David Murdoch - NORCAT "Lived it Lecture"
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In this "Lived it Lecture", David Murdoch discusses his journey as an entrepreneur, his experiences, and how technology is currently changing the education system.
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David Murdoch - NORCAT "Lived it Lecture"
- 2. Background • Passion for New Business Development – International Focus – Keen interest cultural impact on business • Passion for Technology – Curious about technology – Interested more in how applied • Passion for creating and archecting new businesses • Exposure to data collection and analytics • Strong exposure to operations and finance
- 3. Mitsubishi Corporation • Heavy Equipment Division 1990 – Helped operational establish MLP • Established their Aerospace & ISS Department 1992 – Spar Aerospace / Toshiba For space arm technology – Developed into relationship for Digital Camera’s • Communication Sales Division 1992 - 1996 – Independent Sales Division for Mitsubishi Cell phones, Mobile Modems and fax machines – Deputy Division Manager • Basis for a handset business CT2 Tech/Nortel 1995
- 4. Electrofuel/Electrovaya 1997 - 2002 • Technology based R&D company – Market Entry in a capital intensive/mfgring environment • Initial Strategy focused on licensing • Chicken-&-Egg Situation – Needed to demonstrate manufacturability – Productized into the PowerPad products – Shut-up and ship it • Shifted strategy to manufacturing and distribution – With OEM interest
- 5. Fuji Graphics System 2003-2005 • Leading graphics arts company – Under rapid shifts from analogue to digital processes • Involved in product mix shift and organizational change – Sales team and product mix shake-up – Led to key CTP sales market expansion • Gained deeper insight into the emerging potential for combining digital technology and analytics
- 6. Terminal Van Gogh 2005-2008 • Small shop with unique blend of data management technology and direct marketing – Database marketing with variable messaging • Strategic Relationship with Xerox – Creating high impact variable print campaigns for leading corporations
- 7. Education Technology • • • • • • Early Stages of innovation High Potential Canadian Advantage Tipping point? Developing Rapidly Understand the Learning Outcome Seek innovative business model that cuts adoption time/sales cycle • Lower cost solutions • Increasingly global
- 8. ClevrU Corp 2009-2011 • Started as a vision based on insight – How to teach a class of thousands using technology • Intelligent, Multi-Lingual & Mobile Platform – Opportunity to scale an effective learning experience using technology • Partnered with technology team – boot strapped proof of concept – ex UofW Distance Learning Lead – Adapted to support Mobile Video & real-time dynamic metadata collection/analytics • Trials with WLU • Targeted emerging markets with the potential for greater rapid growth • Introductions with potential partners in China • Filed a Patent • Entered the Digital Media HUB in Waterloo
- 10. Government Support • Advisory and Guidance – FedDev Program • Office Space and Networking – Digital, DMZ & NORCAT – Disney Land for Entrepreneurs • Community Networking – Wilfrid Laurier University • Trade Commission and EDC – Agreements with China Unicom and China Telecom
- 11. China and Emerging Markets • Immense Opportunity Mobile data infrastructure long-term based on better education access • Difficult, but not insurmountable – With Partnerships and networking • Start in Canada • Carrier Relationships • Renren Relationship
- 12. ClevrU Corp • Raised capital in multiple tranches – $2m Equity Raise, $1m plus FedDev & SRED • • • • • Strong Management Team Strong Government & Community Support Technology Consolidator – New Mindsets Strong Management Team Management Skill Sets and self reflections
- 13. Rayku Corporation 2013 • Initial focus: Tutor Marketplace using a proprietary whiteboard • Partnerships for potential low CAC: – Leverage volume – UofT, Kangaroo Math, TopHat • Initially too focused on building a whiteboard • Challenge of matching real-time customers and 3rd party tutors • Recommended a pivot to focus on defined market (highschool math)core expertise, existing technology with low overheads, potential for a high LTV sale and viral marketing for low CAC
- 14. Rayku Corporation • Defined market with specific educational content needs and defined market characteristics • Shift overheads to nearly zero • Outsource technology and us good enough offthe-shelf solutions before investing tech • Play to the strength of the entrepreneur • Understand the LTV sale versus CAC and the repeated sale • Seek viral structural or at low cost channel partners
- 15. Financing • Beware of the VC financing option • Design a business plan financed through sales, govt support programs, friends and family first • Increasing Role of Angel Investors • Some of the keys to investor attraction: – Well defined market, Traction, low CAC (Viral?), large potential addressable market, – Edtech, BtoC is most interesting, BtoB longer sales cycle potentially 2-3 years.
- 16. Shut up and ship it • Start with baseline, proof of concept – Try to measure Cost of Acquisition – Usage patterns • • • • Adopt Lean Start-up principals Focus on analytics Try to achieve viral Test in Canada, but look to the USA for expansion opportunity
Editor's Notes
- Walk through career experiencePoint out some nuggets from my experienceNothing more fun and rewarding is starting and running your own businessHer to give back something for assistance other accerlators have provided to me in the pastAnecdotaly visit to silicon valley with MaRs
- Have been more of an intrapreneur than an entrepreneur, and really only later in my career made the jumpOne has to have a passion to do better and drive a business through all the hurdles of growth and gain the market insight to differentiate your product and compete. In many respects using all your business senses. I am a believe in business plans and working a plan, but always be prepared to modify and change and to trust your instincts.
- Forecasts very accurate, but wasted a lot of time on reportingWeakness of working for a trading company- focus is on the trade and not business developement
- Strategic technology with mobile’s emergence and the need for longer life batteriesWanted to try being on the product development and manufacturing sideInvolved in product development and testingSmall management team better process market feedback, opportunities and react speed is your freind
- Market insight and understanding a shift in technology creating new emerging opportunities. Seek fundamental understanding and use that insight to create a new business opportunity.
- Although leading product capability need to productize and focusThe power of analytics and gaining unique insight into a defined market that can be leveraged for increased salesVC’s looking for leading technology companies, but will not buy into service playsTried to expand business beyond a boutique shop. Lessons is set a time lie for accomplishing targets for expansion and constantly question business model and expansion plans. Learned a lot about what is VC investable and what is a lifestyle business.
- Tophat is prime example of opportunitiesTipping point discussion with InnoviaCoursera
- Canada 3.0
- Guidance on understanding and positioning for Govt support programs such as FedDev. Clusters such as NORCAT for provinding inspiration, guidance and networking. Financing – Angel’s and VC’s., low cost office space and guidance services. Community networking inspiration for Dana to teach and observe the need to teach to a larger class and provide a venue for development. President of WLU Dr Max Blouw provide support and connections with introduction to Francis Pang and the Canadian International School of Beijing.
- Story about winning the renren relationshipHyper competition for educational credentialing
- Message about financing and how it can become all consuming. It always takes longer than expected.
- Techstartups too focused on the technology and not the business modelBig things start small
- $3.5b market growing at 16% per year in North America. Expanding market need. LocalMake sure you validate the magic formula for success while small before expanding.