TECHNO • According to OSLO Manuel, Innovation there is a continuous

04/07/21 innovation into a business.

TECHNOPRENEURSHIP
• It is a kind of entrepreneurship in the field of technology. DIFFERENT TYPES IF INNOVATION
• A combination of technological advancements and entrepreneurial 1. Organizational Innovation
skills. • refers to the development of a new organizational strategy
• It is the process of using the developments brought about by 2. Process Innovation
specialized knowledge to come up with innovations in all the 3. Product Innovation
aspects of human 4. Marketing Innovation

IMPORTANCE OF TECHNOPRENEURSHIP EXAMPLES OF FAMOUS INNOVATORS AND THEIR

• It makes easy for people to stay in touch with each other PRODUCT AND SERVICES.
• Provided some other benefits to society and the nation that 1. Steve Jobs
contributes to economic and human development • iPad
• It creates job 2. Marie Curie
• It promotes entrepreneurial activities that inspires teammates and • Radioactive activity
employees to grow and start up their business firms too. 3. Elon Mask
• Electric cars
ENTREPRENEURIAL MINDSET 4. Ann Kiessling
• It is the lens through which the entrepreneur views the world, • Area of biology
where everything is considered in light of the entrepreneurial 5. Nikola Tesla
business.
• Electric Power
• An awareness and focus on identifying an opportunity through
6. Amanda Jones
solving a problem, and a willingness to move forward.
• Inventor of Vacuum
7. Thomas Edison
INNOVATION
8. Grace Hopper
• Is the specific tool of entrepreneurs, the means by which they
exploit change as an opportunity for a different business? 9. Leonardo DaVinci
• The key point about innovation is that it is a response to both 10. Josephine Conchrane
changes within markets and changes from outside markets. 11. Alexander Graham Bell
 CHARACTERISTICS OF AN ENTREPRENEURS TECHNOPRE 13
• Decisiveness APRIL 2021
• Confidence EIGHT (8) SKILLS OF ENTREPRENEURSHIP
• Accountability ENTREPRENEURS:
1. Initiate and operate a purposeful enterprise
• Resiliency
2. Operate within the context and industrial environment at the time
• Humility of initiation
3. Identify and screen timely opportunities
HOW TO BECOME A SUCCESSFUL TECHNOPRENEUR 4. Accumulate and manage knowledge and Techno
• Build a Team: Technopreneur ship is the combination of one's 5. Mobilize resources
technical expertise with entrepreneurial talent. 6. Access and mitigate uncertainty and risk associated with the
• Boosts Problem-Solving Skills: Being a Technopreneur, you initiation of the enterprise
ought to expect troubles at every return. 7. Provide an innovative contribution or at least a contribution that
encompasses novelty or originality
• The Decision on the Final Strategy: Decision Making is a
significant skill that every technopreneur must have. 8. -----

REQUIRED CAPABILITIES OF THE ENTREPRENEURIAL

TEAM
• Has talent, knowledge and experience
• Seek important opportunities
• Able to select an opportunity
• Creatively explores a process that results in the concept
• Able to convert an opportunity into a workable and marketable
enterprise
• Wants to succeed: achievement-oriented
• Able to accommodate uncertainty and ambiguity
• Flexibility adapts to changing circumstances
• Seek to evaluate and mitigate the risks of the venture
• Create a vision of the venture to communicate the opportunity
• Attracts, trains and retains talented, educated people capable of
multidisciplinary insights
• Skilled at selling ideas and have a wide network potential partner. - A consumer wants usually reflect the desired preferences for
specific ways of satisfying need. Thus, people usually want
particular products, brands, or services that satisfy their needs in a
ELEMENTS OF THE ABILITY TO OVERCOME A
specific way.
CHALLEGE
• able to deal with issues
DO CUSTOMERS ALWAYS KNOW WHAT THEY WANT?
• Create solution - Some business owner questions whether or not a strong focus on
• And other qualities mentioned above. customer needs and wants is always a good thing.
CUSTOMERS
- Technopreneurship begins with the customer experience and work CONDUCT MARKET RESEARCH
backward to arrive at the technology to provide that customer
experience. MARKET RESEARH &VALIDATION
- Example is how INSTAGRAM discovered. And other social media
sites. MARKET RESEARCH
- A Technopreneur constantly improve, innovate and create new
things. • is the collection and analysis of data related to a business target
- "Your Unhappy Customers are your greatest source of Learning." - market.
Bill Gates
• can entail everything from information on competitor’s product to
- "Get closer than ever to your customer. So close that you tell them the interpretation of demographic data related to potential
what they realize it themselves." - Steve Jobs. customers.
- • the main purpose is to gain an understanding of customer needs
SUCCESSFUL MARKETING REQUIRES UNDERSTANDING and wants in an effort to reveal potential business opportunities
YOUR CUSTOMER’S WANTS AND NEED. • Helps you know your competitors

CONSUMER NEEDS
VALIDATION
- This is where human psychology and behavior come into play,
which focuses on the premises that every human has a need. • Is the act of verifying that a specific product is needed in a target
market.
-CONSUMPTION BEHAVIOR.
- The driving force behind that needs of an organization indetermined • this can be done by conducting formal or informal interviews or
by the strategic objectives and the resources. surveys with potential customers’ feedback

CONSUMER WANTS •
 TARGET CUSTOMER PERSONA Benefit
• A target audience persona will identify your future customers.
• Persona Checklist PROPOSITION

1. Background
WHAT IS VALUE?
2. Demographic
• is the worth, importance, or usefulness to the customer.
3. Identifiers
4. Goals • In business terms, is the worth in monetary terms of the social and
5. Challenges economic benefits a customer receives from paying for a product
6. How Your Nonprofit Helps or services.
• Value is not simply a question of the financial costs and financial
benefits. It includes perceptions of benefit that are different for
every person. The marketer has to understand what is of greatest
value to the target customer and then use that information to
develop a total offering that creates value.

FIVE VALUES OFFERED TO A CUSTOMER

TECHNOPRE 20
APRIL 2021
 • It says how it’s different or better than the competitors offer
• It avoids hype (like "Never seen before!")

Value Proposition
• States who the customer is and describes the values offered to this
customer.
• Defines the company to the customer
• A business or marketing statement that summarizes why a
customer should buy a product or use a service. The statement
should convince a potential costumer that one particular product or
service will add more value or better solve a problem than other
similar offerings.
A value proposition needs to very simply answer the question.
VALUE PROPOSITION STATEMENT INCLUDES;
This question contains three (3) components:
1. Needs:
1. WHO? The value proposition does not name the target buyer, but
2. Approach:
it must show clear value to the target buyer.
3. Benefits:
2. WHAT? The offering needs to be defined in the context of that
buyer
3. WHY?: The reason why the customer avail the product.
Keys to a great VALUE PROPOSITION
•Clarity! It’s an easy to understand.
• It communicates the concrete results a customer will get from
purchasing and using your products and/or services.
4. Competition: • Demographic Segments
• Geographic Segments
• Income Segments
• Behavioural Segments
Benefits of Effective Market Segmentation
• Focuses resources on parts of a market where the business can
succeed.
• Allows a business to grow shared in markets or to "ride the wave"
of fast-growing segments
• Helps with new product development focused on needs of
customers in the segment.
• Helps make the marketing mix more effective- e.g. better targeting
of promotion

TECHNO PRE 28 Potential Drawbacks of Market Segmentation

APRIL 2021
• Segmentation is an imprecise science-data not always available,
MARKET SEGMENTATION, TARGETING AND up-to-date or reliable.
POSITIONING • Just because you can identify a segment doesn't mean you can
How Business Use Marketing to Create Value for Customers reach thee customers in it!
1. Choose which customer to serve. • Markets are increasingly dynamic-fast changing; so too are the
•Market segmentation (parts of a market) segments. What is Target Market?
•Targeting (segments to enter)
2. Decide how to serve those Customers
• Product differentiation (what makes it difference from the
competition)
• Marketing Positioning (how customers perceive the product)
Market Segmentation
• Involves dividing a market into parts that reflect different customer
needs and wants. Main Categories of Market Segment
• A target market is the set of customers sharing common needs and • Having chosen which segments to target
wants that a business decides to target. • Business needs to decide how to compete in those segments
• Marketing people call this the VALUE PROPOSITION
• Market Position is defined by customer’s the place a product
occupies in customer minds relative to competing products

Positioning and Competitive Advantage

• Customers choose products based on the VALUE PROPOSITION
• Providing Superior value than the competition is a source of
COMPETITIVE ADVANTAGE (if it can be sustained)
There are various possible value differences which can deliver
competitive advantage

Market Positioning
 • Are you competing on price, product, quality or another point of
difference?
Analyze your Competitors on...
• Location
• Products Offered
• Service offered
TECHNOPRE 28 • Markets served
APRIL 2021 • Points of sale
IDENTIFYING YOUR COMPETITORS • Pricing structure
Types of Competitors • Strength
• Direct • Weaknesses
• Indirect Competitor Analysis
• Emerging 1. Identify 5-10 of your major (direct) competitors
How well do you understand your Competitors? 2. Identify the products/services that they offer.
• Who are your direct, indirect, and emerging competitors to your 3. Describe the products/services that they offer.
product or services? 4. What factors contribute to their success?
5. Assess their weaknesses.
• Are they online, offline, or both?
6. How will you address their strengths and capitalize on their
• Do you know what your Competitors are doing, i.e what are the weaknesses?
benefits of their products and how are they marketed?
• What are your competitor’s strengths and weaknesses?
• What do customers think about your competitors’ products and
services?
• How are you going to position yourself in comparison to your
competitors?
• Would it be meeting the competition?
• Beating the competition?
• Countering the competition?
7. What are their current market shares? COMPETITIVE ADVANTAGE