Info and Communication Technology (ICT) as a field of study is reasonably recent. This post proposes a common definition that identifies the distinctive characteristics of technology entrepreneurship and describes its hyperlinks with the fields of economics, entrepreneurship, and management. Technology entrepreneurship, as defined above, applies equally effectively to newly formed or established firms as properly as small or large firms.
The proposed formal definition of technology entrepreneurship must prove valuable in adding to our understanding of how entrepreneurship functions in a firm that invests in projects that are interdependent with advances in science and technologies. Technologies entrepreneurship is an investment in a project that assembles and deploys specialized folks and heterogeneous assets that are intricately related to advances in scientific and technological knowledge for the purpose of producing and capturing worth for a firm. The people involved in a project influence and are influenced by advances in relevant scientific and technologies expertise.
Worth creation and capture are identified as two outcomes of technologies entrepreneurship simply because the sources that generate value and the sources that capture worth may not be the very same more than the extended run. There are at least five differentiating aspects of technologies entrepreneurship in the definition proposed above. Technologies entrepreneurship has more to do with collaborative production primarily based on a shared vision of future modifications in technologies. A shared vision of modify in technologies influences why, when, and how a firm creates and captures worth.
The proposed definition eliminates 3 biases of entrepreneurship research: i) concentration on new firm formation ii) concentrate on individual entrepreneurs and iii) over-focus to opportunity discovery ( Foss, 2011 ). Established and massive firms can engage in technologies entrepreneurship just as properly as startups do. Technologies entrepreneurship is about collaborative production decisions, not about a single person making or delegating choices. Both spend explicit focus to how sources that embody technologies and scientific advances produce and capture value.
Technology entrepreneurship entails specialized human sources, tapping into their skills and potential to collaboratively explore and exploit scientific and technological adjust to benefit the firm. Technologies entrepreneurship and the resource-primarily based view of sustainable competitive advantage are interdependent due to the fact they are each concerned with how to create and capture worth.