Chapter 1- Introduction to Technopreneurship: Innovation and Ideas

Introduction
In the world of globalization, technology created a huge impact and influence
in the society where people has become dependent. It is certainty that through
technology people are interested in developing simple products for innovation. There
are several innovations and inventions that made the world of technology and
entrepreneurship more exciting and interesting because of its collaborative outcome to
establish a competitive advantage in the business industry to become economically
stable within a local and global perspective.

Learning Objectives:
At the end of the lesson, the students are expected to:
1. Explain the definition of Technology, Entrepreneurship and Technopreneurship.
2. Distinguish the difference between Entrepreneur and Technopreneur.
3. Explain the definition of Innovation.
4. Identify the type of Innovation
5. Distinguish the principles of innovation.
Technology and Entrepreneurship
Most people definitely know the meaning of Technology, even in simple
definition as they encounter it in their daily lives. Now, let’s define Technology, it is a
body of knowledge devoted to creating tools, processing actions and extracting of
materials. It is an application of science used to solve problems.
Nowadays, people utilize technology at work, for communication,
transportation, learning, manufacturing and businesses. Many businesses used
technology because it helps them create new products for their consumers and to stay
competitive not just locally but globally. What about entrepreneurship?
Entrepreneurship is the practice of embarking on a new business venture or existing
businesses by combining different resources in order to develop new opportunities.
Global businesses have been using technology to improve their products, to innovate
products and to develop new products that will be introduce and recognize in the
business world. Technology and Entrepreneurship plays vital role in making the
business gain competitive advantage, improve the economic growth of the country and
accelerates innovation.

Definition of Technopreneurship
Technopreneurship is simply the merging of Technology and
Entrepreneur skills. Technopreneurship is a new breed of
entrepreneurship that involves the collaboration of people who are
intelligent, determined, creative, technology savvy and passionate in
dealing with risk and functions as a team.
Technology - Entrepreneurship - Technopreneurship
The field of technology entrepreneurship is in its infancy
when compared to other fields such as economics, entrepreneurship,
and management. However, we are at a point where we can
leverage the insights contributed by previous work to create a clearer
working definition of technology entrepreneurship.
A general definition that identifies the distinctive characteristics
of technology entrepreneurship and describes its links with the fields of
economics, entrepreneurship, and management. The proposed formal
definition of technology entrepreneurship should 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 technology.
The following definition of technology entrepreneurship is
proposed:
"Technology entrepreneurship is an investment in a project that assembles
and deploys specialized individuals and heterogeneous assets that are
intricately related to advances in scientific and technological knowledge for
the purpose of creating and capturing value for a firm".

The proposed definition of technology entrepreneurship is

based on four elements:

1. Ultimate outcomes- Value creation and capture are identified

as two outcomes of technology entrepreneurship because the
sources that create value and the sources that capture value
may not be the same over the long run.
2. Target of the ultimate outcomes- The firm is identified as
the target organization for which value is created and captured.
3. Mechanism used to deliver the ultimate outcomes-
Investment in a project is the mechanism mobilized to create
and capture value. A project is a stock of resources (i.e.,
specialized individuals and heterogeneous assets) committed to
deliver the two ultimate outcome types for a period of time.
4. Interdependence of this mechanism with scientific and
technological advances- The individuals involved in a project
influence and are influenced by advances in relevant scientific
and technology knowledge. The project exploits or explores
scientific and technology knowledge. External and internal
individuals and organizations co-produce the project's outputs.

Importance of Knowing about Technopreneurship:

Every business Start-up aims specifically at profit and growth. Venturing
into entrepreneurship is often accompanied by various forms of risk
such that it involves confidence and enterprise for interested
businessmen to come on board. In this era of technology, we need to
have more knowledge about Technopreneurship. Predominantly,
there are two kinds of IT-related businesses, namely products and
services.
Product: Hardware, Software
Services: Application, E-commerce

Entrepreneur and Technopreneur

An entrepreneur is a person that possesses various skills in terms of
marketing, communication and strategically has the potential demand for
the goods and services whether as a whole proprietor, with partners and
within a corporation. There are different types of entrepreneur such as
innovative, imitating, Fabian and drone.

Imitating

Types of
Innovative Fabian
Entrepreneur

Drone

Figure 1: Diagram of Types of Entrepreneur

Types of Entrepreneur
Based on their working relationship with the business
environment they are functioning in, various types of entrepreneurs
can be found. The chief categories are these four types of
entrepreneurs, i.e.
 Innovative entrepreneurs,
 Imitating Entrepreneurs,
 Fabian Entrepreneurs, and
 Drone Entrepreneurs.
Let us now discuss each of them in detail.
 Innovative Entrepreneurs. This type of an entrepreneur is more
interested in introducing some new ideas into the market, organization
or in the nation. They are drawn towards innovations and invest a lot
of time and wealth in doing research and development.

 Imitating Entrepreneurs. These are often disparagingly referred to

as 'copy cats'. They observe an existing successful system and
replicate it in a manner where all the deficiencies of the original
business model are addressed and all its efficiencies are retained.
These entrepreneurs help to improve an existing product or
production process and can offer suggestions to enhance the use
of better technology.

 Fabian Entrepreneurs. These are entrepreneurs that are very

careful in their approaches and cautious in adopting any changes.
They are not prone to sudden decisions and try to shy away from
any innovations or change that doesn't fit their narrative.

 Drone Entrepreneurs. These are entrepreneurs who do not like a

change. They are considered as 'old school'. They want to do
business in their own traditional or orthodox methods of production
and systems. Such people attach pride and tradition to even
outdated methods of doing business.

On the other hand, Technopreneur is a person who perceives

an opportunity by introducing new products and services, creating new
forms of organization and by utilizing new raw materials. Most
technopreneur undertakes risks that has the possibility of earning a
profit. A technopreneur starts out with nothing but an 'idea' defying
existing products, practices and systems in which he can think of a new
solution through the use of technology and innovate it eventually.
A technopreneur or technopreneur is an entrepreneur who gets
a technology idea and finds an opportunity to make it a commercial
reality. Alternatively, a technopreneur can also be a techie idea-owner
who ventures to make his idea a commercial reality. Yes, it may seem
that a technopreneur and entrepreneur are indistinguishable since many
of their core skills are identical but at the end of the day, you can always
use these features to differentiate the two. Technopreneurs use
technology to solve problems in various industries like health,
transportation, and agriculture. Needless to say, a good technopreneur
ought to have a winning combination of business and technical skills to
make it big.
Here is a look at the essential technopreneur skills that every rising
techie ought to possess to ensure that they survive in the industry.
1. Strong communication skills that close deals. Technopreneurs
have to communicate with diverse people about their business
ideas and products. Also, to get sponsorship you have to drive the
message home in a proper way to potential sponsors. Similarly,
every aspiring technopreneur should have it at the back of their
head that communication plays a significant role in determining their
success. You need to understand where you are going, how to get
there, who's going to help you get there and how to convince them to
help you get there.

2. Product management knowledge. What do Mark Zuckerberg

(Facebook), Elon Musk (SpaceX) and Jack Dorsey (Twitter) have in
common? Other than being the CEO's of the leading tech companies
in the world, they are strong product managers. As a technopreneur,
you need to have a deep technical understanding of your product and
understand the details without getting lost in the details.

3. Deep technical understanding. As a technopreneur, it is important

to be tech-oriented. We're not saying that you have to be a coding
expert, but rather, to invest in your technical skills and understand the
dynamics of your market. Otherwise, you will always find yourself relying
on the Chief Technology Officer (CTO) or your trusted advisor; much
like being locked in a box.

4. Take big risks. While every technopreneur's story is unique, there

is a common factor that unites them- they take risks. As Uber CEO
Travis Kalanick-stepped down from Trump's presidential panel to
avoid losing customers, Elon Musk has continued his regular
meetings with Trump. Just like Trump, Musk understands that big
rewards come with significant risks. After all, Musk has always
done what first seemed impossible. As a technopreneur, having the
gambler mindset will serve you well.

5. Persistence. No great achievement in life is possible without

persistence. A great technopreneur will stay positive because the
odds will always be against taking the first leap of faith.
Persistence in technopreneurship means sticking to the mission
regardless of long or hard the road seems.
Clearly, at the end of the day, all technopreneurs are entrepreneurs,
but not all entrepreneurs are technopreneurs.
Difference between Entrepreneur and Technopreneur
Let us take a look at the difference between an entrepreneur and a technopreneur

ENTREPRENEUR TECHNOPRENEUR
Likes to compete Likes to compete
Self-starter/ pioneer Likes to innovate
Able to do many things at once Part of a team
Able to do at once but
to
chooses delegate

Creative/has goals and dreams Innovative/ Greater Vision

Likes to work for himself Likes to be one to control
innovation
Motivated to achiev and attain Motivated by a strong vision
e and
financial passion to innovate
success
Focuses o n the c h a n c e s of Takes failure in stride and knows
success that if
rather than the possibility of failure corrected it will lead to success

Developing a
Business Plan

Resourcing
Discovery
ENTREPRENEURIAL
PROCESS

Managing
Harvesting Company
 Figure 2: Entrepreneurial Process Flow
The Entrepreneur is a change agent that acts as an
industrialist and undertakes the risk associated with forming the
business for commercial use. An entrepreneur has an unusual
foresight to identify the potential demand for the goods and services.
The entrepreneurship is a continuous process that needs to be
followed by an entrepreneur to plan and launch the new ventures
more efficiently.

1. Discovery:
An entrepreneurial process begins with the idea generation,
wherein the entrepreneur identifies and evaluates the business
opportunities. The identification and the evaluation of
opportunities is a difficult task; an entrepreneur seeks inputs from
all the persons including employees, consumers, channel
partners, technical people, etc. to reach to an optimum business
opportunity. Once the opportunity has been decided upon, the
next step is to evaluate it.
An entrepreneur can evaluate the efficiency of an opportunity by
continuously asking certain questions to himself, such as, whether
the opportunity is worth investing in, is it sufficiently attractive, are
the proposed solutions feasible, is there any competitive
advantage, what are the risk associated with it. Above all, an
entrepreneur must analyze his personal skills and hobbies,
whether these coincides with the entrepreneurial goals or not.
2. Developing a Business Plan:
Once the opportunity is identified, an entrepreneur needs to
create a comprehensive business plan. A business plan is
critical to the success of any new venture since it acts as a
benchmark and the evaluation criteria to see if the organization
is moving towards its set goals.
An entrepreneur must dedicate his sufficient time towards its
creation, the major components of a business plan are mission
and vision statement, goals and objectives, capital requirement,
a description of products and services, etc.

3. Resourcing:
The third step in the entrepreneurial process is resourcing,
wherein the entrepreneur identifies the sources from where
the finance and the human resource can be arranged. Here,
 the entrepreneur finds the investors for its new venture and
the personnel to carry out the business activities.
4. Managing the company:
Once the funds are raised and the employees are hired, the
next step is to initiate the business operations to achieve the set
goals. First of all, an entrepreneur must decide the management
structure or the hierarchy that is required to solve the operational
problems when they arise.

5. Harvesting:
The final step in the entrepreneurial process is harvesting
wherein, an entrepreneur decides on the future prospects of the
business, i.e. its growth and development. Here, the actual
growth is compared against the planned growth and then the
decision regarding the stability or the expansion of business
operations is undertaken accordingly, by an entrepreneur.
The entrepreneurial process is to be followed, again and again,
whenever any new venture is taken up by an entrepreneur,
therefore, it's an ever- e n d i n g process.

Defining Technopreneurial Process

There is a strong connection between Technological
development, Innovations and entrepreneurship. It is noteworthy that,
entrepreneurship forms the sub structure upon which science and
technology are built. As we understand it, technopreneurship is, by a
large part, still entrepreneurship. The difference is that
technopreneurship is either involved in delivering an innovative hi-
tech product. Technopreneurship is not a product but a process of
synthesis in engineering the future of a person, an organization, a
nation and the world. Strategic directions or decision-making
processes are [Link] more demanding and complex. This
requires universities, and in site professional development programs
and training to produce strategic thinkers who
will have skills to succeed in a rapidly changing global
environment.

Technopreneurial Process
 Technopreneurship is the process of organizational creativity
and also a process of main streaming innovation to continually find
solution to important corporate problems and implementing the
solutions to, in turn satisfying the economy or target. It also lays
emphasis on integrating technology with entrepreneurship.
Technopreneurs are entrepreneurs who are into the intimate
business of technology-based industries. They make use of technology to
come up with innovative products through commercialization. Aspiring
technopreneurs must be adequately equipped with both technical and
business skills. Technopreneurs continually go through the process of
constant improvement and always try to redefine our dynamic digital
economy. We need to encourage entrepreneurial views and skills at all
levels of the society.
1. Idea Generation
This is the process of creating, developing, and
communicating abstract, concrete or visual ideas. It includes
goals, strategies, concepts, design, style, plans and actions to
come up with possible solutions for actual problems and
opportunities.
2. Idea Screening
Idea screening is a process that evaluates and contrast new
prospective ideas for your business. It is where assessment will
be instigated to make s u r e that your ideas is related to the
business. The idea screening criteria are used to determine
compatibility and whether the idea will earn profit or could return
on investment.
3. Concept Testing
It is the process of testing new or hypothetical products or
services before they are launched. It is probably the possibility of
generating the best product that has.
4. Business Analysis
A process of identifying what the business needs and
determining solutions to business problems that will improved
the process, management and the financial status quo to deliver
value to the stakeholders.
5. Monitoring and Evaluation
Every business should be monitored and evaluated according to
the performance in the market. Monitoring and Evaluation is
 important for the business to diagnosed problems and improve
what is needed to stayed in the competition. Thru evaluation the
organization will identify the performance rating of the business.
6. Commercialization
The process of introducing new products and services to the
market. With commercialization, an organization entails
production, distribution, marketing, sales, and customer support
to achieve the commercial success of the new product or
services. The use of advertisement, social media campaign, and
video production is part of the commercialization so that the
vision and the value of the product or services will be reach out
to the society.
7. Test Marketing
Test marketing is a process of experimenting and assessing your
product to check its viability to customers compromising of actual
stores and real-life buying situations. It is to test the consumer
reaction towards the new product or services in the market.
8. Prototyping
Prototyping is the overall design of the product where it shown its
functionalities, specifications and interface that new product or
services in the market.
 Innovation and Idea Generation

What is Innovation?
If we hear the word "'Innovation" we usually come up with
different definitions and points of view about it. Innovation is something
that involves developing, creating new concepts and new ideas that will
be useful for the target customers.

Types of Innovation
There are numerous types of innovation, but let us
breakdown it into two dimensions, the Technology and Market that
come up with four (4) types of innovation.

4 Types of Innovation
Well

BREAKTHROUGH SUSTAINING INNOVATION

INNOVATION Roadmapping
Well
Mavericks R&D labs
Skunk Works Design thinking
Open innovation/prizes Acqusitions
HOW WELL IS THE
PROBLEM DEFINED?
BASIC RESEARCH DISRUPTIVE INNOVATION
Not well
Research divisions VC model
Academic partnerships Innovation labs
Journals and conferences 15%/20% rule
Lean launchpad
Not well well
HOW WELL IS THE DOMAIN DEFINED?
Sustaining Innovation
Sustaining innovation also known as routine innovation
happens on an incremental basis, is often a response to customer and
market demands or improvements in technology. The company
obtained feedback from the customers about the product and services
rendered to improve and provide greater value to the customers. Most
companies that used the sustaining innovation has been successful in
building their businesses and continue improving their offerings to their
customers and they have the awareness of the market needs. Examples
of this companies are Apple, Intel and Amazon.
Apple company which founded by Steve Jobs, Steve
Wozniak and Ronald Wayne continue improving, innovating and
upgrading their products to gain customer satisfaction and maintain
customer's trust and loyalty throughout the years.
On the other hand, Intel Corporation is an American
multinational corporation and technology company headquartered in
Santa Clara, California, in the Silicon Valley. Currently, Intel's
innovation in cloud computing, data center, Internet of Things, and PC
solutions is powering the smart and connected digital world we live in.
Amazon, is probably one of the biggest e-commerce worldwide.
They intend to sell books before but now, they are selling more than
hundreds of products globally where they continue to improve their
products and services in order for their customers to be satisfied and
pleased.

Disruptive Innovation
Disruptive innovation-the second type of innovation and the
force behind disruption-occurs when a company with fewer resources
moves upmarket and challenges an incumbent business. There are two
types of disruptive innovation:
 Low-end disruption, in which a company uses a low-cost
business model to enter at the bottom of an existing market and
claim a segment
 New-market disruption, in which a company creates and claims a
new segment in an existing market by catering to an underserved
customer base
Both types of disruptive innovation cause the incumbent
company-which relies on sustaining innovation-to retreat upmarket
rather than fight the new entrant. This is because the entrant has
selected a segment (either at the bottom of the existing market or a
new market segment) in which profit margins are relatively low. The
incumbent company's innovation strategy is driven by higher profit
margins, causing them to pull out of the segment in question and focus
on those with even higher profit margins.
As the entrant's product offerings improve, it moves into
segments with those higher profit margins. Once again, the incumbent
company is motivated to retreat upmarket rather than fight for the
lower-profit market segments.
Eventually, the entrant pushes the incumbent out of the
market altogether, having improved its product so much that it claims
all existing market segments or renders the incumbent's products
obsolete.
Returning to the example of the computing industry, the
introduction of smartphones was a disruptive innovation, specifically
new-market disruption. Smartphones catered to a new market
segment of customers who didn't need the level of capabilities
offered by a laptop-basic, convenient internet access at a fraction of
the cost of a desktop or laptop computer was enough. As the quality of
smartphones improves, the laptop and desktop may be pushed
further upmarket and, eventually, into obsolescence.

Breakthrough Innovation
Breakthrough innovation is not something everyone can
accomplish. You have to systematically develop the capability to
execute it successfully, and that is something you do not achieve
overnight.
Breakthrough innovation is when you bring something new
to the world. It is developing something that no one else has done
before; really original, something that couldn't have been possible. It
is the innovation that opens the organization to new markets or
changes the way customers interact with the market or the industry.
Breakthrough innovation is the most important concept in innovation
because it can be demonstrated virtually all real economic growth or
societal progress which is driven by disruptions. Breakthrough
innovation has greater ROI but with much bigger risks.
Breakthrough innovation is a radical new approach that leaves
competition behind in some way
 Breakthrough innovation is not something everyone can
accomplish. It's a kind of "out of the box" thinking. There is a
consensus that the external environment is an important antecedent
of spurring innovation. It is important to capture the rising trends
and take advantage of changes in the external environment to spur
breakthrough innovation and develop the capability to execute it
systematically.
An enterprise has always been parts of simple or complex
ecosystems, and it has to be linked to the many and varied ''touch
points" between itself and the marketplace environment of which it is a
part. Digital innovation must be a multi disciplinary effort which would
apply nonlinear thinking to provide better opportunities for leading
breakthrough innovation than linear thinking.
"Highly innovative organizations embed innovation into every
aspect of their organization and adopt spiral approaches to manage
breakthrough innovations successfully."

Basic Research
Path breaking innovations never arrive fully formed. They
always begin with the discovery of some new phenomenon. No one
could guess how Einstein's discoveries would shape the world, or that
Alan Turing’s universal computer would someday become a real thing.
As Neil deGrasse Tyson said when asked about the impact of a major
discovery, "I don't know, but we'll probably tax it." To his point,
Einstein’s discoveries now play essential roles in technologies ranging
from nuclear energy to computer technologies and GPS satellites.
Some large enterprises, like IBM and Procter & Gamble,
have the resources to invest in labs to pursue basic research. Others,
like Experian’s DataLabs, encourage researchers and engineers to
go to conferences and hold internal seminars on what they learn.
Google invites about 30 top researchers to spend a sabbatical year at
the company and funds 250 academic projects annually.
Yet one of the best-kept secrets is how even small
and medium size enterprises can access world-class research.
The federal government funds a variety of programs, such as the
Hollings Manufacturing Extension Partnership, a series of
manufacturing hubs to help develop advanced technologies, and
Argonne Design Works. Local universities, which have a wealth of
scientific talent, can also be a valuable resource. Taking steps to
participate in these types of programs can help small business
compete in competitive markets. For example, Mike Wixom of
Navitas, a four-year-old battery company that joined the Joint Center
for Energy
Storage Research (JCESR) as an affiliate, told me, "As a
small company, we're fighting for our survival on a daily basis.
Becoming a JCESR affiliate gives us an early peek at technology, and
you get to give feedback about what kinds manufacturing issues are
likely to come up with any particular chemistry."
So, clearly, being able to reach out to scientists on the
cutting edge can help a business plan for the future, just as the other
approaches, such as design thinking, open innovation, business
model innovation, and others, can help propel a business forward if
applied in the right context. But no one solution fits all problems.
If your innovation strategy is struggling or failing, consider
whether it's because you've locked yourself into a single approach.
There are always new problems to solve; learn to apply the solution
that best fits your current problem.

Ten (10) Principles for Sustainable Innovation in Business

As a startup investor in this age of the entrepreneur, I see
many more startups, but innovation is still hard to find. The most
common proposals I hear are for yet another social networking site
(over 200 active), or another dating site (over 2500 in the US alone).
Startups that display real innovation, such as alternative energy
sources and new medical treatments, are still rare.
Finding real innovation in existing company environments is
even tougher. From the classic book "Robert's Rules of Innovation: A
10-Step Program for Corporate Survival," by Robert F. Brands.
Brands outlines the key steps which together spell INNOVATION,
that I believe apply equally well to startups as well as corporate
environments:

1. Inspire. Whether we are talking about startups. or corporations,

innovation requires a leader who can inspire others to step into
the unknown. Followers and linear thinkers need not apply.
Inspiration requires a vision, and an ability to communicate it to
others.
2. No risk, no innovation. An entrepreneur looking for a sure thing
will never innovate. Savvy investors tell me that startup founders
who claim to have never failed are either lying or have never
tried anything innovative. Failure is the best teacher.

3. New product process. Innovation is not a random walk into

the unknown. It starts with a vision, but benefits quickly from a
structured process of idea generation, evaluation, prototyping,
customer feedback and success metrics. Set milestones and
meet them.

4. Ownership. A technical champion may drive a specific

innovation, but the business leader has to own the result, in
order to drive an appropriate business model, customer
acquisition, support and a growth strategy. Business risks are
not just development risks.

5. Value creation. Innovative technologies have no value until they

are turned into solutions to real customer problems. Creating
intellectual property, including patents, is the key to long-term
value and a sustainable competitive advantage.

6. Accountability. Team members and leaders who are

hesitant to accept full accountability jeopardize many
innovations. This includes personal and team commitments
to delivery schedules, quality assurance, and manufacturing
and distribution requirements.

7. Training and coaching. Proper hiring of people with a natural

curiosity, open mindedness and ability to see the big picture is
the way to create and enhance the right mind-set. Ongoing
coaching from the top is essential to maintain the attitude and
spirit.

8. Idea management. Build and manage a pipeline of ideas. From

time-to-time, include customers and sales members in ideation
sessions. Make sure all team members have some connection
with the product - has either used it, sold it or assembled it.

9. Observe and measure. Tracking results are essential to optimal

ROI. Product life cycles keep getting shorter and shorter, which
mandates accelerated innovation cycles. Once a new product is
launched, a key metric is the ratio of new product sales to overall
sales.
 10. Net result and reward. Based on ROI, incentives should be
developed for all participants. Reward your people. Frequently, the
key motivator is less financial than it is recognition for a job well
done. People are your best innovation resource.

Sustainable innovation is really the only sustainable

competitive advantage. But innovation is hard, because people by
nature resist change, and company cultures are most comfortable
with status quo. Survival in today's world of rapid business change
requires that you keep one step ahead of your competition. Innovation
is what gives life to your business initially, and keeps it alive in the
long term. Make sure your business can spell it.
Idea Presentation
Anytime you want to get a point across to your clients,
prospects or employees, it can help to create a presentation.
Presentations often include slides and other visual content designed to
complement a spoken message. You can use them to pitch a new
product or service, show your team how to complete a specific task or
introduce a new initiative across your organization.
Regardless of your actual message, it's essential that you find
some compelling way to get your message across. Here are some
creative presentation ideas that you can use to make your next client
pitch or team meeting really stand out.

1. Storytelling Presentation
Instead of simply sharing a bunch of facts that your audience
may have a hard time making sense of, create a story that
demonstrates the impact of those facts. It could be a story from
your actual life or business, or one you create to get your point
across. Share a bit about the characters in your story so the
people in your audience can relate to them.
For example, if you're presenting to clients, don't just tell them
about the problems that your product or service solves - actually
take them through the experience of a customer who
experienced that issue. Tell them about the day-to day of living
with that problem and then detail exactly how your product or
service changes the experience.
2. Musical Presentation
 If you want your customers, employees or peers to really
remember your presentation, try setting it to music. A catchy tune
could really help your presentation stand out and help people
remember the important parts. This may require some musical
talent, but there are plenty of tools out there to help you
compose a tune and record it so you can play it during your
presentation. Or if you play any instruments, you could actually
perform your presentation live.
3. Video Presentation
Instead of your basic slide presentation, you could share both
visuals and audio content in the form of a video. You can have a
video play in the background as you speak, or you could play it at
the beginning of your presentations and then speak afterward.

4. Photo-Only Presentation
If you do prefer using slides, consider taking the text out entirely.
This could be especially useful for those who are prone to reading
slides word-for-word. Instead, keep your notes on small cards that
you can refer to throughout the presentation and just share
photos in your slides that refer to what you're speaking about.
This gives them some context without distracting them from what
you're saying.
5. Immersive Presentation
Your audience doesn’t have to just sit and watch your
presentation -you can actually get them involved. This may work
best with members of your team or smaller groups, but you
could also choose to get a few members of a larger audience
involved as well. Give each person a part to play and then set
the scene for your presentation before guiding them through a
situation relating to your product, service or new initiative for
your business.
6. Question Presentation
Asking questions to your clients or prospects can help you
really get to know them so you can better sea to them. So why
not add that element to your presentations as well? You could
create a presentation that is customizable based on their
responses. Ask questions periodically throughout the
 experience so they stay involved, and then shin your content
from that point on based on what they have to say.
7. Demonstrative Presentation
If you’re attempting to sell a product or show your team a new
type of business tool, it could help to share an actual hands-
on demonstration rather than just showing slides. For bigger
groups, you may simply use the product or tool yourself and
project your screen so everyone can see. Or for smaller
groups, you could have everyone actually try using the
product themselves so you can work with them individually
and answer any questions they might have.

8. Humorous Presentation
Humor is a great way to relate to people and make them
remember your presentation. You should carefully consider
your brand before making this choice, since some clients may
find this type of presentation a bit unprofessional. However, if
you target a laid-back crowd or are speaking directly to your
team, it could be useful to share some jokes throughout the
presentation or create a funny fake situation that still shows off
your product in a fun and lighthearted way.
9. Animated Presentation
Instead of using a video that's shot live, use an animation tool to
show your product in use or demonstrate a new business
practice for your team. This can be especially useful if you want
to show people in situations that may be hard to film in real life,
like a product life cycle that lasts for decades.

10. Prop Presentations

Or you could just ditch the slide or video equipment altogether
and do something a bit lower tech. But it can still help to have
some kind of visual aids. So, you could instead invest in some
basic props to use throughout the presentation to help get your
point across.
Idea Selection
An innovative leader will encounter challenges in selecting the best
ideas among the list of different innovative process. What are the
criteria of choosing the best ideas? What will be the purpose of
those ideas? There are usually different methods that can be used in
the process of selecting ideas. The steps introduced by Michael Putz
for Lead innovation management consists of the following:
Step 1- Rough Selection
In the first step, the chaff has to be separated from the
wheat, i. e. the ideas without potential have to be selected quickly.
For this purpose, an "ABC analysis" can be used, where ideas are
divided into three classes:
 A-ideas, those that are absolutely necessary for further
processing.
 B-Ideas are those where you disagree about good or bad and
are uncertain.
 C ideas that have no value and are to be rejected.
The A-ideas are definitely going into the next round, the B-
ideas are discussed and it is decided together per idea whether the
idea will be adopted. C ideas are no longer considered.

Step 2- Fine Selection

In the next step, the sifted ideas are further selected. The
method of "dots gluing" has proven its worth. Each participant
receives five sticky points and can distribute them to their own
favorites. If you count the points together you get a ranking. If there
are less than ten ideas, the "rating" method can also be used. Each
participant gives each idea between O and 5 points. The points are also
added up and you get a ranking and a priority.

Step 3- Detailed Analysis

In the detailed analysis, ideas are qualitatively analyzed and
evaluated on the basis of criteria. For product ideas, for example these
are customer benefit differentiation potential and competitive factor
technical and economic feasibility.
In this process step, additional information is collected on the
ideas, which is then analyzed and concretized in detail.
 A canvas, such as that of Osterwalder, can be used as a
method for new business models. On the basis of the findings from the
analyses, a decision is made as to whether the idea will be pursued
further or not.

Customer Needs
One of the top priorities in business is to meet the demands and
needs of the customer. An innovative leader undergoes a thorough
research and identify the specific requirements or needs of the
customer to produce a useful product. Figure 7 illustrates the top 5
myths about customer needs.

Top 5 Myths About Customer Needs

1 2
Customers have latent Customers struggle to
needs; needs they don't articulate their needs.
even know they have.

3 4 5

Customers' needs change Customers' won't know It is impossible to ever

quickly over time. what they want until they know all the customers'
see it. needs.

Market Research and Validation

An innovative leader should conduct a market research and
validation to justify the needs of the customers. Quality measurement
that demands the data gathered during surveys, interviews and
market research.
 What about Market validation? Market validation is the
process of determining whether your product is of interest to a given
target market. Market validation involves a series of customer
interviews with people in your target market, and it almost always

Need Recognition

Search for Information

Evaluation of Alternatives

Purchase Decision

Post Purchase Evaluation

takes place before you've made significant investment in your

product/concept (Semick, 2016].
The Decision-Making Process
Decision making is an enormous task because the success of
the business relies on its process to come up with great solution.
Various methods, models and processes can be considered to make a

1
decision. The figure below shows the 5 stages or step process that an
innovative leader must consider.
Problem or Need Recognition
As an innovative leader you must identify the different
problems or need recognition of the consumer. The needs of the
consumers are the basis or foundation of creating or producing a new
product or services in the market. By assessing the needs of the
consumer, an innovative leader can generate excellent ideas for
innovation.

Information Search
When the problem occurs, there should have a solution.
And to develop a solution an innovative leader should be
resourceful in such a way that he or she can think of bright ideas.
Information search of products and services that will satisfy the
needs and wants of the consumer.

Evaluation of Alternatives
In determining the needs and wants of the consumer, the
innovative leader should provide different choices of products.
Customers will begin to seek out the best deal as they will compare
the details of the product, read many reviews if the product is poor
or excellent and probably compare prices of which is more affordable.

Selection Stage or Purchase Decision

After a thorough research and evaluation of the alternatives,
an innovative leader should select the best ideas that will be used in
the decision-making. They may have had prior experience with this
exact decision or maybe they succumbed to advertising about the new
product or service and they want to give it a try [Flekel, 2013]

Evaluation of Decision or Post-Purchase Evaluation

The goal for every marketer is not for a one-time customer
but a repeating lifetime customer. One bad experience of buyer's
remorse and your branding perception could be tarnished forever
[Flekel, 2013]. This process depends on the evaluation of the various
assessment done for decision-making. Whatever the company
decided is considered the best idea.
References:
[Link]
Technopreneurship#:~:text=The%20document%20discusses%20technopreneurship
%2C%20whi ch,in%20today's%20technology%2Ddriven%20world.
QUESTIONNAIRES
TEST I. Multiple Choice.
1. What is technopreneur primarily focused on?
a. Introducing new products and services
b. Managing existing businesses
c. Reducing operational costs
d. Increasing employee satisfaction
2. What is the first step in the process of selecting ideas according to Michael
Putz?
a. Fine Selection
b. Rough Selection
c. Detailed Analysis
d. Commercialization
3. What is essential for optimal ROI after a new product is launched?
a. Tracking results
b. Increasing production
c. Hiring more staff
d. Reducing cost
4. What is the purpose of test marketing?
a. To assess product viability
b. To increase production speed
c. To reduce marketing cost
d. To hire new employees
5. What do A-ideas represent in the ABC analysis?
a. Ideas that are absolutely necessary for further processing
b. Ideas that are uncertain
c. Ideas that have no value
d. Ideas that are already implemented
6. What is the purpose of a business plan?
a. To outline the company’s mission and vision
b. To hire new employees
c. To reduce operational costs
d. To increase product prices
7. These are entrepreneurs that are very careful in their approaches and
cautious in adopting any changes.
a. Fabian entrepreneurs
b. Drone entrepreneurs
c. Innovative entrepreneurs
d. Imitating entrepreneurs
8. What is the third step in the entrepreneurial process?
a. Developing a Business Plan
 b. Resourcing
c. Managing the company
d. Commercialization
9. What does the commercialization process involve?
a. Only production of new products
b. Production, distribution, marketing, and sales
c. Only marketing and sales
d. Only customer support
10. What is the key metric after launching a new product?
a. Customer satisfaction
b. Ratio of new product sales to overall sales
c. Employee performance
d. Market share
11. What is the second step in the entrepreneurial process?
a. Resourcing
b. Managing the company
c. Developing a Business Plan
d. Commercialization
12. What does the ‘fine selection’ step involve?
a. Discussing B-ideas
b. Rejecting C-ideas
c. Selecting A-ideas
d. All of the above
13. Entrepreneurs that help improve an existing product or production process.
a. Imitating entrepreneurs
b. Innovative entrepreneurs
c. Drone entrepreneurs
d. Fabian entrepreneurs
14. What is the purpose of prototyping?
a. To test market viability
b. To design the product’s functionalities
c. To market the product
d. To hire employees
15. What is essential for sustainable innovation?
a. Financial investment
b. Employee training
c. Recognition for a job well done
d. Traditional methods
16. What is the first step in the entrepreneurial process?
a. Resourcing
b. Managing the company
c. Identifying opportunity
d. Developing a business plan

17. These are entrepreneurs who do business according to their own traditional
methods.
a. Fabian entrepreneurs
b. Drone entrepreneurs
c. Innovative entrepreneurs
d. Imitating entrepreneurs
 18. What is the main focus of the detailed analysis step?
a. To collect additional information on ideas
b. To reject ideas
c. To implement new products
d. To hire new staff
19. What do C-ideas represent in the ABC analysis?
a. Ideas that are absolutely necessary
b. Ideas that are uncertain
c. Ideas that have no value
d. Ideas that are already implemented
20. A type of entrepreneurs is drawn toward innovations.
a. Fabian Entrepreneurs
b. Imitating Entrepreneurs
c. Innovative Entrepreneurs
d. Drone entrepreneurs

TEST II. True or False

1. A technopreneur primarily focuses on traditional business methods. False
2. Customer needs is one of the top priorities in business. True
3. The second step in the entrepreneurial process is resourcing. False
4. In the detailed analysis, ideas are qualitatively analyzed and evaluated on the
basis of criteria. True
5. Ongoing coaching from the top is essential to maintain the attitude and spirit
of employee. True
6. A technopreneur is a person that possesses various skills in terms of
marketing, communication. False
7. The commercialization includes production, distribution, marketing, and
customer support. True
8. Evaluation of decision or post-purchase evaluation is the last stage that an
innovative leader must consider. True
9. Test marketing is method to assess consumer reaction to a new product. True
10. Sustaining innovation is often a response to customer and market demands or
improvements in technology. True
11. C-ideas in the ABC analysis are considered valuable and should be pursued
further. False
12. Information search is when the leader provides different choices of products.
False
13. Prototyping is the overall design of the product showing its functionalities and
specifications. True
14. Low end disruption is when a company creates and claims a new segment in
an existing market. False
15. The ABC analysis is used to quickly select ideas without potential. True
16. Sustainable innovation is considered the only sustainable competitive
advantage. True
17. The first step in the entrepreneurial process is developing a business plan.
False
18. Sustaining innovation is the most important concept in innovation. False
19. Breakthrough innovation has greater ROI but with much greater risks. True
20. Technopreneurship is the process of organizational creativity and also a
process of main streaming innovation. True