I Have A Passion For Entrepreneurship, GREAT Program Showcase (Slides & Script)

Update – Sept 19, 2015 – the live video of this talk is available here.


Here are slides & script for the “I Have A Passion For Entrepreneurship”, Pecha Kucha Presentation, I gave on January 29, 2015 as part of Genomics Entrepreneurship UBCs GREAT Program Showcase.

note: The text for each slide is shown in the notes section of slideshare.

Full Text – 20 seconds per page/point

  • #1. I have a passion for entrepreneurship because it’s about people. And I care about people. It’s people, like you & me, who buy stuff. We, and our wallets, are ultimately the judges of entrepreneurial success. Entrepreneurship is about New Ways of serving people. Today and in the future.
  • #2. In Existing Markets, we want to be served with “Better, Faster, and Cheaper” versions of products, and services, we already know. For example, I have an iPhone 4s and I want and need the iPhone 6 because “it’s better, faster, and cheaper.”
  • #3 This is an Existing Market. It’s the place to be, and there is tons of money in Existing Markets. So it sounds like, if you’re an entrepreneur, all you need to do is make the iPhone 7. Super Easy. Right?
  • # 4. Well no. Unfortunately, entrepreneurs rarely succeed in Existing Markets. “Better, Faster and Cheaper” is not what entrepreneurs do. The big companies, like Apple, get to make their own sequels.
  • #5. Entrepreneurs create New Market Segments like Apple did with the original iPhone and iPod. These did not exist before. That means Entrepreneurs build version 1 products with the hope that people will want versions 2, 3, 4, 5, …
  • #6. This sounds very risky. Yes, It is. Most entrepreneurs fail. Even with Apple’s immense success few people bought version 1, or 2, of the iPhone and the earlier iPod. Raise your hands if you bought version 1 of the iPhone. {delay} Yah, I didn’t. It’s my experience that most people bought in with versions 3 or 4 ( like I did).
  • #7. The trouble with Creating New Market Segments isn’t the technology. It’s the people. Very few people buy version 1 of anything. The entrepreneurs real job is finding people who care, developing a relationship with them for versions 2, 3, 4, 5. … and so on. The sequels. That’s where the money is.
  • #8. And now the Sad Part. This is a lot of work and takes time. Most evidence suggests that it takes 3-to–5 years for a New Segment to become a money making Existing Market. That is a long sentence “3-to–5 years” … So … You’ve got to have an noble goal & lots of passion for it to get through that time.
  • #9. Many people will agree that this is realistic, and some of you will disagree. But many of you will ask me, “but Iain why do most of BC’s Billion Dollar successes like Botox, QLT, Westport, MDA, and your PMC-Sierra all take more than 5 years to become part of Existing Markets?”
  • #10. Because, Brand New Markets have a huge “People Problem”. It takes a long time for raw technology to connect with people. For example, people don’t want “transistors”, people want a transistor radio to listen to music and dance.
  • #11. In 1989, I was making chips for data communications at PMC-Sierra. One one hand that was genius. We were building chips for the Internet. On the other hand, the Internet didn’t exist yet. In fact the word Internet didn’t exist yet. (There was no market yet.) We were 5 years to early. What a stupid idea {laughing} We were in for a long journey.
  • #12. It was not straight-forward. The journey had no map, no boat, and no oars. We had to build everything from scratch. We messed up thousands of times. It was fun and many times it was TERRIFYING. But it was worth it, in the end.
  • #13. Yes. Entrepreneurship can be terrifying. There is a lot of anxious self – dialog – Will anyone care about my new idea? When will someone care? No understands what I’m talking about! My parents think I’m crazy to work on this. My friends think I’m crazy to work on this. I’m beginning to think I’m crazy.
  • #14 And then the “Rays of Hope” appear {laughing}. The entrepreneurial “New Segment” becomes an “Existing Market”. That’s when entrepreneurs can finally explain to their friends and family what it is that they really do.
  • #15. One of my favorite conversations was with my mom around 1996, that was about 7 years into PMC-Sierra, because I could finally connect something she that was doing in the real world with the products that our company was making.
  • #16. I got to say, “Mom that e-mail that you love so much. I’m actually a part of that. Your e-mail hits one of my ”chips“ every time you hit send. In fact every person on earth hits my chips when they send an e-mail.”
  • # 17. That was such a great moment. I made a difference for her. An entrepreneur made a difference for a real person in the real world.
  • #18. Our company survived and by 1998 we finally cracked $100M in sales. It took ten years. {wow}
  • #19. That journey started with new technology and a “New Market Segment” called The Internet. It took many years for the world to learn what the Internet was. The more we learned, the bigger the Internet market grew. And today we want it “Better, Faster, and Cheaper”, …. and on a mobile device. Wow. It’s amazing what the Internet has become.
  • #20. So, what’s next? The question for the future entrepreneurs in the room is, “Whose problem are you going to solve?” because that is the first step on your entrepreneurial journey. Thank You. {smile}
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