My Personal Journey from Engineer to Entrepreneur and Lessons Learned

Steven A. Gedeon, PEng, PE, BSc, MSc, PhD, MBA [email protected]

Tech Entrepreneurship

© Dr. Steven A. Gedeon

Today’s Presentation

• My Journey– Engineer– Entrepreneur– Academic

• 7 Key Lessons about Entrepreneurship

• Why Learning about Business is Important

• Q&A


• Started My Career as an Engineer– BSc (OSU) Industrial and Welding Engineering– MSc (MIT) Materials Engineering– PhD (MIT) Materials Science and Engineering– PEng Licenced Professional Engineer in Canada– PE Licenced Professional Engineering in US

• 10 Years Work as an Engineer– US Army (Advanced Materials and Manufacturing)– Italy (Advanced Materials)– Canada (Industrial Systems)

Steven A. Gedeon Engineer


Steven A. Gedeon Engineer


Lesson #1

“All Problems are People Problems”

•Need to Learn How to Manage People– How to Hire and Fire– How to Motivate– How to Ensure they Do the Right Things– How to Ensure they meet Objectives

• Tasks, Time, Budget…


Lesson #2

“Nobody Cares about Technology”

•They Care about Benefits to the Customer– Tech must be delivered through Products and

Services• Price, Features, Ease of Use…


• Shifted My Career to Business and Entrepreneurship– MBA Part-Time in the Evenings– Jobs as VP Sales, Marketing, CTO, CFO

• 10 Years Work as an Entrepreneur– Venture Capital– Turnaround Work as CEO/President– Public Company CEO– Started Several VCs, Non-Profits and Companies

Steven A. Gedeon Entrepreneur


• CEO, 3DNA Corp. (3D Graphics, New Media Technology, Shareware Product)– 6 Rounds Financing, Over 1M Users, 100 Articles, Book, Fan Sites, 130 Countries, Global Clients

• Director of Technology, Commercialization & New Ventures, Jaycor – $100 Million Corp VC in High Tech

• Venture Capitalist, Primaxis Technology Ventures (Royal Bank Seed Capital VC)• CEO, Ashurst Tech (TSE-listed, Commercialize Soviet Top-Secret Military Tech)

– $60M Raised, 26 Subsidiaries in 15 Countries, Turnaround Situation• Venture Capitalist, World Wise Tech (CDNX-listed VC and Operations Mgt Firm)• President, Impel Power Products (Mechatronic Systems)• General Manager, Mentalogic Systems (Artificial Intelligent Control Systems)• VP BizDev, General Cybernetics (Robotic Controllers)• CTO, HoloFX (3D Display Technology and Content Management)• VP BizDev, Lynx Systems (IT Solutions)• VP Corp Finance, Space Database (Application Service Provider)• VP Sales/Marketing, Toronto MicroElectronics (Single Board Computers)

Steven A. Gedeon A Few Jobs…


Lesson #3

“Nobody Buys Products and Services”(“a Better Mouse Trap is not enough”)

(“Field of Dreams – They Won’t Come to You”)

•Need to Learn Marketing and Sales– Must Deeply Understand Customers, How to

Reach Them, How to Make them Act, How they will Use the Products and Services…


Lesson #4

“A Rising Tide Lifts all Boats”(“When the Wind is Blowing Hard enough even

Turkeys can Fly”)

•Need to know Trends and Spot Opportunities

•Catch a Wave and Get Lucky• Get Started Before Competitors


• Entrepreneurship Professor at Ted Rogers School of Management, Ryerson University

– Teach the year-long Capstone Experiential Course in Entrepreneurship• Director, Ryerson Entrepreneur Institute (REI)• Director, Ryerson Angel Network• Director, Dobson Micro-Financing Seed Venture Fund• Faculty Advisor, Students In Free Enterprise (SIFE)• Faculty Advisor, Digital Media Zone (DMZ)• Publisher, Entrepreneurial Practice Review Journal• Chairman, CEO Fusion• Chairman, Research Committee, National Angel Capital

Organization• Education Committee, National Angel Capital Organization• Co-Leader, iSTEM (Business Program for Engineers)

Steven A. Gedeon Academic


Steven A. Gedeon Academic


Lesson #5

“Pick the Right Business Model”

(“How to Raise Money 1”)

•Good Business Model– Make Money from the Start! Gain “Traction”– Add Rocket Fuel AFTER you Prove Yourself

•Bad Business Model – Try to Raise Money, Spend Money and Build

Things that you Try to Sell Afterward


Lesson #6

“Be Important to Someone”(“Have a Great Mission”)

•Excite Yourself

•Excite Your Employees

•Excite Your Customers

•Excite Your Investors


Lesson #7

“You ARE The Business”(“How to Raise Money 2”)

•People give Money to People they Like, Trust and Respect (Need Good Character to be Worthy of Investor’s Trust)

•The True Nature of Entrepreneurship…


Entrepreneurship

• Integration of Business and Personal Success• The Person IS the Business

• If you are unhappy, the business is unhappy• If you fail, the business fails

• You must Lead Yourself before you can Lead Others

• Great Companies require Great Entrepreneurs


Entrepreneurship

• Fundamental to the Human Spirit (not just business)

• Different relationship with Reality• See the world around you

• Not as the world is but as it ought to be• Different relationship with Yourself

• Belief in your own self-efficacy• Know that you can be the change and create

a positive future


Innovation and Creativity

• Entrepreneurship takes place:– New Company Startups– Inside Companies– New Social Services, Programs, Ideologies– Inside Yourself


Learning about Business

• It is Important to Learn about Management, Customers, Sales, Trends, Mission and Personal Success Skills• Useful as an Engineer• Useful as an Innovator• Useful as a Human Being


Entrepreneurship is Experiential

• Like Playing the Guitar

• Need to Build Your Muscles!

• Get Started on Something!

• Failure is OK!


Opportunities

• Half the products/service you will buy in 5 years have not yet been invented…

• Half the products/services you will buy in 10 years have not yet been conceived…


In 10 Years…

• Free, Almost Infinite Bandwidth AND Processing Power

• Non Invasive Health Devices• Pilotless Electric Cars and Planes• Free Education for the Masses• 3D On-Demand Entertainment (Holodeck)• Abundant Cheap Water• Storable, Fresh Instant Meals• Cures for Cancer, AIDS, Malaria• Genetic Disease Prediction• New Lifeforms


Creating Value

Who will Create these New Products and Services???


Fragen und Antworten?