Engineers, entrepreneurs and wealth-creation: from idea to product

The paradigms that examine and describe the nature of the entrepreneurship process have generally been linear, following the lead of the more mature management and physical sciences. This emulation of linear methodologies has occurred despite indications from authors such as Bygrave, Shaver and Mitton of their being less appropriate at this relatively early stage of the social science of entrepreneurship. When examining the nature of a phenomenon such as entrepreneurship, statistical correlations and linear descriptions are limited to confirmation of existing hypotheses. The underlying assumption is that the correct questions are known. However this assumption becomes moot when seeking to include the many unpredictable, non-linear aspects that add the key human vitality of entrepreneurship. This research seeks to move toward a more complete description than linearity alone is able to capture. The research presents a non-linear paradigm, being a holistic combination of the rational evidence of entrepreneurship and what might be termed the spiritual or intangible aspects that together constitute the observed craft of entrepreneurship. The research highlights the dynamic skill-set used by entrepreneurs to balance key elements in the entrepreneurial process, in a way that achieves a relational coherence. The focus is on the high-tech industry which is especially prone to the use of linear descriptions of the entrepreneurship process which takes a new idea and leads it to become a successful product. Interviews with entrepreneurship practitioners involved in the creation of new ventures in the high-tech industry form the database against which this non-linear paradigm is investigated. The results confirm that the success of the entrepreneurial process depends on far more than the linear descriptions that are commonly used to describe the process. Once the basics are in place, entrepreneurs appear to shift their focus to achieving a multi-dimensional integration among what they identify as the key elements in the entrepreneurial process. This is achieved despite apparent disorder and chaos being evident in the process of new venture creation. Entrepreneurs appear to make sense of the confusing non-linearity by focussing on the relational attributes among elements in the new venture. The use of the non-linear relational paradigm (NLRP) developed from the results of this research, enables a more holistic understanding of the empirically observed process of entrepreneurship. This has some significant implications for the management and evaluation of nascent technology enterprises. The NLRP's additional fix on the entrepreneurship process, can be used to inform the venture capital industry when trying to predict the likelihood of success of prospective ventures vying for funds. The NLRP's alternative view could also translate into more appropriate new venture management once funded, and thus better success rates for nascent ventures. The NLRP's insights on the way in which entrepreneurs create and grow new ventures, can improve best-practice techniques for entrepreneurs and influence the way in which entrepreneurship education is approached. Describing innovation and entrepreneurship more holistically also has important implications for all facets of industry that include a process of design, or seek to create wealth.