The Role of Technology Entrepreneurship towards Economic Growth: An Application of RFID in Livestock Sector of Pakistan

Abstract

Over the last three eras, technology entrepreneurship has turned into an essential driver of economic development. The interconnection between entrepreneurship and technology is valuable to distinguish the most applicable techniques for competitiveness in the business areas and supporting new ventures. In today’s competitive environment, Technology entrepreneurship is considered to be an essential element by which an organization can accomplish maintainable development and solve confronting issues related to its processes. In fact, the technological entrepreneurial approach is predicted to add to feasible development and growth toward Knowledge economy. The expansion and diffusion of technology is an essential component which might influence the fate of any industry. In this modern era, one of the significant contribution of  information and communication technology (ICT) in livestock sector is advancement of electronic labels for distinctive ID of animals by utilizing Radio frequency identification (RFID) chips, which are inexpensive, distinctive and tamperproof. Automatic identification of animal assists in enhancing the farm administration practices and prosperity of animals. The foremost goal of this paper is to familiarize the reader with the hypothetical lens of technology entrepreneurship approach with an emphasis on livestock sector of Pakistan. Therefore, this study is an endeavor to find out what opportunities Technological Entrepreneurship and particularly RFID offers to entrepreneurs to exploit current scientific and innovative knowledge to address market issues that will bring business achievement and economic growth by using the secondary data. This paper will first give an ephemeral introduction of technology and Entrepreneurship. Specifically, the relationship between technology and entrepreneurship is scrutinized. Additionally, it will address the issues confronted by livestock sector in Pakistan while executing RFID, thus emphasizing the shortcomings and deficiencies of the RFID in Pakistan. At last, detail argument shall be made on the role of technologies entrepreneurial and its overall impact on the economy growth.

Keywords: Technology, Entrepreneurs, Economic growth, Technology entrepreneurs, Livestock, Radio Frequency Identification (RFID).