A fundamental definition: Nanotechnology is the engineering of functional systems at the molecular scale. This report proposes a common definition that identifies the distinctive qualities of technologies entrepreneurship and describes its links with the fields of economics, entrepreneurship, and management. The proposed formal definition of technology entrepreneurship ought to prove worthwhile in adding to our understanding of how entrepreneurship functions in a firm that invests in projects that are interdependent with advances in science and technology.
Technology entrepreneurship is an investment in a project that assembles and deploys specialized people and heterogeneous assets that are intricately connected to advances in scientific and technological understanding for the purpose of producing and capturing worth for a firm. Worth creation and capture are identified as two outcomes of technologies entrepreneurship due to the fact the sources that produce worth and the sources that capture value might not be the exact same more than the extended run. No one can predict that this technology will not be use for any illegal or strategic objective.
There are at least five differentiating aspects of technology entrepreneurship in the definition proposed above. Technology entrepreneurship has a lot more to do with collaborative production based on a shared vision of future adjustments in technologies. A shared vision of adjust in technology influences why, when, and how a firm creates and captures value.
The proposed definition eliminates three biases of entrepreneurship analysis: i) concentration on new firm formation ii) focus on individual entrepreneurs and iii) over-consideration to opportunity discovery ( Foss, 2011 ). Technology entrepreneurship, as defined above, applies equally effectively to newly formed or established firms as nicely as tiny or massive firms. Established and large firms can engage in technologies entrepreneurship just as nicely as startups do.
Technology entrepreneurship is about collaborative production decisions, not about a single person generating or delegating decisions. Technologies entrepreneurship requires specialized human resources, tapping into their expertise and ability to collaboratively discover and exploit scientific and technological alter to benefit the firm. Both spend explicit focus to how sources that embody technology and scientific advances create and capture value.