Technopreneurship and Innovation in Business, Essay Example

The meaning of technology is full knowledge and utilization of techniques, tools, methods, machines as well as systems that facilitate in problem solution leading to effective performance in specific duties and functions. Technology is applicable for the maintenance of important processes in business.

Entrepreneurship involves the activities that are responsible for compilation of the desires, the efforts, creativity as well as innovation so that the business can achieve the profit making objectives for the benefit of the business and the community as well as maintenance of good economic conditions.

Technology and entrepreneurship has been combined to form the concept of technopreneurship that implies developing the activities of entrepreneur through proper integration of technology. Both concepts of entrepreneurship and technology are therefore inseparable and are applicable in complementing and supporting each other. Technology in this regard is used to simplify the activities of entrepreneurship for achievement of prosperity as well as social welfare.

Innovation on the other hand incorporates the use of technology, creativity as well as non-traditional environment of work to achieve the benefits of competitive advantage. Innovation is the surest way of keeping abreast with the fast pace of development coupled with the ever increasing competitive pressure.

The contemporary work place environment is characterized by diversity of generational workgroups including generations Y and X as well as the baby boomers. The differences in the life events that are associated with each generation are a cause of influence on the culture, lifestyles as well as their expectations. Each group is associated with distinctive values, expertise as well as skills in the workplace. However, with proper utilization of technopreneurship and innovation, significant effects in closing the age group have been noted in the workplace.

The introduction of social media for example has led to great achievements in widening communication channels amongst the entire society. Distance has also been shortened as people in different localities can transact business within seconds. People of all ages can interact without any barriers as a result of the advancements made in technopreneurship and innovation. Social networks such as twitter, Facebook and LinkedIn are potentially powerful tools that facilitate reaching anybody in the world thus making interaction easier, opening new career paths as well as business opportunities among people of all ages. The issue of generation gap in this regard has been eradicated thus making social and business interactions very easy to transact.

In every workplace, generation differences are evident because different groups of employees can be attributed to different age groups as a result of differences in hiring intervals. The proper functioning of the organization to maximum efficiency and capabilities requires a careful co-existence and integration among the different groups. The differences in their culture and experience can best be harmonized through effective use of technopreneurship and innovation that facilitate in addressing different issues of diversity such as communication, awareness, conflict as well as productivity. The managers must be competent in understanding the talents, skills, expertise as well as values that are attributed to different generations that serves as important guide in the formulation of policies and strengthening the work structures as well as interactions. Effective implementation of policies through technopreneurship and innovation must therefore account for the generational differences and helps in the preparation of future generations to the positions of leadership.

Works cited

Denning, Peter J., Dunham, Robert.  The Innovator’s Way, Essential Practices for Successful Innovation.        Cambridge, Massachusetts: The MIT Press, 2010.