Technology is the collective term for the entire set of practices, methods, processes, and skills used in the creation of tangible goods or services or in their accomplishment of specified goals, like scientific research. Some sectors that are heavily involved in technology are computer science (Computer Engineering, Computer Science, Computer Programming, and Electrical Engineering), physics (Physics, Biochemistry, Astronomy, and Earth Sciences), and engineering (Designing, construction, and technical staff). Software engineering also utilizes technologies. One well-known example is the Internet, which was created by the U.S. Department of Defense during the 1970s. In addition, there are many other technologies such as telecommunications, information technology, and transportation technology. It is estimated that in a few years, the technology infrastructure of the United States will be comprised of more technologies than the total number of technologies in existence today.
The U.S. economy depends largely on technologies, which have created new jobs and businesses. According to a recent report prepared by the Kauffman Foundation, there is an estimated net loss of nearly two million jobs in direct and indirect impact from technology-related sectors within the United States. The Kauffman Foundation further estimates that, if the current rate of loss continues, the industry will expand by another nine percent by 2021, creating an additional $1.4 billion in payroll and labor income for America. However, a bright future awaits the tech sector, especially with the increasing sophistication of digital technologies. With the right training and exposure, you can be part of this ever-growing market and work your way up the corporate ladder.
A great way to get your foot in the door at a tech company is to invest in startup ventures. Venture capital firms usually require a minimum of five employees to start a tech company, although some will allow only one person to run the company full-time. These funds are provided by wealthy individuals or groups who use the profits from their tech companies to support startup ventures. An investment in startup ventures will give you a place to start in the technology sector and can increase your networking opportunities.
If you have some computer programming or engineering experience, you may want to think about getting into the internet and technology field. There are numerous companies such as Microsoft, Cisco, Amazon, Google, Facebook, Apple, Intel, Yahoo! and Yelp! that have been founded on the basis of combining the best of technology and business.
The up-front costs for these types of ventures are usually low, although the expenses involved in maintaining the company and its staff can be high. Entrepreneurs looking to start up an internet or tech company can expect to pay at least one million dollars for a patent and to have at least six employees. However, the upside of zero marginal cost in these types of investments is that you will not have to spend any money for payroll, rent, equipment, utilities, taxes or employees’ benefits.
If you are planning to start a tech company, it is important to note that competition in this growing area is fierce. Many up-front costs have to be factored into the business plan and there are a great number of new businesses that have come onto the market in recent years. A great deal of time and research has to go into each and every venture, but if you are careful you can succeed in the tech sector even if the competition is fierce.