CHAPTER 1

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
INTRODUCTION TO TECHNOPRENEURSHIP whether as a sole proprietor, with partners and within a corporation. This person is
1.1. Technology and Entrepreneurship commonly seen as an innovator, a source of new ideas, goods, services, business and
1.2. Definition of Technopreneurship procedures.
1.3. Types of Entrepreneur According to Business Jargons, there are four types of entrepreneur: innovative,
1.4. Five Traits of Technopreneur imitating, Fabian and drone. This classification is done on the basis of the willingness of
1.4.1. Differences between Entrepreneurial Process and Technopreneurial Process
an entrepreneur to create and accept the innovative ideas.

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. Innovative

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, Types of
Drone Imitating
or existing businesses and bearing any of its risks, with the view of developing Entrepreneur
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. Fabian

Technology
Figure 2 Types of Entrepreneur

Innovative Entrepreneur
Technopreneurship
An innovative entrepreneur invents new ideas, new products, new production methods
(innovation) 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
Entrepreneurship
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
Figure 1 Technopreneurship
Tata Nano car at a considerably low cost.
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Imitating Entrepreneur Deep Technical Understanding
The imitating entrepreneurs are those who immediately copy the new inventions made As a technopreneur, it is important to be tech-oriented as you will deal with the
by the innovative entrepreneurs. These do not make any innovations by themselves; they technical aspects of your idea or product. A technopreneur should know how to be
just imitate the technology, processes, methods pioneered by others. These entrepreneurs technology savvy to be able to compete with others, be competitive and understand the
are found in the places where there is a lack of resources or industrial base due to which no dynamics of the market.
new innovations could be made. Thus, they are suitable for the underdeveloped regions
Taking Big Risks
where they can imitate the combinations of inventions already well established in the
developed regions, in order to bring a boom in their industry. 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
Fabian Entrepreneur
successful in the business world. Even famous technopreneurs have to deal with the risks
This type of entrepreneurs is skeptical about the changes to be made in the organization. for their product or services to be recognized locally and globally. They need to know how
They do not initiate any inventions but follow only after they are satisfied with its success to gamble in the competitive environment to gain branding.
rate. They wait for some time before the innovation becomes well tested by others and do
Persistence
not result in a huge loss due to its failure.
Not all entrepreneur can be a technopreneur but all technopreneurs are entrepreneurs.
Drone Entrepreneur
That is why they have to acquire persistence to achieve their goals. Staying positive in all
These entrepreneurs are reluctant to change since they are very conservative and do not aspects of life is possible even if there will be challenges and odds along the way, hard
want to make any changes in the organization. They are happy with their present mode of road is next to success.
business and do not want to change even if they are suffering the losses.
To summarize, Table 1 shows the differences between an entrepreneur and a
technopreneur.
1.4. Five Traits of Technopreneur Table 1 Differences Between Entrepreneur and Technopreneur

A technopreneur is a person who perceives an opportunity by introducing new products Entrepreneur Technopreneur
and services, creating forms of organization and by utilizing new raw materials. Most of • Likes to compete • Likes to compete
the technopreneurs undertake risks that has possibility of earning a profit. A technopreneur • Self-starter/pioneer • Likes to innovate
starts out with nothing but an ‘idea’ defying existing products, practices and systems in • Able to do many things at once • Part of a team
which he or she can think of new solution through the use of technology and innovate it • Creative and has goals and dreams • Able to do many things at once
eventually. • Likes to work for himself but chooses to delegate
• Motivated to achieve and attain • Innovative/greater vision
There are five traits of technopreneur: strong communication skills that close deals, financial success • Likes to be one to control innovation
product management knowledge, deep technical understanding, taking big risks, and • Focuses on the chances of success • Motivated by a strong vision and passion
persistence. rather than the possibility of failure to innovate
• Takes failure in stride and knows that
Strong Communication Skills that Close Deals
if corrected it will lead to success
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. 1.5. Differences between Entrepreneurial Process and
Technopreneurial Process
Product Management Knowledge
In a business, entrepreneurs and technopreneurs follow several processes to be
It is significant that a technopreneur have a deep understanding of his or her idea or
successful in their business plans.
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 Entrepreneurial Process
the clients or sponsors.
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

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 study of the market potentials to create strategies and desirable objectives your ideas is related to the business. The idea screening criteria are used to
for the growth of an organization. determine compatibility and whether the idea will earn profit or could return
2. Business Planning on investment.
The entrepreneur should have a written business plan that composed of the 3. Concept Testing
organization’s future goals, how to achieve those goals and the timeframe Concept testing is the process of testing new or hypothetical products or
within which these goals are to be achieved. Business planning usually services before they are launched.
includes marketing strategy, financial and operational viewpoint. 4. Business Analysis
3. Gathering Resources It is a process of identifying what the business needs and determining
Entrepreneurial resources include sources of financing such like lines of solutions to business problems that will improve the process, management
credit and investment capital, technology, networks of contacts and and the financial status quo to deliver value to stakeholders.
publicity. A business ought to have four types of resources that includes 5. Monitoring and Evaluation
physical resources, intellectual, human and financial resources. Every business should be monitored and evaluated according to the
4. Implementation performance in the market. Monitoring and evaluation is important for the
Implementation is a process of execution about what has been planned and business to diagnosed problems and improve what is needed to stayed in the
utilizing the numerous resources for the success of the business. competition. Thru evaluation the organization will identify the performance
5. Scaling and Harvesting rating of the business.
Scaling is a process where the organization will encounter challenges. The 6. Commercialization
organization will experience painful point for rapid growth for stability and It is the process of introducing new products and service to the market. With
continuity of the business operations. On the other hand, harvesting is a commercialization, an organization entails production, distribution,
process where the organization will reap what they sow in dealing with the marketing sales, customer support to achieve the commercial success of the
challenges they had encountered throughout the process of the business. 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
Opportunity Business Gathering viability to consumers compromising of actual stores and real-life buying
Analysis Planning Resources 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.

Scaling and
Implementation
Harvesting
REFERENCES

Figure 3 Entrepreneurial Process 1. Juaneza, J. P., et al. (2019). Introduction to Technopreneurship, Unlimited
The Technopreneurial Process Books Library Services & Publishing Inc., Philippines.
2. Sison, L. G. (2018). Tech to Go, Philippines.
1. Idea generation 3. Modules of Dr. Jonathan W.L. Salvacion
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
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