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Commercializing Ideas

Discover how to wrap a successful business around your idea with tips on entrepreneurial decision-making, revenue models, customer validation process, and more. Learn from experts like Bob Reiss, Steve Blank, and Eric Reis. Join upcoming events Pitchit and Planit to pitch your ideas and win prizes. Explore different revenue models, networking strategies, and the importance of customer focus. Embrace the Lean Startup methodology, bootstrapping, and fail-fast approach to pivot towards success. Get insights on commercializing your idea and building a scalable business model for long-term growth.

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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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