Resources
Resources
Resources
Entrepreneurs Quest for New Technology - New Business
Viewed: 15659 Times

Many entrepreneurs start their new companies with the intention of commercializing creative business models and innovative ideas. In a strong sense, many of these startups are high tech and have become a platform in which new business owners can offer simple prolific solutions to existing market problems. Entrepreneurs who wish to launch such high tech startups should always be aware of any emerging technologies, so they can try to commercialize and market those ideas. One important question may remain: how do entrepreneurs find new technologies to start companies?

Invent new technology
Entrepreneurs can acquire new technologies by actively researching and developing new solutions to solve current technological flaws. Although much of the research in the fields of pharmacology, cloning, and biotechnology require the utilization of expensive laboratories, other technological research and experimentation can be done in one’s home. For example, an entrepreneur simply needs a few computers to develop a new software technique. Similarly, the use of a simple breadboard and a few inexpensive electronic components are sufficient to invent a new electronic device. More promising is the fact that a number of technology enthusiasts, who have worked out of their own home garages, have proposed and prototyped several automobiles that run on solar electricity and hydrogen.

Many successful entrepreneurs, who have typically worked from their garages, have invented new technologies that have changed the world. For example, William Hewlett and David Packard, who founded the Hewlett-Packard Company, or HP, started their collaborative efforts from their garage. Today, HP has grown to become the world’s largest vendor of personal computers. In addition, both Steven Jobs and Steve Wozniak, co-founders of Apple Inc., also began their partnership in the same manner. They assembled the first prototypes from Wozniak’s bedroom and later, in Jobs' garage. Today, Apple, Inc. is the leader of consumer electronics and software.

If, on the other hand, entrepreneurs need access to expensive machinery to develop their products, they can visit their local open-access workshops (e.g., www.techshop.ws that will charge them a small nominal fee for using their tools. Some of the many useful tools found at these workshops include lathes, welding, cutting machinery, drills, etc. By taking advantage of this work space, entrepreneurs can use their creative ideas to become inventors. S/he can decide to keep a majority of the equity for himself/herself when s/he forms a management team. The entrepreneur must also understand that they have to sacrifice both time and energy in order to properly develop a commercially viable technology and to create a successful business model.

Partner with a technologist
Another way in which entrepreneurs can invent new technologies is by partnering with professional experts to start their companies. The term “technologist” refers to skilled individuals who have immense aptitude for electronics, computers, and other technologies. They are also most likely to prefer the role of a CTO (chief technological officer) rather than be involved in business development.

Technologists can either be domain experts who have many years of experience in their field or are young graduate students who have developed novel technological innovations. It is an interesting fact to note that most technologists do not have business experience; therefore, entrepreneurs who have business experience can easily compliment their commercialization efforts. To many entrepreneurs, this disparity of backgrounds works well together since the inventor can partner with the entrepreneur in taking the company forward. On the other hand, the entrepreneur may end up with a disproportionate amount of equity since s/he does not contribute to the technical know-how and may not be given a major stake in the company.

Licensing technologies
Entrepreneurs can license technologies for a researcher’s new invention. These researchers can comprise of scientists, professors, patent owners, or just be individual technology enthusiasts. They highly prefer inventing new technologies rather than taking part in the commercialization process. They also tend to remain as technical advisors to the entrepreneurs when their businesses move forward.

Providing licensing technology is not just limited to individual inventors. It can also be provided to large institutions such as universities, federal laboratories, research organizations, and other companies. Since many major universities in the U.S. have a technology license institute, they strive to license all the technologies that have been developed in their educational facilities. For example, MIT's Technology Licensing Office has diligently helped a number of entrepreneurs by licensing their innovations. Similarly, federal laboratories offer technology licensing to entrepreneurs (www.federallabs.org). A good example is NASA, who executes hundreds of technology licensing agreements annually with new inventors.

In addition, some existing companies not interested in commercializing some of their technologies can also provide license technologies to entrepreneurs. Licensing technologies from institutions are by far the simplest and most effective ways of acquiring technologies to start companies since entrepreneurs have the choice to select among different technologies before investing his/her time into it.

 Digg It    Stumble It    Deli.icio.us

Related Articles