The modern world has become so dependent on technology that there is no imagining where we would be without it. The world has been transformed into a global village. We can access anything from anywhere in the world easily. Information communication technology has taken center stage in all aspects of human existence, making it possible to access information is a faster way. A state is seen to be more developed by the way its citizens use technology. It is all about having something better than the other person.
In the business world, there is development without technology. The use of science, technology, and innovation (STI) defines the modern business setting. It is crucial for an entrepreneur willing to have a future in the contemporary business setting to have an advanced technology setting. Entrepreneurship is all about innovation and finding new ways to gain from existing environments. It is an art as well as a science that leads to the study of market behaviors and devising adaptability features. Without science, technology, and innovation, we could not be talking about today’s entrepreneurship. Almost every product, process, and service that comes on the market has gone through some technology. Even as technology continues to evolve in sophistication with the world economy, society, more than ever, has learned to embrace these changes.
STI has become a core value in sustainable development. It is used to address emerging national, regional, and global development issues. Different sectors have found a way to incorporate technological processes in their operations for maximum yield.
Technology can come from either transfer methods or indigenous development. There is a need for knowledge and skills. To transfer technology, one must have the necessary know-how skills to acquire and use. The same is necessary for the adoption and utilization of technological resources. Deeper understanding and development of technology require more profound levels of know-why, skills, and knowledge. And to utilize such knowledge, a business needs to employ skilled workers, who have experience and necessary expertise for product creation and effective marketing.
Modern entrepreneurship is built on technological knowledge. For instance, a business that does not have a good website and social presence cannot make it on the market. Modern customers have become more sophisticated than ever. They need something that makes their lives easier. At the same time, competition, especially from start-up companies, has intensified over the past years. It does not matter anymore how long you have been on the market, and how far you have sold, a new technology-based company in the same niche as you can quickly come up and beat you.
Transfer of technology, especially in modern manufacturing and cleaner production, can be quite expensive. Transfer technology involves trade and investment, making it sophisticated and costly. The use of foreign direct investment (FDI) is the main method for technology transfer. There is no automatic technology transfer. If you want, for instance, to buy software that scans the potential market for your products, you will need to get licenses from the owner, which is expensive.
Entrepreneurship has become a widely debated topic. It takes on the face of change as a means of finding new ideas on the market and capitalizing on them. Although there is no definite definition for entrepreneurship and entrepreneur, we can all agree that innovation is one of the key features of the sector.
Different scholars have significantly explored the term innovation over the past few decades. And just like entrepreneurship, its definition still confuses (Cooper, 1998). The main reason for this is because of diverse fields of research, such as business and management, economic, organizational studies, and many more.
Schumpeter (1934) defined innovation as “an introduction of a new production method, product, and its quality.” He adds that it is “the opening up for a new market or a new source of raw material and semi-manufacturers.”
A more contemporary definition is from Damanpour, who defines innovation as “a means of changing an organization, either as a response to changes in the external environment or a pre-emptive action to influence the environment. Hence, innovation is here broadly defined to encompass a range of types, including new products or services, new process technology, new organizational structure or administrative system, or new plans or programs about organization members.” Damanpour, 1996, p.694)
Based on this, we can conclude that innovation is a crucial part of entrepreneurial technology and education. At the university level, students are exposed to thoughts that awaken their innovativeness. They can then use the skills later in life when building their business.
Technology fuels innovation and vise versa. It is impossible today to put a new idea on the market without testing it first. There are several applications used to simulating different innovations before taking them on the market.
Technology is evolving at an unprecedented rate. “Intelligent, digital, and mesh are the three themes that form the basis for these technologies, which will have substantial disruptive potential across industries.” Panetta (2016). Technology has created what can be referred to as the mesh, “dynamic connection of people, things and services supporting intelligent digital ecosystems.” (Panetta, 2016). This means the world has become reliant on technology. Intelligence has increased in ways one ever imagine, as the digital mesh of people, devices, content, and services continues to expand.
Therefore, choosing a device to use for your organization alone is not enough. You need a method and technology that fits your needs.
A new technology trend for today is device mesh and mesh app. This is a set of endpoints with a wider potential to connect different services in the digital realm. It enables people to access information and applications. Using such technology makes access to businesses easier. It proves that technology is being applied today as a form of service innovation.
Entrepreneurial education emphasizes the importance of technology in the modern business setting. The digital world is running with digital businesses. Therefore, where you are directly involved in technology or just running a simple business, embracing technology is one way of getting ahead of others.