South Africa's unemployment rate is among the highest in the world with the youth being the most affected by joblessness and accounting for 63.3% of the total number of unemployed persons. A comprehensive strategy for youth employment as part of a broader focus on expanding employment is therefore necessary. This chapter assessed the status of technopreneurship development and identified key variables that determine a successful technopreneurship. Theory U, entrepreneurship orientation, and triple helix models were reviewed to better understand the drivers of technopreneurship development. The study identified barriers to effective technopreneurship development including inadequate funding to support young technopreneurs, weak linkages between stakeholders, lack of awareness in technopreneurship opportunities, lack of infrastructure, lack of appropriate mentors and role models. The chapter further proposed a conceptual model for successful technopreneurship development.
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Unemployment is one of the major challenges faced by youth in African countries and globally. For the past few years, economic development and job creation has been the main concern for youth in Africa, particularly in South Africa and this paints a bleak picture for social development and the future of youth. As noted by Hoidn and Karkkainen (2014) the future economic growth and social progress in knowledge societies rely increasingly on young technopreneurs. Technopreneurs have a very specific function in the economy as they create employment, productivity growth and produce and commercialize high-quality innovations (Van Praag & Versloot, 2007). Digitalization may also be considered as one of the coupling mechanisms between different dimensions of the socioeconomic system (technological, social, economic, and ecological) (Satalkina & Steiner, 2020). However, it represents a source of new challenges to the resilience of socioeconomic systems; on the one hand, it comes with opportunities and also brings new risks and unforeseen consequences (Scholz, Czichos, Parycek & Lampoltshammer, 2020). Studies by Oakey (2003) and Kakati (2003) identified technopreneurship as the most imperative factor to be considered for enhancing competitiveness, economic development, social stability and job creation. A shift towards fostering technopreneurial spirit among youths could therefore be one of the most effective means to mitigate both unemployment and social challenges in disadvantaged communities. Venkataraman (2000) define technopreneurship as a process through which entrepreneurs are putting together organizational resources, technological systems and necessary strategies used by entrepreneurial firms to follow opportunities. Technopreneurship may provide youth in the digital world a flexible space within which to not only display their creativity but also to make an income.
Technopreneurs refer to the technological entrepreneurs or technology-based entrepreneurs who combine the factors of production and their entrepreneurial skills with technology to set up new business (Jusoh & Halim, 2013). Paramasivan and Selladurai (2017) refer to technopreneurs as those who are ready to incorporate the innovation and creativity in their business process with the help of technical background. Technopreneurs use technological innovations and translate such technology into successful products or services (Jusoh & Halim, 2013). Technopreneurship and small medium businesses development are therefore seen as conduits for sustained economic growth and to promote self-employment in developing countries. For some young people around the world, self-employment provides income, self-reliance and a dynamic path for growth and the development of human capital (Schoof & Semlali, 2008). The self-employed are very heterogeneous group of people working on their own account, from entrepreneurs and small business proprietors to freelancers and subcontractors (Institute for Employment Studies) (IES) (2020). The generic competences required for success in self-employment, as outlined by IES (2020) include:
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Values, beliefs and attitudes (e.g. action orientation, desire for independence, initiative, creativity etc.);
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Soft skills (interpersonal, communication and networking skills);
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Realistic awareness of the risks and benefits of self-employment;
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Functional business skills (financial, HR management, market research); and
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Relevant business knowledge (legislative, taxation, sources of finance etc.).