Chapter 1

CHAPTER 1
INTRODUCTION TO TECHNOPRENEURSHIP
1.1. Technology and Entrepreneurship
1.2. Definition of Technopreneurship
1.3. Types of Entrepreneur
1.4. Five Traits of Technopreneur
1.4.1. Differences between Entrepreneurial Process and Technopreneurial Process
After this chapter, the students will be able to:

1. define technology, entrepreneurship and technopreneurship;
2. differentiate entrepreneur and technopreneur; and
3. identify the traits of a technopreneur.
1.1. Technology and Entrepreneurship
Technology is a branch of knowledge that deals with engineering or applied sciences.

It is an application of science to solve problems by creating tools, processing actions and
extracting of materials.
Entrepreneurship is the practice of embarking on a new business venture, enterprise,
or existing businesses and bearing any of its risks, with the view of developing
opportunities and making the profit.
1.2. Definition of Technopreneurship
Technopreneurship is simply combining technology prowess and entrepreneurial

skills. It is a new extension of entrepreneurship that uses technology to come out with
something new to make some innovation. It involves the collaboration of people who
convert good ideas into business ventures that relies heavily on technology.
Technology
Technopreneurship
(innovation)
Entrepreneurship
Figure 1 Technopreneurship
1.3. Types of Entrepreneur
An entrepreneur is a person that possesses various skills in terms of marketing,

communication and strategically has the potential demand for the goods and services
whether as a sole proprietor, with partners and within a corporation. This person is
commonly seen as an innovator, a source of new ideas, goods, services, business and
procedures.
According to Business Jargons, there are four types of entrepreneur: innovative,
imitating, Fabian and drone. This classification is done on the basis of the willingness of
an entrepreneur to create and accept the innovative ideas.
Innovative
Types of
Drone Imitating
Entrepreneur
Fabian
Figure 2 Types of Entrepreneur
Innovative Entrepreneur
An innovative entrepreneur invents new ideas, new products, new production methods
or processes, discovers potential markets and reorganizes the company’s structure. This
type of entrepreneur is the industry leader and contributes significantly towards the
economic development of the country. The innovative entrepreneurs have an unusual
foresight to recognize the demand for goods and services. They are always ready to take a
risk because they enjoy the excitement of a challenge, and every challenge has some risk
associated with it. Ratan Tata is said to be an innovative entrepreneur, who launched the
Tata Nano car at a considerably low cost.
1
Imitating Entrepreneur
The imitating entrepreneurs are those who immediately copy the new inventions made
by the innovative entrepreneurs. These do not make any innovations by themselves; they
just imitate the technology, processes, methods pioneered by others. These entrepreneurs
are found in the places where there is a lack of resources or industrial base due to which no
new innovations could be made. Thus, they are suitable for the underdeveloped regions
where they can imitate the combinations of inventions already well established in the
developed regions, in order to bring a boom in their industry.
Fabian Entrepreneur
This type of entrepreneurs is skeptical about the changes to be made in the organization.
They do not initiate any inventions but follow only after they are satisfied with its success
rate. They wait for some time before the innovation becomes well tested by others and do
not result in a huge loss due to its failure.
Drone Entrepreneur
These entrepreneurs are reluctant to change since they are very conservative and do not
want to make any changes in the organization. They are happy with their present mode of
business and do not want to change even if they are suffering the losses.
1.4. Five Traits of Technopreneur
A technopreneur is a person who perceives an opportunity by introducing new products

and services, creating forms of organization and by utilizing new raw materials. Most of
the technopreneurs undertake risks that has possibility of earning a profit. A technopreneur
starts out with nothing but an ‘idea’ defying existing products, practices and systems in
which he or she can think of new solution through the use of technology and innovate it
eventually.
There are five traits of technopreneur: strong communication skills that close deals,
product management knowledge, deep technical understanding, taking big risks, and
persistence.
Strong Communication Skills that Close Deals
Technopreneur should possess a strong communication skills that close deals as they
diverse people to their business ideas and products. Communication plays an important
role in determining success by convincing sponsors, different organization and prospective
clients to help a technopreneur to pursue his idea and product.
Product Management Knowledge
It is significant that a technopreneur have a deep understanding of his or her idea or
product in order to present it to the target customers in a detailed and precise manner. It is
a big deal that he knows the overall product so that it will be easier to explain and encourage
the clients or sponsors.
2
Deep Technical Understanding
As a technopreneur, it is important to be tech-oriented as you will deal with the
technical aspects of your idea or product. A technopreneur should know how to be
technology savvy to be able to compete with others, be competitive and understand the
dynamics of the market.
Taking Big Risks
Dealing with the competition will basically improve the way technopreneurs thick
outside of their box. They have to take risks as not all idea or product are meant to be
successful in the business world. Even famous technopreneurs have to deal with the risks
for their product or services to be recognized locally and globally. They need to know how
to gamble in the competitive environment to gain branding.
Persistence
Not all entrepreneur can be a technopreneur but all technopreneurs are entrepreneurs.
That is why they have to acquire persistence to achieve their goals. Staying positive in all
aspects of life is possible even if there will be challenges and odds along the way, hard
road is next to success.
To summarize, Table 1 shows the differences between an entrepreneur and a
technopreneur.
Table 1 Differences Between Entrepreneur and Technopreneur
Entrepreneur Technopreneur
• Likes to compete • Likes to compete
• Self-starter/pioneer • Likes to innovate
• Able to do many things at once • Part of a team
• Creative and has goals and dreams • Able to do many things at once
• Likes to work for himself but chooses to delegate
• Motivated to achieve and attain • Innovative/greater vision
financial success • Likes to be one to control innovation
• Focuses on the chances of success • Motivated by a strong vision and passion
rather than the possibility of failure to innovate
• Takes failure in stride and knows that
if corrected it will lead to success
1.5. Differences between Entrepreneurial Process and

Technopreneurial Process
In a business, entrepreneurs and technopreneurs follow several processes to be

successful in their business plans.
The Entrepreneurial Process
1. Opportunity Analysis
This phase refers to establishing demand and competitive analysis of the
market. An entrepreneur should have a clear vision by making a thorough
3
study of the market potentials to create strategies and desirable objectives
for the growth of an organization.
2. Business Planning
The entrepreneur should have a written business plan that composed of the
organization’s future goals, how to achieve those goals and the timeframe
within which these goals are to be achieved. Business planning usually
includes marketing strategy, financial and operational viewpoint.
3. Gathering Resources
Entrepreneurial resources include sources of financing such like lines of
credit and investment capital, technology, networks of contacts and
publicity. A business ought to have four types of resources that includes
physical resources, intellectual, human and financial resources.
4. Implementation
Implementation is a process of execution about what has been planned and
utilizing the numerous resources for the success of the business.
5. Scaling and Harvesting
Scaling is a process where the organization will encounter challenges. The
organization will experience painful point for rapid growth for stability and
continuity of the business operations. On the other hand, harvesting is a
process where the organization will reap what they sow in dealing with the
challenges they had encountered throughout the process of the business.
Opportunity Business Gathering

Analysis Planning Resources
Scaling and
Implementation
Harvesting
Figure 3 Entrepreneurial Process
The Technopreneurial Process

1. Idea generation
This is the process of creating, developing and communicating abstract,
concrete, or visual ideas. It includes goals, strategies, concepts, design,
style, plans and actions to come up with possible solutions for actual
problems and opportunities.
2. Idea Screening
Idea screening is a process that evaluates and contrast new prospective ideas
for your business. It is where assessment will be instigated to make sure that
4
your ideas is related to the business. The idea screening criteria are used to
determine compatibility and whether the idea will earn profit or could return
on investment.
3. Concept Testing
Concept testing is the process of testing new or hypothetical products or
services before they are launched.
4. Business Analysis
It is a process of identifying what the business needs and determining
solutions to business problems that will improve the process, management
and the financial status quo to deliver value to stakeholders.
5. Monitoring and Evaluation
Every business should be monitored and evaluated according to the
performance in the market. Monitoring and evaluation is important for the
business to diagnosed problems and improve what is needed to stayed in the
competition. Thru evaluation the organization will identify the performance
rating of the business.
6. Commercialization
It is the process of introducing new products and service to the market. With
commercialization, an organization entails production, distribution,
marketing sales, customer support to achieve the commercial success of the
new product or service. The use of advertisement, social media campaign,
and video production is part of commercialization so that the vision and
value of the product or services will be reached out to the society.
7. Test Marketing
It is a process of experimenting and assessing your product to check its
viability to consumers compromising of actual stores and real-life buying
situations. It is to test the consumer reaction towards the new product or
services in the market.
8. Prototyping
It is the overall design of the product where it shows it functionalities,
specifications and interface that is based on the business analysis.
REFERENCES
1. Juaneza, J. P., et al. (2019). Introduction to Technopreneurship, Unlimited

Books Library Services & Publishing Inc., Philippines.
2. Sison, L. G. (2018). Tech to Go, Philippines.
3. Modules of Dr. Jonathan W.L. Salvacion

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After this chapter, the students will be able to:

1.1. Technology and Entrepreneurship

Technology is a branch of knowledge that deals with engineering or applied sciences.

1.2. Definition of Technopreneurship

Technopreneurship is simply combining technology prowess and entrepreneurial

An entrepreneur is a person that possesses various skills in terms of marketing,

Figure 2 Types of Entrepreneur

1.4. Five Traits of Technopreneur

A technopreneur is a person who perceives an opportunity by introducing new products

1.5. Differences between Entrepreneurial Process and

In a business, entrepreneurs and technopreneurs follow several processes to be

Opportunity Business Gathering

Figure 3 Entrepreneurial Process

The Technopreneurial Process

1. Juaneza, J. P., et al. (2019). Introduction to Technopreneurship, Unlimited

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