Technopreneurship is the latest buzzword in the field of entrepreneurship. It is considered the next big thing in the start-up ecosystem. As defined by the Collins Dictionary, “technopreneur are entrepreneurs who start and manage their own technology business.” The term was first used in the year 1987. But it gained popularity around the 2000s when a large number of people started using the Internet.

What is technopreneurship?

The term technopreneurship is a fusion of two words, technology, and entrepreneurship. It is a kind of entrepreneurship in the field of technology. It involves tech-savvy, creative, innovative individuals who have a knack for taking a calculated risk, unlike entrepreneurship, which can sometimes be a one-person show. The success of a technopreneur depends on how well they can motivate a team of individuals. So, the success of any technopreneurship start-up involves a group of dedicated people with different skill sets and resources working hand in hand.

A technopreneur starts with a new idea. This idea has the potential to change the way society has been traditionally functioning. They create a new product or come up with a solution to some problem using technology. So, science and technology are the hallmarks of technopreneurship.

There are certain critical areas that a technopreneur needs to focus on. It can be the Information and Technology (IT) sector, electronics, biotechnology, hi-tech products, technology use in delivering essential services, and service firms where the primary mission is technology.

Examples of Successful Technopreneurs

A common misconception is that to become a technopreneur; one needs to be a genius- whether to write codes or invent new technology! Well, that need not be the case. It just boils down to how one can find solutions to the problems using the technology in hand. For instance:

• Founders of Uber– They revolutionized the way people travel by the use of technology. They built a GPS integrated app and completely changed the economics of the taxi/cab industry. Their service is much more convenient for customers than traditional cab companies.
• Steve Jobs– the founder of Apple, is another successful technopreneur! Because of his vision to make computer technology elegant and consumer-friendly, it gave rise to Apple Inc.
• Elon Musk– the multi-billionaire and the man behind some fantastic technological start-ups like PayPal, SpaceX, and Tesla Motors! He is the perfect example of a technopreneur who is a risk-taker, an innovator, a visionary, who never lets failure define him.

Importance of Technopreneurship

When everyone around is talking about start-ups and the entrepreneurial mindset, technopreneurship can be the next leap for any innovator. From consumer satisfaction, organizational efficiency to developments that contribute to national development, the importance of technopreneurship is manifold:

• Creating employment opportunities:any new start-up will require dedicated and hard-working employees. Technopreneurship creates new jobs and can help our nation tackle the unemployment problem to a significant extent.
• Technological advancement: technopreneurs are innovative individuals. Along with a pool of employees, they will strive to improve the existing technology. It will, in turn, lead to the effective utilization of the country’s natural resources.
• Capital formation: investment and funding are integral for any start-up. Technopreneurs, too, need investors who can financially assist their start-ups. These financers utilize the public savings that lead to the economic growth of the country.
• Promotion of entrepreneurial mindset: The young generation gets a chance to work with these start-ups. It promotes qualities in them like risk-taking skills, creativity, a strong work ethic, and passion. This young generation of workers can, in the future, be successful entrepreneurs themselves.

How to become a successful technopreneur? 

A technopreneur often needs to go the extra mile to be successful. Any innovative idea can sound promising, but what matters is the execution. Exploring uncharted territories and being persistent are essential for any technopreneur. The will to never give up, even after failures, is what distinguishes them from the rest of the population. Given below are specific points that need to be kept in mind for any technopreneur to be successful:

• Build a team:Technopreneurship is the art of combining technological fortitude with entrepreneurial skills. A dedicated cadre of support staff is significant for any technopreneurship to be successful.
• Work on your problem-solving skills: Any start-up in its formative years is bound to face several hurdles. These can be operational challenges, funding crunch, and regulatory hurdles. So, to be successful, a technopreneur needs problem-solving skills.
• Decide on the final strategy: Decision making is another crucial skill that a technopreneur needs to muster. After thorough research, weighing on all options’ pros and cons, a technopreneur needs to arrive at a decision. They need to select a strategy that is both cost-effective and viable in the long run.

Thus, technopreneurship is all about making improvements in life, an organization, a nation, or even the whole world. The critical element is the innovative use of technology and sheer dedication and hard work.