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Commercializing Ideas

Commercializing Ideas. Entrepreneurship is wrapping a business around an idea. - Bob Reiss, serial entrepreneur. Pitchit, Planit and ICE. Pitchit Jan 26 th 5 prizes of $300 each Planit Feb 28/Mar 1 st $5,000 first prize, $2,000 2 nd and $1,000 third, $1,500 Social Venture ICE

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Commercializing Ideas

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  1. Commercializing Ideas Entrepreneurship is wrapping a business around an idea. - Bob Reiss, serial entrepreneur

  2. Pitchit, Planit and ICE • Pitchit Jan 26th • 5 prizes of $300 each • Planit Feb 28/Mar 1st • $5,000 first prize, $2,000 2nd and $1,000 third, $1,500 Social Venture • ICE • Chris Forrest, iceteam@uvic.ca

  3. Entrepreneurial decision-making • Effectuation (versus predictive) • Effectual versus predictive logics in entrepreneurial decision-making: Differences between experts and novices, Dew, Read, Sarasvathy and Wiltbank, Journal of Business Venturing 24 (2009) 287–309 • Networking • Parsimony (making do)

  4. “Crossing the Chasm” by Geoffrey A. Moore

  5. How much would you pay for this purse? Buy It Now US $69,420

  6. What about this Hermes Birkin bag? Value approximately US $14,000 Member Price US $600/month

  7. Revenue Models Streams Single Multiple Interdependent Razorblades Loss leader Models Volume or Unit-based Subscription or membership Advertising Licensing Transaction fee

  8. Revenue Models How did the Grateful Dead make $$? “the larger and unencumbered sources of profit in the music industry”

  9. Kabuki Cab – Revenue Models?

  10. Commercialization Customer validation process, Steve Blank.

  11. Commercialization Ash Maurya and Steve Blank http://steveblank.com/2010/02/25/customer-development-for-web-startups/

  12. Commercialization Customer focus Customer validation process Pain and painkiller match Business model Start up = the search for a repeatable and scalable business model Bootstrapping Self and love $ financing to reduce risk Fail fast; success through pivoting

  13. Recommended Steve Blank http://steveblank.com/ The Start Up Manual (book) Eric Reis The Lean Start Up (book) http://theleanstartup.com/ Ash Maury The Lean Canvas http://leancanvas.com/

  14. Questions Mia Maki mmaki@uvic.ca ICE Chris Forrest, iceteam@uvic.ca

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