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Entrepreneurship and You

Iain Veriginiain.verigin@gmail.com

September 2013

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Who Are You?• What is your specialization?

– Mech, EE, Mechatronics, Comp Sci, other.

• Post-Grad - What are you gonna Do?– Grad School?– Work?

• Big Company?• Small Company?• Start-up?

– Travel?

- Let’s show some hands -

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Who Am I ?• Work

– Now. Entrepreneurship Leader ( Sauder & e@UBC )

– Past. Mostly Startups. “Many Hats” • Founding Team PMC-Sierra• Early Employee Packet Engines• Business Development, Marketing, Engineering

• Hobbies– Doing this. Philanthropy (Eng Phys

Professorship), Golf, Blogging, reading, “bad” music.

• Education: – “Hardcore Nerd”. SFU M.Eng EE (Comm’s,

Semi’s & Optics ), UBC Eng Phys (EE option), McGill Physics

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Agenda1. Introduction - today.2. Entrepreneurship Skills

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Lecture Objectives1. Define “entrepreneurial

leadership” • and its process in high-technology

industries2. Dispel common myths &

misconceptions. 3. Learn skills

• important for 21st century technology leaders.

4. Stimulate continuous learning • and personal reflection regarding

entrepreneurship and your future.

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Entrepreneurship Is About …

Radical Chang

e

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Change What?• Changing the Status Quo

– Yes. Entrepreneurship is in conflict with the status quo.

• Changing the prevailing ideas, products, services, … think 10x better.

• Changing “peoples” behavior

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A “How-To” on Change

Introduction to Lean LaunchPad

(iain’s version)

You Process

Customers

Scorecard

Plan

Purpose

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Your Purpose

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To Create a CustomerDrucker says …

“There is only one valid definition of business

purpose: …”

Page 20 “The Essential Drucker”

Aside

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To Know Your Customer• Drucker says – The Aim of Marketing is

• to know and understand the customer so well that the product or service fits him and sells itself.

• to make selling superflous.

• Reference: pages 20 & 21 in “Essential Drucker”.

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You

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Knowledge Funnel

* You start in the

“Mystery Zone”( the guesses )

* Success is getting it to

“Heuristic zone”(discovering the “rules-of-thumb”

* Grand Slam is getting it

to the “Algorithm zone”

Source: Design of Business, Roger Martin

VousEtesici

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Seven Important Skills for Tomorrows Entrepreneurial

Leaders1. Creativity and Opportunity Evaluation 2. Real-time Strategy and Decision

Making 3. Comfort with Change and Chaos 4. Teamwork 5. Evangelism, Selling, Negotiation, and

Motivation through Influence and Persuasion

6. Oral and Written Communication 7. Basics of Start-Up Finance and

Accounting

• Reference --- Byers - E145 - http://stvp.stanford.edu

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It’s a List of “Soft Skills”

• we’re all hardcore nerds <ironic smile>

• And … believe it or not … You’re likely to be really good at it.

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UBC Fizzers Have Rocked• 2 of top 3 market cap in BC.

– 1. MDA - (CEO) Dan Friedman – 3. PMC-Sierra -

current COO Colin Harris, 1st CEO - Ralph Bennett,

Fizz Professorship donors ( Curtis Lapadat, Alex Chiu, myself,

and CH)• There are lots more small

companies with Fizz leaders.– Starfish – Scott Phillips

http://www.bctechnology.com/stocks/t-net20.cfm

UCan

Do it!

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The Process

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Lean LaunchPad – Steve Blank

A startup is a temporary organization in search of a scalable, repeatable, profitable business model.

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Search vs. Execution

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Search Looks Like This

Bill Buxton, “Sketching User Experience”

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Execution Like This

Bill Buxton, “Sketching User Experience”

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Customers?

“Service/Product” Journey• “Who Is Your Customer?”

– :idea: Sketch Your Product and the People it “touches” through it’s usage.

• Often it is difficult to determine who is your customer. The service journey gives you a “top level” insight.

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25:Service Journey V0.1:

MammOpticsMarketing

:Whose Problems continued:

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Underlying Drivers in Growth Markets

Techies:Just try it!

Pragmatists:Stick with the herd!

Conservatives:Stick with what’s proven!

Skeptics:Just say No!

Visionaries:Get ahead of the herd!

Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN”

“Technology Adoption Strategies”

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Technology Adoption Life Cycle

Chasm

EarlyMarket

Bowling Alley

Tornado

Main Street

Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN”

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The Scorecard

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“startups are not simply smaller versions of large

companies” – Steve Blank Means that we don’t know what the business plan is! Means we’ve got to figure it

out!

test

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:Score Card: ( Hypothesis Summary)

Guess Guess Guess Guess Guess

GuessGuess

Guess Guess

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Keep Track

Week n

Week 1

Week 2

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Summary

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Fix & Adjust

Act

Review & Learn

No one knows the answer! You’ve got to discover

it. Be persistent.

This is everything u need to know :-)

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Context for Lean LaunchPad

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The End

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More

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People vs Technology• Notice that I didn’t talk about

technology at all today.

• You’re deep technical knowledge allows you the opportunity to solve “peoples problems” with technology.

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A Product That Sells Itself

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iPod Timeline

Cycling, Cycling, and more Cycling

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? Instant Success ?

In 4th year after launch.

( ie 6 years )

This is as fast as it gets.

NB. Apple's fiscal year ends in September. This means that Q1 includes the holiday season, which accounts for jumps in the data. Fiscal Q1 is Oct - Dec of previous year. So Q1 of 2008 is Oct - Dec of 2007, Q2 of 2008 is Jan - Mar of 2008 and so on.

http://en.wikipedia.org/wiki/File:Ipod_sales_per_quarter.svg

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“7 Steps” (Minimum)Customer Development