Technology Entrepreneurship

The practical knowledge covering all the machines, tools, devices, and methods created for the purposes of accumulating power and knowledge in an industrial field; controlling, processing, and transmitting it is called technology.

However, the concept of enterprise refers to an entity that is innovative, has the ability to adapt to changing conditions and has taken a certain level of risk as opposed to a business.

According to Bailetti (2012), technology entrepreneurship consists of three clusters formed by seven themes (see Figure 8.1). The first cluster includes the four themes anchored around technology venture formation. Tis cluster includes themes that focus on the antecedents (Theme 1) and consequences (Themes 2 and 8) of technology venture formation as well as its interdependence with change in technology (Theme 5). The second cluster includes the two themes that focus on small technology firms (Themes 3 and 4) and the third cluster includes the theme that focuses on mid-sized and large firms (Theme 7).

Dorf ve Byers (2005) define technology entrepreneurship as a business leadership style based on the process of managing high-potential human resource capitalization, high-potential technology-intensive business opportunities, principled, real-time decision-making skills, rapid growth and significant risk taking (Roja ve Năstase, 2014).

Technology entrepreneurship has different characteristics from other types of entrepreneurship. It mostly differs from traditional entrepreneurship by these characteristics: (High-tech) Innovation Processes, (Techno-Innovative) Project-Idea-Product-R&D- Commercialization Processes, (Intensive) Risk Taking, Global Competition.

One of the characteristics of successful technology enterprises is that they manage to act locally while thinking globally.

Entrepreneurs are people who identify and pursue solutions among problems, opportunities among needs, and opportunities among challenges.

Technology entrepreneurs have a number of characteristics that stand out different from other entrepreneurs. We can list them as follows: passion for success: formed by success sharing, personal values perseverance, etc. (eg. need for independence and efective leadership) ;control and risk: formed by locus of control, risk-taking tendency, determination, etc; creativity: formed by vision, creativity, etc.; individuality: formed by autonomy, etc.; attractivity: formed by popularity, physical attractiveness, etc.; sociality: formed by sociability, intelligence, diplomacy, etc.

The Hustler, The Innovator, The Machine, The Prodigy, The Strategist, The Visionary

When the concept of technology entrepreneurial ecosystems or technology entrepreneurship is analyzed at many levels and with different interdisciplinary perspectives, the most important elements of this ecosystem are components such as the newly established technology enterprises, communities, universities, companies, capital and investments, markets, different sectors, government professionals, consultants, incubators, accelerators, and hubs.

R&D has three types of activity according to OECD Frascati Manual (2015):

• Basic research is the experimental or theoretical work undertaken primarily to acquire new knowledge of the underlying foundations of phenomena and observable facts, without any particular application or use in view.
• Applied research is an original investigation undertaken in order to acquire new knowledge. It is, however, directed primarily towards a specific, practical aim or objective.
• Experimental development is systematic work, drawing on knowledge gained from research and practical experience and producing additional knowledge, which is directed to producing new products or processes or to improving existing products or processes

An inventor is a person who creates or discovers a new method, form, device or other useful means that becomes known as an invention. They propose an idea about a new invention and the person who invented the new invention in line with these ideas. They make intellectual contributions to a claimed invention.

Commercialization is a process by which the results of research projects are transformed into marketable products or services by the researchers themselves or by another group of producers.

Spin-offs, are new companies that emerge from the departure of a relatively small part of a company or a university.

In Turkey, Republic of Turkey Ministry of Industry and Technology, TÜBİTAK, KOSGEB and Regional Development Agencies support technology entrepreneurship in various areas such as financial, managerial and growth issues.

Angel investors are defined as a special investor type that invests in businesses with high risk and high growth potential at an early stage of their organization.

A venture capitalist is a person who makes capital investments in companies in exchange for an equity stake.

Crowdfunding is a new generation investment and funding system based on small donations from large numbers of individuals.

They are places where business support services are provided to new companies from a single source, usually established at universities or public research institutions.

They activate and manage the flow of information and technology between universities, R&D institutions, companies and the market in order to be successful; promote the establishment and growth of companies based on innovation by providing support for incubators and “spin-offs”; and offer high value-added services with their high-quality workspace and facilities.