ENTR 301: Technopreneurship and Entrepreneurship - Key Aspects

This report provides a comparative analysis of technopreneurship and entrepreneurship, highlighting their key similarities. It defines entrepreneurship as the planning and establishment of a business while explaining technopreneurship as an extension of entrepreneurship that integrates new technology for innovation. The report uses examples like Tesla, Apple, and McDonalds to illustrate how both approaches address market opportunities and customer needs, emphasizing the importance of risk mitigation. The technopreneurial process is outlined, starting with idea generation and screening, followed by concept testing, business analysis, prototype development, test marketing, commercialization, and continuous monitoring and updates. The report concludes that both technopreneurship and entrepreneurship share the primary goal of satisfying customer needs and increasing profit margins.

TECHNOPRENEURSHIP AND
ENTREPRENEURSHIP

CONTENTS
SIMILARITIES BETWEEN TECHNOPRENEURSHIP AND ENTREPRENEURSHIP............1
TECHNOPRENEURIAL PROCESS..............................................................................................1
REFERENCES................................................................................................................................3

SIMILARITIES BETWEEN TECHNOPRENEURSHIP AND
ENTREPRENEURSHIP
Entrepreneurship can be defined as an activity of planning and setting up of business
reviewing the market opportunities. Considering the same, technopreneurship is an extension of
entrepreneurship whereby entrepreneur looks for new technology as part of doing innovation for
meeting with hidden needs of individuals. By taking reference with Tesla, Elon Musk has used
advance technology for developing autonomous car and it certainly assist in addressing market
opportunities and hidden needs of individual. In this technopreneurship, there is an equivalent
amount of financial risk, failure risk, poor response from target customers and other related
(Rosly & et.al. 2015).
Beside this, entrepreneur seeks for market opportunities and addresses the same by
developing new and advanced products. The same is practiced by technopreneurs also as they
also develops new product with the concept of disruptive innovation. By taking example of
Apple, Steve Jobs has innovated touch screen mobile phones which certainly obsolete keypad
mobiles in near future of its launch. Similarly, McDonalds continuously developing new
products and adding the same in its menu as part of addressing the needs of diverse customers. It
has developed snack wraps, frappes and other customisable burger options for meetings its
customer needs. Further, both technopreneur and entrepreneur seeks to mitigate risk by taking
necessary actions and it certainly helps in attaining success in the market (Mohannak &
Matthews, 2015). Hence, it is evident that entrepreneurship and technopreneurship are very
similar to each other as key motive of both is to address the needs of customers and boost the
profit margin.
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TECHNOPRENEURIAL PROCESS
Figure 1: Technopreneurial Process
Technopreneurial process initiates with idea generation follows with screening in order to
review its feasibility. Considering the example of self-driving car by Tesla, idea is generated and
its feasibility is checked. Further, the concept is tested in laboratory to review how self-driving
car can be operate. For this, voice commands and human gestures are taken into account for
operating such car. Considering this idea, it is essential to conduct business analysis is order to
ensure that this concept will be profitable or not, if launched. This concept will change the whole
logistic and public transport sector and hence seems to be highly profitable in near future. After
this, a prototype is developed by Tesla in order to test it in real environment and necessary
modification can be made in technology as part of boosting the safety (Walker, 2012). Upon
successful testing of prototype and altering all loopholes, test marketing is done where final
product is marketed for target market. The same is then commercialised by Tesla in Europe and
Middle East as part of boosting its sale and market share. Lastly, Tesla regularly monitors its
product and updates the same to remove all bugs from the operation (Özbilgin, 2010). This
certainly defines the technopreneurial process adopted by Tesla.
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Idea Generation Idea Screening Concept
Testing
Business
Analysis
PrototypingTest Marketing
Commercializat
ion
Monitoring and
Education

REFERENCES
Mohannak, K. & Matthews, J., (2015). Knowledge integration within innovation process: a
technopreneurial perspective. International Journal of Technoentrepreneurship, 3(1),
pp.17-36.
Özbilgin, M.F., (2010). Handbook of research on high-technology entrepreneurs. Edward Elgar
Publishing.
Rosly, H.E., Junid, J., Lajin, N.F.M. & Rahim, H.L., (2015). The Relationship of Creativity and
Technopreneurship Intention. International Academic research Journal of Social science,
1(1), pp.8-15.
Walker, K., (2012). The technopreneurship process: Academic entrepreneur university spin-offs.
RIThink, 2, pp.11-22.
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