Entrepreneurship has been proven not only to be the impetus for growth and economic prosperity, but also serves as the foundation for the transformation of the modern economies. Equally, entrepreneurism has emerged as a viable option to spur local economic development in downtimes. Nevertheless, entrepreneurs’ ability to move technology from the scientific discovery stage to commercially successful products/services is central to that transformational process. Unfortunately, there is an apparent death of science and technology entrepreneurship capital in Nigeria. The result is the near non-existent productive capacity of the continent, with very minimal potentials for value addition, with the resultant effects of low capacity for wealth creation and increasing levels of unemployment.
ESTEM Nigeria Philosophy is new wave of innovation targeted at blending science, technology and entrepreneurship in order to create wealth through the application of the practice of entrepreneurial management and skills.
The general idea is to ventilate the results of scientific experiments and technological practical to the world of corporate entrepreneurship and make the world a prosperous place for millions of the world’s young scientists and technologists. We seek global influence through this noble endeavour!
Technological entrepreneurship is a key source of economic and social progress. It refers to the creation of new firms by independent entrepreneurs and corporations to exploit technological discoveries. These new firms create jobs, contribute to the well-being of their communities and generate wealth for their owners. These firms are also the change makers in their respective industries as they bring in new technological paradigms that alter the dynamics of competition and rules of rivalry.
Basically, both incremental and radical innovations are important not only for the positive economic impact they typically create, but also because they fundamentally change the behavior of consumers, often in ways that improve their lives. More specifically, the following are the roles of technological entrepreneurship in socioeconomic development: