For those in skilled IT positions, technology transfer is a key part of their jobs. Technology is the collective term for many of the diverse processes, skills, and systems used in the creation of products or services, including scientific research, computer technology, and manufacturing. This transfer can take many forms. Some forms include patent applications, methodologies, and software development. Others, such as training, knowledge transfer, or networking, are often lumped together under technology.
In the past decade, tech transfer has become more important than ever. This is because the past decade has seen an explosion in technological developments. In fact, the past decade has arguably been the most technologically advanced decade in history. Tech boom has created a situation in which tech companies are experiencing exponential growth, while also making the job market highly competitive.
As such, there are numerous challenges facing today’s tech company. The challenges faced by tech companies span a wide range, including:
A tech-enabled business, which is also called a techno-business, must address two distinct yet interconnected problems. First, the business must create a product or service that is desirable, and at the same time, it must create a business model that allows it to offer a competitive advantage over its peers. Second, in order for a tech-enabled business to achieve success, it must be able to execute an effective business model. A successful business model, as defined by McKinsey’s e-book Business Models, consists of five critical pillars. These pillars include a comprehensive strategic outlook, a mission and strategy, an effective risk management plan, a business development strategy, and an internal support system.
If an organization successfully implements one of these pillars, then it stands a great chance of becoming a super tech company. However, it may also take years for a company to successfully implement one of these pillars. Some tech companies have had success implementing one of these strategies within their industry in as little as three years, while others have taken more than ten years to accomplish this goal. But no matter the time frame, every tech company should strive to implement strategic business models, and to build a network of customer relationships.
One more thing to consider when planning for a tech startup is the long-term perspective. Is a tech company’s goal to become a billion-dollar company? Or is it more likely to spend several years in relative obscurity, using the resources it has wisely learned to grow its business in stages that will eventually lead it to the billion-dollar mark? As it happens, the answer may be different for every tech startup. In general though, the most successful tech companies have a history of being on the forefront of new technologies that allow them to deliver value to customers and investors. And given the track record, it appears that these companies will have a very lucrative future.