Update Jan 17, 2013: Added video!

I sketchnoted this live at the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Click on the image for a larger version of sketchnotes.

Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence.

Here’s the video:

Lived it Lecture with Kunal Gupta of Polar Mobile ― Entrepreneurship 101 2012/13 from MaRS Discovery District on Vimeo.

Find more details on MaRS Discovery District’s blog. Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes!

Text:

MaRS ENTREPRENEURSHIP 101
Jan 9, 2013 #ENT101
Lived It Lecture
KUNAL GUPTA, POLAR MOBILE

Focusing less on entrepreneurship and more on the ENTREPRENEUR

Our story:
While we were studying at Waterloo: iPhone App store, still

one year away
Inspired by mobile experience in Hong Kong: Watching TV!

The great thing about Co-op was that I learned I don’t want to

work for anybody. So we started a company!

Nobody knew what apps were. (Huh?)

Prototype of magazine on Blackberry

meeting:
Why would anyone use this?
Where are the ads?
How do we get content in?

Q: Finding talent?
A: Referrals, events
Q: Pricing?
A: Listen. “How would you like to pay for this? -> Model neg.

Go out there and talk to customers
even big companies!

Nobody knew what I was talking about! (What’s an app?)

We’ll think about it. (3-6 months..)

We could’ve given up. We didn’t.

10 weeks, 9 phone calls… BUSINESS!

Professional persistence!

We launched 6 months before the App store
Went after US market in between exams

Q: Negotiation
A: Put off pricing -> validate problem first
Early days – no one expects you to have a rate card. As a

supplier, you want to use your own agreements eventually.
Q: Explaining ideas to people who pass it on
A: 1. Keep it simple. 2. Ask if they understand 3. Don’t need

to sell in first meeting.
Q: Small startup e-mailing/selling big companies.
A: Short, links at bottom. Put yourself in their shoes. Would

I reply to this?

We graduated and went full-time.

There’s so much noise about the difficulty of getting FUNDING.

THE REAL CHALLENGE
/ Is there a proven market?
/ Do you have a product or service of value? Can it SCALE?
/ Do you have the TEAM you need?

Singapore is an AMAZING country. They always shoot for gold.

Learn from lots of places around the world.

Q: Future of mobile?
A: Amount of consumption -> 30% of traffic now mobile, will

cross 50%.. mobile-first. Changing the way people interact.

Manufacturers – what are people buying? Investments? Growth?
Q: Deciding between do and delegate?
A: What’s the most important thing for your business at this

time? That guides your time.
Q: Managing cofounders
A: Transparency -> trust. Expectations, concerns. Alignment.

How did we get Time Warner?
E-mailed the president!

What’s a little Canadian company doing in New York?
Blackberry -> made in Canada

9 months to get to a deal
rollercoaster

I was so stubborn I insisted on having Sports Illustrated as

part of the deal

What we thought this would take

What it took

TEAM:
Hire for aptitude and attitude, train for skills
What should we do?
You know more about this than I do
Oh!

Alignment is important but hard

New vision

Ex: BANANAS
People become more similar…

When you’re starting out, you need to keep REALIGNING

Chief Everything Officer } It’s not the right thing to do! You

can’t scale

Guarantee: You’ll make more mistakes than your team. Get over

yourself.

Your body
barometer for business: stressed? focused?
Hey, is everything all right? You seem a little off.

Should I finish school?
Yes. Learn how to do things you don’t want to do.

You have to learn how to make tough decisions.

Toronto: Great place to start!

customers
talent
listen and develop product

Vancouver: Happier?
REMEMBER: HAVE FUN!

This sketchnote was captured live during the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of the sketchnotes.

Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes!

Text:

MaRS ENTREPRENEURSHIP 101
Dec 12 2012
#ENT101
MEET THE ENTREPRENEURS: SOCIAL INNOVATION
Izzy Camillieri, Iz Adaptive
Kaela Bree, Aussiex @theaussiex
Dessy Daskalov, Greengage Mobile

Izzy Camillieri, Iz Adaptive

doll dresses -> friends -> models
now: clothing for people with disabilities

There weren’t many options for people out there.
Determination. Also, walk before you run.
coat. aha! seated position
I feel HUMAN again.

My “waitressing” jobs -> reduces stress, enables growth
film
cosmetics

Working from home
cut-off times
leave as needed

Inspiration
Clients
Changing lives

Next opportunities?
Aging population
Shoes
Undergarments
Children

Believe.
Don’t lose sight of the goal.
Sometimes experience helps. (oh I see..)
Learn the industry.

Contacts.
pick up the phone
be involved

Kaela Bree, Aussiex @theaussiex

O-ring bracelet -> actress -> working with kids

physical activity for kids, employees
Aussie rules football

Working from home
change clothes/space
try coworking

CASH is king
Understand your finances!

HR is complicated and important.

Partners must be aligned in terms of values. -> get external validation?
due diligence
different strengths

Funding: Data and track record

Think BIG and start small.
ask for help

Contacts: Persistence and determination

Inspiration
user stories
Be grateful for the Journey

The JOURNEY is the DREAM
School for Social Entrepreneurs

Vision: transform physical education in school
3-5 a day
movement and stillness

Choosing opportunities
Time/effort
Profit/cost
Timeline..
advisors

ex: 3 months
then evaluate

1. Have a go.
2. Good on ya mate.
3. Have a ripper.

Industry contacts and Board of advisors

Have FUN.
Laugh once in a while.

Dessy Daskalov, Greengage Mobile

sustainability contests -> mobile

Prioritizing

Mentors
perspective

Surround yourself with great people and ask for help

Can be safer to raise money and get yourself on a good TRAJECTORY.

Inspiration
Community
Business partners

Choosing opportunities
vision

Pace of change
curious minds

Working from home
pair up (partner or other freelancers)

Don’t wait to be READY. Jump in.

Global vision

Contacts: What can you offer them?

Getting started
Experience and contacts
Network at events

This talk is part of the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of sketchnotes.

Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes!

Text:

MaRS ENTREPRENEURSHIP 101
Dec 5, 2012
#ENT101
Veronika Litinski
BUSINESS PLAN AND OTHER COMMUNICATION TOOLS

Announcements:
Dec 12 Meet the Entrepreneurs
Jan 9 Lived It Lecture
Dec 10 Substance of Silicon Valley

idea -> product
(with lots of help!)

Business
profitable
product ideas

idea -> (build) product -> (measure) data -> (learn)

You are building a PROFIT ENGINE
must be SCALABLE
must be PROFITABLE

Work with your customers
1. What do you do?
2. Who cares?
3. How do you make money?

customers ->
strategic partners ->
investors ->
employees ->

Executive summary
Presentation
Whitepaper
Business plan

What are your milestones?

Problem
domain knowledge

Path
investigate, compare, test purchase
Revenue model
Demo/prototype
Marketing equation

Proof
Key members
Scalable solution

CUSTOMER DISCOVERY
Problem -> Solution

What?
What is quality?
Don’t get stuck in jargon!
-> use customer words

Toolkit
presentation
executive summary
Business plan with projections
visual assets are powerful!

Develop the right METAPHOR to help people anchor an idea.

Business plan
You want investors to be EXCITED about YOU.
Be visible online, too.
meet in person!

PLANNING vs SELLING
-> good for dealing with distractions
Understand biases and work with them
availability ->
representative ->
escalation of commitment (handy!) ->
Pick info carefully

Know your audience (not just tech) and BUILD YOUR STORY.

Social media
Become an expert.
When you’re ready for thought-provoking

Value proposition
Discover with your customers

Business planning and communication
These people know their stuff

checklist (see slides)
video: problem and solution, short

CONTEXT
value proposition
brand
profiles
case studies

This talk is part of the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of sketchnotes.

Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes!

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MaRS ENTREPRENEURSHIP 101. NOV 29, 2012 : # ENT101
BUSINESS MODEL CANVAS

Not a static business plan
Learn – Idea – Build – Code – Measure – Data

Business Model Canvas

1. Who do you serve <- specific, self-referencing

2. What problem do you solve? Value proposition

3. How do people find you? Channels

4. What types of relationships do you have w/customers?

5. How do you get paid ? Revenue streams

6. What things do you do? Key activities

7. What resources do you need? key resources

8. What else do you need? key partners

9. What does it cost to operate this model? –> key levers, not all costs; Cost structure

Nespresso
Single-serve coffee cups
1970 invented
1976 patented
1986 launched
1988 … flopped

1989
Separate
machine from coffee

Pivot
Was wildly successful

Made Sold Sales Training Coffee Sales
3rd parties Independent retail Nespresso Direct to consumer

30% compound annual growth rate! –> 20 billion capsules!

Business idea
Hypothesis

Read the Lean Startup: Innovation accounting

Great way to communicate with your team, too. Whiteboard!
Take pictures!
What did we do before? Colour-coded Post-its

Homework:
Draw this & test your assumptions,
box by box
falsifiable hypothesis

Nespresso

Coffee machine makers
Distribution
brand patents factories
Marketing production logistics (NEW)

Restaurant quality espresso at home

Retail Nespresso call centre boutiques
Member

High end households

Distribution and sales
marketing
manufacturing

Capsule sales
hardware sales

Fit your value proposition on a Post-It
Whiteboard + Post-Its = awesome

Great for talking to other people
(potential team members, cofounders, staff)

When you’ve got it mostly figured out, make it visual!
but don’t let pretty pictures
stop you from changing it!

Books to Read
Business Model Generation (& lean startup)
Running Lean

Q&A
Q: Business plan vs model?
A: Depending on investor. Concise summary / outline in business model canvas + spreadsheets, plan.
Q: Shortcomings?
A: Lean canvas may be better for some. Defensibility not particularly called out in the canvas
Q: Nespresso pivoting?
A: Customer research, etc.
Q: Very general?
A: Most startups aren’t killed by competition –> usually other reasons. Try making for competitors too?
Q: Evaluation tips?
A: Validate each of the boxes. Canvas can’t tell you if something is a good idea or not
Q: Updating?
A: Be objective about what you put on the business model canvas. change after experiments
Q: Reminder why you’re doing this value?
A: Yes, that’s part of it! Jolts you out of =(

This talk is part of the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of sketchnotes.

And here’s how I drew it…

Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes!

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MaRS Entrepreneurship 101 Nov 21, 2012 # ENT101
IP MANAGEMENT: Creating Value by Protecting Knowledge Based Assets

NATHANIEL LIPKUS, Intellectual property
MATTHEW POWELL, patents
ASHLEE FROESE, trademarks

Do you use NDAs instead of stronger intellectual property protections?

Non-disclosure agreement costs a ton to enforce !

ONLY 20% of Canadian science /tech businesses – IP protection

Types: Patent, Trademark, Trade secret, Design, Copyright

IP has value!

PATENTS
design around
Control over how an advantage reaches customers

ex: do you need to reinvent the smartphone?

Is it patentable? New, Useful, Non-obvious

Process for sharpening images
Picture copyright

Patent laws <– Strict !!
Public disclosure
Use (ex: commercial)
offering for sale
actually selling it

Patent –> making something PUBLIC in exchange for control

Disclosure
Claims – Patent

Patents are granted on a per-country basis
Patent fee deferrals
Patent cooperation treaty –> options to file (30 months!)

Patent process 1 2 3 4 5
1. Understand inventorship & ownership
2. Prepare patent application
3. File the patent
4. Negotiate with examiner
5. Granted !

That’s too broad
Okay how about this?

Patents Vs. Trade Secret (Shhh…)
Public | can’t stop independent
control | others can protect details
that can be reverse engineered

TRADEMARKS
Your company reputation!
Not just names
mass of consumers

Non-traditional trademarks
3D designs, Colour, Sound ex: M&M Lion, distinguishing guise: Nesquick bottle: bunnies!

Recommended!
Generic -> Descriptive -> Suggestive -> Coined

Some exceptions:
The Beer Store
The more distinctive, the easier to protect.

Do your due diligence! (Is this viable? What’s out there?)

Best way

#1 Trademark registration
–> formal ownership
–> easier litigation
–> can be renewed forever
–> useful for internet also www.
The Living Brand
Keep an eye on your brand
Use it

Ex: escalator, Zipper, Kleenex, Aspirin… becomes generic term!
Update as needed, audit what’s going on

Online: Other people w/trademarks, Cybersquatters
Reserve your space

GOOD HOUSEKEEPING

1. Know your IP: Invention disclosures, spreadsheets

2. Ensure IP Ownership
Contracts — employees, contractors,etc.
Audit IP periodically
Start … … … …

IP HURDLES VS BARRIERS
Patents –> license? invalidate?
Trademarks –> license? modify?

Ex: Samsung vs. Apple
patents between user interface and hardware
Example: Gilead -] licensed HIV drugs to manufacturers in developing countries

Q&A
Q: Lean Startup?
A: Few things can beat being first to market in some industries. Patents–> maintian competitive advantage
A: Don’t forget about IP benefits
A: Can file for proposed use –trademarks?
Q: Business method patents, patent trolls?
A: Not healthy.. Moral discussion? Hybrid–>research labs. Nonpractising entities
Software patents: seat at the table. Challenge with prior art. Problems with patent system.
Q: enforceability of software patents?
A: Yes, if valid.
A: Not algorithms, but processes.

This talk is part of the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of sketchnotes.

Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes!

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MaRS ENTREPRENEURSHIP 101: NOV 14, 2012 # ENT 101
MEET THE ENTREPRENEURS: LIFE SCIENCES & HEALTHCARE Moderator : Peter Adams

JOEL IRONSTONE, SenoSense, personalized breast cancer risk

Early stage: The more value you can CREATE without burning – LESS STRESS
Ramen
First 1000 devices: outsource to med. device manufacturers, dropship
People vs. Money : Can flex in people, Can’t flex in money
Note: there’s only so much equity
Kids & risk aversion?
Balance? Carve out / opt in to time outside work
Why: Creating a company OUT OF NOTHING
Business Partner: Compatible, complementary
Worst mistake? Don’t go too far from your gut.
Ontario: SRED, Angel investors
Want $…? More post-financing business support

———–

ALEX HODGSON, 1Degree Bio, Product review for scientists

Business Partner -> Skin in the game

Biggest challenge: Trying to do everything. ASK FOR HELP!

Can’t buy PASSION. My team is full of entrepreneurs

Worst Mistake? Forgetting friends & family

Mentors help you not miss stuff.
Naming? domain name, etc
I expected things to be faster. Don’t beat yourself up over that .
Also mistake: Image above all – uncomfortable!
Talk about the MISTAKES, not just Fluff.
The path CHANGES. There are a lot of low points. Iteration is important
Why: Didn’t see something like this, so I built it.
Bootstrapped 18 months. stressful, but worth it
grants, programs; Went all over to find funding
Ontario: More conservative
Critical of idea? Why? Merit? nuggets
Balance: Still learning. cyclical. Time is not free
Full commitment to startup? It depends. Be honest re: milestones
Hiring? one person at a time. be choosy
Toronto: 4th Largest research centres

TREVOR VAN MIERLO, Evolution Health Services, Changes people’s behaviour

Balance: You can control your schedule
Low points: Firing People
If you want to grow, you’ve got to move to the STATES, but Ontario is a good test bed.
Your first customers will wonder why you have a fancy office
Why? Expanding an idea – follow that path
hiring? MaRS is fantastic for finding people
What do you have to lose? OPPORTUNITY
naming? Don’t let it stop you. Build your product
What do you want? be clear before finding investors. OUTCOME
It is a path of DISCOVERY. Go in with an open mind.
Plan – FICTION
International advisors, caution
Growing: stages > big bang

This talk is part of the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of sketchnotes.

Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes!

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MaRS ENTREPRENEURSHIP 101 (#ENT101). OCT 31, 2012
VALUE PROPOSITION JOE WILSON
New tool: Value Proposition Generator
Workbook: Crafting your value proposition marsdd.com/toolkit

I have a great business idea
BLAHBLAHBLAHBLAHBLAH Chemical Polymers BLAHBLAHBLAHBLAHBLAH nanotube wrapping BLAHBLAHBLAHBLAHBLAH

Everyone will want one!

BLAHBLAHBLAHBLAHBLAH Chemical Polymers BLAHBLAHBLAHBLAHBLAH Carbon nanotubes BLAHBLAHBLAHBLAHBLAH

Don’t be that guy!

Sounds exciting! What is it? But what’s the business value? But why?

Value Proposition
WHAT you’ve got –> hypothesis to test
& for WHOM
& WHAT VALUE

Learn startup: tweak!

A value proposition is NOT A…
– Elevator pitch (hook)
– Marketing tagline
– Mission Statement

Q: Testing vs secondary market research?
A: Everyone needs to get out and talk to people. Learning opportunities.
Q: Uniqueness? Living Social / GroupOn
A: Copying is possible. Industry leaders / exponential growth usually need tobe unique. MaRS is interested in new products and new business models.
Q: Must be quantifiable?
A: Doesn’t have to be B2B good to have at least 1.
Q: Prototying?
A: Next week’s lecture, also, IDEO

UNIQUE Specific combination

DIMENSIONS: What, for whom, Values

WINNERS
“…off-priced… international sourcing…”
Department store that offers fashion-conscious consumers the latest brand names at up to 60% off.

economical & easy-to-use
chemical additive that allows — Now ! get it!
Paint manufacturing companies
To reduce the environmental impact of their products

Don’t try to sell to everyone at once

Value prop1, Value prop2, Value prop3

Google
“patented page-ranking algorithm”
Search engine that allows internet users to find (are they really Google’s customers?) relevant information Quickly & easily
Advertisers: Search engine that automatically provides advertisers with potential customers tailored to the ad content, increasing click through rates & conversion rates.

Value != Feature

Understand target customer
Rolls-Royce flying plane incentive

Overt, quantifiable business value
– lower risk
– save time
– save / make money
– enabling functions
– customizable
– convenience
– quality

latent, emotional values … and more
– newness
– status
– aesthetics
– health
– usability
– social inclusion
– ethical
– environmental
– self actualization

PROCESS

Steve Blank
State hypothesis -> Test hypothesis -> Test concept -> Verify
Verify: confirm minimum viable product, Iterate, Exit!
Whole product
Day in the life scenario: Before–> after

Get out of your office!
Talk to customers
Running Lean: Scripts! Analysis! Words!

Watch how people behave
Don’t forget market research: MaRS

Value proposition designer
products & services
gain creators
pain relievers

Customer empathy maps
Gain
Pains
Customer jobs