Republic of the Philippines

NUEVA VIZCAYA STATE UNIVERSITY

Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022

COLLEGE OF ENGINEERING
Bayombong Campus

DEGREE PROGRAM BSCE COURSE NO. TECHNO101

SPECIALIZATION COURSE TITLE TECHNOPRENUERSHIP 101
YEAR LEVEL 2 TIME FRAME 12HRS WK NO. 1-4 IM NO. 1

I. UNIT TITLE/CHAPTER TITLE

Introduction to Technopreneurship

II. LESSON TITLE

1. Introduction
• Entrepreneurial mindset
• Innovation and Ideas
• Products and services
• Team formation

III. LESSON OVERVIEW

Technopreneurship 101, a subject written and crafted by PhilDev, encourages science and engineering
students to explore the entrepreneurial and R&D career paths. The class is based on PhilDev’s
entrepreneurship modules which cover topics such as introduction to entrepreneurship, idea creation,
feasibility and differentiation, market validation, and business planning and execution. Experience the
dynamics of participating on a business team, create and present a business plan for a technology idea.
All of the objectives and the activities of the course should provide the background, tools, and life skills
to participate in the entrepreneurial process within a large company as an engineer, in a new venture, or
as an investor.

IV. DESIRED LEARNING OUTCOMES

1. Create a better understanding on what a technopreneurship is.
2. Discuss the management principles as a member and leader in a team.
3. Explain how to manage projects and in multidisciplinary.
4. Evaluate and define innovation.
5. Experience the entrepreneurial process from the generation of creative ideas, the market needs or
provide a solution to a key problem,
6. Explore the feasibility and creation of a business enterprise, implementation of creative ideas into
real products.

V. LESSON CONTENT

I. INTRODUCTION
Technopreneurship it is a simple entrepreneurship in a technology intensive context. It is a process of
merging technology prowess and entrepreneurial talent and skills.

Technopreneur is the person who destroys the existing economic order by introducing, new products
and services, by creating new forms of organizations and by exploiting new raw materials. It is someone
who perceives an opportunity and creates an organization to pursue it.

A person who undertakes risks that has the chance of profit. Technopreneurs distinguishes themselves
through their ability to accumulate and manage knowledge, as well as their ability to mobilized resources
to achieve a specified business or social goal.

Entrepreneurship is a way of thinking and acting that is opportunity obsessed, holistic approach and
leadership balanced for the purpose of wealth creation. Searches for change, responds to it, and exploits

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 Republic of the Philippines
NUEVA VIZCAYA STATE UNIVERSITY
Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022

it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploits
change as an opportunity for a different business or a different service.

Entrepreneurship pursuit of opportunity without regard to the resources currently under one’s control.

Various types of Entrepreneurs are running their businesses in several fields according to their interests.
An Entrepreneur is a person who always finds out the opportunities and converts it into reality in the form
of products and services to maximize profit and develop their business.

Basic Idea of Technopreneurship

In this era of technology, a technopreneur begins their business with nothing but with a brainstorming
idea. He identifies present practices and assesses some new ideas to do something different.

A person who is engaged in technopreneurship creates a product or solution that uses technological
solutions to change the way of doing something in an orthodox way. It improves how we have done
something before and how it has to be done in the coming future.

To exemplify, the owner of Uber come up with a unique idea to call a can from any location through the
application and keep a track of it through GPS.

It takes the can or taxi industry by storm as it saves time of people and an easy way to book a car.

In an intensive context, this is not a product but a procedure of synthesis to improve and create innovate
the future of a person, a nation, and the globe as a whole.

In this digital world, professional development programs, as well as training, have required to succeed in
a knowledge-based society. They produce various strategic thinkers who have the relevant skills and
talent to grab success in a changing global atmosphere at a fast pace.

Property has achieved through technology and accurate entrepreneurial skills. Some examples of
successful technopreneurs are Bill Gates (Microsoft), Sergey Brin and Larry Page (Google), Jack
Dorsey (Twitter), Steve Jobs (Apple), Kevin Systrom (Instagram), and so on.

According to Blanco 2007, “Technopreneurship comprises identifying modern technologies and even
creation of technological opportunities by the presentation of commercial products and services.”

What exactly Technopreneurship is?

As it is hinted by the term, it is a blend of two words such as “technology” and “Entrepreneurship”.
Thoroughly, it is a kind of entrepreneurship in the field of technology.

The process of technopreneurship is a combination of technological advancements and entrepreneurial

skills. In the products and services transformation, an integral part of technopreneur is technology.

This is a new breed in the field of entrepreneurship. These types of entrepreneurship are suitable for a
person who is intelligent, innovative, tech-savvy, appetite, and passionate in the calculation of risk.
Technopreneurship gets to the next level of success through teamwork.

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 Republic of the Philippines
NUEVA VIZCAYA STATE UNIVERSITY
Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022
Tehnopreneurship Trilogy

Examples of Technopreneurs
As defined by the Collins Dictionary, “techpreneurs are entrepreneurs who start and manage their own
technology business.”

The name originated from the year 1990s and a blend of “techno” and “entrepreneur” who takes the
calculated risks in the techy world.

Do you know who the techpreneur is? Here are examples of some technopreneurship that sets an
example.

▪ Elon Musk
The billion Elon Musk has been regarded as a Tech Geeks, who is CEO of SpaceX, PayPal, and Tesla.
Further, Elon Musk is known as a disrupture and he has discarded the misconception that the only best
way to cut the business cost is outsourcing.
Elon Musk is always rushing the group of technopreneurs who love to take risks.

▪ Bill Gates and Steve Jobs

Other well-known technopreneurs cover Bill Gates who is the founder and owner of the award-winning
firm of all time, Microsoft. But we never forget the late Steve Jobs.

Of course, the film that has been made about Steve Jobs named “Pirates of Silicon Valley” that give him
a title of technopreneur. That biographical film about that man showcases the real picture of the tech
world that we have today. It involves all the creative actions involved in the building up of the global
corporate empire, Steve Jobs Apple Computer Corporation.

It is interesting to get such great technopreneurs at the same time. Both of these companies competed
with each other in the past times on various events. The battle of these computer and software technology
is appealing to watch.

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 Republic of the Philippines
NUEVA VIZCAYA STATE UNIVERSITY
Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022
Importance of Technopreneurship

Needless to say, technopreneurship has played an influential role in the use of technology for fulfilling
various purposes.
1. it makes easy for people to stay in touch with each other and comes up with some unpredictable
products as well as solutions that are beneficial for the nation.
2. it has also provided some other benefits to society and the nation that contributes to economic
and human development.
Here, we are going to discuss the significance of Technopreneurship for a nation and the world
too.

• Creating Employment Opportunities

When startup businesses, then there is an increase in the pool of job opportunities as they need
manpower to run all business operations. In the same way, technopreneurship creates jobs and helps
the nation to combat the problem of unemployment. It increases the employment rate of an economy.

▪ Local Resources
Various natural and productive resources are available that every entrepreneur can utilize for business
success. The usage of local resources increases its value and reduces the rate of resource wastage.

▪ Business diversification and decentralization

An Entrepreneur can find out the business opportunities and locate them in areas that are suitable
including remote areas.

▪ Technological advancement
By being a creative and innovative technopreneur, they play an important role in the field of utilization as
well as the development of technology.

▪ Capital formation
Investment is an integral part of a business and an Entrepreneur requires funds to start up and take their
business to the new heights. They take financial assistance from the investors and financiers and utilize
the public savings that lead to economic development.

▪ Promotion of entrepreneurial activities

The young generation gets a chance to work with such technopreneurship firms and learn nuts and bolts
how to get success. It also inspires these teammates and employees to grow and start up their business
firms too.
“Technopreneurship” is very common these days as it has become the buzz word. Ideally speaking, the
word is a combination of entrepreneurship with technological advancements. It is publicized as the next
great thing in the startup of the ecosystem. So many questions arise on becoming a technopreneur.

You ought to stay ready to explore unmapped areas. It is not associated with exploring new ideas but it is
about taking risks to figure out something new. More frequently, the idea may not sound good at first but
it can work brilliantly while executing. Thus, experimenting is the only way to find out.

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 Republic of the Philippines
NUEVA VIZCAYA STATE UNIVERSITY
Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022
STEPS ON HOW TO BECOME A TECHNOPRENEUR
Build a team
Technopreneurship is the combination of one’s technical expertise with entrepreneurial talent. However,
the base remains the same. When you have a brilliant idea, then it is the best time to find out the support
and if you do not have the technological know-how, then hire a tech-savvy.
If you have prowess in technology, then you need a marketing expert. This is not a one-man show and
you always require support to turn the idea into reality.

Boosts problem-solving skills

Being a Technopreneur, you ought to expect troubles at every turn. Especially, in the beginning, you may
tackle operational changes, funding, and also, regulatory obstacles. So, it is necessary to have problem-
solving skills.
If you failed in the real plan, you should pre-plan with an alternative. Moreover, there is also a need to
analyze the cost, time, manpower, and resources needed for various avenues. Don’t forget to calculate
the expected returns.

The decision on the final strategy

Decision-making is a significant skill that every technopreneur must-have. After getting an estimate of for
and against all options, you have to pick up the best strategy that is cost-effective as well as commercially
viable. Don’t baffle yourself by changing your plans again and again.

Last but not the least, the final stage is to implement the idea such as launch the product or service or
platform you have been putting efforts on.
Hard work is not the only thing for being a technopreneurship but it also needs the determination to make
a certain idea work. You ought to modify your idea or brainstorm for an innovative one, is it is required.

technopreneurship just about technology

➢ Service firm where the main mission is technology.
➢ Designing of hi-tech products such as computer hardware or devices.
➢ Use of technology in the delivery of normal business activities

To embark with, Technopreneurship acts as a new breed in the field of entrepreneurship.

Technopreneurship is not a solo show, so it includes individuals who are passionate, innovative, and
tech-savvy.

While the center of the stage is the technology but it all results from an excellent idea. If you have a
blockbuster idea that takes the entire tech industry by storm, then you can become the next Steve job.

Under Technopreneurship, not invention but innovation is the key to success. It means to find out
solutions for the problems by utilizing technological resources.

Sometimes these ideas take a long time before it becomes a competition in the marketplace. However,
utilize that available time to build up as an entrepreneur and boosts your technical skills and expand your
connections.

The Main Focus of Technopreneurship

There are main areas on which a technopreneur need to focus on. We have mentioned below:
➢ Hi-tech ventures in Information and Communication Technology,
➢ the internet,
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 Republic of the Philippines
NUEVA VIZCAYA STATE UNIVERSITY
Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022
➢ life services,
➢ electronics, and
➢ biotech.

The Entrepreneurial Way.

Introduction to Entrepreneurship — Introduction to Technology Entrepreneurship and as Entrepreneurs,
Technology Ventures, Role of Engineering, research, and development, Success and Failures, Attributes
and Myths of Technology Entrepreneurs, Engineers Mindset as an Entrepreneurial Leader, Problem
Solving, and Entrepreneurial Value Proposition.

This will constitute mostly lectures, reading assignments, and discussions. This part of the course
should establish clearly for the student why entrepreneurship is vital for training and economic growth.

Resource Speakers from Successful Engineers, Start-up Founders, and Venture Capitalists should be
invited including networking opportunities.

1.1 ENTREPRENEURIAL MINDSET

Getting into the success mindset
Objectives
➢ Given examples of successful ventures, identify the approach to innovation used.
➢ Given various interpersonal collaboration activities, identify impediments to successful outcomes
as well as to identify and apply appropriate communication approaches for successful outcomes.
➢ An entrepreneurial mindset is a set of skills that enable people to identify and make the most of
opportunities, overcome and learn from setbacks, and succeed in a variety of settings.

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 Republic of the Philippines
NUEVA VIZCAYA STATE UNIVERSITY
Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022

WHAT IS MIND SET?

We all have a mindset, yet often we are not consciously aware of it or the profound effect it has on our
lives. Our mindset is the underlying mechanism that can expose opportunities and ignite our ambition,
engaging our faculties in ways that enable us to flourish and thrive.
Yet, our mindset can also blind us to opportunities and hinder our ability to learn and grow, keeping us
tethered to familiar, yet unproductive patterns of thought and action.
So, what is an entrepreneurial mindset?
A mindset is a cognitive belief system consisting of interrelated beliefs, assumptions, and knowledge
that we use to process information, inform our decisions, and guide our behavior.

An entrepreneurial mindset is a specific set of beliefs, knowledge, and thought processes that drives
entrepreneurial behavior. Those with an entrepreneurial mindset tend to:
➢ believe in their ability to succeed and influence their own outcomes, empowering them to take
ownership of their lives;
➢ have compelling goals that keep them future-focused and intrinsically motivated, driving them
to be self-directed, action-oriented, and highly engaged;
➢ have an optimistic interpretation of adverse events and see problems as potential
opportunities, becoming highly resilient, resourceful, and solution-oriented even within
highly uncertain, resource constrained environments;
➢ be lifelong knowledge seekers with a focus on micro-experiments as learning opportunities to
test ideas, cultivating curiosity, creativity, and critical thinking;
➢ display a high-level of reliability, understanding that following through on simple solutions
can lead to unforeseen opportunity;

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 Republic of the Philippines
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Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022
➢ have a humanistic outlook, being other-focused and understanding that one creates value by
looking to solve problems for others; and
➢ surround themselves with an intentional community of positive influence and critical
guidance.
It’s important to note that successful entrepreneurs are often touted as exceptional individuals; a rare
breed who seem to have been born with unique hereditary traits
But the entrepreneurial mindset is most often acquired implicitly without conscious effort or awareness,
which may explain why it often appears to be a dispositional trait, even though it is not.
An entrepreneurial mindset can be developed and enhanced through entrepreneurial experiences. And
to cultivate the entrepreneurial mindset, we must create entrepreneurial learning experiences.
The 80/20 rule, or the Pareto Principle, states that 20 percent of any activity will produce 80
percent of the results. Peak Performance Strategist and Human Behaviour Expert, Anthony
Robbins, suggests: “80 percent of success is due to psychology—mindset—and only 20
percent is due to strategy—the specific steps needed to accomplish a result.”

So what exactly does this mean for Entrepreneurs?

Typically, when an entrepreneur wishes to improve or ensure the success of their efforts, they first
think of learning to write a business plan, create a new product, establish or improve sales
systems, build a marketing platform, create a balance sheet, and so on.
Although these skills and strategies are essential, Pareto’s Principle suggests they only form 20
percent of what is necessary to achieve results. Without the other 80 percent—mindset,
strategy will be of very limited use.
To have a successful business you need more than an audience, scalable product range,
marketable offer, and a plan; you need the right entrepreneurial mindset to see opportunities,
creativity, innovation, emotional intelligence, and the willingness and persistenc e to turn ideas
in your head into physical reality.

“The mind is a powerful thing. It can take you through walls.”

― Denis Avey.

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Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022
The entrepreneurial mindset is composed of the following three elements:
Beliefs – Successful entrepreneurs believe in their ability to succeed. They believe in themselves,
in their businesses, and in their products or services. Most of all, they understand the power of
beliefs to determine what they will or will not do, what they will or will not notice, and the actions
they will or will not take.
Focus – If there is one key trait of a successful entrepreneurial mindset, it is the ability to direct
one’s focus, to put time, energy, and attention toward what will help build the business and mitigate
whatever will hold it back.
Successful entrepreneurs focus on three things. First, they look for opportunities where others see
only obstacles. Second, successful entrepreneurs focus with laser-like precision on the goal
they wish to accomplish, not letting the negative advice of others deter them. Third, they manage
risk and overcome fear by controlling their focus. Almost every study of the entrepreneurial mindset
declares that the ability to manage risk is a key to success.
Attitudes – Entrepreneurship requires specific emotional and mental traits that can be grouped
under the term attitudes. The attitudes people bring to work will determine whether they are suited
for entrepreneurship or not. According to research the specific attitudes that the most successful
entrepreneurs share includes courage, persistence, adaptability, curiosity, collaboration, future
focus, self-fulfillment, the desire to learn, and the willingness to take action.
When it comes to entrepreneurial success, strategy is essential however, as is proven every day—
what truly matters is developing the mindset that will help you turn your business into million-dollar
(or billion-dollar!!) enterprise. Focus on your mindset first, and train your psychology to create and
seize opportunities, to manage risk, and to persevere no matter what, and your entrepreneurial
success is guaranteed.

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 Republic of the Philippines
NUEVA VIZCAYA STATE UNIVERSITY
Bayombong, Nueva Vizcaya
INSTRUCTIONAL MODULE
IM No.:TECHO101-2S-2021-2022
11`Secrets of the Entrepreneur Mindset

1. Understand Themselves, others and the World around them

Successful entrepreneurs constantly work on themselves. This creates a process of deep
understanding of who they are, and their belief in their abilities and value for others and the world
around them.
This is what allows you to become an expert in your chosen area. If you don’t understand and
value yourself you can bet the entire farm that no one else will understand or value you.
I have also found that those who understand and value themselves have a greater ability to
understand and value others. This skill set is so important when you are seeking higher levels of
success.
2. They clearly define what it is they want to do
Very successful people care about their lives more than the average person. They take the time
to analyze their lives, to look closely at their vision and their purpose in life. They put their live s
on paper. They take the time to construct mental images that guide them on their journey. While
most people are winging it, they put their life mission and business vision and goals on paper.
They have imagination. They pull their imagination up in their mind and then they define their
vision and then they go to work. Night and Day!

3. They Protect and Prioritize Their Time.

Successful Entrepreneurs Protect and prioritize their time. How many people do you know that
plan their day before it begins?
The most valuable asset we have is our time. It’s very important to plan our days, weeks
months, and years.
4. Outcome Oriented
Have you known anyone that is absolutely driven to succeed? No matter what the obstacle they
keep going. And in most cases, it is because they have extraordinary clarity on the outcome. They
took the time to clearly define what it is that they wanted to do. They stopped and thought about
their life, and what it was that they wanted to accomplish and this gave them the drive to see the
task all the way to its outcome.

5. Deal with Facts, NOT FLUFF!

Most people make their decisions about their life and careers from emotion an d
assumptions. Successful entrepreneurs base their decisions from fact-based thinking. Successful
entrepreneurs strive to make accurate decisions rooted in real facts, not fluff .

6. Live to Provide Value and Service

Successful Entrepreneurs know that value must be given. And by providing value they know that
value is to be returned. They practice the Law of Reciprocity. They know for sure that what they
give out they shall receive. Successful entrepreneurs do not expect something for nothing. They
are constantly working to make themselves valuable, which of course attracts the personal
associations that lead to greater success.

7. Perform a Mind Makeover

Successful people rarely resemble the person that they once were. They are constantly educating
themselves and gaining experience that will lead them to the goals they desire. They truly

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INSTRUCTIONAL MODULE
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understand the importance of acquiring greater skill sets, which in turn gives them a confidence
boost and greater self-worth.
They live by the words of ‘renewing their minds’. These entrepreneurs know this is the key to
their transformation and growth.

8. Focus
This characteristic is what I have found to be the most important when it comes to entrepreneuria l
success. Once we have awakened to the possibilities of success, we also realize the many
opportunities that abound. And it is easy to allow ourselves to become scatter ed. Successful
people develop the ability to focus and concentrate to maximize their resources and forces.

9. Success by Association
Have you ever heard when growing up “be careful who you hang around’’. Many times you may be
‘guilty by association’. Well, successful entrepreneurs understand that you can also be ‘successful
by association.’
In fact it is virtually impossible to be successful without having a mentor or a friend or business
associate that helps to quicken your advancement.
Successful entrepreneurs have someone that accelerated their advancement with either some
knowledge they possess or some other resource that they did not have.

10. Take Personal Responsibility

This trait is it. I mean this removes all attempts to blame anyone for what takes place in your life.
Successful entrepreneurs never allude to anything that anyone could have done to them. In fact, all
the trials that they have, they looked at them as a blessing to learn from. Never giving up control of
their lives.
I really love the fact of being in control of your life. Never allowing something outside to control you
and the future of your family.
11. Gratitude
When you see life and career in terms of the lack in what you have achieved, you cannot drive your
business up the ladder of success. Then negativity is impeding your progress.

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You must look at all you have and realize how great what you have is as compared to the situation
of many others.
When you have this attitude, you stop suffering and complaining about the small stuff. On each
receipt you pay out, write thank you.
That’s not only to thank the person, event, vendor or customer for what’s provided you but also to
give a private thanks acknowledging that you have the abundance necessary to pay for the service,
product or event.
Habits coupled with flexibility provide you with a path to success. Success is fluid and so rigidity will
stand in its way.
Developing these mindsets give you a compass to navigate the ever-changing tides on the way to
business and financial goals. These mindsets allow openness and flexibility while also providing
you precise direction.

1.2 INNOVATION AND IDEAS

Innovation is when someone takes an idea that already exists and creates a different version. This can
be anything from complex machinery to simple everyday objects. ... Some of them already exist in certain
parts of the world whereas others are concept ideas hoping to go into production.

What innovation scares you the most these days?

The Internet is not merely connecting computers together for the benefit of humans; it’s connecting
humans together to reinvent labor. This opens terrific opportunities along with real worries. Soon we’ll
have to question whether an earnest-looking group of protesters with hand-lettered signs is genuine or
simply rapidly convened as a paid flash mob: a crowdsourced crowd. We’ll be able to one-click shop
for cheering throngs or protests at a particular location on a moment’s notice, indistinguishable from

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genuine collective sentiment. A house can be surveilled and a spouse tailed because an online bounty
has been put out for anyone nearby to take a photo of the building at a particular address, or to “follow
that car.”

What innovation are you clamoring for?

What I’d really love to see is full genomic sequencing at moderate costs that individuals can do at home.
When taking a given drug or even deciding what to eat or how much to exercise, wouldn’t it be good to
know what you really need to be concerned about and what you don’t? If you had high cholesterol, you
could know if you should really be taking a statin, which, based on your particular genomics, could have
limited benefit and some associated risk.
Is there any invention you find particularly sinister?
A smaller, even stealthier drone — something called the Cyberbug Drone, currently under development.
In this model, a microsystem is embedded in an insect larva, and when the adult emerges — whether
bee, butterfly or ant — a “bug” really will be a bug, and the proverbial fly on the wall will be actual. Tiny
winged avengers can hunt down invasive beetles, cabbage whites can snoop on destructive raccoons
and six-legged nano spies can insert themselves into the air-conditioning systems of even the most
impenetrable buildings. As for bedbugs, they’ll wedge themselves under mattresses to snoop on errant
spouses. The hive mind really will be the hive mind! Coming soon to a crevice near you.
Use innovation to grow your business
The successful exploitation of new ideas is crucial to a business being able to improve its processes,
bring new and improved products and services to market, increase its efficiency and, most
importantly, improve its profitability.
Marketplaces - whether local, regional, national or global - are becoming highly competitive. Competition
has increased as a result of wider access to new technologies and the increased trading and knowledge-
sharing opportunities offered by the Internet.
How you can make innovation a key business process and outlines the different approaches you
can take.
The business case for innovation
It is important to be clear about the difference between invention and innovation. Invention is a new idea.
Innovation is the commercial application and successful exploitation of the idea.
Fundamentally, innovation means introducing something new into your business. This could be:
➢ improving or replacing business processes to increase efficiency and productivity, or to enable
the business to extend the range or quality of existing products and/or services
➢ developing entirely new and improved products and services - often to meet rapidly changing
customer or consumer demands or needs
➢ adding value to existing products, services or markets to differentiate the business from its
competitors and increase the perceived value to the customers and markets.
Innovation can mean a single major breakthrough – e.g. a totally new product or service.
However, it can also be a series of small, incremental changes
Whatever form it takes, innovation is a creative process. The ideas may come from:
➢ inside the business, e.g. from employees, managers or in-house research and development
work
➢ outside the business, e.g. suppliers, customers, media reports, market research published by
another organization, or universities and other sources of new technologies
Success comes from filtering those ideas, identifying those that the business will focus on and applying
resources to exploit them.

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Introducing innovation can help you to:
• Improve productivity
• reduce costs
• be more competitive
• build the value of your brand
• establish new partnerships and relationships
• increase turnover and improve profitability
• Businesses that fail to innovate run the risk of:
• losing market share to competitors
• falling productivity and efficiency., etc

Approaches to innovation
Innovation in your business can mean introducing new or improved products, services or processes.
➢ Analyze the marketplace
There's no point considering innovation in a vacuum. To move your business forward, study
your marketplace and understand how innovation can add value to your customers.
➢ Identify opportunities for innovation
You can identify opportunities for innovation by adapting your product or service to the way your
marketplace is changing. For example, if you're a specialist hamburger manufacturer, you might consider
lowering the fat content in your burgers to appeal to the health-conscious consumer.
You could also develop your business by identifying a completely new product. For example, you could
start producing vegetarian as well as meat burgers.
You could innovate by introducing new technology, techniques or working practices - perhaps using
better processes to give a more consistent quality of product..
If your main competitor's products have a reputation for being cheap and cheerful, rather than trying to
undercut them on price you could innovate by revamping your marketing to emphasize the quality of your
merchandise - and consider charging a premium for them.
Planning innovation
Some innovative ideas may just come to you out of the blue. However, you should ideally have:
➢ innovation as part of your business strategy
A strategic vision of how you want your business to develop - if you dedicate your time to monitoring
trends in your business sector, you can then focus your innovative efforts on the most important areas.
Innovation will not only improve the chances of your business surviving, but also help it to thrive and drive
increased profits. There are lots of practical ways of assessing whether your ideas have profit potential:
➢ Assess the competition
Find out who your competitors are and where they operate. Use the Internet and advertising sources
such as the Yellow Pages to find out about their products, prices and operating culture. This can give you
an overview of their selling points, as well as any areas you might be able to exploit.
For example, if the competition is focused on value for money, you might want to emphasize the quality
of your product or service. s.
➢ Study market or industry trends
Awareness of the climate in which your business is operating will help you to plan.
You can find a lot of information about your industry on the Internet. Business and trade magazines will
also feature useful articles.

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➢ Build a relationship with your customers
It's not enough simply to know who your customer base is. You need to communicate effectively with
them as well.
Communication involves not only listening to their needs but also actively observing their behavior around
current products and services and generating ideas on how you can make improvements.
➢ Involve your suppliers and other business partners
Pooling your resources with your suppliers or other business partners will help to produce and develop
creative ideas. Potential partnerships can also be developed through business networking opportunities.
Next, consider what taking a particular innovative step could mean for your business.
➢ Ask yourself:
what impact it will have on your business processes and practices?
what extra training your staff may require?
what extra resources you may need?
how you'll finance the work?
whether you'll be creating any intellectual property that will need protecting.
➢ Finally, you should include your vision in your business plan by:
putting down your goals, both long and short term and detailing how you intend to achieve them
linking goals to financial targets, such as achieving a specific turnover by a set date reviewing
your plan regularly.

Encourage innovation in your business

There are many sources you can use to help generate new ideas for the business.
Suppliers, business partners and business network contacts can all make valuable contributions to the
creative process, as well as providing support and encouragement.
Your employees are also a vital asset in generating innovative ideas.
To get the most from them, you need to create an innovative environment and encourage creative thinking.
➢ Steps to promote innovation
● Make sure you have processes and events to capture ideas. For example, you could set up suggestion
boxes around the workplace or hold regular workshops or occasional company away days to brainstorm
ideas.
● Create a supportive atmosphere in which people feel free to express their ideas without the risk of
criticism or ridicule.
● Encourage risk taking and experimentation - don't penalize people who try new ideas that fail.
● Promote openness between individuals and teams. Good ideas and knowledge in one part of your
business should be shared with others. Teamwork, newsletters and intranets can all help your people
share information and encourage innovation.
● Stress that people at all levels of the business share responsibility for innovation, so everybody feels
involved in taking the business forward. The fewer the layers of management or decision making in your
organization, the more people feel their ideas matter.
Reward innovation and celebrate success. Appropriate incentives can play a significant role in
encouraging staff to think creatively.
Look for imagination and creativity when recruiting new employees. Remember that innovative thinkers
aren't always those with the most impressive list of qualifications.

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Funding innovation
There are a number of ways you can fund your growth through innovation, either by using your own funds
or tapping into external funding such as loans or equity finance.
However, any route to external funding will need a high-quality business plan that describes your
business and sets out detailed forecasts of where it's going.
Businesses often turn to their banks for a line of credit or loans for additional finance, depending on their
borrowing needs.
If you're willing to relinquish some control of your business to external investors, you could consider using
equity finance. The two main routes for this are investment from business angels and venture capital
firms:
Business angels are wealthy individuals who invest in private companies, typically from $30,000 to
$500,000.
1.3 PRODUCT AND SERVICES

What are Products and Services?

A product is a tangible item that is put on the market for acquisition, attention, or consumption,
while a service is an intangible item, which arises from the output of one or more individuals. Although it
seems like the main distinction between the two concepts is founded on their tangibility, that is not always
the case. In most cases services are intangible, but products are not always tangible.

One thing to keep in mind is that products and services are closely aligned. In fact, a majority of products
carry with them an element of service. For example, when a consumer buys a car, the product comes with
a lot of other service responsibilities, such as tune-up and maintenance.
Nonetheless, there is a clear difference between the two concepts, and it’s imperative for one to
understand their working definitions.
Tangible vs. Intangible
Assessing the quality of a tangible product is very easy. Since most products are countable, touchable,
and visible, a consumer can assess its durability by examining it. A good case in point is when an individual
is buying a home. The buyer will check every nook and cranny of the house, including the attic, basement,
foundation, each individual room, and more.

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In contrast, a service is not something that one can feel or try out before paying for it. Say an individual
needs a professional inspector to identify any hidden issues before deciding to purchase a home. Just
how experienced is the inspector with regard to plumbing, roofing, and other structural matters?
In a nutshell, the client lacks sufficient knowledge about the inspector’s expertise until the task is already
in progress. The customer can read online reviews, ask for the inspector’s credentials, as well as before
and after pictures of his previous work, but there’s no definite way of evaluating the quality of a service
until it’s rendered.
Production vs. Interaction
A potential car buyer usually checks the car’s body lines, feels the leather used on the seats, and takes
the car for a test drive before deciding whether to buy the car or not. Since it’s a product, the buyer is
aware of the specific production line the vehicle hails from, and there are many more like it. In fact, there
are other cars identical to the one being bought.
But what about the service the car buyer receives from the car dealer? The way a car salesperson
interacts with one buyer is not the same way he interacts with another buyer. If the car buyer is lucky,
he may find a salesperson who is well-informed, courteous, and is willing to negotiate. If he’s not, the
car salesperson might be one who lacks information or behaves in a nonchalant way.

Perishable vs. Imperishable

The best way to illustrate perishable products is to consider a restaurant owner. If such an individual
does not understand the concept of spoilage and waste reduction, he risks ruining his business since
most fresh foods spoil within a few days. Another example is technology. Even some intangible products
like software become obsolete at some point. Imperishable products include items like jewelry and
automobile parts.
However, does the distinction between perishable and imperishable exist in services? Services can be
described as perishable but not imperishable. A perishable service simply means that it’s short-lived.
Ideally, such a service is consumed as soon as it is produced. Unlike products, the service cannot be
stored for later use.
Perishable services are such as airline flights, auto repair, theater entertainment, and manicures. If an
individual purchases an air ticket for a particular day, and then he suffers a cold and is not able to travel,
the ticket expires. The perishable attribute of some services makes it hard to balance supply and
demand.
The Growing Demand for Products and Services
Based on history, it is evident that producers need to adapt or replace products once they become
outdated. Consider the way websites and e-books have replaced paper books or how compact discs
have replaced cassettes and DVDs. In other instances, services have also become a substitute for
certain products. For instance, the streaming services offered by entertainment firms like Netflix are
now preferred by many to DVD and cable or satellite television programs.
PRODUCT MARKETING
Product marketing refers to the process of production of a product with demand (or foreseen demand),
thereafter promoting and selling that product. Though production is literally related to product
management, the identification of the demand or need is part of product marketing where the loop of
feedback is absorbed from customer interaction. That is why we have included the production to the
overall picture of product marketing.
A product needs to be:

➢ Tangible
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➢ Storable
➢ Replicating ability (repeatability/ duplication )
➢ Measurable
➢ Control quality by data
➢ possibility for patents

Various activities involved in the product marketing involves analysis of the market, identification of
consumer demand, designing and development of product, pricing, pitching of a new product,
communicating, advertising, positioning, distributing, selling, review and feedback. Product marketing
managers are responsible for informing the organization about customer comments and feedback.
Product marketing needs to understand the product life cycle. Each product has a pre-adoption, growth,
maturity, and decline stage. By understanding this cycle, products can be replaced or restructured for
sustainability of the organization.

SERVICE MARKETING
Service marketing refers to the origination of a service, promotion and providing customer experience
at a judgmental price. Identifying the exact cost to a service is quite difficult, and it will differ from person
to person. So, the price is decided by the seller on the grounds of the identifiable cost and estimated
workmanship. Time and effort are given estimations. Thus, the price can be classified as judgmental
price as the cost can’t be accurate as in products.
A service needs to be:
➢ Intangible
➢ Consumed at the point of interaction
➢ Difficult to repeat
➢ Difficult to patent
➢ Difficult to measure
➢ An experience for customer
➢ Inseparable from seller
Service marketing can be either business to business(B2B) or business to consumer(B2C). Examples
of service marketing are banking, hospitality, transportation, healthcare, professional services, and
telecommunications.
In a product marketing, only 4 P’s of the marketing mix are applicable which are product, price,
place and promotion, but in the case of service marketing, three more P’s are added to the
conventional marketing mix, which are people, process and physical existence.
When a product is marketed, the company offers value, as it fulfils customer’s requirements.
Conversely, when service is marketed by a company, it offers a relationship to its clients.
One thing to be noted that, in product marketing, the company promotes something whose ownership
can be transferred/resold to another party. But in the case of service marketing, the company promotes
something, whose ownership can neither be transferred nor it is resold to the other party.
1.4 TEAM FORMATION
Team formation usually follows easily recognizable stages, known as "forming, storming, norming,
and performing." Psychologist Bruce Tuckman, who created this memorable phrase, later added a
fifth stage, "adjourning" or "mourning." ... With focus and hard work, you'll quickly have a high-
performing team.
Stages of Team Development
This process of learning to work together effectively is known as team development. Research has
shown that teams go through definitive stages during development.
Bruce Tuckman, an educational psychologist, identified a five-stage development process that
most teams follow to become high performing:
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➢ forming,
➢ storming,
➢ norming,
➢ performing, and
➢ adjourning.

Team progress through the stages is shown in the following diagram

Forming stage
The forming stage involves a period of orientation and getting acquainted. Uncertainty is high during this
stage, and people are looking for leadership and authority. A member who asserts authority or is
knowledgeable may be looked to take control. Team members are asking such questions as “What does
the team offer me?” “What is expected of me?” “Will I fit in?” Most interactions are social as members get
to know each other.
Storming stage
The storming stage is the most difficult and critical stage to pass through. It is a period marked by conflict
and competition as individual personalities emerge. Team performance may actually decrease in this
stage because energy is put into unproductive activities. Members may disagree on team goals, and
subgroups and cliques may form around strong personalities or areas of agreement. To get through this
stage, members must work to overcome obstacles, to accept individual differences, and to work through
conflicting ideas on team tasks and goals. Teams can get bogged down in this stage. Failure to address
conflicts may result in long-term problems.
Norming stage
If teams get through the storming stage, conflict is resolved and some degree of unity emerges. In the
norming stage, consensus develops around who the leader or leaders are, and individual member’s roles.
Interpersonal differences begin to be resolved, and a sense of cohesion and unity emerges. Team
performance increases during this stage as members learn to cooperate and begin to focus on team
goals. However, the harmony is precarious, and if disagreements re-emerge the team can slide back into
storming.
Performing stage
In the performing stage, consensus and cooperation have been well-established and the team is mature,
organized, and well-functioning. There is a clear and stable structure, and members are committed to the
team’s mission. Problems and conflicts still emerge, but they are dealt with constructively. (We will

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discuss the role of conflict and conflict resolution in the next section). The team is focused on problem
solving and meeting team goals.
Adjourning stage
In the adjourning stage, most of the team’s goals have been accomplished. The emphasis is on wrapping
up final tasks and documenting the effort and results. As the work load is diminished, individual members
may be reassigned to other teams, and the team disbands. There may be regret as the team ends, so a
ceremonial acknowledgement of the work and success of the team can be helpful. If the team is a
standing committee with ongoing responsibility, members may be replaced by new people and the team
can go back to a forming or storming stage and repeat the development process.

Team Norms and Cohesiveness

➢ When you have been on a team, how did you know how to act? How did you know what behaviors
were acceptable or what level of performance was required? Teams usually develop norms that
guide the activities of team members.

➢ Team norms set a standard for behavior, attitude, and performance that all team members are
expected to follow. Norms are like rules but they are not written down. Instead, all the team
members implicitly understand them. Norms are effective because team members want to support
the team and preserve relationships in the team, and when norms are violated, there is peer
pressure or sanctions to enforce compliance.

➢ Norms result from the interaction of team members during the development process. Initially,
during the forming and storming stages, norms focus on expectations for attendance and
commitment. Later, during the norming and performing stages, norms focus on relationships and
levels of performance. Performance norms are very important because they define the level of
work effort and standards that determine the success of the team. As you might expect, leaders
play an important part in establishing productive norms by acting as role models and by rewarding
desired behaviors.

➢ Norms are only effective in controlling behaviors when they are accepted by team members. The
level of cohesiveness on the team primarily determines whether team members accept and
conform to norms. Team cohesiveness is the extent that members are attracted to the team and
are motivated to remain in the team. Members of highly cohesive teams value their membership,
are committed to team activities, and gain satisfaction from team success. They try to conform to
norms because they want to maintain their relationships in the team and they want to meet team
expectations.
Teams with strong performance norms and high cohesiveness are high performing.

What is a group?
A group refers to two or more individuals who have come together with a common objective. The
members of a group interact and are interdependent on each other with the view of achieving a
particular objective.

Groups are of 2 broad categories

➢ formal group and
➢ informal group.

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Stages of Group Formation

Stages of group formation can be a rather exciting and effective process. Before heading into the
intricacies of group formation, it is important to learn about the basic group dynamics. These group
dynamics provide a strong base for a clear understanding of the different stages in the process of
group formation.

Solve Questions

An organizational structure defines the formal groups with establishing a set of tasks and jobs. The
main purpose of forming formal groups is to help the organization achieve certain objectives. Examples of
formal groups are departmental teams, project groups who work as a group until the completion of the
project, etc.
Why do people join groups?
People join groups and want to be a part of a group for one or more of the following reasons:

➢ To receive a sense of social security and safety.

➢ Being excluded from a group or not being a part of a group can pull down one’s status.
Therefore, one of the reasons is to satisfy the status demands.
➢ To have self-esteem is crucial for everyone in every part of the social strata.
➢ Affiliation to the idea of having a system to provide you with moral support and help you achieve
goals.
➢ Being a part of a group often gives you a subtle sense of power.
➢ Last but not least, a group can help in the process of successful goal achievement.
Technology Adoption profiles
The process of adoption over time is typically illustrated as a classical normal distribution or “bell curve.”
The model indicates that the first group of people to use a new product is called “innovators,” followed by
“early adopters.” Next come the early and late majority, and the last group to eventually adopt a product
are called “laggards.” The roots of the technology-adoption life cycle lie in the different responses that
each group of people and organizations can make whenever a disruptive innovation is introduced into
their midst. Essentially, they are the following:
Underlying Drivers in Growth Markets – Technology-Adoption Strategies:
Innovators/Techies: Just try it!
Early adopters/Visionaries: Get ahead of the herd!
Early majority/Pragmatists: Stick with the Herd!
Late majority/Conservatives: Stick with what’s proven!
Laggards/Skeptics: Just say no!

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The Chasm
The five responses—Just try it, Get ahead of the herd, Stick with the herd, Stick with what’s proven, and
Just say no—represent the universe of alternative reactions, and the area of the total curve they occupy
is proportional to their frequency of occurrence. Most people find themselves drawn to one of the five
more than the others, and to the degree this is true, they can accurately categorize themselves with the
labels in the diagram. But every category represents a new choice, and people can be late adopters in
some and early adopters in others.

In the Technology Adoption Life Cycle model, there is a chasm between the early adopters of the product
(the technology enthusiasts and visionaries) and the early majority (the pragmatists). This is because
visionaries and pragmatists have very different expectations, and there are specific techniques to
successfully cross the “chasm,” including choosing a target market, understanding the whole product
concept, positioning the product, building a marketing strategy, choosing the most appropriate distribution
channel and pricing.

How Markets Develop

In the actual development of any specific market, individual choices are masked in the statistics of the
group, and what we see are these five strategies interacting to create a pattern described by the
technology-adoption life cycle. There are different stages in the unfolding of the model, and each stage
represents in some sense a rebellion against and a repudiation of the prior stage. Here’s how it plays
out:

Early market: When a disruptive innovation is first introduced, it initially attracts the attention of
technology enthusiasts (who see it as cool) and visionaries (who see it as potentially disruptive). The
latter fund projects to see if they can exploit the disruptive capabilities with a view toward gaining a
dramatic competitive advantage over their peers. Pragmatic buyers are curious about these efforts but
are far too cautious to actually participate in them. They are on the other side of the chasm. When these
early adopting projects bear fruit, the press, fascinated, writes glowing articles describing the technology
as the next big thing. A new category is named, but in truth it is not yet clear if it will be for real or just a
flash in the pan.

The Chasm: The chasm represents a betwixt-and-between state. Having now been in the marketplace
for some time, the offer has lost its novelty, and visionaries no longer see it as a source of dramatic
competitive advantage. They pursue their search for disruptive opportunities elsewhere. At the same
time, there has not been the kind of widespread adoption necessary to convince pragmatists that it would
be safe to purchase. Pragmatists with their stick-to-the-herd strategy need to see other pragmatists
buying before they buy. As a result, the market is stalled.

Crossing the Chasm: The only reliable way to exit the chasm is to target on the other side a niche
market made up of pragmatists united by a common problem for which there is no known solution. Such
“pragmatists in pain” are motivated to help the new technology cross the chasm if, and only if, it is
packaged as a complete solution to their problem, what is called a whole product.

Bowling Alley: In this phase of category maturity, the technology has gained acceptance among
pragmatists in multiple-niche markets where it enables genuine solutions to uncommon problems.
Wherever one niche adopts, adjacent niches become more susceptible—hence the bowling-pin
metaphor. Within adopting niches, the new paradigm builds a loyal following among customers and value-
chain partners who see a market in the making. Outside these niches it is becoming more widely known
and accepted—but not yet adopted—by the general public.

Tornado: The technology has proved its usefulness in niche markets, and in the process, a killer app
has emerged, something that makes it both broadly applicable and highly attractive to a mass market.
Overnight it becomes perceived as necessary and standard. All the pragmatists who were hanging back
from committing rush into the market to make sure they aren’t left behind. Competition to capture this
influx of new customers is fierce. Revenues grow at double- or even triple-digit rates, with investors
bidding up the stock of every company that can participate in the category.

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Main Street: The initial surge of hypergrowth subsides, leaving behind a market-share pecking order that
is likely to persist for a long time to come. Customers have selected their vendor of choice and are now
focused on deploying the technology more broadly. At the same time, they expect to see systematic
improvements in the offerings and reward each with an uptick in purchasing.
The technology-adoption life cycle comes to an end once the marketplace has completely assimilated
the disruption that triggered it. In the case of automobiles, this happened sometime between the First
and Second World Wars; in the case of television sets, in the 1960s; in the case of cell phones, in the
past decade. Until this end is reached, the influence of technology-adoption forces is so dominant that it
suppresses other dynamics.

VI. LEARNING ACTIVITIES

Activity
Research on Innovation‐driven vs small‐medium enterprise.

VII. ASSIGNMENT
1. Give a local example of successful innovation from the academe or government, dissect the chronology
and factors that led to its success.
2. Is technopreneurship just about technology only? Explain.
3. How to become a successful technopreneur?
4. Why is an entrepreneurial mindset important?
5. How will you determine that you have an entrepreneurial mindset?
6. Can you identify an opportunity in your community? If there are no opportunities, recall if there might
be an opportunity in the community you recently visited.

VIII. REFERENCES

1. Jennifer Alsever, Jessi Hempel, Alex Taylor III, and Daniel Roberts, “6 Great Teams that Take Care of
Business,” Fortune, April 10, 2014, http://fortune.com/2014/04/10/6-great-teams-that-take-care-of-
business/
2. https:// www.prominence.global.secret entrepreneurial mindset
3.www.entrepreneurial.com.art.signs of entrepreneurial mindset
4.www.technopreneurship. com
5. http://ecoursesonline.iasri.res.in/course/view.php?id=26
6. http//bit.ly/techtogobook

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