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

2. 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 –Chris Forrest, iceteam@uvic.caiceteam@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 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? Member Price US $600/month Value approximately US $14,000

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

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