Principles of technopreneurship

What is Intrapreneurship?

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Techno 1 notes

What is Intrapreneurship? As companies grow their innovativeness and flexibility maybe stifled by their size. Managers maybe able to keep these companies from stagnating by making them adaptive to change through starting and developing new business ventures within the structures of an existing organisation. This process is called intrapreneurship.

What is Technopreneurship?
According to Mankani D. (2003), by the late 1998, entrepreneurs with technical skills began to use
high technology to develop deploy and deliver services and
solutions that gave rise to new businesses, revenues, and economic growth
In order to refer to this special category of entrepreneurs, Singapore came up with the term “technopreneurship” by putting the two words – “
technology” and
“entrepreneurship” together to describe an entrepreneurship process that is
engineered by technically skilled people and uses technology to develop new
products or services of commercial value.

What does a Technopreneur do? The Technopreneur starts with an idea, which is, figuring out what if this is available or what if there is an easier and more convenient way of delivering the same solution. But the idea alone is not enough it is necessary to ensure that the technology to make the idea work also exists or can be developed at a reasonable cost and within a reasonable time. Having come up with what looks as a workable idea the technopreneur subjects the idea to scrutiny by friends, or associates and on receiving feedback improves on the idea and then goes onto produce a business plan. The plan covers issues such as the need the product/service will satisfy, product development, marketing and financing needs.

Technoprenuership1 3

Personal Entrepreneurial Competencies (PECs) The following are the PECs practiced by successful Technopreneurs:
• Risk-bearing (Risk-taking)
• Opportunity seeking and initiative
• Persistence
• Demand for efficiency and quality
• Persuasive and networking
• Self-confidence and independence
• Commitment to the work contract
• Goal setting
• Information seeking
• Systematic planning and monitoring
In order to be successful, technopreneurs need to practice the above PECs. According to Management Systems International, research has shown that each PEC has three behaviours under it that successful technopreneurs needs to exhibit. These are

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