Simply, tech-entrepreneurship is focused on technology to solve society’s unmet needs. Seventy percent (70%) of all investments from Angels and Venture Capitalists fund this sector (NACO Report Infographic June 25, 2016). This is a wide sector spanning multiple areas, such as:
- Smart Cities
- Medicine / Dentistry
- Finance/ Banking
- Life Science
- Consumer Products
The technology can take on different forms such as software, medical devices, and therapeutics. The method to develop them as an entrepreneur varies depending upon the sector. For example, it is advantageous to use the “Lean Startup Method” and variants proposed by Steve Blank and others to create a software product for a specific industry. In this method, one iterates versions of the product in short bursts until the “bugs” are worked out over time. Although this is a great method for this industry, it will not work effectively to develop a medical device or therapeutic to solve a medial need.
One important feature of being a tech-entrepreneur is that one can easily translate oneself into other sectors because the basic elements to the product development pathway exist whether you are in ICT, FinTech, MedTech, etc.