Taking the first glance at fundamentals of Technology Entrepreneurship
Technology entrepreneurship is an investment in a project that accumulates and deploys experts with assets that combine complex scientific and technological knowledge. These advancements empower to tackle the requirements and challenges of entrepreneurship with merger of theoretical knowledge with the practice driven skills above all it creates value for the firm.
The technology based solutions can solve socially oriented problems and contribute in economic growth.
Fundamentals of Technology Entrepreneurship
For success of entrepreneurship in new technology ventures factors like creation of new firms, financing and growing a venture are significant.
- Purpose of Technology Entrepreneurship is to introduce new ventures by analyzing the potential of a technology and putting forth innovative commercialization idea. Launching Startups believing in Innovation as its prime responsibility.
- Identification of commercial prospects and market opportunity creating Economical and Management models of Entrepreneurship & Innovation.
- Investment required will need investors who can contribute to the enterprise. Venture Capital industry is completely involved with the opportunities brought up by the innovative minds and firms.
- Alternative uses of Technology against the popularly and traditionally used methods for business by initiating inventions enhancing efficiency and productivity.
- New Venture Formation and its legal status, structure and capital distribution is quite important for playing its role in Society for its benefit and sustainability in business.
- Business plan, strategy, processes, funding, entrepreneurial growth strategies, which focus on testing, developing, and growing new businesses market understanding as well as 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, net present value of IP and its future value vs. cost for improvement.
- Managing the Advance Technology based challenges in the industry, relating to its strategy to obtain potential value from the enterprise.
Technology ventures are significantly changing the global economic picture increasing the need to acquire skills required for developing one; including the do’s and don’ts in research on idea, conceptualizing, developing, commencement and managing successful new Technology based Enterprise.
Government initiatives, such as Atal Incubation Center, Startup India etc. and many other funding for promoting new generation ideas, innovation and development or improvement of products/ processes / services, or any scalable business model having high potential of employment generation or wealth creation. There are and nearly 120+ incubators in India which support the startups of various sectors like manufacturing, IT, Engineering, Waste Management, Bio technology etc.
The Niti Aayog’s Atal Innovation Mission has chosen two such incubators from Bangalore, The NS Raghavan Centre for Entrepreneurial Learning at the Indian Institute of Management, Bangalore (IIM-B), and the bio incubator at the Centre for Cellular And Molecular Platforms (C-CAMP) will receive Rs 10 crore each over two years.
There are row of angel investors who are affluent individuals, venture capitalists providing capital to start up venture and small companies. They are looking at investing into new technology ideas which are worth fortune. This provides excellent opportunities for today’s Engineers to focus on technology entrepreneurship, besides academics.