Technopreneurship

IS427 Wed 15:30-18:45 SIS SR 3.2 Wiki: http://wiki.smu.edu.sg/1112t2is427g1/

Technopreneurship Study Mission – South Korea

Printed on 18/1/12 Technopreneurship Study Mission – South Korea 1

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Overview n  Content

n  What is technopreneurship? n  Traits/characteristics

n  After this module, you should be able to n  Describe technopreneurship n  Give examples of traits and characteristics

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Technopreneurship Study Mission – South Korea

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What is Technopreneurship?

Technopreneur

Entrepreneur

Innovation Technology

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Technology

n  Not necessarily “hi-tech” n  Early adopters and early majority (MIT OpenCourseWare)

n  Applications of knowledge to human work

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Innovation

n  Systematic act of turning “something” (product, idea, information, technology, etc.) into a resource that is of high value to its target market n  Customers do not buy ideas, they buy products/

services

n  Necessity is the mother of all invention

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Entrepreneur

n  Practice of consistently converting good ideas into profitable commercial ventures n  Who?

n  Not just someone who starts his own, new and small business n  Corporate employee can be entrepreneurial n  Not every new small business is entrepreneurial

n  What? n  Ideas alone do not make a business n  A marketable product may not result in a

viable business

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Entrepreneur vs Technopreneur

n  No difference n  They are the same

n  Different n  Entrepreneur looks for profits in static situation/ in

the new markets and products n  Technopreneurer operates in dynamic situations,

innovate and hope that profits follow n  Creates new markets and products and it is this innovation that

gives him the profit and competitive advantage

n  Chicken and egg problem

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Technopreneur Characteristics

n  Innovation – critical to compete n  Management – to control n  Profitable – to stay alive

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Many other characteristics

n  Visionary, innovative, creative, practical, leader, n  Rational, flexible, sees opportunity, n  Hardworking, self confident, persistent, initiative n  Profit oriented, goal oriented, committed, reliable n  Set own standards, builds on strength, risk taker n  Listens, integrity

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25 Common Characteristics http://www.entrepreneur.com/article/200730

Do what you enjoy Invest in yourself

Take what you do seriously Be accessible

Plan everything Build a rock-solid reputation

Manage money wisely Sell benefits

Ask for the sale Get involved

Remember it’s all about the customer Grab attention

Become a shameless self-promoter Master the art of negotiations

Project a positive business image Design your workspace for success

Get to know your customers Get and stay organized

Level the playing field with technology Take time off

Build a top-notch business team Limit the number of hats you wear

Become known as an expert Follow up constantly

Create a competitive advantage

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http://toptencharlierose.blogspot.com/2008/04/top-10-best-charlie-rose-interviews-4.html

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Examples of Technopreneurship

n  From start ups (organic & early adopters) n  Search in google n  Social network in facebook n  Online auction in eBay n  Skype (low end innovation for telephone)

n  From corporations (organic & early majority) n  iPhone from Apple (hardware and OS) n  Logistic tracking in UPS n  Digital photography in Kodak (high end prof

photographer) in Fuji (low end children’s toy)

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Examples of Technopreneurship

n  Local n  Razer n  Creative n  Steve Wozniak, Apple’s co-founder, alleged that a

company like his could have never emerged in “structured” Singapore, a place he said does not encourage people to think for themselves and dishes out “severe” punishment for bad behavior

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Traits Exercise

n  Charlie Rose interview with Mark Zuckerberg http://www.youtube.com/watch?v=-4wKlIa2O3Q http://www.youtube.com/watch?v=iPnss0rSAW4 http://www.youtube.com/watch?v=LFdUEkTzDeI

n  Sheryl Sandberg, COO

n  Consider an example of technopreneur n  Think of a unique characteristic n  Search for an event that shows this characteristic

that changes the company n  Present your example, characteristic and event

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Individual: In class presentations and wiki report n  The trait/characteristic of a company

n  Connections (guanxi, family, companies, country, customer focus)

n  Support environment (government, business, infrastructure, society, market maturity, reputation),

n  Personality/company culture (integrity, leadership, competitive, pragmatic, savvy, creative, innovative, dynamic, risk taking, commitment to technology, excellent communication, team spirit, fun seeking, etc.).

n  Research on this by reading a book and summarize. n  Come up with examples of company events when this trait is vital to

the company. Explore this trait in some of the organization we will visit.

n  What do you think is most important when starting your company?

14 Global Software Project Management

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Requirements for Entrepreneurship n  Money

n  Savings, Banks, Family, Partners, Business, VCs, Angels, Government,

n  Target market analysis n  Identified users, brief window of opportunity (fad),

early adopters, early majority n  Staff

n  Visionaries, Executors, Marketers, Financiers n  Environment

n  Government (Stable, effective legal, IP laws), Academic (incubators), R&D, VCs,

n  Infrastructure, Internet, Roads, Hardware, n  Tolerate failure “give second chance”

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Singapore Government Money n  SMU IIE

n  Innovation award $2,500, Implementation award $10,000-$50,000

n  NUS-MIT SMART Innovation Centre NSF n  Innovation grant $250,000 Ignition grant $50,000

Explorer grant $50,000 n  MDA

n  i.JAM, Development, Production, Marketing, Talent Schemes

n  IDA n  TAS Development grant, iSprint for SME 50%

n  Spring n  YES! Startup

n  Singapore Economic development board (EDB) n  IE Singapore

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Starting a company n  Plant the seed

n  Idea, market, product/service, business n  Prototype and test the market

n  Team n  Vision/Executor/Marketer/Financier n  CEO, CFO, CTO/CIO

n  Writing the business plan n  Obtain fund, principle, development plan and business

plan n  Business-model, market-analysis, highlight the innovation

and uniqueness, management and realistic projection and accomplishments, risks/contingency plan

n  Pitch/sell your product

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