February 2012
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Don’t let the noise of other’s opinions drown out your own inner voice. And most importantly, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
Steve Jobs (1955–2011)
Co-founder of Apple and Pixar
Technology
entrepreneurship lies at the heart of many important debates, including
those around launching and growing firms, regional economic development,
selecting the appropriate stakeholders to take ideas to markets, and
educating managers, engineers, and scientists. Unless a generally
accepted definition of technology entrepreneurship is established,
however, these debates lose their focus.
The purpose of this article is to identify the themes that dominate
the technology entrepreneurship literature, provide a definition of
technology entrepreneurship, and identify its distinguishing aspects
relative to economics, entrepreneurship, and management.
The author argues that technology entrepreneurship is an investment
in a project that assembles and deploys specialized individuals and
heterogeneous assets to create and capture value for the firm. What
distinguishes technology entrepreneurship from other entrepreneurship
types (e.g., social entrepreneurship, small business management, and
self-employment) is the collaborative experimentation and production of
new products, assets, and their attributes, which are intricately
related to advances in scientific and technological knowledge and the
firm’s asset ownership rights.
Introduction
Technology entrepreneurship is a vehicle that facilitates prosperity
in individuals, firms, regions, and nations. The study of technology
entrepreneurship therefore, serves an important function beyond
satisfying intellectual curiosity.
Previous definitions from the literature do not explore and identify:
the ultimate outcome of technology entrepreneurship; the target of the
ultimate outcomes; the mechanism used to deliver the ultimate outcomes;
or the nature of the interdependence between technology entrepreneurship
and scientific and technological advances. Moreover, a new definition
should explicitly link technology entrepreneurship to the theory of the
firm, entrepreneurship theory, and management theory.
In this article, the journal articles on technology entrepreneurship
published since 1970 are classified into eight themes, the journals
where these articles were published are examined, and the various
definitions of technology entrepreneurship found in the literature are
identified. A revised definition of technology entrepreneurship is
proposed and its distinguishing aspects discussed. The last section
provides the conclusions.
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