The goal of this assignment NBS-6010Y Implementing the concept of technology entrepreneurship is to analyze the factors considered when implementing the concept of technological entrepreneurship. Increasing innovation is the basis for increased technological entrepreneurship. This results from the efficient use of research results leading to the development of products and services. New assets and growing competitiveness in the market also enhance the significance of technological development. It should be more of a process that combines the elements of academic and intellectual entrepreneurship with the entrepreneurship of commercial organizations. There should be the implementation of new technologies and innovative business solutions in the market environment. It is, therefore, necessary to further develop the current theory of technological entrepreneurship.
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ELIMINATING THE EXISTING BIASES IN TECHNOLOGICAL ENTREPRENEURSHIP
Technological entrepreneurship applies equally well to newly established firms as well as small or large firms. It entails collaborative production decisions. For already established organizations, the firm’s top management team jointly decides to invest in a project. They form a team of specialized individuals who create and capture value for the firm. The aim is to achieve the significance of technological development, such as reduced operating costs and improved efficiencies. Technological innovation contributes to higher levels of economic output and can deliver new goods and services that change human lives and capabilities. The use of specialized individuals and heterogeneous assets related to advances in technology refers to the theory of technological entrepreneurship.
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NBS-6010Y IMPLEMENTING THE CONCEPT, TECHNOLOGY ENTREPRENEURSHIP AND THE THEORY OF SUSTAINABLE COMPETITIVE ADVANTAGE
Technological entrepreneurship and the resource-based view of sustainable competitive advantage are interdependent. This is because they both involve how to create and capture value. They achieve this by paying explicit attention to how resources that embody technology and scientific advances create and capture value. This is one of the primary significance of technological development. As seen earlier, technological entrepreneurship applies to firms at any level. As for the resource-based view, it applies to those few firms that are continuously successful. The resource-based theory of sustainable competitive advantage is the dominant view in strategic management. It links firm performance to firm resources and includes concepts such as capabilities, dynamic capabilities, and core competencies. Therefore, this is the reason for encouraging a review of the theory of technological entrepreneurship.
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