Technology entrepreneurship is a vehicle that facilitates prosperity in individuals, firms, regions, and nations.The study of technology entrepreneurship therefore, serves an important function beyond satisfying intellectual curiosity.Technology entrepreneurship is the meeting point between simply dreaming up cutting-edge technologies and developing them to become successful, sustainable and scalable from both a business and technology standpoint.
There are those who tinker with new ideas such as computer designs, software or renewable power sources. There are also those who understand how to design and maintain a restaurant franchise or a corporation. Technology entrepreneurship is somewhere in between.
Technology entrepreneurship differs from other forms of entrepreneurship in that a tech entrepreneur, often intentionally, finds himself or herself in a market with very little history or proof of its future viability. Therefore, a tech entrepreneur might have to balance their risks and possible profits without any precedents.
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.
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 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
1. creating and capturing value for the firm through projects that combine specialists and assets to produce and adopt technology
2. collaborative experimentation and production of new products, new assets, and their attributes, which are intricately linked to scientific and technology advances and the firm’s asset ownership rights
3. projects that search for problems or applications for a particular technology, launch new ventures, introduce new applications, and exploit opportunities that rely on scientific and technical knowledge provided that their ultimate outcome is to create and capture value for the firm
4. not about the general management practices used to operate small businesses owned by engineers or scientists or just about small businesses