Technopreneurship is the combination of the words “technology” and “entrepreneurship” that refers to commercial activities, including trading, importing and exporting, selling and buying locally or internationally, that are performed using technologies or technological tools, such as online marketing, data analytics, entrepreneurial platforms, artefactual intelligence appliances, robotics, etc. Additionally, technopreneurship also covers data science management, where data mining, data warehousing, big data analysis are among the important processes that are executed on scientific data in order to identify consumers' purchase behaviours and to forecast market trends. Technopreneurship is a form of entrepreneurship with technologies that involve intensive production, operation, and management processes and practise entrepreneurial spirits involving creativity, innovation, risk-taking, adventure, ambition, and foreseeing actions to achieve success.
Top1. Introduction
This is a conceptual paper that discusses insight into how AI changes the technopreneurship in business world and its impact on business practices. Among the characteristics of technopreneurship are information technology (IT) based industries, know-how technology and intellectual property (Mazzarol, 2011).
According to Abbas (2018), technopreneurship is a combination of variety of knowledge and skills, scientific expertise and intelligence which in turn contributes to the innovation and development of digital society, smart cities and space technologies. This includes creativity and innovation of an entrepreneur or entrepreneurial organisation to produce or invent new products and/or services with advanced technologies to improve the welfare of the societies and nations. Among the successful real-life examples of technopreneurship are the implementation of digital platform Alibaba Group by Jack Ma, the social-networking medium Facebook by Mark Zukerberg, and the tech giants Apple Inc. by Steve Jobs and Microsoft by Bill Gates. They created new ways of doing businesses, connecting people and applying technologies in daily routine activities such as work and studies. Generally, their products and services have benefited the world and improved the quality of lives.
The Industrial Revolution 4.0 began since 2000 with the focus on internet of things or smart manufacturing which emphasize on the digitalization and applications of internet in the industries and business activities. The advanced countries have shifted their economy to digitalization and globalization. Many countries have foreseen the advantages of digitalization and globalization with data science application in manufacturing, industries and business sectors. Under the Industrial Revolution 4.0, the manufacturers and marketers focus on the selling and buying through digital platforms, big data, data analytics, automation and robotics, Artificial Intelligence (AI) to achieve the maximum outcomes (Mandy, 2021).
The Artificial Intelligence (AI) is among the dynamic and fast-developing fields of the era of science and technology. AI have some characteristics. The main characteristic is AI mimics human behavior and human intelligence in completing tasks through computer’s programmes, software and/or machines. For example, with AI technology, a huge amount of data could be in stored in computers to assist in data analysis and provide accurate decisions. The AI technology mimics human behavior in memory, learning, data analysis and decision making. The other characteristic of AI is using programmed machines to stimulate human intelligence such as act and think like human. For example, Sophia is a robot which was developed by Hanson Robotics and able to process speech and has conversations with human. AI helps to understand Machine Learning (ML) as it is a subset of AI. ML is the study of system through computer algorithms that make use of the pattern of data to make decision without much human intervention. For example, in medical diagnosis, ML is applied to identify a patient’s disease based on the person’s symptoms and signs. The decision is based on the data, pattern and finally produce the outcome or decision to solve the problem. There are some pharmaceutical companies which use this system to assist their customers to look for the accurate medicine or best products for them.
AI has promoted the technopreneurship to more advanced and complicated stages with robotics and virtual technologies coming into human lives.AI can help process many tasks, including automatic machine operations, pools of data analytics, detective work on criminal cases, evaluating individual’s capabilities, talent discovery and organisational decision-making based on scientific data. Robotics technologies are replacing man’s power and abilities to perform a variety of work and carrying out difficult and dangerous tasks under complicated situations for human. AI in technopreneurship has created a synergy for entrepreneurs and entrepreneurial organisations that has boosted their production and sales and allowed them to be successful not only at individual levels but also at organisational, national and international levels.