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.

1. 1
Entrepreneurship and You
Iain Verigin
iain.verigin@gmail.com
September 2015

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
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. 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
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
Agenda
1. Introduction – today.
- Address “My Questions”
- Pecha Kucha talk
- Q&A (Chat)
2. Entrepreneurship Skills (next week)

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. Q & A
8

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. Answers
10

11. Entrepreneurship Is About …
Radical
Change
11

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. “How-To” Change
Introduction to
Lean LaunchPad
(iain’s version)
13

14. You Process
Customers Scorecard
Plan
Purpose

15. Your Purpose
15

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
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. You
18

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
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
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
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. PERSISTENCE
GRIT
CHEER 23

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. The Process
25

26. Lean LaunchPad – Steve Blank
A startup is
a temporary organization
in search of a scalable,
repeatable, profitable
business model.
26

27. Search vs. Execution
27

28. Execution Like This
28
Bill Buxton, “Sketching User Experience”

29. Search Looks Like This
29
Bill Buxton, “Sketching User Experience”

30. !@#$
• Yup Search is not pretty.
• Persistence. Grit. & Cheer.
(are your friends)
30

31. Customers?
31

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

34. 34

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. “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:Service Journey V0.1:

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. ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
Insurance
RadiologistMammography
MammOptics
Customer Workflow (Customer Jobs)
MammOptics
Patient PCP
OB/GY
N

40. MammOptics
Hospital purchasing decision tree
More Customer Jobs

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. Customer Insight & Inspiration
Insights

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
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. The Scorecard
45

46. test
46
:Score Card: ( Hypothesis Summary)
Guess Guess
Guess Guess Guess
GuessGuess
Guess Guess

47. Keep Track
47
Week n
Week 1
Week 2

48. Summary
48

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
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. Next Steps
51

52. Inventure Cycle
52

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
Context for Lean LaunchPad

55. More
55

56. 56
A Product That Sells Itself

57. 57
iPod Timeline
Cycling, Cycling, and more Cycling

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. “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. “7 Steps” (Minimum)
Customer Development
60

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