Lecture 01 Introduction to Technopreneurship

TMC4013 Technopreneurship & Product Development

Lecture 1 Introduction toTechnopreneurship

So you want to be a Technopreneur? • Yes? No?

What is Technopreneurship? • Technology + Entrepreneurship ?

What is a Technopreneur? • Describing an entrepreneur who uses cutting- edge technology to develop new business models -Mankani, D.

Definition of a Technopreneur

“Someone who uses technology to do something new or invents new devices & then makes a  business from selling these new things” -anonymous-

Entrepreneurship entails:

• Understanding the situation. • Committing money and resources to pursue it.

Entrepreneurial Equation

Give up well-paying job +

Put everything into a venture +

No experience =

Too Risky?

Why us rather than someone else? What are our differentiating factors?

• Price? • Flexibility? • Meeting customer needs? • Innovative in solutions? • Being able to value-add?

Issues

• Who is technopreneur? • Why become a technopreneur? • Technopreneurial motivation. • Technopreneurial Traits, Characteristics and Skills.

Entrepreneurship & Technopreneurship • Entrepreneurship involves having the guts to do what you believe is right, thinking out of the box and making business out of it. • Technopreneurship is being an entrepreneur by:  –  Using existing technologies & suiting it to a new application  –  Inventing or developing a new product -Axiom Technologies Mfg. Pte. Ltd.

Being A Technopreneur

• Flexible – can adapt to changing circumstances and recover from setbacks.

• Visionary- have a vision of what he wants to achieve so that he is not distracted from his goal.

• Practical- pointless to have ideas if they cannot be executed.

• Realistic- to know that most start ups fail & that in all probability he will fail.

Being A Technopreneur

• Romantic- will beat the odds & succeed. • Loner- by nature but to succeed he has to be part of a team (the more no. of productive & intelligent people, the higher the probability of success).

• Leader- driving the team towards his vision to succeed must also listen to his team members).

(but

Being A Technopreneur

• Greedy- for success & rewards (performanceoriented individual who wants results, yet he has to be mindful of the contributions of his team members & may have to make sacrifices to keep a winning team).

• Discipline- has to manage himself & his team (else, his team will lose focus, dissipating their energy by duplicating tasks, squabbling and straying down blind alleys).

Technopreneurship

• Who are Technopreneurs?  –  Technology entrepreneurs who develop an enterprise or business venture based on innovative technological products or services.

• What is Technopreneurship?  –  It is a socio-economic phenomenon which supports new economic growth in the k-based economy.  –  Technopreneur Development Division, MSC.

MSC TDF Operational Framework

Spawning & facilitating the growth of technopreneurs & ICT companies for success

Lead

Funding

Market Access

Incubation

Venture Capital [email protected]

Technopreneurship Development Flagship Mission TDF by MSC

• Facilitate start-ups and development of  technopreneurs • Spawn critical mass of ICT and Multimedia SMEs • Facilitate the growth of these ICT and MM companies to become world class.

Success comes from attitudes Share the following: 1.

A challenge in all things

2.

A desire to do things as best as possible

3.

A belief that everything can be done better

4.

Differentiating themselves from the rest

5.

Challenging the norm

Concluding Remarks

• You cannot be taught how to be an entrepreneur • You should enjoy the challenge • Innovation is the key, technology is the tool

Concluding Remarks

• Differentiate yourself from the rest • Don’t be caught up with the money • Have fun

References • MSC Technopreneur Development Flagship, Dr Wilson Tay (Vice President), Technopreneur Development Division. • Technopreneurship and Innovation, Bernard Goh (Managing Director), Axiom Technologies Mfg. Pte. Ltd.