The term “technopreneurship” is a combination of the words “technology” and “entrepreneurship”. Before we define it as a whole, let us first take a look at the definitions of its component words. 

     Technology, as defined by Oxford Languages, is “the application of scientific knowledge for practical purposes, especially in industry.” Brittanica adds that its forms are created “to the practical aims of human life or, as it is sometimes phrased, to the change and manipulation of the human environment.” Given these, we can generalize that all technological forms are made to become solutions to certain problems that affect individuals or the collective society. 

     Entrepreneurship, on the other hand, is often simply defined as “the act of creating a business or businesses while building and scaling it to generate a profit” (Ferreira, 2020) or one’s “willingness to start a business” (Team, 2020). However, a more modern definition of entrepreneurship highlights its transformative power, particularly in cultivating and targeting social change.

     So, what then is technopreneurship? Technopreneurship, otherwise known as cyberpreneurship, is described as the use of cutting- edge technology to develop new business models (Mankani, 2003) or a technology-based entrepreneurial activity. Though it is still mostly entrepreneurship in terms of its nature, it is better seen as “a process of synthesis in engineering the future of a person, an organization, a nation and the world” (Fowosire, Idris, & Opoola, 2017). Simply put, technopreneurship is entrepreneurship in and using high technology.

Technology-based entrepreneurship is not a new concept. Ever since the advent and advancement of computer technology in the 1990s, more and more entrepreneurs have integrated the use of technology in their ventures. However, it has not been given that much traction by Asian countries, including the Philippines, years after industries and companies located in America and Europe (Milton-Smith, 2003). Milton-Smith (2003) identified a possible reason to this lag in paradigm shift to the idea that technology projects are seen as “excessively long-term, extremely high risk and too capital intensive”.

     At present, however, technopreneurship is considered as an “international currency” that provides viability to global economies. It is now seen as an important facet of countries’ economies, especially in times where working forces are limited and industries are hampered due to circumstances. Technopreneurship is now seen as a dynamic agent for economic growth.

The following highlights the benefits and functions of technopreneurship that solidifies its importance in the modern world:

·        

o   Employment creation - Technopreneurs create employment for themselves and other people. They are employers and, hence, assist in solving or alleviating the unemployment problem in a country.

o   Local Resource utilization – Economies rely on the value of their resources and products. Through technopreneurship, local resources that are not yet tapped or under-utilized may be given wider exposure and utilization, thus increasing their value.

o   Decentralization and diversification of business - Technopreneurs are able to identify business opportunities and locate these businesses in suitable areas, including rural areas. This leads to more relevant and contextualized enterprises and decreasing monopolies in the market.

o   Promotion of technology - By being creative, technopreneurs are able to contribute to the utilization and development of technology, thus cultivating innovative mindsets and practices in the society.

o   Capital formation – It increases capital formation and investment. Due to its innovative nature, technopreneurship allow for countries to stock up on capital goods that might be used for future production of goods and services. Moreover, this stocked capital may be used to make more money, thus making them as investments.

o   Promotion of entrepreneurial culture - By projecting successful images, technopreneurs become models than can be copied by young people. The cultivation of an entrepreneurial culture, especially among the youth, will most likely lead to the creation of more relevant and innovative enterprises in the country.

Apart from the primary platform, which is technology, how else is technopreneurship different from entrepreneurship? Another key difference is on the process that these enterprises go through. Entrepreneurship normally follows this process:

On the other hand, the process involved in technopreneurship will most likely follow this pattern:

Comparing and contrasting these two illustrations, we can come up with the following generalizations in terms of the differences of entrepreneurship and technopreneurship (Balachandran, 2018):

1.      

1.     Identification vs. Creation. Entrepreneurs start their business ventures by looking into the existing goods and services and using their data to plan their business. On the other hand, technopreneurs often start with just an “idea” in order to do things differently.

2.     Individual vs. Team. The entrepreneurial process may be primarily accomplished by an individual. That is why, the success of traditional businesses is often attributed to just one person. Locally, that is why are familiar with the names of Sy, Ayala, Gokongwei, and others. Technopreneurial enterprises are often started by a core team of people. This team is most likely comprised of people with varying personal and business skills. If we’re using applications like Grab or FoodPanda, we often receive notifications from them that is signed “from the Grab/FoodPanda team”. This shows a distinctive collaborative feature of technopreneurship when compared to entrepreneurship. This can also be applied to the fact that most traditional enterprises can stand alone whereas technological ventures need serious networking.

3.     Money vs. Affirmation. Most entrepreneurs would not start a business if there is no guarantee of profit. By assessing their opportunities first, they will be able to identify the most viable locations, products, and services for their target clientele. They can map out if and how they will proceed, through their data. On the other hand, most technopreneurs have to work, even without pay, before their ideas can gain commercial attention and patronage. To sustain their operations, technopreneurs have to be in a constant lookout for and pitch their ideas to potential investors.

4.     Product to Customer vs. Customer to Product. Both entrepreneurs and technopreneurs need the feedback of their respective clientele in order to make their brand relevant. However, entrepreneurs have already designed their products and services prior to opening them to their customers. When compared to similar brands, these products only vary in certain elements like affordability and range. Technopreneurs, on the other hand, work backwards. They start with customer experience and innovate their technology until such time that the desired experience is achieved. Just like teachers, they “start with the end in mind”.

Because technopreneurship is considered as a subset of entrepreneurship, it is still best that we understand the fundamental concepts of entrepreneurship and relate it to our focus. Enterprises can come in many forms and sizes. These businesses are often categorized as to what type of entrepreneurship they belong to. 

The following are the four main types of entrepreneurship (Hayes, 2021):

1.      

1.     Small Business Entrepreneurship. The businesses under this category are often those who are family-owned and/or managed locally. Normally, profits from these single-location businesses are for the sake of the owner’s living expenses. Small-business entrepreneurs usually invest or use their own money to start and maintain the operation of their enterprise. They do not have outside investors and do not branch out. Examples of these would be your local grocery or sari-sari stores, salons or barbershops, carinderias, and many others.

2.     Scalable Startup. Scalable-startup entrepreneurs usually start with an innovative idea and a great vision. They attract investors who think and encourage people who think out of the box. The research focuses on a scalable business and experimental models, so, they hire the best and the brightest employees. They require more venture capital to fuel and back their project or business. Take for example, CDR-King. This company started as the primary store for affordable recordable CDs and DVDs before branching out to other gadgets and accessories.

3.     Large Company. These huge companies have defined life-cycle. Most of these companies grow and sustain by offering new and innovative products that revolve around their main products. This leads to the creation of a new business division within their existing framework. The best example here is SM. SM started as a store that sell shoes. Then, it grew to include other clothing essentials before becoming a mall. After that, the company tapped into other fields such as real estate, banking, and even tourism.

4.     Social Entrepreneurship. The goal of social entrepreneurship is to create a benefit to society and humankind. They focus on helping communities or the environment through their products and services. They are not driven by profits but rather by helping the world around them. Some examples of social enterprises here in the Philippines is Virtualahan, a virtual school for people with disabilities, ANTHILL, a community-centered business model focusing on indigenous communities, Good Food Co., which promotes an alternative food system based on ethical and ecological farming.

     Dorf & Byers (2006) also classified enterprises as incremental, imitative, rent-seeking, and innovative. Incremental businesses are those that are considered as modest in novelty and routinary. Basically, these businesses are newly-built or established but are just variations of existing enterprises. Imitative businesses are those that follow the same business model as others. The best examples of these would be branches of a large company and franchises of a certain brand. Rent-seeking businesses are those that utilize standards, regulations and laws to share in the value of the enterprise. For example, companies that have trademark products can collaborate with other companies but with a fee. For example, any company that uses the Coca-Cola brand, including its products and other trademarked items, will have to pay royalties. So, these businesses often include licensing of patented ideas, products or trade secrets. Lastly, innovative businesses are those that create or develop certain products that are not yet available in the market. 

 Different countries have adopted different definitions of small business or industry.

     Other than a legal framework or small business, there a general understands the smallness of business among the people operating in this type of business.

     Experts have identified the following common characteristics of small business (iedunote.com):

1.      

1.     The business, as a rule, is managed by the owner or owners of the firm. The management team of the business might consist of family members, relatives, and close friends.

2.     The responsibility for decision-making normally lies with one key executive, with very little or no delegation of authority. Small-business owner-managers maintain a high degree of concentration of authority. They do not delegate as they believe that if you want a thing done right, do it yourself.

3.     There appears to be a close management-employee relationship. Entrepreneurs take an active part in the management and operation of the firm. They develop a very intimate relationship with the employees by working along with them. Therefore, relationships are informal and friendly.

4.     Small business is an extension of the personality of the entrepreneur. It is the reflection of the dreams and desires of the entrepreneur(s).

5.     Generally, there are fewer functional specialists, such as a full­time accountant or a personnel manager, in the organization. The nature of work generally is not that complex. Moreover, if the work is complex, technically different, it is the owner who generally holds that capacity or who can strongly supervise the task with his/her strong command on the technology. Therefore, they can develop a skilled or semi-skilled person for their ventures. Other functional tasks are performed by the owner-mangers themselves with their learned knowledge or framing in a relevant field.

6.     The firm normally has no more than two tiers of management reporting, and the size of employment is made limited by the law of the specific country. In general, it does not exceed 1500 persons.

7.     In most cases, the owner-managers are verbal communicators. Least number of written communications is made within the small businesses. Instructions are generally made through oral media of communication.

8.     The firm often places little emphasis on long-term planning, although the owner-manager may be aware that a formal long-term plan is necessary. The owner-managers entrepreneurs are reluctant to make a plan as it requires a handful of intellectual exercise with past, present, and future data to profess the future. The demand for continuous adjustment with the current environmental conditions sometimes discourages entrepreneurs from making.

9.     Normally, the firm’s stock is not listed with a stock exchange.

10. The management of the firm is independent. They are not subject to any other’s supervision. Entrepreneurs are the owner-managers of small businesses. They are the sole authority of the firm to decide about the organizational matters.

11. The capital is supplied, and the ownership is held by an individual or a small group of individuals. Small businesses may take proprietorship, partnership, or private limited company. In any case, the number of owners is always limited, and they hold the total ownership, and they supply the required equity too.

12. The area of operation is mainly local, with the workers and owners living in one home community. However, the markets need not be local.

13. The relative size of the firm within its industry must be small, which is not dominant in the industry. A small business should not have a major share of the market.

14. Doctors, dentists, and lawyers may fit all or some of these characteristics, but in most cases, they are considered professionals rather than small business operators.

Most entrepreneurs go into business because of a specific passion, product idea, or marketable skill set, but most entrepreneurs don’t know how to start a small business. There is a lot of excitement that goes with starting a new business.  The dreams are big, the passion is real, and there is a drive to succeed. However, it also takes other skills in order to manage a business well.

The following are the ten (10) primary functions of managing a small business (Lotich, 2019):

1. Ethical Accounting Practices. The accounting function of a small business covers many areas. Payroll, account receivable, account payables, taxes, financial statements, and the list goes on and on. Paying employees and keeping accurate accounting records for tax purposes is very important. Maintaining good records helps to eliminate a stressful time of trying to gather the necessary documentation for filing tax returns.

2. Human Resources. Small business owners are often surprised at the challenges that come with managing their workforce, which requires expertise in the science of human resources. Managing people can be a challenging part of a business and changes drastically as a company grows. For instance, it is not imperative to have policies and procedures regarding sick time or vacation time when there are a handful of employees. However, as the organization grows, it becomes more important to have a human resource management process and written policies and procedures. Pay attention to the labor laws that regulate small businesses and work to develop a team that can manage it, and ensure compliance with all regulatory requirements.

3. Facility Management. Most businesses need to live somewhere, have an address, and a front door. Facility issues arise once a company grows to a point where an office front or building is required to run the business. When there is office space, there are ongoing maintenance, cleaning, and upkeep requirements. Most facility management can be outsourced with a reputable company that has an excellent customer service track record. Prices are always negotiable, and creating a custom plan is always an option. As an example, ask the vendor how much less it would cost if you emptied your trash, used your cleaning supplies, or had the services less often. These are things to think about as you negotiate a contract with a vendor.

4. Information Technology. Technology runs most of our lives. Every organization is dependent on technology to run their business. It often makes sense to outsource the IT function to a reliable vendor. If you’ve ever had your hard drive crash or the server goes down, you understand the need to have reliable support at a moment’s notice. Depending on the complexity of the organization, office hours, or times when a company is open for business, different vendors have different levels of IT support. You want to make sure that your tech guy has excellent communication skills, is someone you can relate to, and is someone who has your organization’s best interest at heart.

5. Customer Focus. At the end of the day, customers pay the bills and our salaries. They need to be taken care of. Take the time to find out who your customers are and what they want. Keep a pulse on your customers so you understand how well their needs are being met; because customer satisfaction is a crucial gauge to the health of your organization. Successful businesses understand that focusing on the customer and be able to articulate what they want is the secret to success. It is also crucial to be able to identify and resolve customer issues so you can ensure a loyal customer base.

6. Website Development. Why does a business need a website? An organization’s website is often the first impression a potential customer has of an organization. A well thought out, organized, and user-friendly website is crucial to attracting and keeping customers. There are few things more frustrating for a customer than to go to a website, and either not be able to find what they are looking for or see a page that is not functional. When interviewing website developers, make a point to visit sites they have created, and contact their customers to get feedback on their timelines of projects performed. One last note on websites, it is important to remember that a website is not a onetime project but an ongoing process that needs managing. Neglecting a website and leaving outdated information on a site can be detrimental to an organization. Make sure you have a plan to keep the website functional, user-friendly, and up-to-date.

7. Social Media.  Why does a small business need Social Media? Social media has become the new standard for business marketing. The good news is that it is inexpensive to do, but does require some time, skill, and strategy. If you don’t know much about social platforms, find a teenager, and ask them how they would use social media to help your business. You might be surprised at the creative ways they recommend to get the word out. Long term, you will need to hire someone who understands these ever-changing technologies so you can keep your organization in front of your customers.

8. Search Engines.  Most people today use the internet to find a business or service. Make sure your business website has a profile on all of the business pages of search engines. Google Business, Bing Places, Yelp, and Yellow Pages all have business directories that will help get you found in the search engines. Because they are business directories built by, and for the search engines, your listing will rank well when someone is searching for you. These engines pull information from anywhere they can find it on the internet, so if you aren’t deliberate with the information you share, your business may have outdated or inaccurate information show up in search results.

     Take control of what information is available and spend a few minutes creating and maintaining a company profile with accurate information, pictures, and videos! Search engines can be your friend or your enemy, depending on what kind of information is floating out there. Identify someone on your team to do regular online searches for your organization to see how well your business ranks against other organizations. But more importantly, to see if there are any negative comments about your organization floating around the internet. If there are negative comments, address it head-on and respond to the criticism by either apologizing, explaining the situation, or both. Never ignore negative feedback. Even if you were wrong, respond.

9. Work-Life Balance. As a business owner, it is crucial to maintain a healthy work-life balance. Building a successful business can be a great sense of accomplishment. But to neglect family, friends, or other personal interests can take its toll over time. It is essential to take the time to reflect, think, and regroup regularly to maintain your mental health and business advancements. Think about it, where were you, and what were you doing when you got the idea to do what you do? Take the time to refresh so you can keep focused and committed to your mission!

 10. Don’t Forget The Fun. As a business owner, you need to have fun and to carve out time to make sure you provide a fun environment for your employees. There is a real estate company that is named THF when asked what it stands for, the reply was “To Have Fun”!  Try to learn from this. Running a small business requires many skill sets. Take the time to put the systems and processes in place to help you do what you do best. Hire great people, and let them help you take your business to where your dreams direct you!

1. Sole Proprietorship

     This is a business run by one individual for his or her own benefit. It is the simplest form of business organization. Proprietorships have no existence apart from the owners. The liabilities associated with the business are the personal liabilities of the owner, and the business terminates upon the proprietor's death. The proprietor undertakes the risks of the business to the extent of his/her assets, whether used in the business or personally owned.

     Single proprietors include professional people, service providers, and retailers who are "in business for themselves." Although a sole proprietorship is not a separate legal entity from its owner, it is a separate entity for accounting purposes. Financial activities of the business (e.g., receipt of fees) are maintained separately from the person's personal financial activities (e.g., house payment).

2. Partnerships-General and Limited

     A general partnership is an agreement, expressed or implied, between two or more persons who join together to carry on a business venture for profit. Each partner contributes money, property, labor, or skill; each shares in the profits and losses of the business; and each has unlimited personal liability for the debts of the business.

     Limited partnerships limit the personal liability of individual partners for the debts of the business according to the amount they have invested. Partners must file a certificate of limited partnership with state authorities.

3. Limited Liability Company (LLC)

     An LLC is a hybrid between a partnership and a corporation. Members of an LLC have operational flexibility and income benefits similar to a partnership but also have limited liability exposure. While this seems very similar to a limited partnership, there are significant legal and statutory differences. Consultation with an attorney to determine the best entity is recommended.

4. Corporation

A corporation is a legal entity, operating under state law, whose scope of activity and name are restricted by its charter. Articles of incorporation must be filed with the state to establish a corporation. Stockholders' are protected from liability and those stockholders who are also employees may be able to take advantage of some tax-free benefits, such as health insurance. There is double taxation with a C corporation, first through taxes on profits and second on taxes on stockholder dividends (as capital gains).

5. Small Business Corporation (S-Corporation)

     Subchapter S-corporations are special closed corporations (limits exist on the number of members) created to provide small corporations with a tax advantage, if IRS Code requirements are met. Corporate taxes are waived and reported by the owners on their individual federal income tax returns, avoiding the "double taxation" of regular corporations.

 An ecosystem is the interaction of organisms/ entities with one another and to their environment. Even in technopreneurship, businesses will not flourish on their own.

Below is a model of the Technopreneurship Ecosystem in the Philippines:

     To understand this better, let us first know the basic components of the technopreneurship ecosystem using specific examples, which can be summarized using the acronym HELF: human resource, environment, laws and policies, and financial resource.

·        

o   Human Resource Components

1.      

1.     Researchers- this involves the thinker, the idea generator and innovator

2.     Development- this involves implementers and technical people

3.     Marketing- advertising and selling

4.     Financers

·        

o   Environment Component

1.      

1.     Science parts- the initial presentation of a product and viewing of the products.

2.     Incubation Centres

3.      Academic Institutions

4.     Research and Development

5.     Internet Access

6.     Communication and other support service

7.     Geographic accessibility – location

·        

o   Laws and Policies

1.      

1.     Intellectual property rights

2.     Technology licensing office

3.     Legal services

·        

o   Financial Resource Component

1.      

1.     Investors 

2.     Business sectors

3.     Funding Agencies

4.     Financial Services

·        Founders– Every start-up business must have an excellent, determined and knowledgeable entrepreneur. A business will never be built without you!

·        Focused– Businesses must have a focused market need, a specialized one. Perhaps, niche market would be a better for start-ups. Successful business lies upon focused market needs.

·        Fast– The rate of change in business is rapid. Product life cycles are getting shorter. Technological innovation progresses at a relentless pace. Government rules and regulations keep changing. Communications and travel around the globe keep getting easier and cheaper. And consumers are better informed about their choices. To survive, let alone succeed, you must be quick and nimble.

·        Flexible– You must be ready for rapid changes – personnel factors, environmental factors and social factors. Alternative plans and strategy is a good preparation for such. Be flexible and stay successful.

·        Forever innovating– Small businesses are great innovators. Whether you hope to build a big company or a small one, the message is the same: Strive tirelessly to keep productivity high.

·        Flat– You must have a few layers of management as possible. Start your way in and learn things slowly.

·        Frugal– Maintain your overheads low, productivity high and ownership of capital assets to a minimum – only spend with useful and utilize them well.

·        Friendly - But, whatever you do, you probably won’t be able to attain much success unless you have happy customers, happy employees and happy suppliers. The secret is you have a friendly business. This means, that everyone in your company must be friendly, especially those that deal with your customers and your suppliers as well must be happy to serve you.

·        Fun– Stress always comes in. Having fun is one of the keys to keep your business stride high. You would not have put in 12-hour days and even sometimes overnights to catch up with the relentless pace of entrepreneurial changes without your own dreams and passion.

Entrepreneurship, primarily, has inherent economic value on a larger scale than just from a personal level. Though most business-owners put up their business for personal or communal benefit, businesses are actually contributing factors to local and global economies as well. To understand this better, let us first refresh our understanding of some key terms/concepts used in the succeeding discussion.

·        Technopreneur. A technopreneur is considered to be an innovative entrepreneur.

·        Economy. This encompasses the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services, and their management (Oxford Languages).

·        Relationship between economics and entrepreneurship. Entrepreneurship is seen as the “driving force of the market” and is considered to be the “main source of value creation in the firm level” (Klein, 2010).

     Synthesizing these concepts together, we can say that technopreneurs create more opportunities for local, national, and global economies to thrive even in harder times. As discussed in the Module 1, the importance of technopreneurship is seen in its ability to create employment, add value to local resources, change societal cultures and attitudes, and increases the capacity of economies to produce.

     So, what can technopreneurs specifically contribute to the economy of a country? Kritikos (2014) highlights some positive and negative contributions of technopreneurs to the economic growth and development of a country:

Positive

Negative

1.    Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.

2.    Increased competition from entrepreneurs challenges existing firms to become more competitive.

3.    Entrepreneurs provide new job opportunities in the short and long term.

4.    Entrepreneurial activity raises the productivity of firms and economies.

5.    Entrepreneurs accelerate structural change by replacing established, sclerotic firms.

1.    Only a few people have the drive to become entrepreneurs.

2.    Entrepreneurs face a substantial risk of failure, and the costs are sometimes borne by taxpayers.

3.    In the medium term, entrepreneurial activities may lead to layoffs if existing firms close.

4.    A high level of self-employment is not necessarily a good indicator of entrepreneurial activity.

5.    Entrepreneurship cannot flourish in an over-regulated economy.

Venturing into technopreneurship is not easy. It needs a lot coming from the technopreneur in terms of time, effort, skills, knowledge, and attitudes to become successful. Before we identify the traits that make successful technopreneurs, let us first further differentiate technopreneurs from entrepreneurs. The following table summarizes the contrast between technopreneurs and entrepreneurs in various aspects.

Technopreneur

Entrepreneur

·         likes to innovate

·         is part of a team

·         is able to do many things at once, but chooses to delegate

·         is innovative and has greater vision

·         likes to be the one to control innovation and be part of an evolution

·         is motivated by a strong vision and passion to innovate

·         takes failure in stride and knows it will lead to success if correction can be made

·         likes to compete

·         is a self-starter

·         is able to do many things at once

·         is creative, and has dreams and goals

·         likes to work for himself/herself and be in control

·         is motivated by a strong desire to achieve and attain financial success

·         focuses his/her attention on the chances of success rather than the possibility of failure

     Looking into the enumerated differences, you can see that technopreneurs are, in general, innovators, collaborative, and more optimistic than entrepreneurs. Of course, these generalizations have exemptions or are not always true to all and all times. It really depends on the person himself/herself. So, what traits can help technopreneurs become successful? A successful technopreneur is one that:

·        emphasizes on team-based organizational structure. We have already established that technopreneurship is a collaborative activity. With that said, a great technopreneur should be able to create meaningful structures within their organization in order to sustain and maintain freely-flowing ideas.

·        exhibits leadership. Though all entrepreneurs should know how to lead other people, technopreneurs are more servant-leaders than them. This type of leadership aims to enable individual members of the team by giving them opportunities to become leaders themselves. Technopreneurs recognize that each member has their own specialization and are considered to be the main authority in that area during their discussions.

·        focuses on innovation. Technopreneurs are innovators. They focus on underdeveloped products, services, or solutions or provide fresher perspectives to existing ones to make them more relevant. By focusing on innovations, technopreneurs open new doors in the market thus making it more dynamic than it already is.

·        has excellent communication skills. Since technopreneurs start only with their ideas, the only way for them to convince others to join them in their venture is by pitching their ideas effectively. Technopreneurs can convey their ideas, personality, and principles simultaneously in engaging speeches and discourses. Just watch an episode of Dragon’s Den to see how start-up owners do their pitch to get an idea as to how excellent communication can make a difference in the world of business.

·        has modest ego. Despite their often-brilliant ideas, technopreneurs are not arrogant people. They are conscious of the fact that their idea is not yet optimum and/or can be subordinate to another person’s idea as well. That is why, they deal with people in a humble manner and are not as self-centered as other business-owners.

·        is committed to commercialization of technology discovery. Technopreneurs create awareness of how technological tools can help in solving real-world problems. More so, most technopreneurs would like these technological tools and developments to be available and accessible to all

·        is driven to solve problems. Being engaged in technopreneurship entails one’s awareness and drive to make a difference in the world through technology. Technopreneurs often strive to look for accessible and alternative solutions to real-world problems.

·        is impatient. Though this word may have negative connotations, impatience in technopreneurship is not that at all. Technopreneurs are biased in taking action than just waiting for others to come up with a solution. Being impatient, in this case, allows for the quick analysis and evaluation of information for better understanding of situations. After which, brainstorming of ideas begin immediately to address a particular problem.

·        is intense. Strong entrepreneurial intensity if very important, especially to technopreneurs. This is because success is not easily-guaranteed in technopreneurship. If you lose your passionate energy and motivation early on, it is most likely that you will not persevere with your idea.

·        is not oblivious. Technopreneurs capitalize on their difference among other business-owners. They are willing to be different and knows this to be a fact. They use their peculiarity and radical ideas to create a memorable identity to potential customers.

·        is quick. The business sector is fast-paced. This is more so in technopreneurship. Dealing with a constantly-evolving platform, technopreneurs should be speedy in the testing of their ideas and, eventually, commercialization. The possibility of someone else pitching a similar idea is also a great reason why this is considered as a good trait for technopreneurs to have.

·        is pragmatic. Working with a group may require compromises to happen. Technopreneurs deal with things sensibly and realistically in a way that is based on practical rather than theoretical considerations. If another person in their team has an idea is better-suited to what is being discussed, then technopreneurs will go for that instead of the original.

·        is willing to incur the costs of growth. Technopreneurs are as realistic as they are idealistic. They know that their ideas and its success need a lot from them, may it be time, effort, or resources. These costs of growth are accepted parts of the risk of starting technological ventures.

·        is willing to use a wide range of financial sourcing. Start-ups are expensive ventures. That is why, technopreneurs should be skilled in looking for possible sources of funding. Applying to funding institutions, inviting investors, and other alternative measures should be taken into consideration by technopreneurs.

·        is with integrity. Transparency in technopreneurship can be quite challenging. That is because, most technopreneurs work behind technological tools and applications. This “invisibility” to the general public may tempt others to short-change their customers and business partners. That is why, technopreneurs should have integrity at all times.

·        rejoices in others’ victories. As an emerging industry, technopreneurs should establish good relationship with each other. Being team-players, every victory is celebrated by the whole technopreneurial community.

·        understands the value of business principles. Technopreneurs are knowledgeable in business and its principles. They have deep and comprehensive understanding of the formation and execution of sound business plans, raising of money, and building an organizational team.

Technopreneurship does not occur in a vacuum. With that said, it is expected that external and internal circumstances can influence the result or outcome of any business venture. Despite this, it does not mean that technopreneurs cannot actively-contribute to the success of their entrepreneurial venture. With that said, the following are the factors that lead to technopreneurial success:

·        Ability to initiate and operate a purposeful enterprise - No business will start if no one will take the first step, as with all things. In this case, technopreneurs should be able to identify what he/she wants to do, muster enough courage to pitch his/her idea/s, and be skilled in business operations from the onset.  

·            Ability to operate within the context and industrial environment at the time of initiative - Technopreneurship relies on the relevance of a product/service to the target market. With this said, technopreneurs should be able to evaluate and consider underlying contexts that may affect the commercialization of their products/services. Apart from that, they should also be mindful of the existing practices and dynamics in the industry where they are involved in.

·        Ability to identify and screen timely opportunities – Opportunities are often created in technopreneurship. It is rare that these come by, that is why in that event, technopreneurs should be quick to grab and utilize these opportunities to their advantage. Screening ideas is also important in order to avoid redundancy or irrelevance in the market.

·        Ability to accumulate and manage knowledge and technology – Technopreneurs should have the capacity and resources in order to get the necessary information and technological tools for their enterprise. Since these may come quite pricey, aspiring technopreneurs should be financially-sound and capable from the start to avoid debt and loss in the future.

·        Ability to mobilize resources - Resources, in this case, include financial, physical, and human resources. Part of the management functions of technopreneurs is the proper allocation, mobilization, and utility of these resources. Stagnant assets will do nothing for a growing enterprise.

·        Ability to assess and mitigate uncertainty and risk associated with the initiation of the enterprise – As emphasized previously, technopreneurial enterprises are risky to start because of the non-guaranteed return of investment. Though technopreneurs start with only their ideas, along the way, they should be able to evaluate the existing and potential risks that may come their way as they move forward. More so, solutions to these problems should be prepared already just in case they happen in order to minimize doubt from your team and even potential investors.

·        Ability to provide an innovative contribution that encompasses novelty and originality – Technopreneurship capitalizes on creativity and uniqueness that comes with the innovative process. In order for their ideas to “click” in the market, they should offer products and services that are quite new and appealing to the public. Apart from that, one of the goals of technopreneurship is to add to the growth of technological advancements for practical aims.

·        Ability to encourage a collaborative team of people who have the capabilities and knowledge necessary for success – Collaboration is very important in technopreneurial enterprises. That is why, technopreneurs should be able to enable everyone in the team to cultivate initiative, accountability, and responsibility. Apart from that, technopreneurs should also be good judge of people. One unmotivated team-member may greatly-affect the performance of the whole team.

·        Self-mastery. Knowing oneself brings passion. When you know yourself, you know what you want and do not want. The technopreneur has to have a mastery of himself/herself in order to be successful in the business. This goes beyond knowing one’s Intellectual Quotient (IQ) but rather emphasizes on one’s Emotional Quotient (EQ) and Adversity Quotient (AQ). When one has achieved a mastery of himself, he can use the appropriate leadership style required to handle any situation in business.

·        Environment Mastery. Environment mastery is about generating business ideas and seeking opportunities out from his/her environment. Technopreneurs understands the industry he/she is in, sees the opportunities and not the problems, is on top of the situation instead of being under the situation, and is the organization/industry innovator and strategist.

·        Enterprise Mastery. The objective of this is to understand the importance of understanding every aspect of an enterprise, such as marketing, operations, finance and human resource in order to be master of running a business. Enterprise mastery is how to run a business.

When you start a venture, start with Marketing. Marketing is creating a promise. Operations is the next aspect that one has to look into. Operations is keeping the promise and how to make the perception a reality. The next aspect is Financial Management. The best way to protect your invention or technology is to put only a small margin on your product. This way, copycats will not waste their time replicating your invention because they know margin is very low. Risk Management is important. Being a technopreneur involves some risks. Technopreneurs have the ability to take measured or calculated risks. Such risks involve working out the likely costs and gains, the chance of success and the belief in oneself to make the risk pay off.

·        Development of a Business Plan. Development of a business plan covers writing the business plan, presenting and defending the business plan, and adding refinements to the presented business plan. We will learn more about this in the next module.