What Is Technology Entrepreneurship?
An often overlooked but influential group of entrepreneurs, the ” techno-savvy” are those who realize that what is technology (in the widest sense) is much more than a new way to do things. While that may seem an unusual claim to make for someone who has come to rely so heavily on the traditional means of doing things, it can be accepted as true by many of the newer generation of entrepreneurs. That group includes individuals who not only recognize that what is technology is much more than a specific method of doing things, but who also recognize that technology itself is becoming more critical to the ways in which people live their lives. What is technology? The answer is not straightforward, since there are as many definitions and assumptions about what is technology as there are individuals and enterprises who use the term.
Technological progress is an on-going process. Just like the definition of technology changes with the passage of time, the way in which people use and develop particular technologies also evolve. This change is what is called change, and what is commonly referred to as entrepreneurialism. In order for entrepreneurs to understand what is technology entrepreneurship, they must first understand what is technology and the different ways in which people use it.
Technology, as the definition above indicates, is change. And the meaning of that change is that which alters the medium or the means of communication and interaction in order to create something new. Thus, instead of writing on a paper, people now use e-mail. They instead of making and distributing physical copies of a written document, they make and distribute information in digital format.
Of course, this definition of what is technology entrepreneurship is broader than the actual definition. Entrepreneurs also recognize that innovation is change, especially when it results in a product or technology that is entirely new and does something no one has done before. Therefore, it can also be said that entrepreneurs are change. The ability to innovate is what separates those who succeed from those who fail. Those who are able to apply multiple innovation strategies will typically be rewarded with their success, while those who don’t have an ability to think about new ideas or new ways of doing things may find their endeavors crashing against a wall.
There are two key characteristics that define entrepreneurialism, which is what is technology entrepreneurship and the entrepreneurial mindset. The first characteristic is that innovation is the result of observation and experience. It is not an invention that was driven from the top down by a single person. It often originates from the bottom up, as a result of someone looking at something and seeing a need, a problem, an idea, or a method for addressing those issues. This observation and experience can prove to be a key component in what is technology entrepreneurship because it allows individuals to see a solution for a particular need, and then to go out and create the physical means of executing that solution.
Another key characteristic of what is technology entrepreneurship is risk. Entrepreneurs take a lot of risks, but it’s often a calculated risk. For instance, if an individual believes that they have a new product that solves a particular problem, but that solution doesn’t work, then the individual could experiment and attempt to develop a new service around that product, but they might fail. However, if the product or service does work, then the entrepreneur has potentially just created a new line of products or services. This sort of risk is what is called a tail risk, and is a risk that one must take when coming up with what is technology entrepreneurship.
Finally, what is technology entrepreneurship is a disruptive time. This is the point in time when innovations begin to impact the existing way of doing things rather than being revolutionary. This can happen because of the internet, because of new software, because of new devices or because of a phenomenon like the iPhone.
The last key characteristic of what is technology entrepreneurship is a disruptive impact. This is a moment when a new innovation makes an impact on the existing way of doing things. It may cause something to be produced in a more efficient or creative way. It may cause something to be produced at a lower cost or in a more eco-friendly manner. It may even cause people to think differently about how they do things, and this can cause new and different paths to be taken. If an individual isn’t aligned with what is technology entrepreneurship, then they are very likely to fail.