1. 1 Summary Economic Growth & the Technology Entrepreneur
There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.
John F. Kennedy
Summary
What drives global entrepreneurship?
The entrepreneur provides the creative force in order for capitalism (free enterprise) to work. Entrepreneurs strive to make a difference in our world and contribute to its betterment. They are also motivated by achievement, independence, and the accumulation of wealth.
Chapter 1: Summary
Technology Ventures: From Idea to Enterprise

2. 1 Economic Growth & the Technology Entrepreneur
Entrepreneurs are people who identify and pursue solutions among problems, possibilities among
needs, and opportunities among challenges.
Chapter 1: concept
Technology Ventures: From Idea to Enterprise

3. 1 Economic Growth & the Technology Entrepreneur
For an entrepreneur, a challenge is a call to respond to a difficult task and the commitment to undertake the required enterprise.
Chapter 1: concept
Technology Ventures: From Idea to Enterprise

4. 1 Economic Growth & the Technology Entrepreneur
The Elements of Overcoming a Challenge
Able to deal with a series of tough issues
Ability to create solutions and work to perfect them
Can handle many tasks simultaneously
Resiliency in the face of set-backs
Willingness to work hard and not expect easy solutions
Possess well-developed problem solving skills
Able to learn and acquire the necessary skills for the tasks at hand
Chapter 1: Table 1.5
Technology Ventures: From Idea to Enterprise

5. 1 Economic Growth & the Technology Entrepreneur
An opportunity is a favorable juncture of circumstances with a good chance for success or progress. It is the job of the entrepreneur to locate new ideas and to put them into action.
Thus, entrepreneurship may be described as the identification and exploitation of previously unexploited opportunities.
Chapter 1: concept
Technology Ventures: From Idea to Enterprise

6. 1 Economic Growth & the Technology Entrepreneur An Attractive
Opportunity
Finding the Right
Opportunity
Timely
Solvable
Important
Profitable
Favorable Context
The Sweet Spot
Like to do the tasks
Like the challenge
Committed to do what is necessary
Skilled at the needed tasks
Interests, Passions, Commitment
Capabilities & Skills
Chapter 1: Figure Finding the Right Opportunity
Technology Ventures: From Idea to Enterprise

7. 1 Economic Growth & the Technology Entrepreneur 2
Chapter 1: Table 1.8 – Example of New Opportunity Evaluation
Technology Ventures: From Idea to Enterprise

8. 1 Economic Growth & the Technology Entrepreneur
Entrepreneurial Capital
EC = Ecomp x Ecomm
► Ecomp = Entrepreneurial competence is the ability to: 1) to recognize and envision taking advantage of opportunity and 2) to access and manage the necessary resources to actually take advantage of the opportunity
► Ecomm = Entrepreneurial commitment is a dedication of the time and energy necessary to bring the enterprise to initiation and fruition.
Chapter 1: Entrepreneurial Capital
Technology Ventures: From Idea to Enterprise

9. 1 Economic Growth & the Technology Entrepreneur
Economic Value = Opportunity x Entrepreneurial Capital
After T years the market value is:
MV = M x C x EV
= M x C x Ecomp x Ecomm
where:
M = management efficiency and effectiveness
C = context
Chapter 1: Economic Value
Technology Ventures: From Idea to Enterprise

10. 1 Economic Growth & the Technology Entrepreneur
The intellectual capital of an organization is the talents of its people, the efficacy of its management systems, the effectiveness of its customer and supplier relations, and the technological knowledge employed and shared among its people and processes.
Chapter 1: concept
Technology Ventures: From Idea to Enterprise

11. 1 Economic Growth & the Technology Entrepreneur Economy
Natural Capital
Beneficial Outputs
Financial Capital
Undesired Waste Outputs
Intellectual Capital
Chapter 1: Figure 1.2 – A Model of the Economy
Technology Ventures: From Idea to Enterprise

12. 1 Economic Growth & the Technology Entrepreneur Inputs The Firm
Outputs
Raw Materials
Components & Modules
Products
&
Services
Financial Capital
Physical Assets
Technologies
Chapter 1: Figure 1.3 – Transforming available inputs into desired outputs
Technology Ventures: From Idea to Enterprise

13. The Firm’s Intellectual Capital
Economic Growth & the Technology Entrepreneur 1
The Firm’s Intellectual Capital
Human Capital
Organizational Capital
Social Capital
A firm’s theory of its business is how it understands its total activities, resources and relationships.
Chapter 1: Figure 1.4 – Firm’s Intellectual Capital
Technology Ventures: From Idea to Enterprise

14. 1 Economic Growth & the Technology Entrepreneur
Waves of innovation throughout history
Chapter 1: Figure 1.5
Technology Ventures: From Idea to Enterprise

15. 1 Economic Growth & the Technology Entrepreneur
Dynamic Capitalism is the process of wealth creation characterized by the dynamics of new, creative firms forming and growing and old, large firms declining and failing.
Creative Destruction is the entrepreneurial activity of destroying old models and creating new models of doing business.
Chapter 1: concept
Technology Ventures: From Idea to Enterprise

16. 1 Economic Growth & the Technology Entrepreneur
Principle 1 The entrepreneur develops an enterprise with the purpose of creating wealth and prosperity for all participants – investors, customers, suppliers, employees, and themselves – using a combination of intellectual and entrepreneurial capital.
Chapter 1: Principle 1
Technology Ventures: From Idea to Enterprise

17. 1 Economic Growth & the Technology Entrepreneur VENTURE CHALLENGE
Select a high-potential opportunity that interests you and then use it for the venture challenge exercises at the end of each chapter. For example, you might consider one of these current trends in science and technology: mobile data applications, internet telephony, video podcasting, web services, nano-technology, clean technologies (including fuel cell, battery and solar), pandemic flu and biodefense treatments, and advancements in stem cell research.
1) Describe the opportunity that attracts you and why you think it is a new venture opportunity.
2) Describe the competencies and skills you and your team members possess.
3) What important stakeholders will you need to be successful?
4) Describe the passion and commitment you have for the opportunity.
5) Is this a good opportunity for you?
Chapter 1: Venture Challenge
Technology Ventures: From Idea to Opportunity

18. 1 DVD Video “Entrepreneurial Skills Learned”
Economic Growth & the Technology Entrepreneur 1
DVD Video
“Entrepreneurial Skills Learned”
Mark Zuckerberg (Facebook)
Chapter 1: DVD Video
Technology Ventures: From Idea to Enterprise