CSC 322: COMPUTER SCIENCE INNOVATION AND NEW
TECHNOLOGIES
WEEK 2: ENTREPRENEURIAL OPPORTUNITIES IN INFORMATION
TECHNOLOGY
1. Objectives
At the end of this lecture, students should be able to:
i Explain entrepreneurship in the context of Information
Technology (IT)
ii Identify emerging technologies that create business
opportunities
iii Analyze and evaluate IT-based business opportunities
iv Explain the concept of innovation-driven entrepreneurship
v Identify risks and challenges associated with IT ventures
2. Concept of Entrepreneurship in IT (Detailed Explanation)
2.1 What is Entrepreneurship?
Entrepreneurship is the process of identifying a problem, developing a
solution, and creating a business around that solution to generate
value and profit.
👉 It involves:
Taking initiative
Taking risks
Creating value
2.2 What is IT Entrepreneurship?
IT Entrepreneurship refers to creating businesses that are based on
technology or use technology as a core tool to solve problems.
(a) Problem Identification
The entrepreneur identifies a gap or need.
Students find it difficult to access lecture materials → problem identified
(b) Technology-Based Solution
Technology is used to solve that problem.
Developing an online platform for lecture notes
(c) Business Creation
The solution is turned into a business.
Charging subscription fees or ads on the platform
IT entrepreneurship combines technology + business thinking +
problem-solving
3. Features of IT Entrepreneurship
3.1 Technology-Driven
The business is built around technology.
Software, apps, websites
Digital platforms
A mobile banking app relies on internet and software systems
3.2 Scalable
IT businesses can grow rapidly.
Can serve many users at once
Expansion is easier
An app developed in school can be used nationwide
3.3 Innovation-Oriented
IT entrepreneurship thrives on innovation.
Continuous improvement
New features
Social media apps constantly adding new functions
3.4 Low Physical Infrastructure
Unlike traditional businesses, IT startups may not require physical shops.
A student running an online business from a laptop
3.5 Global Reach
IT businesses can operate beyond location.
A Nigerian developer building an app used worldwide
4. Emerging Technologies Creating Opportunities
4.1 Artificial Intelligence (AI)
AI refers to systems that can perform tasks that normally require human
intelligence.
Chatbots
Recommendation systems
Voice assistants
AI tools helping students to study or summarize notes
4.2 Internet of Things (IoT)
IoT involves connecting devices to the internet to enable communication.
Smart home systems controlling lights remotely
4.3 Financial Technology (FinTech)
Use of technology in financial services.
Examples:
Mobile banking
Digital payments
POS systems
4.4 Cloud Computing
Storing and accessing data over the internet instead of physical storage.
Students storing files on Google Drive instead of flash drives
4.5 Blockchain Technology
A secure system for recording transactions.
Cryptocurrency systems
Emerging technologies create opportunities because they introduce new
ways of solving problems
5. IT Business Opportunities
5.1 Problem-Based Approach
The best opportunities come from solving real problems.
Students struggling with accommodation → platform for hostel search
5.2 Gap in Existing Solutions
Improving what already exists.
A faster or cheaper version of an existing app
5.3 Personal Experience
Your own challenges can inspire ideas.
Difficulty studying → create study tools
5.4 Observation
Watching what people struggle with daily.
Long queues → digital solutions
5.5 Trends and Changes
Changes in society create opportunities.
Rise of remote learning → online education platforms
6. Innovation-Driven Entrepreneurship
6.1 Innovation-driven entrepreneurship is when businesses are built on new
ideas or improved solutions.
6.2 Features
(a) Focus on New Solutions
Not just copying existing ideas.
Example: Creating a unique learning platform instead of duplicating others
(b) Continuous Improvement
Constant updates and upgrades.
Example: Apps improving user interface regularly
(c) Competitive Advantage
Innovation helps businesses stand out.
Example: Faster service attracts more users
Innovation-driven entrepreneurs succeed by doing things differently or
better
7. Risks and Challenges in IT Entrepreneurship
7.1 Financial Risk
Starting a business requires money.
Development cost
Marketing cost
Example: Building an app without enough funds
7.2 Technical Challenges
Technology may fail or be difficult to develop.
Example: Software bugs or system crashes
7.3 Market Uncertainty
Not all ideas will succeed.
Example: Users may not adopt your solution
7.4 Competition
Many businesses may offer similar services.
Example: Multiple apps solving the same problem
7.5 Rapid Technological Change
Technology evolves quickly.
Example: An app becoming outdated
Key Insight
Entrepreneurship involves risk-taking, but informed decisions reduce risks
“Identify one problem in your environment and suggest a technology-based
solution.”
8. Summary
IT entrepreneurship involves solving problems using technology
Emerging technologies create business opportunities
Opportunities come from problems, gaps, and trends
Innovation is key to success in IT ventures
Entrepreneurship involves risks that must be managed
9. Study Questions
1. Explain entrepreneurship and IT entrepreneurship
2. Identify emerging technologies and their applications
3. Explain how to identify IT business opportunities
4. Define innovation-driven entrepreneurship
5. Discuss risks associated with IT ventures
10. Assignment
Identify an IT-based business idea and:
Explain the problem it solves
Identify the technology used
State possible risks