Impact of Technology and Innovation on Entrepreneurship in 2018 India

By:Tushar Walia 2018-02-25

Technology is and continues to be an inseparable part in our lives, especially when one thinks of innovation. Innovative technology is the future especially when coupled with entrepreneurship.

Entrepreneurship Is Here to Stay

Entrepreneurship has become the trend that is here to stay and the key to getting a break in the world of upcoming entrepreneurs is to be innovative and ace the technology involved in your idea. For you to be a successful entrepreneur, you not only have to be innovative but you must also know the pros and cons of using sustainable and effective technology. While it may seem far-fetched, entrepreneurship is essentially a skill set that looks at innovative use of existing technology or an innovative upgrade in the technology.

The Evergreen Essence of Technology

Technology is a gold mine of resources and also a medium through which other resources become accessible, therefore helping in the smooth functioning of any enterprise. Thus it goes without saying that technology and innovation play a major role in shaping enterprises and also the idea of entrepreneurship in today’s world. Innovative technology channels resources in an efficient and effective manner, thereby creating a space for a holistic development of the market and economy. In this age of globalisation, entrepreneurship has transcended onto becoming a part of the larger social cause wherein every individual must focus on more than just profits in order to survive in the long run.

The Signs Are Ominous

With the continuously evolving market trend, technology, and fast-paced innovations, it may be difficult to analyse the extent of impact of these factors in the field of entrepreneurship and economy, but the existence of the said impact can hardly be denied. The last couple of years has also witnessed a shift in the trend of the focus of innovators from high-return projects to high-sustainability projects. While innovation and technology was earlier limited to IT or communication sector, owing to their high return-yielding capacity, the other sectors have gained popularity and taken away the limelight, if the recent surveys are to be believed. Agriculture sector and Healthcare sector are two major industries that have entertained the most innovations and technological developments in the recent past. Associated with backlogs and insufficiency in the yesteryears, these sectors have finally gotten their much deserved and long-due attention in terms of development and technological innovations.

Other such industries are energy, sanitation, hygiene, etc. The main focus in terms of entrepreneurship in these sectors is to use or develop technology in an innovative manner so as to create opportunities for sustainable advancements and individual gains. The key is to find the right balance between giving to the society in the form of development and gaining enough to sustain the enterprise and work on future growth and expansion.

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