I remember all the phone calls I have ever received and learned that a friend or family member had died. When we were told our mother was gone, when my grandma passed, after my uncle had died on my birthday, or my best friend’s sister had died the next day on what would have been my mother’s birthday. Then there were others like when I found out that two close friends had been killed by the trauma of an avalanche.

I got another such phone call last Thursday — actually 0:21 on Friday. I had just gotten back from a late indoor soccer match and was eating some cheese and salamini. Then my mobile phone buzzed. I answered it and my whole perspective changed. Allan told me that Jeff was dead. I was shocked. I didn’t expect to hear that. I told him I would be by the house.

It seemed like the longest drive focused on the road and each light as my mind wandered and wondered how everyone was and what was happening. I got there and there were plenty of people at the Sigma Chi house somber and calling others to give them the news.
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Being aware of behaviour and being able to measure it is necessary to affect or control it. With personal finances it is important to know what you are spending and know what you are earning to be able to spend according to your priorities.

I tracked my spending and matched it against a budget in an Excel spreadsheet years ago, but stopped when my computer failed. Last month I returned to the practice using Google Docs. It worked out great.

I saved more than a thousand dollars and put money away for future capital purchases. It helped that I had three bi-weekly pay cheques in January, but I was paid less because of taking time off at Christmas and I had some irregular expenses that either won’t be there in future months or will be paid from my “capital” account.

I’m not just doing it for my own benefit, but I intend part of the mission of Waterloo Banking Project to be education in financial management, so this is good exploration of the possibilities.

Below is a cropped screenshot of my spreadsheet with obviously fake numbers (click on it to see the full version of my expense tracking and budgeting spreadsheet).

Basically, I estimate my income and regular expenses to set my budget then every time I pay for anything, I enter the data into the spreadsheet.

For each expense, I type in what part of the budget it is applies to and the equation shown adds it up.

I expect I am going to change the different budget accounts to include philanthropy (for charitable donations) and to change the scope of some of the other sections.

I know there are other tools out there for personal finances, but this one is working out okay for now.

Let me know what you think, or give me suggestions.

Waterloo prides itself on its “entrepreneurial culture” that produces numerous innovative ventures. I don’t know whether there were programs to train students in venture creation back in the days of Watcom and Volker-Craig, but there surely are now.

It is interesting to look back at the different programs, which in my experience include: Enterprise Co-op, UW Innovate Inc., Business Start-up Boot Camp, MBET, and VeloCity.

Interestingly VeloCity just announced a ‘bootcamp’ program.

The University of Waterloo is drawing on its widely acknowledged strengths in innovation to this summer launch a new type of collaborative training camp. Some of the most promising young entrepreneurs in Canada will come to learn how to help create the country’s future economy at the VeloCity Entrepreneur Bootcamp.
— Waterloo launches new bootcamp for young tech entrepreneurs UW News Release 26 Jan 2010

It reminded me of a post at UW Opinion by Garret.

Of the twelve start-ups, if they can be called that, that Jesse Rodgers has listed as part of the article I can’t help but feel slight dissatisfaction as the vast majority of these project aren’t what can traditionally be considered ‘innovative’, instead falling squarely into that listless mire known as ‘derivative’.
[...]
Much of the passion that’s traditionally associated with startups is missing from VeloCity. It has become another resume-padding line, without actually pushing people to innovate.
[...]
Since it’s not a monitored system, projects like “fitness application” get cranked out in place of original content.
— VeloCity without acceleration UW Opinion 9 Jan 2010

I thought he was too harsh and lacked some reason, so I responded.

Commenting on “VeloCity without acceleration” by Garret Kelly posted on 9 Jan 2010

It’s premature to make full judgement of the VeloCity projects based on descriptions of few words in the blog post. A decade ago the idea for the BlackBerry might have been described as “a mobile communication device,” which wouldn’t have given us enough information to judge its potential.

To truly judge VeloCity, we would need more knowledge of the program and time to see whether businesses come from it or its alumni.

There is value however in considering the stengths and shortcomings of any program, VeloCity included. Feedback can help them improve or show that efforts may be better directed elsewhere.

Setting up a system to produce innovative businesses is a tall order. For an initiative to be truly disruptive, it requires unusual circumstance to be realized. Given this challenge, there is a danger that VeloCity will be reduced to a program that offers students training in the mechanics of a startup, experience developing an idea and connects them with industry support, rather than being a reliable source for successful businesses.

VeloCity surely is only a piece of Waterloo’s entrepreneurial community and only one of what should be many efforts in fostering venture creation at our university

— RC-W
— More comments on VeloCity UW Opinion 10 Jan 2010

I do think many programs do get a lot of hype and many students are in it for resume padding. Not many have a good basis to judge and I do think some students are earnest innovators from whom we will see big things soon. We have seen it happen before.

• 8 Dec 2009

The Globe and Mail quotes UW alumna and former Feds VP Ed Veronica reporting on a study that says TO lacks certain qualities to support some careers: “Toronto’s networking opportunities, its research resources, its infrastructure all fall short.”

Veronica Chau could be a poster child for expat innovators who can’t get their professional fix in their hometown.

When the Toronto native and Waterloo University graduate finished her public policy degree at Harvard University, she had a choice: Go home to Toronto, which was nice but lacked a certain international oomph. Or not.

“It was certainly something I considered, but the opportunity to pursue my passion for international development and public policy brought me to D.C. and, ultimately, has been the reason why I’ve stayed here.”

Ms. Chau and her Canadian husband, who graduated with an MBA from MIT’s Sloan School of Management, have been living in Washington for five years. Being there has allowed her to do things she’d never accomplish in Toronto.

“Toronto is a very multicultural city, it’s a very international city. I wouldn’t call it a global city, though,” she said. “I need to be at the centre, at the crossroads of thinkers, influencers, decision makers. And, quite frankly, they’re here in D.C. and they’re not yet in Toronto.”
— Toronto the good - but not good enough TGAM 15 Dec 2009

Unfortunately the writer makes a mistake referring to the unversity as “Waterloo University.” But I have heard people often call University of Oxford “Oxford University” too.

We finally got our first win in indoor soccer last Thursday. It was our fifth outing with more than half our roster being new players. We are finally coalescing as a team.

We led the match from the first score to full time, winning 6-3 over the only team in the six-team division we hadn’t yet faced.

We had opened the season with a huge loss 8-2, playing without our regular goalkeeper and a man short. Missing subs and key positions had their toll, but we still had to get comfortable as a team.

We followed up with a loss where we had one or a couple subs.

In the third game we were tied until the last few minutes but then lost it.

For the fourth game we were leading, but gave up a goal after a free kick with only seconds left. That did, however, give us our first point.

Then this game gave us a win.

We still have much work, but we will just face the same teams again and we have shown we can do it.

• Soccer win keeps us in premier league 12 Aug 2009

The blog at VeloCity, the entrepreneurship, living-learning residence at Waterloo, had a post about a possible centre for student innovation last week.

But imagine the possibilities if we were able to give the entire student community the support and guidance needed to make their ideas a reality. That’s why we want to establish the Centre for Student Innovation (CSI) – a place dedicated exclusively to student innovators and entrepreneurs to work and interact with each other and with professional mentors, advisors and entrepreneurs.
— Help us establish the “Centre for Student Innovation” at UW VeloCity Blog 2 Dec 2009

The initials are unfortunately like a television program, but it could otherwise be a good idea. A lot depends on what they envision. Often university programs can have a worthwhile intent but poor implementation.

They asked for e-mails of support. I sent this in:

E-mail of support for Centre for Student Innovation
I think it is vital for Waterloo to support student enterprise and innovation. There is great potential in the student body for initiatives that create incredible value for the university through educational experiences, entrepreneurial reputation, and student efficacy. Students need support and resources to implement and realize their good ideas. The University of Waterloo would benefit from offering that support.

It is also good that the focus will be focused more broadly than just profit-making ventures like UW Innovate Inc. was.

UW Innovate Inc., described as “a novel approach to business pre-incubation within a university setting,” seeks to encourage and nurture the entrepreneurial activities within the UW community.
— Innovate Inc. has official opening UW News 2 Apr 2002

Two weeks ago I got an call from Ann Marie in development and alumni affairs at Waterloo. She asked if I would be willing to speak to students at the faculty of science awards reception on Tuesday 1 December.

One of the reasons she thought I would be good was because of my “unique post-uni experience,” heh.

I told her I was interested. I booked the evening off work and my mind started jumping around about what I would say.

I got some “compulsories” to include, things like: the importance of studying science; emphasizing a connection with the university; and imparting the idea of exploring careers beyond science but while not neglecting those who would focus on a career in science.

Public speaking is a common stress for people and though I like the idea of it, communicating and performing, I am no different. It makes me nervous. On top of that, over the week I had to prepare my speech, I was going through a stressful move, unsure whether I could get my boxes into storage or my furniture into my new apartment.

With help from Magda, Ooms, Mos, and Mateusz, I prepared some remarks that mostly fit the request. When I was done I remembered that the alumni staff had also asked that I speak along the theme: “Follow your Dreams.” It kind of fits, I thought.

Mateusz gave e-mailed me a good statement about these kinds of speeches: “In general, events like this always pose the problem for the speaker of trying to say something that does sounds trite. Obviously, motivational speeches will always be heavy on often-repeated concepts. You should focus on personal stories or examples because they cut up the didactic nature of such a speech and allow you to connect with the audience [. . .]”

I had hoped to deliver it without notes, but I made some late edits that I didn’t think I could keep straight and I spoke using the notes but not verbatim. I kept eye-contact well.

(more…)

Laurier grad Razor Suleman opened the first event of Entrepreneur Week in Waterloo.

I attended the event this morning called It Came From the Dorms featuring Chris Hughes from Facebook and Suleman. Both started companies while they were university students. Thusly Fed Hall at Waterloo was an apt venue.

Suleman is a large Indian man, who is young enough to talk student but old enough to be pulling up then average age at his company (30.2 years, he says). He wore tan suit and shirt with no tie.

He told some good and interesting stories that traced his way from being a young teen entrepreneur in Toronto though university down the road and on to his current company. He was kind of goofy though, sometimes pausing and tripping on words, and almost constantly pacing forwards and backwards in the same lane on the stage, periodically kicking his foot up. He did, however, offer real wisdom and insight.
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I ran into Larry Wednesday afternoon. He was walking in up to DC. We paused to chat for a bit, but he ushered me into the atrium so he could get out of the cold.

He asked what was new. I told him I was progressing on the project I had told him about last May.

“Which one was that,” he asked.

“Student-run financial services,” I told him.

“Right. See it all comes back to me. That’s all you need to tell me.” For sure he talks to loads of students about various projects.

I told him I would walk with him so as not to delay him. He told me he was going to Humanities. I told him it was nothing.

It turns out he takes an almost all indoor route. “Oh, the over-40 route,” I joked.

“Good thing you didn’t say a higher number.”
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Last Sunday, 17 October, I saw the Peter Diamandis talk at the Quantum to Cosmos Festival at Perimeter Institute.

Perimeter Institute Director Neil Turok introduced the speaker.

The talk, titled The Best Way to Predict the Future is to Invent it Yourself!, described the ways that Diamandis is working to bring meaningful changes to the world. A common theme throughout this talk was his dream since childhood to go into space and his work to get himself and people in general, into space.

Diamandis opened describing his interest in how technological breakthroughs are achieved.

“The day before a breakthrough, it’s a crazy idea.”

He listed what motivates people to pursue these efforts: 1. Fear 2. Curiosity . . .

“You can measure the ratio of fear to curiosity. Unfortunately it is the ratio of the defence budget to the science budget,” he joked.

Then 3. Wealth creation 4. Significance

Diamandis’s passion was to go into space. He referred to the beatitude “The meek shall inherit the earth.”

“Most people don’t know the rest of it,” he said. “It’s ‘. . . the rest of us are going to the stars.

He realized his chance of going into space if he ever became a government astronaut, still might not be good. So, he wanted to help spur a commercial space industry.

He told us about how Charles Lindbergh’s 1927 flight across the Atlantic was to win the $25,000 Orteig Prize.

He said that teams competing for that prize spent a total of $400,000 pursuing it.

He later referred to the impact of Lindbergh’s flight, saying that the year before there had been 6,000 air passengers and the year after there were 180,000.

He talked about a much earlier contest when the British government offered a prize in the 18th century for developing am method of determining ships longitude.

That led into Diamandis talking about the X-prize which was a $10 million prize for the first non-governmental team to fly three people on a vehicle 100km above the earth twice within two weeks.

It was interesting to me that he said the repeatability was a way to keep the solutions inexpensive because the price of the flight would be only the fuel and the labour.

Twenty-six teams competed for that prize and spent more than $100 million on their efforts, which produced a lot of innovative technologies.

He talked about DARPA’s contest to develop an autonomous vehicle. After 20 years and $200 million, defence contractors didn’t get very far. Later, when a prize was offered, a team from stanford won the contest after a year of work.

The next story was about Rob McEwan from GoldCorp (whom we met last year), who released his geological data for one of his mines and offered a $500,000 prize for telling where to find more gold.

About offering prizes, he said “For the right problems, it’s incredibly powerful.”

The X Prize Foundation is now going on to offering prizes in other areas, like fuel economy, genome sequencing, and moon landing.

He talked about his companies Space Adventures and Zero G.

FInally, he talked about Singularity University, which is a nine-week grad program to try to prepare people to develop breakthroughs.

Peter Diamandis’s talk was exciting. It was inspiring to hear about how he has a specific interest and to find out everything he has done to pursue it.

• Running the the gyroscope ride at the physics exhibit 20 Oct 2009
• Saturday lecture on uses of quantum processors