Making of a Technopreneur   What is technopreneurship?     It is the process and formation of a new business that involves technology. Technopreneurs use technological innovations and translate such technology into successful produces or services. Sources of New Technopreneurial Venture     A good understanding of how business works is necessary to all types of industry. Where technology is concerned, Peter Drucker, renowned management guru, addresses this issue with clarity in his book, Innovation and Entrepreneurship. He proposes seven sources for innovative opportunities for starting new technopreneurship ventures. These are the seven principles: a. The Unexpected: An opportunity can arise from an unexpected event. The Internet has opened up a lot of opportunities for technopreneurs. For example, Dell Computer has grown into a billion-dollar company from selling direct personal computers to consumers through the Internet. A virtual bookshop, Amazon.com Inc, has successfully grown into a global company using website ordering techniques. b. The Incongruity: A discrepancy between reality and what everyone assumes is real, or between what is and what ought to be, can create an innovative opportunity. For example, most people thought that the invention of the television would spell the demise of movie theatres. However, movie theatres have since evolved and are still attracting a lot of moviegoers. c. Process needs Innovation: When a weak link is evident in a particular process, an opportunity is present to the person or company willing to supply the "missing link". For example, Iomega Inc., a US company, discovered the need for a portable hard disk storage system. Since there was none available in the market, they designed a portable disk drive known as the Zip Iomega drive. It has since been a very successful product providing the "missing link".     d. Changes in the Market Structure or Industry. A business is ready for an innovative product, service or approach to the business when the underlying foundation of the industry or market shifts. For example, when the Singapore government deregulated the market for telecommunications products, there was a surge of very successful local companies in the telecommunications industry. Such companies include the WyWy group of companies and Telecom Equipment. e. Demographics: Changes in the population's size, age structure, composition, employment, level of education and income can create innovative opportunities. For example with the high level of computer literacy in Singapore, especially with the government's thrusts in making Singapore an intelligent island, a lot of technopreneurial companies distributing and manufacturing personal computers have flourished. This is also evident in the increasing number of schools offering courses in computer software. f. Changes in Perception, Mood and Meaning: Innovative opportunities can develop when a society's general assumptions, attitudes and beliefs change. For example, people's feelings about personal computers have shifted; initially regarded as simple word processing machines, they are now used for entertainment. Such a shift has given rise to companies such as Creative Technologies whose Sound Blaster products can transform a personal computer into an entertainment device. The Sound Blaster has become an industry standard that can re-create real-world audio experiences in games, music and other audio applications. g. New Knowledge: Advances in scientific and non-scientific knowledge can create new products and new markets. Advances in two different areas can sometimes be integrated to form the basis of a new product. For example, the advent of the flat-panel television, portable handphones, which can be used anywhere on earth using satellite technology, intelligent facsimile machines and portable personal computers, provide lots of opportunities in this area. Characteristics of Technopreneurship     The tasks that technopreneurs must face when starting up, developing and managing a new business are enormous. The technopreneur often finds it difficult to fulfil all the necessary management roles effectively. They may be skilled and effective in design, research and development, production and selling but may lack the experience in business administration, including financial matters. Starting a Technopreneurial Venture     Before you start a technological business, you need to assess your understanding of the business as well as your readiness and ability to manage the proposed venture. It is important to possess the following: a. Some previous work experience or skills appropriate to your business. b. Knowledge of your products/service and the market for it. c. Understanding of the relationship between product knowledge of technological goods and the disciplines of marketing, production, finance and administration.   Back