Lesson 3: Technopreneurship Ecosystem

Four components of technopreneurship ecosystem

Human Resources, Environment, Laws&Policies, Financial Resources

Human Resources Component

Researchers, Developers, Marketing People, Financers

Researchers

Thinkers, Idea Generators, Innovators Develop new concepts and solutions.

Developers

Implementers & Technical Experts – Engineers and developers execute ideas.

Marketing People

Marketing Experts – Promote products/services using effective strategies

Financers

Provide funding through investment or lending

Environment Component

Science Parks & Incubation Centers, Academic Institutions & R&D Centers, Internet Access & Communication Services, Geographic Accessibility

Science Parks & Incubation Centers

Provide startups with resources like office space, management training, and support from corporations, educational institutions, or government agencies

Academic Institutions & R&D Centers

Facilitate research and knowledge creation for developing new technologies, products, and services

Internet Access & Communication Services

Enable businesses and individuals to connect, access information, and use digital tools for operations

Geographic Accessibility

Ensures ease of reaching locations, which impacts business operations and market reach

Laws & Policies Component

Intellectual Property Rights, Franchising, Technology Licensing Office, Legal Services

Intellectual Property Rights

Are the rights are given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time

3 component under Intellectual Property Rights

Copyright, Patent, Trademark

Copyright

Protects literary and artistic works. (Literary work such as novels, poems and plays, films, musical works. Artistic works such as drawings, paintings, photographs, sculptures, and architectural designs.)

Patent

is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application

Trademark

Is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks

Franchising

Is when a person or company (the franchisee) pays another person or company (the franchisor) a set of fees and royalties for the right to do business using their trademarks, products, services, and even business model and operating systems

Technology Licensing Office

Facilitates agreements where intellectual property owners permit others to use, modify, or resell their technology for compensation

Legal Services

Provides protection against lawsuits, ensures compliance with regulations, and handles contracts, intellectual property claims, and incorporation issues

Financial Resources Component

Investors, Business Sectors, Funding Agencies, Financial Services

Investors

Individuals or entities that provide capital with the expectation of financial returns

Business Sectors

Industries classified into primary (raw materials), secondary (manufacturing), and tertiary (services), along with government controlled organizations

Primary

raw materials

Secondary

manufacturing

Tertiary

services

Funding Agencies

Organizations that manage financial assets for purposes such as pension benefits and business funding

Financial Services

Institutions that handle money management, including banks, investment firms, insurance companies, and stock brokerages

3 Vital Components for Business Success

Excellent Market Opportunity, Superb Entrepreneur, Resources

Excellent Market Opportunity

Means you should know who are your customer and the right timing and correct planning in opening a business

Superb Entrepreneur

With the right opportunity, the business will be successful if led by a person with strong entrepreneurial and management skills

Resources

Means that the entrepreneur should be frugal. Low overhead, high productivity and minimal ownership of capital assets

9F’S of Business Success

Founder, Focused, Fast, Flexible, Forever Innovators, Flat, Frugal, Friendly, Fun

Founder

A determined and knowledgeable entrepreneur is essential for a startup

Focused

Targeting a specific niche market increases the chances of success

Fast

Businesses must adapt quickly to technological, regulatory, and market changes

Flexible

Readiness to adjust strategies based on environmental and social factors is key

Forever Innovators

Continuous innovation is crucial for maintaining competitiveness

Flat

Keeping minimal management layers promotes efficiency and adaptability

Frugal

Maintaining low overhead costs and utilizing resources efficiently ensures sustainability

Friendly

A positive relationship with customers, employees, and suppliers fosters long-term success

Fun

Enjoying the process reduces stress and keeps motivation high in business