Technological entrepreneurship is needed to propel technological innovation efforts into the market. Whenever there is a breakthrough in research and development. It is the place of technological entrepreneurship to commercialize the achievements of technological efforts otherwise, it remains in the laboratory without making any impact. One of the reasons why many research breakthroughs never leave the laboratory is due to short fall of technological entrepreneurs. And unless technological innovation or the output of research and development efforts reaches the market or are commercialized, industrialization would be elusive.
• Technological entrepreneurship has the potential of improving state of technological capability in a country. This is because as technological efforts are being made, learning takes place. This occurs either by doing or observation, thus improving technological capability in the efforts in question.
• Because technological entrepreneurship would necessarily involve the commercialization of a research output, more patents are generated and patents are a well-known indicator and measure of technological development and industrialization in countries all over the world.
• Technological entrepreneurship is the platform that accelerates the diffusion of successful technological innovation in an economy. For instance in Nigeria, and in most African countries, the rate of diffusion of Information Communication Technology (ICT) is on the increase. This is made possible by the private firms that saw an opportunity and decided to market ICT products and services thereby increasing the pace of diffusion. The diffusion in turn has greatly enhanced the quality of life of the citizenry.
• For a technological entrepreneur to be relevant, he must of necessity meet market needs and be a problem solver. In a bid to meet market need, research and development as well as science and technology efforts must be well coordinated. Science and technology as well as industrialization policies are tailored towards meeting the needs of the market. This, we believe, will invariably bring about socioeconomic development. ESTEM Nigeria is here to move science and Technology to the next level.