A305IAE: Hi-Tech Entrepreneurship Commercialization Strategy Report

This report presents a commercialization strategy for a hi-tech entrepreneurship, specifically focusing on social media consulting. It begins with an introduction to the business idea, highlighting the potential of social media consultants and the importance of innovation strategies in the commercialization process. The report then delves into the nature of hi-tech entrepreneurs in this field, emphasizing the need for speed, expertise, and capital. Key strategies are outlined, including target market analysis, niche ideas within social media consulting, and an assessment of the competitive landscape. The report also covers resources and commercialization plans, including insurance policies and financial considerations. Furthermore, it analyzes the skills and competencies required for hi-tech entrepreneurs, identifies skill gaps, and proposes strategies for improvement. The report concludes with a summary and references.

Running Head: HI TECH ENTREPRENEURSHIP
Hi Tech Entrepreneurship
Name of the Student:
Name of the University:
Author Note:

1HI TECH ENTREPRENEURSHIP
Table of Contents
Introduction to the Business Idea:...................................................................................................2
Nature of the Hi tech Entrepreneurs................................................................................................2
Key strategies of the Business idea.................................................................................................3
 Target Market.......................................................................................................................3
 The Niche Ideas within the Business of Social Media Consulting.......................................4
 Assessment of the level of competition in the market..........................................................4
 Analysis of the popular brands in the social media industry................................................4
Resources and Commercialization plan...........................................................................................5
 Insurance Policies.................................................................................................................5
 Finances to bring the concept to the market.........................................................................5
Skills and competencies in relation to the Hi tech Entrepreneur.....................................................6
Analysis of the Skill Gaps...............................................................................................................7
Strategies to improve the plan.........................................................................................................7
Summary..........................................................................................................................................8
References........................................................................................................................................9

2HI TECH ENTREPRENEURSHIP
Introduction to the Business Idea:
The Hi tech Business Idea on which I will write the commercialization strategy is about
social media consulting. I have chosen social media consulting as the hi tech idea because social
media consultants can create their own presence in the social media that will provide the most
excellent for the consulting business of social media. The research in this field has also
highlighted the potential benefits of the innovation strategies that will require the effective form
of the process of commercialization (Sashi 2018).
In the field of social media consulting the commercialization process can often be
complex and can pose a challenge for the small technology units. This is because the
requirements of the customers keep on changing at a fast rate where the small firms of the
technology will specialize in the production rate of the products that will be characterized by
high technology that should match or exceed the given pace of the major changes in order to
maintain the required level of competitiveness (Binnui and Cowling 2016).Partly because of
these factors the commercialization of the social media consulting hi tech firm will show the
increasing utilization of the external competencies and the level of knowledge that will be
assessed through the innovation related networking base that will helpful to accelerate the level
of commercialization of the social media consulting firm (von Platen 2016).
Nature of the Hi tech Entrepreneurs
The nature of the hi tech entrepreneurs in the field of the social media consulting are
characterized by high growth with the high level of impacts that they exercise in the market
scenario. The high tech entrepreneurship in the field of social media consulting is characterized
by the need for speed, the different innovation led enterprises that will require the substantial

3HI TECH ENTREPRENEURSHIP
level of expertise, the level of capital and the presence of talent in their early cycle of life. Like
the entrepreneurs of other sectors the hi tech entrepreneurs will need to find the right amount of
the resources in order to feed their growing requirements at the right time (Cawsey and Rowley
2016).
As a social media consultant the hi tech entrepreneurship will revolve around the
question of feasibility that is the testing through the development of the prototype along with the
entrepreneurs of the higher growth levels that will determine the idea of the specific technology
in order to value the market proposition measures (Narasimhan et.al 2019). Before the high tech
entrepreneurs in the field of the social media consulting have to secure the funding patterns that
will be appropriate for their idea from the beginners to the venture capitalists in the market in
order to prove the sufficient demand in the market and the differentiation process in order to
make the investment in the project worthwhile (Moran, Seaman and Tinti-Kane 2017).
Key strategies of the Business idea
 Target Market
In order to star the hi tech business of social media consulting, there has to be proper
levels of feasibility analysis and the subsequent market research. The feasibility analysis includes
the detailed scrutiny of the demographics and the psychographics of the social media industry.
The analysis of the individuals, the corporate organizations, the government agencies and the
nonprofit organizations who will require the services of the social media consultant. Therefore
the target market of the social media consulting is broad and is not limited to the few groups of
the individuals or the business units who will be aware of the power of the internet (Baird and
Parasnis 2017).

4HI TECH ENTREPRENEURSHIP
 The Niche Ideas within the Business of Social Media Consulting
Recently, the large companies of the social media consulting have offered more level of
niches to the target market along with the small scale companies that have to stick to just a few
orders in order to offer the efficient services in the market of the social media consulting. The
particular niche areas that should be the central focus of the social media consulting company are
the social media consulting, the content strategist along with the content creator, the copywriter
in social media, the specialist of the digital market tool and the graphics designer in the field of
social media (Trotta 2017).
 Assessment of the level of competition in the market
The level of the competition in the social media consulting marketing is not only
dependent on the location of the business in one particular way which is because of the type of
work that the social media consultant does which allow the companies in the industrial domain
that will help the company of the social media consultancies to compete with the other parties in
the market on a global scale. The hi tech entrepreneurship in Social media consulting has seen a
tremendous rise in its business not in the American region but all over the globe (Huan and
ZhanWen 2018).
 Analysis of the popular brands in the social media industry
It is important to analyze the popular brands in the social media industry because they
will allow the business to stand out from the rest by having a high streak of success along with
the unique tactics of marketing and the tenure at which the particular industry and the niche areas
where the consultancy operates. The popular social media consultancy include the AG
Interactive Inc, 2 wire Inc and the Digital Insight Corporation.

5HI TECH ENTREPRENEURSHIP
Resources and Commercialization plan
The decision of starting the hi tech entrepreneurship program has started from the scratch
versus the franchise assets that will be entirely influenced by the goals and the underlying
objectives which will guide the entrepreneur over his or her particular business. In the context of
the social media consulting there are however no franchises present that will exist due to the
operations of the business which will make the franchise not likely to exist in the industrial
domain in which the industry will operate in the near future (Lindsay 2017).
 Insurance Policies
The insurance policies form the most important aspect of the commercialization plan of
the hi tech entrepreneurship business plan. The acquiring of the appropriate policies of insurance
for any particular business is very important that intends to run the social media consulting
platforms which will be persistent beside the setting up of the budget for the specific insurance
policies the business unit will require to consider the purchasing patterns and the consulting
business in social media. The insurance policies include the General insurance, the
Compensation insurance for the Workers , the Errors and the Omissions Insurance along with the
Cyber Liability Insurance. It also includes the payment protection scheme (Malmgård and West
2018).
 Finances to bring the concept to the market
The hi tech entrepreneurship has been established with the aim of the
maximization of the profits in the field of social media that will go all its way to ensure the
different ways in which the needs and the expectations of the customers will be met. The social
media consulting generates income by offering the different social media consulting services and
the other associated services like the services of communication that includes the blogging

6HI TECH ENTREPRENEURSHIP
services, the specialty services and the social media management services. There are different
ways in which the different corporate organizations would require the services of the social
media consulting firms in order to increase the sales and to enhance the promotion of their
brands (Anderson 2018).
There are certain corporate organizations that will require the services of the consulting
firms in social media that will help them to increase the sales promotion measures through their
brands which are present in the market. The customers are well positions in order to capture their
individual market position in the context of the marketing industry of social media and the
consulting firms are quite optimistic about the fact that the targets have to be met for the
generation of the profits from the initial six months period that will enhance the social media
consulting units to greater heights (Schultz and Peltier 2017).
Skills and competencies in relation to the Hi tech Entrepreneur
The two most important skills that are important for the hi tech entrepreneurs are the
identifying traits and the second is the to explain the achieved levels of success in terms of the
competencies of the different entrepreneurs. The hi tech entrepreneurs should have a clear
understanding of the evolution and its nature in respect of the different industrial units , along
with the knowledge of the effects that globalization has on the entire world. The hi tech
entrepreneurs must receive the adequate level of training particularly in the cases of teaching.
The hi tech entrepreneurs must be able to develop their own level of the interpersonal
level of the competencies. This will include the certain skills such as the skills of the
communication tools along with the required levels of delegation that will be acquired through
the practices and the habits that lie within the character of the different individuals. The

7HI TECH ENTREPRENEURSHIP
characters of the entrepreneurs may not be strictly related to the business that the entrepreneur is
associated with. The habits may be therefore referred to as the technical habits of the individuals
or the skills that the individuals possess. The entrepreneurs should acquire the technical habits
and the skills in the field of the social media consulting that will be consistent with the
entrepreneurial ventures.
Analysis of the Skill Gaps
The hi tech entrepreneurs in the field of the social media consulting need ti analyze the
factors that give rise to the gaps in the skills. In a very short span of time. The social media
activities have seen a radical democratization and with the increasing tendency of the
decentralization the tool of social media has found its wide usage in the technology of
management. For the ho tech entrepreneurs the sudden level of the proliferation measures can be
one of the crucial factors of the analysis of the skills gap. With the addition of the new platforms
in the features of the entrepreneurship skills there has been a constant struggle amidst the
marketers constantly for the new form of the challenges (Cotterill and Symes 2016).
The hi tech entrepreneurs have also found out various ways in order to bridge the skills
gap among them. The introduction of the right kind of training solutions that will be needed in
order to bridge the skill gaps in the hi tech entrepreneurship skills. The hi tech entrepreneurs in
the social media consulting can create the different platforms for the creation of the fun
experience in order to draw more customers through the channel of social media (Bucher and
Helmond 2017).

8HI TECH ENTREPRENEURSHIP
Strategies to improve the plan
The social media consultants should also thoroughly analyze the industrial situation and
the form of the specific target market of the consultants. The general knowledge of the market
situation is extremely important in order to determine the significance of the articles, blogs and
the case studies related to the social media consulting. The second strategy is the analysis of the
degree of the connectivity that the entrepreneurs have with the other influencer in the industrial
domain. This is possible with the thorough checking of the connected consultants in the different
social media tools by checking out their individual list of followers and to scan its degree of
acceptability among the general public (Hayes et.al 2016).
It is very crucial for the social media consultants to back up their level of the future
accomplishments with the different metrics and the analytics that will quantify the level of the
returns on the investments of the hi tech entrepreneurs in the social media consulting fields.
Summary
Finally the entire repot can be summarized with the strategies for the commercialization
of the hi tech entrepreneurship in the sector of social media consulting. The report has indicated
the business idea, the cause for taking such a plan, the financial and the other resources that will
be required such a plan. From the report it is clear that such a business idea will require the
proper strategy and knowledge of the target market and proper resolutions to overcome the
limitations faced by the entrepreneurs.

9HI TECH ENTREPRENEURSHIP
References
Anderson, C.K., 2018. The impact of social media on lodging performance.
Baird, C.H. and Parasnis, G., 2017. From social media to social customer relationship
management. Strategy & leadership.
Binnui, A. and Cowling, M., 2016. A conceptual framework for measuring entrepreneurship and
innovation of young hi-technology firms. GSTF Journal on Business Review (GBR), 4(3).
Bucher, T. and Helmond, A., 2017. The affordances of social media platforms. The SAGE
handbook of social media, pp.223-253.
Cawsey, T. and Rowley, J., 2016. Social media brand building strategies in B2B companies.
Marketing Intelligence & Planning.
Cotterill, S.T. and Symes, R., 2016. Integrating social media and new technologies into your
practice as a sport psychology consultant. Sport & Exercise Psychology Review, 10(1), pp.55-64.
Hayes, R.A., Carr, C.T. and Wohn, D.Y., 2016. One click, many meanings: Interpreting
paralinguistic digital affordances in social media. Journal of Broadcasting & Electronic Media,
60(1), pp.171-187.
Huan, Q. and ZhanWen, N., 2018. Knowledge management in consultancy involved LPS
implementation projects via social media. Electronic Commerce Research, 18(1), pp.89-107.
Lindsay, B.R., 2017. Social media and disasters: Current uses, future options, and policy
considerations.
Malmgård, E. and West, A., 2018. Management consultancy firms’ approach to IEM students’
social media exposure-A study investigating Industrial Engineering and Management students’
social media exposure and how it may affect their hireability at management consultancy firms
in Sweden (Master's thesis).

10HI TECH ENTREPRENEURSHIP
Moran, M., Seaman, J. and Tinti-Kane, H., 2017. Teaching, Learning, and Sharing: How Today's
Higher Education Faculty Use Social Media. Babson Survey Research Group.
Narasimhan, R., Kumar, M.R. and Sridhar, M.K., 2019. Organizational Transformation of
Internationalizing Hi-Tech SMEs in India: A Case-Based Analysis. In Transnational
Entrepreneurship (pp. 379-400). Springer, Singapore.
Sashi, C.M., 2018. Customer engagement, buyer‐seller relationships, and social media.
Management decision.
Schultz, D.E. and Peltier, J.J., 2017. Social media's slippery slope: challenges, opportunities and
future research directions. Journal of research in interactive marketing.
Trotta, A., 2017. Building the new social media consultancy services of LiveArea-The PFSweb
Agency.
von Platen, S., 2016. Struggling with new media and old expertise: reconstructing the
professional role of communication consultancy. International journal of strategic
communication, 10(5), pp.353-367.