“Innopreneurship” is defined as the teaching and practice of entrepreneurial action aimed at the implementation of new technical, organizational or scientific findings into marketable products and services as well as their successful establishment as novelties within the market.
The personal attitude underlying such action is sometimes also referred to as “innopreneurship” although the term “innopreneurial spirit” may be more appropriate. People who demonstrate innopreneurship on their own initiative are referred to as “innopreneurs”.
The word “innopreneurship” emphasizes the relationship between innovation and its utilization in the course of entrepreneurial activity.
The term “innopreneurship” refers to the teaching and practice of a certain type of entrepreneurial action that comprises all processes at generating new knowledge, at developing useful products and services on the basis of this new knowledge, at bringing them on the market and thus at making them accessible to a large number of potential users. At its core, innopreneurship is about turning innovation into a new source of value creation.
A special type of “innopreneurship” is the “digital innopreneurship”, which describes entrepreneurial action to generate and implement innovations based on digital technologies.
The spread of digital technologies in the course of digitalization and digital change has created enormous potential for the genesis of innovations from which new products and services can be developed. In many cases, the unleashing of this potential requires highly specialized know-how but comparatively little financial resources. This specific nature of digital innovations demands a particular form of entrepreneurial action, which is described by the term “digital innopreneurship”.
With regard to strategy, “innopreneurship” always focuses on the question of how the characteristic properties of a certain innovation can be turned into strategic advantages within the structures of the relevant market and systems.
From a strategic point of view, digital innopreneurship aims to redesign the structure and functional logic of technological, economic, social and political systems. An essential prerequisite for success is therefore a profound understanding of digital transformation and the principles dominating the architecture of complex systems in the digital information age. Since digital transformation and the resulting formation of new structures is currently an ongoing process, conceptual approaches and models, such as the “Digital Era Framework”, are of particular importance.