Fundamentals of Technology Entrepreneurship

Abstract

Technological innovation is often associated with the work of large, well-established companies. However, many new technologies are commercialized by teams of scientists and engineers who are “technology entrepreneurs”. Technology entrepreneurship can be thought of in terms of the capabilities and processes that permit the mobilization of scientific and technological knowledge, translating it into new products and services. This chapter introduces some terms and concepts that are relevant to technology entrepreneurship, many of which are then covered in more detail elsewhere in the book. First, it offers some basic definitions. Second, it considers how technology entrepreneurs explore and evaluate opportunities, and introduces the idea of the “value proposition”. Third, it describes how opportunities are exploited, indicating how value can be delivered and captured through a well-designed business model. Finally, it covers the technology venture, introducing planning and pitching, venture resourcing, and venture financing. Overall, the chapter acts as a foundational reference for scientists and engineers interested in technology commercialization.