Businesses across the globe can only stay afloat in their various murky environments if they opt to adopt sustainable innovations and processes. It is hard to picture a thriving business environment devoid of when designed technological processes that aid in easing the weight of service delivery and the smooth running of the organizations. Over the past few decades, scientific and technological innovations have hard an upward trend especially on matters relating to technology and innovation management ( Pomare, 2018). While coming up with development processes, it is critical to put in mind that their sustainability is what will achieve the driving of the desired socio-economic goals. Technology entrepreneurship and development is a pivotal pillar in the attainment of a sustainable processes that spur socio-economic progress.
The concept of sustainable development traverses across a series of disciplines. It entails giving attention to processes that out rightly satisfy the current needs of the society but at the same time not jeopardizing the progress of the said society. Sustainable development has a close emphasis on the avoidance of creating risks that may hinder future generations from achieving their own goals ( Pomare, 2018). It is a multidisciplinary concept that touches on the economy, society, individuals as well as the organization. For instance, the achievement of economic development for any given country ought not to interfere with the environmental aspect of the society experiencing the development. In other words, economic development processes out to be done in a manner that endeavors to conserve the environment for it to achieve the desired sustainability.
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Sustainable development is more inclined in providing global scale solutions and perspectives that can create processes that will not exploit resources ( Pomare, 2018). The idea behind sustainable development on a global scale is centered on the avoidance degradation that comes about as a result of waste products accumulation as well as pollution. A close consideration at eco-innovation paints a picture of establishing economic growth but having an equally heavy consideration on the safety of the environment. The adoption of new technologies are critical in enhancing management issues that offer additional attributes that play a big role in providing both the protection of the environment and achieving profitable businesses ( Chaston, 2017).
Technological entrepreneurship entails aspects that foster opportunity identification, opportunity analysis as well as innovation management. It traverses the fields of strategic management that that enhances the development of advanced business models. The commercialization of innovative products is an essential composition of technological development that has been coined on the exploitation of new entrepreneurial ventures ( Chaston, 2017). The adoption of both the strategic as well as sustainable development goals requires that the technology being put to practice be oriented towards increasing profitability but at the same time striking a balance between environmental conservation and sustainability.
Technology entrepreneurship is characterized by a sustainable technological innovation that is directed towards developing the skills of individuals and the same time enhancing the competences of a firm ( Chaston, 2017). Technological entrepreneurship and development is coined on the goals of bettering the modern society with advancements that provide green, new and sustainable solutions. There exists only minimal variations when it comes to distinguishing the applicability of the concept in small, medium and big business establishments. In Serbia, for example, technology entrepreneurship is accessed while considering indicators such as the vertical technology transfer as well as the horizontal technology transfer. In essence, the aforementioned two indicators are critical in determining the extent of how development can be achieved in various facets.
References
Chaston, I. (2017). Entrepreneurship. Technological Entrepreneurship, 1-24. doi:10.1007/978-3-319-45850-2_1
Pomare, C. (2018). A Multiple Framework Approach to Sustainable Development Goals (SDGs) and Entrepreneurship. Entrepreneurship and the Sustainable Development Goals Contemporary Issues in Entrepreneurship Research, 11-31. doi:10.1108/s2040-724620180000008006
