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Myths and challenges for Technology Entrepreneurship
Category:
 Expert Entrepreneurship     Expert Technology    
Published:
26/11/2012
video

We are getting more and more used to the idea that entrepreneurs can contribute to the economic recovery. In particular, technology entrepreneurs are seen to have the keys to ignite socio-economic growth and dynamism. Nevertheless, evidences are that despite the attempts to replicate successful regional models in Silicon Valley or Israel; the formula for technology entrepreneurship still remains rather elusive.

In the context of the Global Entrepreneurship Week 2012 (www.unleashingideas.org) we engaged with entrepreneurs, advisors and professors at La Salle BCN Campus – Ramon Llull University to discuss about the myths and real challenges for technology entrepreneurs (see blog entry).

From the presentation and discussion session we learn a few things worth sharing:

  • Although classic formal Business Plans are not seen to positively influence new venture performance, entrepreneurs should learn and use decision making support tools that fit their needs and business pace (business model or lean canvas, tailored dashboards or similar).
  • Getting out of the office is a very good way to get valuable feedback on your ideas. But as you get out and start doing networking, get ready to talk and discuss with those that a-priori might not seem to be a target client or partner, allow room for serendipity.
  • We’ve been told that experienced entrepreneurs think differently, successful experienced entrepreneurs are also seen to know that they have to change and improve. Identifying and accepting your limitations is the first step towards learning, either if you plan to grow your skills base or to hire people for your team.

We look forward further comments and ideas on what are the true challenges that technology entrepreneurs face and how to overcome them, thanks!

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Comments
Date: 21/02/2013
Great article, thanks! Reading through it, I was thinking about tech entrepreneurs who want to launch a new product. Technology is often associated to technological innovation; however, there are a couple of critical areas, and maybe more, to also take into consideration: Design and Branding. I say that because new products not necessarily respond to conscious needs of consumers. Going out and ask for feedback on the core product is important; but, if your product is revolutionary, people could resist understanding its value. Maybe, consumers do not need it now, and they cannot even imagine why they will need it one day. Let’s think about the iPad. Is it very useful? Maybe not that much, but people buy it, also attracted by the strong brand and its superior design. Since not everyone is famous as Steve Jobs, and new brands are not that strong as Apple, I think that a big challenge for tech entrepreneurs is to build a successful brand from scratch. Branding is critical in a hyper-competitive environment; and, Design certainly helps in the process of launching a new product, most of all when our brand is new (weak). Indeed, Design appeals to people’s emotions to create a value that the conscious mind often does not get immediately. The time works in favor of the well designed product to allow the new company to create a new experience around it. Experience enhances a product’s value, and reinforces a brand in people’s minds. At the end, the initial resistance could be defeated, and the product could be accepted by the market. However, time runs fast in a hyper-competitive industry. Investing on Design could make it easier to quickly build a new brand. Since I am not an expert in this field, it would be very helpful to know your opinion about my thoughts. Thanks!
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