silicon peel meetup #7: business innovation
DESCRIPTION
Silicon Peel’s Meetup season opener was on ''Business Innovation'' and showed attendees how to stay ahead of the commercialization curve. Speakers included Paul Smith, Vice President and Centre Manager of the Xerox Research Centre of Canada and Co-Founders Rohan Mahimker and Alex Peters of Prodigy Game. Meetup attendees also got to experience a live product demo from @Qriffic, a member of Silicon Peel’s own startup pool. If you are interested in demonstrating your product at the next Meetup, please apply here. As usual, the Meetup ended with a lively networking session where members caught up and met newcomers.TRANSCRIPT
www.SiliconPeel.comLinkedIN/SiliconPeel (http://linkd.in/spligroup)@SiliconPeel
• Welcome• Announcements, Updates,
Intros• Meetup #7: Business
Innovation» Xerox» Prodigy Game» Startup Success Funnel» Mentorship Program» Demo-Qriffic
• Closing Remarks• Prize Giveaway• Networking
Agenda
MEETUP#7 FACILITATOR
Richard KunBDM at RDP Associates
Helping CompaniesInnovate
Tech
Entrepreneurs
Business Professionals
Tech Enthusiasts
Industry Leaders
YOU
Community
Program Director Leadership Team
Silicon Peel and the RIC Centre
Supporting entrepreneurs in Peel Region
SPEAKER
Paul SmithVP and Centre
Manager of the Xerox Research Centre of
Canada
How to Evaluate your New IdeasPaul SmithSeptember 19, 2013
9
Xerox research global footprint
Xerox Research Centre Europe
Xerox Research Centre of Canada
Fuji Xerox Japan
Palo Alto Research Center
Xerox Research Center Webster Xerox Research Centre India
10
Xerox Research Centre of Canada
Technical Highlights• 35 year history of taking materials from lab to market• 1000+ scientific publications• 1500+ patents
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Capture Evaluate DecisionAssess
12
Invention Disclosure
Capturing the Idea
Problem to be solved
Abstract of the Invention
Reduction to Practice?
Protectable – Trade secret?
Is this already in the public domain?
How to profit from the invention?
13
Evaluating the IdeaDefine / Refine the product or concept
Customer Feedback“If I had asked people what they wanted, they would have said a faster horse” Henry Ford
Identify “Enabling Technology Advances” (ETA’s)-The showstoppers - critical aspects of the technology that must be proven to ensure success-Need to be able to measure the ETA’s -Once ETA’s are understood, required resources are known
OVERALL GOAL : Generate enough information on the critical parameters to enable an informed /
unbiased decision
14
Resourcing-Xerox Technology Incubator Network (XTIN)-CO-OP Student-NSERC Postdoctoral Position-University Interaction (fundamental research)-Skunk Works?-The 10 – 15% time opportunity
Evaluating the Idea - Resources
15
The Home Run – Avoiding the Approach!
Use design of experiments to ensure a scientific approach (Design for Lean Six Sigma)
Need to define the latitude of the idea
Single points are not enough to claim success
Note: Joe Carter scored the home run, but it was the people who got the singles onto base that gave the winning runs. Just a home run would have tied the game 6 - 6!
Evaluating the Idea – setting the ground rules
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Evaluating the Idea
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Evaluating the Idea
The TRL Process
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The Decision“The greatest barrier to success is the fear of failure”Sven Goran Eriksson
Team success is based on the team getting the data needed to make a decision in the time period – NOT on whether the project moves on or stops
Creates a different way of thinking about the project – a decision to stop is not related to failure.
Celebrate the decision whether Go or No Go based on the process taken and the team developing the necessary data.
OVERALL – Make a fast, accurate, results based decision
19
Capture Evaluate DecisionAssess
Celebrate the way the team worked
20
“The best way to predict the future is to invent it”
Alan Kay
Q&A
SPEAKER
Rohan MahimkerCo-Founder and
Co-CEO of Prodigy Game
SPEAKER
Alex PetersCo-Founder and
Co-CEO of Prodigy Game
Agenda
• Our Story– How we started
• Overcoming common challenges• Where we are now• Questions/Comments
The Challenge
* Source: Michael Fullan, Stratosphere
The Challenge
Human Tutor Software Tutor
• Understands how child is feeling• Costs $45-$65/hour
• Only responds to right or wrong answers• Costs $12/month
The Solution
The Solution
Getting Started
• Starting is the hardest part– Get your first “win”
• Schedule regular meetings• Define your MVP
– Set deadlines
Alpha Customers
Building a Team
• Finding the right people is CRITICAL
Stories:• Founding Team• Hiring our first employee• 3 Hiring criteria
Gaining Traction
• Build strong relationships with your early customers - they will refer you to others
Stories:• First Principal in Hamilton
Focus
• Most startups only have the capacity to focus on one primary objective at a time
Stories:• Huge list of marketing activities• Schools as a primary channel
Where we are now
• Over 35,000 students in Ontario• $325K Gov. Grants + $90k Industry Support +
Friends and Family equity/debt• Dragons Den, The Pitch, Globe and Mail, etc.
Why We’re Excited
• Next Steps – 150,000 kids by Jan 2014• Potential to transform a generation
Questions? Comments?
Q&A
SILICON PEEL LEADER
Steven CoxManaging Director of Strategic Innovation
Works
Startup Success Funnel
Strategic Innovation Works
Funnel Master: Steven CoxMany Hats• Electrical Engineer• Project Leader• Entrepreneur• Business Consultant• Investor
Many Sectors• Automotive• Mining• Firmware/Software• Biotechnology• Video Production• Clean Tech• Food & Catering• Real Estate
My focus: Results and GrowthStartup Success Funnel
Many Countries• Australia• USA• Canada• Japan, Germany, UK, Israel
Driving Results
Corporations manage projects
Why? To drive resultsthat
create value!
Startup Success Funnel
How do they drive results?Process• Milestones• Schedule• Visibility
Oversight• Goals• Sense of Urgency• Support• Celebrate Progress
Results
Startup Success Funnel
But what can emerging companies do?
Small!
Isolated!
Invisible!
Scarce resources!
Limited bandwidth!
Startup Success Funnel
Use the Si Peel Startup Funnel! For Investment
Make your success visible Create a visible track record
For Progress Peer support Public goals
To Share Best practices Challenges Wins
Results
Startup Success Funnel
Make your success visible!
Signup now!Startup Success Funnel
New Venture Phases & Milestones
Startup Success Funnel
04/11/23 49
0 Ideas 1 Discovery 2 Validation 3 Efficiency 4 Scale
a b c d a b c d e f a b c d e f g h a b c d e f a b c d
Startup Success Funnel
1mo 3mo
1mo
1mo 3mo
1mo 3mo
Star
t
Gra
duati
on!!
!
Next Steps
• Sign up!
• Next month:– Introduce new participants– New Venture Phases and Milestones– Funnel time!
Startup Success Funnel
Startup Success Funnel
Q&A
SILICON PEEL LEADER
Cathleen MacDonaldProducer at
Motion Picture Enterprises Inc.
Mentoring Program
Mentoring Program
• What it is
• Why participate
• How to join
Mentoring Program
MENTORS• Raise your profile as a
respected leader.• Develop advisory skills.• Expand your business
network.• Contribute to the business
community.• Make a difference.
MENTEES• Get guidance and support.• Develop skills.• Expand your business
network.• Increase your chances of
success.• Gain confidence and
experience.
Q&A
SILICON PEEL PROGRAM DIRECTOR
Jason LavignePresident and
Founder of Black & White Logic
Thank you
XEROX
Sponsorship Opportunities
Are you interested in presenting a demo? http://www.siliconpeel.com/services/demo-me
Free to tryLimited quota
Afterwards$80/month ($800/yr)
Q&A
CLOSING REMARKS
Pam BanksExecutive Director,
RIC Centre
Thank you
John MacdonaldEntrepreneur-In-
Residence,RIC Centre
Networking