What is Technopreneurship
Technopreneurship is a business term that refers to entrepreneurs who specialize in the area of information technology. We can call it a new era of entrepreneurship. According to the Handbook of research on Technopreneurship, it is defined as the entrepreneurial and intrapreneurial activities of both existing and nascent companies operating in technology-intensive environments.
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Entrepreneurship and Paradigm Shift
Entrepreneurship is a term that was first introduced in the 1730s. Now it has a wide range of connotations and applications in today’s business landscape. It can vary from a simple description of launching a new business endeavour to more comprehensive interpretations. That discusses risk, creativity, and innovation and how combining these factors leads to creating wealth for the individual or the society.
Leaving aside all of these technical viewpoints, the most straightforward approach to comprehending entrepreneurship is to look at successful entrepreneurs who have created a paradigm shift. For example, innovative entrepreneurs such as Jeff Bezos, Steve Jobs, Bill Gates, and Larry Page did more than start a new business. Without ending up as another player in the industry. They fundamentally transformed it by offering new and innovative solutions to the existing challenges.
Development of Technopreneurship
The discovery of computers, the Internet, and subsequent advancements such as social media have transformed nearly every aspect of human life. Advances in information and communication technology (ICT) have made life easier and brought the world closer in the blink of an eye by connecting billions of people worldwide. However, compared to other innovations, what sets ICT apart is the steep magnitude with which it affects human life. It can range from significant developments such as artificial intelligence and neural networks to tiny improvements such as a simple app allowing a person to book a cab with a single fingertip.
Another fascinating aspect of ICT is the velocity at which it evolves and becomes obsolete. For example, the floppy disks that took the world by storm in the 1990s, are now completely outdated. These unique characteristics of ICT have made it a top contender for entrepreneurial ventures.
Entrepreneurship and Technopreneurship
Now that you’ve grasped the two sides that make up the concept of technopreneurship. Technopreneurship has taken entrepreneurship to a new height and represents a new breed of entrepreneurship, merging technology expertise with entrepreneurial traits. A technopreneur is an entrepreneur, who is tech-savvy and capable of understanding and utilizing the finest available technology to alter the current business landscape. Developing such a notion and why it should be observed by entrepreneurs moving forward are essential to focus.
Entrepreneurship is a novice and unique way of thinking. Technopreneurship takes this thinking a step further by incorporating a high-tech context into the equation. As rapid technological advances incorporate themselves into people’s lives, this becomes critical, and businesses that fail to adapt themselves to these developments will be outdated in the competitive marketplace. For example, a business without a website may not have a long life in the future.
Technopreneurship is the New Breed of Entrepreneurship
Due to the connectivity facilitated by the Internet, an online business venture will serve millions of customers every day compared to a conventional business that caters to hundreds of customers. Without limiting themselves to having a website, companies in today’s competitive business landscape have advanced to own a mobile app becoming the norm across many industries. A mobile app will put the services at the customers’ fingertips. Whether it’s travel, food, or entertainment. Businesses that fail to adopt such technological developments will confront a serious issue of survival in such a competitive market.
Consequently, any existing or prospective entrepreneur should begin their technopreneurship journey by gaining a profound understanding of emerging technologies and how they might be used in a business. Further, entrepreneurs should pursue divergent and innovative thought processes. It helps to integrate rapidly changing technologies into their business models to satisfy the ever-changing customer needs. So today, technopreneurship is becoming the new breed of entrepreneurship in this digital era.
In this article firstly we discuss what entrepreneurship is and what is a paradigm shift. Then we discuss the development of technopreneurship. After that, we discuss the differences between entrepreneurship and technoprenership. Finally, we concluded that Technopreneurship is the New Breed of Entrepreneurship. So, what are your thoughts about this article? Write it down in our comment section.