The term “tech” has been around since the early 1990s. However, in common usage, the term typically refers to computer technology. Technology is the total sum of any techniques, systems, practices, and methods utilized in the creation of new products or services or in accomplishing objectives, for instance scientific research. Technological change is a general term that can also be applied to a number of intersecting fields such as information technology, information science, engineering technology, and cognitive science. The field of technological change has seen tremendous changes over the last two decades. New advances in communication technologies, information and telecommunications systems, digital imaging, computer systems, and manufacturing processes have all contributed to the increased complexity of many processes within the industrial, business, and educational sectors.
Advances in digital signal processing, numerical analysis, optical and electromagnetic microscopy, and nanotechnology have all contributed to the explosion of new technologies. As a result, today’s technological market is highly competitive. As a result, new tech entrepreneurs are required to be highly creative, technically versatile, and have a keen understanding of marketing, business development, finance, accounting, supply chain management, software, and other related areas. Successful entrepreneurs must be able to demonstrate they have an expertise in one or more areas of the new tech market.
One way that new tech company owners can make money is through obtaining venture capital funding. Capital from venture capital firms allows new ventures to obtain the tools, machinery, and resources necessary to launch a successful marketing and sales strategy. Capital from venture capitalists will not only allow a tech company to make its own products and service but also to invest in expansion projects and acquisitions. Venture capital firms will provide seed money, Series A and Series B investment, and/or commercial mortgage financing in return for a percentage of the equity or an initial public offering (IPO).