A jargon to many, technopreneurship has not been a widely tackled topic in business forums and entrepreneurial seminars. I understand why some people seem puzzled by the word, especially when they haven’t really thought about it. Simply said, technopreneurship is an integration of two concepts or processes, namely, technology and entrepreneurship. I believe we have already sufficiently discussed what entrepreneurship means and what it entails. Technology has been covered in the past couple of blogs, too. When we merge these together, we produce the likes of Bill Gates, Mark Zuckerberg, and Jeff Bezos. Rounding these three prominent figures up, we see that they have something in common – that is, the ability to appreciate what technology can contribute to their businesses. All of them are who we consider as the world’s most successful technopreneurs.
As a business coach, I felt compelled to talk about the importance of technopreneurship in the national business landscape. More than ever, this century sees a high influx of startups in the Philippine business scene (thanks, in part, to the more relaxed business registration requirements implemented by the current administration). Most of these startups bank on the use of technology, specifically information technology as their product or service.
Apparently, technopreneurship is recognized as a prolific idea in today’s digital era because of four reasons: limitless opportunities, market expansion, reduced costs, and access to information.
Limitless Opportunities
The 21st-century is the age of information. Hence, if you have an idea, you could easily obtain information about available opportunities to turn it into a business with just one click. Plus, technological advancement has been in this generation’s DNA that it comes as an anticipated reality rather than a shocking revelation. People expect new technologies to emerge every day. They aspire to get things done fast and easy. Technopreneurs only need to tap into this resource, think creatively, and turn the idea into a successful business venture.
Market Expansion
One of the major contributions of technopreneurship is the growth of the internet. Today, the internet is a primary channel for businesses, be it in e-commerce, remote work, or networking. Because of technopreneurship, the market has expanded. As a result, businesses are able to reach more customers, acquire and choose from the best suppliers, and build better relationships with their target market.
Reduced Costs
Consistent with the rapid market expansion as brought about by technopreneurship, businesses are more likely to cut on costs. This is because more opportunities are available, which means that there are more options to choose the least expensive option. In effect, it will bring positive results to the businesses. Likewise, technopreneurs could tap onto this opportunity since IT products and services might just require lower costs but produce higher returns.
Access to Information
This is perhaps a no-brainer because we all know that technology is the reason why we are living in the information age where loads of data are at our fingertips. Through technopreneurship, businesses find it more efficient to store information, thereby, retrieving information also becomes more efficient.
Technopreneurship could be the source of sustainability for business-minded individuals and for organizations looking to improve their project. It could take time, yes, but maybe you only need to take the first step. An idea, once polished and thoughtfully crafted, could turn into a Eureka moment. Technology is becoming more and more alive as if telling us to grab the opportunity.
This is Joey Gurango, your Business Technology Coach!