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Introduction to Technology Entrepreneurship (2015 version)

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This presentation was developed for UBC Engineering Physics project lab students.

I first ask the question. "What is Entrepreneurship?"

I follow-up with my favorite definition of a business.

Then I address the questions:
* What is the journey like?
* What is the process?
* How do I learn about customers?
* How do I keep score?

I focus on 5 Points — Purpose, You, Process, Customers, and Scorecard.

Purpose » Drucker’s Purpose of Business,
You » Martin’s Knowledge Funnel + Soft-Skills,
Process » Blank’s Customer Development,
Customers » Moore’s Crossing the Chasm + Product/Service Journey Sketch,
Scorecard » Osterwalder’s Business Model Canvas.

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Introduction to Technology Entrepreneurship (2015 version)

  1. 1. 1 Entrepreneurship and You Iain Verigin iain.verigin@gmail.com September 2015
  2. 2. My Questions • What is Entrepreneurship? • What is the purpose of a Business? • Entrepreneurship – You –What is the journey like? – Process – What is the process? – Customers – How do I learn about them? – Scorecard – How do I keep score? 2
  3. 3. 3 Lecture Objectives 1. Define “entrepreneurial leadership” • and its process in high-technology industries 2. 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.
  4. 4. 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? 4 - Let’s show some hands -
  5. 5. 5 Who Am I ? • Work – Now. Entrepreneurship Leader ( Sauder, SSE, 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
  6. 6. 6 Agenda 1. Introduction – today. - Address “My Questions” - Pecha Kucha talk - Q&A (Chat) 2. Entrepreneurship Skills (next week)
  7. 7. Story Telling • Pecha Kucha Talk January 2015 • Link • http://genomics.entrepreneurship.ubc.ca/news-and-events/events/announcing-the-2015-great-program-showcase-event-january-29th/pechakucha-presenter-iain-verigin/ 7
  8. 8. Q & A 8
  9. 9. My Questions • What is Entrepreneurship? • What is the purpose of a Business? • Entrepreneurship – You –What is the journey like? – Process – What is the process? – Customers – How do I learn about them? – Scorecard – How do I keep score? 9
  10. 10. Answers 10
  11. 11. Entrepreneurship Is About … Radical Change 11
  12. 12. 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 12
  13. 13. “How-To” Change Introduction to Lean LaunchPad (iain’s version) 13
  14. 14. You Process Customers Scorecard Plan Purpose
  15. 15. Your Purpose 15
  16. 16. 16 To Create a Customer Drucker says … “There is only one valid definition of business purpose: …” Page 20 “The Essential Drucker” Aside
  17. 17. 17 To Know Your Customer • to know and understand the customer so well that the product or service fits him and sells itself. • to make selling superflous. • That says Peter Drucker – is the Aim of Marketing. • Reference: pages 20 & 21 in “Essential Drucker”.
  18. 18. You 18
  19. 19. 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” 19 Source: Design of Business, Roger Martin Vous Etes ici
  20. 20. 20 Seven Important Skills for Tomorrows Entrepreneurial Leaders 1. 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
  21. 21. 21 It’s a List of “Soft Skills” • AND we’re all hardcore nerds <ironic smile> • AND… believe it or not … You’re likely to be really good with “Soft Skills”.
  22. 22. 22 UBC Fizzers Have Rocked • 3 of top 4 market cap in BC. – T-NET 20 Stock Index – 1. MDA - $2.7B, CEO Dan Friedman – 2. PMC-Sierra - $1.2B, • 1st CEO - Ralph Bennett, • COO Colin Harris (retired 2015) • Fizz Professorship donors ( Curtis Lapadat, Alex Chiu, myself, CH, and KH-ee) – 4. Avigilon – $0.94B, Founder-Andrew Martz • More small companies with Fizz leaders. • Zaber • Starfish – Scott Phillips • Boreal Genomics • GRIN – Justin Lemire-Elmore http://www.bctechnology.com/stocks/t-net20.cfm U Can Do it!
  23. 23. PERSISTENCE GRIT CHEER 23
  24. 24. 24 Fix & Adjust Act Review & Learn No one knows the answer! You’ve got to discover it. This is everything u need to know :-) Be Persistent. Be Gritty. Have Fun. <smile> Process
  25. 25. The Process 25
  26. 26. Lean LaunchPad – Steve Blank A startup is a temporary organization in search of a scalable, repeatable, profitable business model. 26
  27. 27. Search vs. Execution 27
  28. 28. Execution Like This 28 Bill Buxton, “Sketching User Experience”
  29. 29. Search Looks Like This 29 Bill Buxton, “Sketching User Experience”
  30. 30. !@#$ • Yup Search is not pretty. • Persistence. Grit. & Cheer. (are your friends) 30
  31. 31. Customers? 31
  32. 32. Day in the Life of Your Customer • “Who Is Your Customer?” • If you know who it is. Then prove it. • ACTION: Sketch what they do now. – Then sketch what their world will be like with your new invention. 32
  33. 33. 33
  34. 34. 34
  35. 35. Value Proposition Canvas • How Does Your Product or Service “solve” the customers problem. • What Jobs are your customers trying to Solve? Drill Down <Try> Dig Into Customer then look back to Value Proposition. Think “chicken & egg”
  36. 36. “Service/Product” Journey • “Who Is Your Customer?” • I Don’t Know is the most common answer. • ACTION -- Sketch Your Product and the People it “touches” through it’s usage. (This service, or product, journey gives you a “top level” insight to your customer. ) 36
  37. 37. 37:Service Journey V0.1:
  38. 38. MammOptics Excursions into hospitals Leading doctors Patients Hospital Managers Technicians Debra Ikeda Jason Davies Jafi Alissa Lipson Sunita Pal 6 women >40 8 women <40 Alicia X-ray mammography Paul Billings Holly V. Gautier
  39. 39. ACOG ACS Doctor specialty committee Hospital Administration Technician Insurance RadiologistMammography MammOptics Customer Workflow (Customer Jobs) MammOptics Patient PCP OB/GY N
  40. 40. MammOptics Hospital purchasing decision tree More Customer Jobs
  41. 41. Where Does The Customer Get Their Insights & Inspiration? Get to know your customer to determine where they get their “Insights & Inspiration” For you to be successful you need to become part of their “Insight & Inspiration” Chart. That is your path to “Market Adoption”. 41
  42. 42. Customer Insight & Inspiration Insights
  43. 43. Market Adoption Key Opinion Leaders (KOLs) Medical Journals Continuing Medical Education Conferences Breast Cancer Advocacy Groups American College of Obstetricians and Gynecologists (ACOG) MammOptics Marketing :Whose Problems continued:
  44. 44. 44 Three Types of Markets Existing Market Resegmented Market New Market Customers Existing Existing New & New Usage Customer Needs Performance 1. Cost 2. Perceived Need Simplicity & Convenience Performance Better/Faster 1. Good enough at the low end 2. Good enough for new niche Low in “traditional attributes”, improved by “new” metrics Competition Existing Incumbents Existing Incumbents Non-consumption & other startups Risks Existing Incumbents 1. Existing Incumbents 2. Niche strategy fails Market Adoption Source: 4 Steps to the Epiphany, Steve Blank :sidebar:
  45. 45. The Scorecard 45
  46. 46. test 46 :Score Card: ( Hypothesis Summary) Guess Guess Guess Guess Guess GuessGuess Guess Guess
  47. 47. Keep Track 47 Week n Week 1 Week 2
  48. 48. Summary 48
  49. 49. People AND 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. 49
  50. 50. 50 Fix & Adjust Act Review & Learn No one knows the answer! You’ve got to discover it. This is everything u need to know :-) Be Persistent. Be Gritty. Have Fun. <smile>
  51. 51. Next Steps 51
  52. 52. Inventure Cycle 52
  53. 53. Inventure Cycle “Skills” • Entrepreneurship requires persistence and the ability to inspire others. • Innovation requires focusing and reframing to generate unique solutions. 53 • Imagination requires engagement and the ability to envision alternatives • Creativity requires motivation and experimentation to address challenges http://steveblank.com/2014/09/09/how-to-think-like-an-entrepreneur-the-inventure-cycle/
  54. 54. 54 Context for Lean LaunchPad
  55. 55. More 55
  56. 56. 56 A Product That Sells Itself
  57. 57. 57 iPod Timeline Cycling, Cycling, and more Cycling
  58. 58. 58 ? 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
  59. 59. “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! 59
  60. 60. “7 Steps” (Minimum) Customer Development 60
  61. 61. 61 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”
  62. 62. 62 Technology Adoption Life Cycle Chasm Early Market Bowling Alley Tornado Main Street Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN”

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