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Technology Entrepreneurship
Taking Innovation to the Marketplace
Thomas N. Duening,Robert A. Hisrich,Michael A. Lechter
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eBook - ePub
Technology Entrepreneurship
Taking Innovation to the Marketplace
Thomas N. Duening,Robert A. Hisrich,Michael A. Lechter
Angaben zum Buch
Buchvorschau
Inhaltsverzeichnis
Quellenangaben
Ăber dieses Buch
The focus of this book is on technology ventures â how they start, operate, and sometimes exit profitably. In short, it covers all the elements required to launch a successful technology company, including discussion of cutting-edge trends such as "entrepreneurial method" and "lean startup, " emphasis on the ideation process and development of an effective business plan, coverage of product and market development, intellectual property, structuring your venture, raising capital, sales and marketing, people management, and even strategies for exiting your venture. This is not another armchair book about entrepreneurship. It's a working guide for engineers and scientists who want to actually be entrepreneurs.
- An intense focus on product design and development, with customers and markets in mind
- Extensive discussion of intellectual property development, management, and protection
- Potent insights into marketing and selling technology products to the global marketplace
- Techniques for forecasting financials, raising funds, and establishing venture valuation
- Best practices in venture leadership and managing growth
- Overview of various exit strategies and how to prepare the venture for exit
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Information
Part 1
You Are Here: X
Chapter 1
Technology Entrepreneurship Today
Trends, Opportunities, Challenges
Abstract
This chapter will provide you with insights into trends, challenges, and opportunities for todayâs technology entrepreneur. Much has changed since we wrote the first edition of this book in 2009, and we are excited to write about and reflect on these changes. We think this new book provides useful, practical, and impactful tools to help todayâs technology entrepreneurs turn their ideas into new products.
Keywords
Technology entrepreneurship
Effectuation
Minimal viable product
Innovation
Global markets
1.1 Introduction
This chapter will provide you with insights into trends, challenges, and opportunities for todayâs technology entrepreneur. Much has changed since we wrote the first edition of this book in 2009, and we are excited to write about and reflect on these changes. We think this new book provides useful, practical, and impactful tools to help todayâs technology entrepreneurs turn their ideas into new products.
Recent and important new research into what is referred to as âentrepreneurial expertiseâ has revealed that successful technology entrepreneurs tend to launch new ventures only after taking thorough stock of the resources to which they have access and over which they have control. That is, seasoned technology entrepreneurs donât sit around dreaming about or endlessly investigating what venture to start. Instead, they tend to ask questions such as, âWith the resources I currently control, people I know, and talents I possess, what type of business venture might I be able to create?â or, recognizing a need, want, or problem in the marketplace, âWith the resources and talents I can bring to the table (my own or through other people I can bring into the venture), what type of business venture might I create to fill that need or want?â
Expert entrepreneurs begin their quest to launch a new venture by taking stock of who they are, what they know, who they know, and the resources they control, a process referred to as effectuation. This term is not just another bit of academic jargon. In fact, the term has some powerful and important operational components and meanings that aspiring and practicing technology entrepreneurs should learn. One of the more important discoveries made by effectuation researchers is the difference between âcausal logicâ (selecting between given means to achieve a predetermined goal) and âeffectual logicâ (imagining a possible new goal using a given set of means). This difference is depicted in Exhibit 1.1.
This figure is a useful illustration of the difference between the way problems are approached by most businesspeople (managers and business leaders) and the way they are approached by expert entrepreneurs. Most business people think in terms of setting a clear goal and then aggregating the resources necessary to pursue that singular goal, as illustrated on the left side of Exhibit 1.1. Indeed, the mark of an âexpert managerâ is the ability to set goals, persuade the organization to allocate the necessary resources, and then rally the troops to pursue the goal with single-mindedness and determination.
By way of contrast, the expert entrepreneur is aware that bringing new products to the market and building successful ventures is fraught with uncertainty. As we mentioned above, the expert entrepreneur begins the venture building process by taking stock of the resources available and currently controlled. This is illustrated on the right side of the diagram in Exhibit 1.1. This figure highlights the fact that expert entrepreneurs create value for target customers with the resources available to them and that any one of a number of different and varied âimagined endsâ could count as a successful outcome. Clearly, this âentrepreneurialâ way of creating value differs radically from the way corporate managers are trained to create value.
The experienced technology entrepreneur knows that customers may react in unexpected and unpredictable ways to the products they bring to the market. As such, the entrepreneur must approach the market with an open mind, a willingness to listen, and an ability to pivot to new business models and/or offerings as warranted by market response. One currently popular phrase that illustrates this perspective is: âNo business plan survives first contact with the customer.â1
A startup venture is not merely a âsmallâ version of a large company. The startup is different from an established business in a number of important ways. For example, the startup venture has no customers. Thus, the startup cannot simply execute a proven business model because it hasnât yet determined which model will work best with its target customers. This contradicts a common understanding that entrepreneurship is all about execution. In fact, in the early days of a startup there is nothing really to execute because the entrepreneur has not yet found a way to consistently attract and deliver value to target customers. The goals of a startup are often different from those of an established business. For example, the immediate goal of a startup may be to become credible, show proof of customer demand, or market viability, as opposed to demonstrating sales and revenue.
The focus of the startup technology entrepreneur is to run experiments with products, features, and customers to discover a scalable, repeatable business model. The mantra for technology entrepreneurs during this startup phase is: âFail often, fail fast.â In other words, run experiments that expose your products to the market, gather feedback, and refine your offering based on that feedback until you have a viable product that customers want to buy. We will explore the process of experimenting to find a business model in greater detail in Chapter 2.
The product that the startup brings to market in these early days is not necessarily its ultimate product, but rather what is referred to as the minimal viable product (MVP). The MVP is a product having only those features (1) necessary to get the product into the hands of early adopters and (2) sufficient to demonstrate future benefit. Successive versions of MVPs are introduced into the market to test fundamental business hypotheses as part of an iterative product development process.
One outcome of this fail often, fail fast revolution in technology startups is the advent of a new type of venture capital firm referred to as an accelerator. Ycombinator was one of the first of this new genre, which has now become global. An accelerator generally invests small amounts of capitalâusually less than $50 Kâin a large number of promising ideas and entrepreneurial teams. Typically, following the investment, the accelerator will require their portfolio companies to attend a venture development âboot campâ that builds the team and the product. For example, Kyron Global Accelerator, based in...
Inhaltsverzeichnis
- Cover image
- Title page
- Table of Contents
- Copyright
- Dedication
- Acknowledgments
- About the Authors
- Preface
- Part 1: You Are Here: X
- Part 2: Countdown to Launch
- Part 3: Into the Breach
- Part 4: Growth and Exit
- Appendix I: Example of a Generic Confidentiality Agreement
- Appendix II: Example Executive Summary
- Appendix III: Sample Development Agreement
- Appendix IV: Example of an Employment Agreement
- Index
Zitierstile fĂŒr Technology Entrepreneurship
APA 6 Citation
Duening, T., Hisrich, R., & Lechter, M. (2014). Technology Entrepreneurship (2nd ed.). Elsevier Science. Retrieved from https://www.perlego.com/book/1834897/technology-entrepreneurship-taking-innovation-to-the-marketplace-pdf (Original work published 2014)
Chicago Citation
Duening, Thomas, Robert Hisrich, and Michael Lechter. (2014) 2014. Technology Entrepreneurship. 2nd ed. Elsevier Science. https://www.perlego.com/book/1834897/technology-entrepreneurship-taking-innovation-to-the-marketplace-pdf.
Harvard Citation
Duening, T., Hisrich, R. and Lechter, M. (2014) Technology Entrepreneurship. 2nd edn. Elsevier Science. Available at: https://www.perlego.com/book/1834897/technology-entrepreneurship-taking-innovation-to-the-marketplace-pdf (Accessed: 15 October 2022).
MLA 7 Citation
Duening, Thomas, Robert Hisrich, and Michael Lechter. Technology Entrepreneurship. 2nd ed. Elsevier Science, 2014. Web. 15 Oct. 2022.