The Case Study Of Technology Entrepreneurs
Let us begin by defining the meaning of Technology Entrepreneurship; Technological Entrepreneurship basically is the art or science of innovative and imminence creations and assets for large return of economic profit for the business. New and different combinations of innovations are always the outcome of Technological Entrepreneurship, which has evolved as the most outstanding venture in the field of Business Administration. As a part of business process, Technological Entrepreneurship takes a forward-looking perspective towards the future of the technology used in a particular business and design and develop new processes and tools to make the existing ones more robust and effective. The ultimate aim of the process is to provide solutions, services or products that create a competitive edge and increase profitability of a company.
There are many factors responsible for the technological entrepreneurship. Some of the main factors are vision, disruptive, innovativeness, risk taking, business process, business model and a firm’s ability to adapt to changing market conditions. Some of these traits are also present in entrepreneurial orientation, but in a much diluted form, since in Technological entrepreneurship, those traits are highly pronounced and use of these traits is almost a requirement for success. Since Technological companies seldom exhibit these traits, they have to be substantially creative, risk taking and innovative to stay alive in the highly competitive market.
The three main aspects that define the nature of technological entrepreneurship are vision, disruptive and innovativeness. Vision is a very important factor because it determines the essence and direction of the research question in the company. For instance, if the vision of a company is based on providing a high-end product at a low price, then no matter how low priced the product may be, it will not be successful unless it is backed by a compelling vision statement. Visionaries also need to use some sort of risk taking strategy.
Innovativeness in technology entrepreneurship is necessary because it enables innovation, which is necessary for new products to be successful. Entrepreneurs must apply their creativity in coming up with new innovations or inventions. This requires a deep understanding of their own business framework and the technological environment in which they operate.
Finally, risk taking is required because failure to take risks can spell the end of any business, especially in the realm of tech entrepreneurship. Any entrepreneur who wants to succeed needs to be aggressive, bold and willing to take calculated risks. While most new products and services do not fail to meet their expectations, entrepreneurs may encounter unexpected challenges along the way. When a new ideas or products flop, there are several ways in which the venture capitalist can act as a catalyst to help the company turn things around.
Case studies provide insight into the social effects of Technological innovation in Technological entrepreneurship. In a case study, for instance, two technological start-ups were compared before and after they received grants from the Federal Trade Commission. The results showed, “The increased risk of default occurred only among companies with substantial intellectual property portfolios.” Interestingly, in the case study, one of the start-ups indicated that they would not receive grants if they did not pursue the expansion at the earliest opportunity. In addition, the analysis showed that although there were social and economic implications for the Federal Trade Commission, the impact of granting the company the money was ultimately balanced by the benefits the company received from being granted the grant. It therefore goes to show that when a case study is properly analyzed and used, the social effects can easily be ruled out.
Case studies also provide information on the value of organizational culture in Technological innovation. One case study showed that after spending three years studying the organizational culture of six different organizations, a corporate patent attorney was able to find that it provided a strong competitive advantage. In fact, the attorney was able to draw the conclusion, “An organized company with a set of values and practices can be more successful than an unorganized company with a cultural orientation that is diffuse.” Such organizational values as the value of loyalty, trust, and quality relationships are vital for encouraging innovation.
As the internet continues to become more pervasive and creates a number of opportunities and threats for entrepreneurs, incorporating organizational values in all aspects of business is important for encouraging innovation. Entrepreneurs should always look beyond the obvious benefits of being first to market to the ability to build a strong and passionate customer base. When an organization provides information technology entrepreneurship training to its staff, they will be able to build ties that can lead to future employment opportunities and better corporate governance. By taking care to incorporate social and other organizational dynamics, technology entrepreneurship can reap even greater rewards and create more jobs.