seek out the best deal as they will compare the details of the product, read many reviews if the product is poor or excellent and probably compare prices of which is more affordable. 27 LEARNING MODULE IN TECHNOPRENEURSHIP AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY College of Engineering and Information Sciences MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR Selection Stage or Purchase Decision After a thorough research and evaluation of the alternatives, an innovative leader should select the best ideas that will be used in the decision-making. They may have had prior experience with this exact decision or maybe they succumbed to advertising about the new product or service and they want to give it a try [Flekel, 2013] Evaluation of Decision or Post-Purchase Evaluation The goal for every marketer is not for a one-time customer but a repeating lifetime customer. One bad experience of buyer's remorse and your branding perception could be tarnished forever [Flekel, 2013]. This process depends on the evaluation of the various assessment done for decision-making. Whatever the company decided is considered the best idea. References: Bailetti, T. (2012). Technology Entrepreneurship: Overview, Definition, and Distinctive Aspects Francis, M. (2017). Five traits that make a great technopreneur. Retrieved from https://businesstoday.co.ke/five-traits-that-make-a-great-techpreneur/ https://businessjargons.com/entrepreneurial-process.html https://online.hbs.edu/blog/post/sustaining-vs-disruptive- innovation#:~:text=What%20Is%20Sustaining%20Innovation%3F,already%2 0successful%20in%20their%20industries. https://rightattitudeinc.com/technopreneurship-an-attitude-towards- entrepreneurship-of-tomorrow/ https://vortexventurer.wordpress.com/2018/06/15/technopreneurial-process/ https://www.alleywatch.com/2017/03/10-principles-sustainable-innovation- business/ https://www.tutorialspoint.com/entrepreneurship_skills/entrepreneurship_skills_i ntroduction.htm https://sendpulse.com/support/glossary/startup Juaneza, J and Pomperada, JR. (2019) Introduction to Technopreneurship Satell, G. (2017) The 4 Types of Innovation and the Problems They Solve Pilon, A. (2018) Wow Your Audience with These 10 Incredible Presentation Ideas Zhu, P (2019) Five Insights of Breakthrough Innovation 28