A Novel Multicriteria Decision Making Model for Techno-Entrepreneurship

Abstract

Entrepreneurship is crucial for the survival of technology enterprises. Although the literature on techno-entrepreneurship is rich, it lacks a comprehensive and clearly structured techno-entrepreneurship management process to be followed by enterprises. It is also clear from the literature that the causal relationship between innovation, technology and entrepreneurship is complex and choosing among entrepreneurial alternatives is a multicriteria decision making problem with multiple, often conflicting, constraints. This study introduces the Integrated Techno-Entrepreneurship model that aims to help enterprises in pursuing business initiatives. The 4-stage model shows all relevant transformations of inputs from the idea generation stage until final viable product or service. Model content and face validation were done by seeking academic and industry entrepreneurship experts’ opinion respectively. Validation results showed high item-total correlations for all model concepts and a high Cronbach’s alpha value. It is concluded that the model is promising and potentially implementable in real life.