Entrepreneurship and You Iain Verigin [email_address] September 2009

Who Are You? What is your specialization? Mech, EE, 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 -

What is your specialization?

Mech, EE, Comp Sci, other.

Post-Grad - What are you gonna Do?

Grad School?

Work?

Big Company

Small Company

Start-up?

Travel?

Who Am I ? Education : McGill Physics, UBC Eng Phys EE option, SFU M.Eng EE (Comm’s, Semi’s & Optics ) Work Engineering : PMC-Sierra Marketing : PMC-Sierra & Packet Engines Business Development : PMC-Sierra Hobbies “ Health Issues”, Philanthropy (Eng Phys Professorship), Coaching Hockey & Track, Golf, Blogging, reading, “bad” music.

Education :

McGill Physics, UBC Eng Phys EE option, SFU M.Eng EE (Comm’s, Semi’s & Optics )

Work

Engineering : PMC-Sierra

Marketing : PMC-Sierra & Packet Engines

Business Development : PMC-Sierra

Hobbies

“ Health Issues”, Philanthropy (Eng Phys Professorship), Coaching Hockey & Track, Golf, Blogging, reading, “bad” music.

Lecture Objectives Understand entrepreneurial leadership and its process in high-technology industries Dispel common myths & misconceptions . Learn skills important for 21st century technology leaders. Stimulate continuous learning and personal reflection regarding entrepreneurship and your future.

Understand entrepreneurial leadership

and its process in high-technology industries

Dispel common myths & misconceptions .

Learn skills

important for 21st century technology leaders.

Stimulate continuous learning

and personal reflection regarding entrepreneurship and your future.

Agenda Introduction - today. Entrepreneurship Skills

Introduction - today.

Entrepreneurship Skills

What is Entrepreneurship? A Way of Managing, Leading, and Doing! It Can Be Taught! Fine Print "Entrepreneurship is a management style that involves pursuing opportunity without regard to the resources currently controlled. Entrepreneurs identify opportunity, assemble required resources, implement a practical action plan, and harvest the rewards in a timely, flexible way. A ny attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team, or an established business. References: Stanford E145 material (Byers)

A Way of Managing, Leading, and Doing!

It Can Be Taught!

Fine Print

"Entrepreneurship is a management style that involves pursuing opportunity without regard to the resources currently controlled. Entrepreneurs identify opportunity, assemble required resources, implement a practical action plan, and harvest the rewards in a timely, flexible way.

A ny attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team, or an established business.

References: Stanford E145 material (Byers)

Seven Important Skills for Tomorrows Entrepreneurial Leaders Creativity and Opportunity Evaluation Real-time Strategy and Decision Making Comfort with Change and Chaos Teamwork Evangelism, Selling, Negotiation, and Motivation through Influence and Persuasion Oral and Written Communication Basics of Start-Up Finance and Accounting Reference --- Byers - E145 - http://stvp.stanford.edu

Creativity and Opportunity Evaluation

Real-time Strategy and Decision Making

Comfort with Change and Chaos

Teamwork

Evangelism, Selling, Negotiation, and Motivation through Influence and Persuasion

Oral and Written Communication

Basics of Start-Up Finance and Accounting

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

UBC Fizzers Have Rocked 3 of top 4 market cap in BC. Creo MDA - (CEO) Dan Friedman PMC-Sierra - current COO Colin Harris, 1st CEO - Ralph Bennett, Professorship donors ( Curtis Lapadat, Alex Chiu, myself, and CH) There are lots more small companies with Fizz leaders. http://www.bctechnology.com/statics/rankings2.cfm U Can Do it!

3 of top 4 market cap in BC.

Creo

MDA - (CEO) Dan Friedman

PMC-Sierra - current COO Colin Harris, 1st CEO - Ralph Bennett, Professorship donors ( Curtis Lapadat, Alex Chiu, myself, and CH)

There are lots more small companies with Fizz leaders.

The Biz Plan Technology Ventures : From Idea to Opportunity Chapter 7: Figure 7.3 Resources Financial Physical Intellectual Deal Reward, Risks Incentives Ownership Harvest People The Team Capabilities Attitude Reputation Opportunity Customers Strategy Business Model The Business Plan

Study/Plan and Act Market Analysis Market Pursuit

Market Analysis

Market Pursuit

It’s The Scientific Process! Hypothesis Develop Test Observe Analyze Results Re-jig Hypothesis Do it again ( many times … Quickly ) Apply to Customers Product / Market Fit is what you are looking for. Is not obvious

Hypothesis

Develop Test

Observe

Analyze Results

Re-jig Hypothesis

Do it again ( many times … Quickly )

Apply to Customers

Product / Market Fit is what you are looking for.

Is not obvious

Six steps to Acting as an entrepreneur Chapter 2: Figure 2.1

iPod Timeline Cycling, Cycling, and more Cycling

To Create a Customer Drucker says … “ There is only one valid definition of business purpose: …” Page 20 “The Essential Drucker” Aside

Drucker says …

“ There is only one valid definition of business purpose: …”

Page 20 “The Essential Drucker”

* Straight Lines Don’t Happen in Real Life * * Get used to cycling back. * Some people get stuck calling this “failure”. * Don’t let failures define you. * Success will come. Aside

What is Marketing? Drucker says -- There will always, one can assume, be the need for some selling. But the aim of marketing is to make selling superflous . The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself . Reference: pages 20 & 21 in “Essential Drucker”.

Drucker says --

There will always, one can assume, be the need for some selling. But the aim of marketing is to make selling superflous . The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself .

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

A Product That Sells Itself

? 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.

? Instant Success ?

In 4th year after launch.

( ie 6 years )

This is as fast as it gets.

iPod Units

Technology Adoption Life Cycle Chasm Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” Early Market Bowling Alley Tornado Main Street

Underlying Drivers in Growth Markets Techies: Just try it! Pragmatists: Stick with the herd! Visionaries: Get ahead of the herd! Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” “ Technology Adoption Strategies” People Conservatives: Stick with what’s proven! Skeptics: Just say No!

New Market “Chasm” Chasm Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” Early Market Bowling Alley Tornado Main Street

Trajectory of Disruptive Innovations Range of performance required in the mainstream market Expected Trajectory Now Time High Performance Low “ Innovator’s Dilemma” iPod Cell Phone Ethernet All were “lacking” at start All changed the “rules”

Range of performance required in the mainstream market

Expected Trajectory

“ Innovator’s Dilemma”

iPod

Cell Phone

Ethernet

All were “lacking” at start

All changed the “rules”

No one knows the answer! You’ve got to discover it. Fix & Adjust Act Review & Learn This is everything u need to know :-)

! People Skills Rule ! The area with the most room for differentiation is in “People Skills” Yes … ‘cause Engineers suck at this :) Next Week

The area with the most room for differentiation is in “People Skills”

Yes … ‘cause Engineers suck at this :)

Reading Material I’ve made a list on-line http://hnorth.wordpress.com/fizz/

I’ve made a list on-line

http://hnorth.wordpress.com/fizz/