Own Pierre Omidyar - Pacific Asian Center for Entrepreneurship

PACE
BUSINESS
VOLUME 5, SPRING 2010
(808)956-5083 • pace@hawaii.edu
2404 Maile Way, Room E301
Honolulu, Hawaii 96822
www.shidler.hawaii.edu/pace
UH STUDENTS REPRESENT
HAWAI'I AND SHARE THE
ALOHA SPIRIT OVERSEAS
PACE sponsored a team of UH students to
compete in three business plan competitions
around the world. The team, comprised of
Tiffany Chiang, Omar Sultan, Tarik Sultan, Tim
Unten and Chad Walton, worked tirelessly to
put together a business plan and pitch for MB
Therapeutics, a company that specializes in a
noninvasive, targeting drug delivery system.
The team made strong showings at all three
competitions, beating some of the top
schools in the world. In March, the team
placed first runner-up in the Asia Moot Corp
competition in Thailand; and then qualified
for the finals in the San Diego State Venture
Challenge. Having made bold impressions in
both competitions, the team was invited to
compete in Global Moot Corp in Houston
in May. This was the first invitation for the
University of Hawaii to participate in this
“superbowl” of business plan competitions.
The team received two awards for
outstanding product and market.
"Our engagement in three business plan
competitions this year contributed to some of
the most thrilling and educational experiences
we've had. Being the first team from Hawaii
to compete in Global Moot Corp was truly
amazing. Meeting other teams, participating
internationally, and learning strategies - what
a memorable experience!" shares team MB
Therapeutics.
Hawai'i's
Own
Pierre
Omidyar
KIPAPA LECTURE SERIES
Pierre Omidyar Speaks to hundreds in the UH
Mānoa Campus Center Ballroom on Jan. 27.
When PACE Executive Director Susan Yamada
heard that eBay Founder and Chairman Pierre
Omidyar would be willing to speak to the
University community, she jumped at the chance
to make this happen.
On January 27, Omidyar spoke to an audience of
more than 600 in the UH Manoa Campus Center
Ballroom. The talk, entitled “Hawai'i’s Own Pierre
Omidyar,” was a rare public appearance for Pierre,
who thinks of himself as just a guy who got lucky
in business at the right time.
The hundreds in attendance heard his story
of becoming a billionaire and his philanthropic
plan for investing millions in local, national and
international communities.
The idea of creating opportunities would be
repeated through the hour and a half event that
divulged much about Pierre and his life views.
Pierre was pleasantly engaged with the audience
and candid with his words.
How eBay came to be
eBay has grown from a company of one (himself)
to now 16,000 employees. The company
revolutionized the way business is done over the
Internet. Pierre tells the story of the creation of
eBay very casually. It was 1995. The Web had just
been created. Pierre was employed full-time as
a software engineer. He had an idea and wrote
some code for it over Labor Day weekend. On
Monday, Pierre launched “Auction Web,” calling
it an experiment. It was a place on the Web
see KIPAPA P4
MB Therapeutics show how to properly wave a shaka hand signal
to students from Thammasat University in Thailand.
IN THIS
ISSUE
- Director Susan Yamada's Message P2
- Mentorship Programs P3
- Stepping up the PACE P4
- Microloan Helps Students Fund their Businesses P4

2
PACE BUSINESS
Advisory Board
Piia Aarma
Founder and President
Pineapple Tweed Public Relations and
Marketing
Steven Baker
Founder
Micronesia Registration Advisors
John Davidson
Special Fund Advisor
Startup Capital Ventures
John Dean
Executive Chairman
Central Pacific Bank
Debra Guerin Beresini
CEO
invencor, Inc.
Davis Hawkins
consultant
Greg Kim
Founding Partner
Virtual Law Partners
Danny Lui
Founder
Lenovo
William K. Richardson
Managing Director
DragonBridge Capital
Vance Roley
Dean
Shidler College of Business
Shan Steinmark
Founder
STR Corporation
Susan Yamada
Executive Director
PACE
DIRECTOR'S MESSAGE
Dear PACE supporters:
The momentum created last year continued into the new decade
as PACE undertook several high profile events. I hope you were
one of the 600 in the audience as Pierre Omidyar, founder of eBay,
inspired us with his thoughts on starting and running eBay and
his family’s philanthropic mission. Here are a couple of comments
Pierre made that I thought were particularly interesting.
1.
2.
3.
Follow your passion and take a chance.
Don’t let the fear of failure stop you from
moving forward. You cannot fail if you
learn from the experience.
Technology can level the playing field
for all individuals
Hearing from Pierre and the energy generated from this event
reinforced my belief that having business leaders interacting with
students results in a wonderful chemistry. To this end, PACE organized
two "Lunchroom" events where small groups of students
met with Tim Dick, founder of Hawaii Superferry, John Dean, former CEO of Silicon Valley
Bank, and Danny Lui, founder of Levono. Students in the Entrepreneurs Club also had the opportunity
to meet with PACE’s Virtual Professionals-in-Residence (VPIR) at a pau hana mixer in
downtown Honolulu.
Along with our Lunchroom sessions and VPIR program, PACE continues to offer additional
mentorship to students through our Professionals-in-Residence program. PIRs advised more
than 30 students this semester. I’d like to extend a special thanks to Greg Kim of Virtual Law
Partners, Piia Aarma of Pineapple Tweed Public Relations and Marketing, Tim Dick of Startup
Capital Ventures and Chenoa Farnsworth of Hawaii Angels for taking time out of their busy
schedules to meet with our students this spring.
Lastly, I am proud of one of the winners of the 2009 UH Business Plan Competition who
continued to develop a business plan for MB Therapeutics. This spring, the team went on to
present at three graduate-level competitions, advancing to the final round in two of them.
Congratulations to the team and to all who shepherded the team to strong showings!
BY SUSAN YAMADA
PACE Executive Director

VOLUME 5, SPRING 2010
STEPPING UP THE PACE
[PACE UPDATES]
3
P I R www.shidler.hawaii.edu/pir
The Professional-in-Residence (PIR) program brings UH students and faculty face-to-face with
entrepreneurial experts. Piia Aarma, President of Pineapple Tweed; Tim Dick, Partner with Startup
Capital Ventures; Chenoa Farnsworth, Founder of Farnsworth Consulting; and Greg Kim, Partner with
Virtual Law Partners, served as the PIRs in Spring 2010. They rotated each week, holding office hours in
the PACE Center and offered more than 30 students and faculty practical knowledge and advice.
Piia Aarma Chenoa Farnsworth Tim Dick Gregory Kim
“
The Professional-in-Residence program was an enormous help. The advice
offered by Piia Aarma, Tim Dick and Greg Kim helped set my startup
business, Polynesian Soul, on a course to success. The knowledge and
experience shared by the professionals of the PIR is invaluable.
”
-Jill Gerner, UH Student
VP I R www.shidler.hawaii.edu/VPIR
The Virtual Professional-in-Residence (VPIR) program connects UH students and faculty with
business professionals by email or phone. The program started in 2009 and has since pooled over 40
professionals, each possessing unique areas of expertise. The program allows students and faculty to
pose a specific entrepreneurial dilemma or issue to a particular VPIR. The VPIR then has the option to
correspond with the person by phone, email or in person.
Capitol in Hawaii: A New Era
Karl Fooks, President of Hawaii Strategic
Development Corporation, spoke to an
audience of 80 at The Pacific Club on
November 10, 2009. His presentation,
entitled “Venture Capital in Hawaii: A New
Era,” focuses on three ideas.
1) Is the venture capital model
broken?
From statistics, Fooks shows the venture
capital model to be stressed, and the
marriage between technology and
government to be vital.
2) Is there a role for government?
Fooks explains that government support
nurtures the academic community and
entrepreneur training. Government
determines tax and regulatory policies that
benefit entrepreneurship. Government also
offers support to improve infrastructure,
like schools that will strengthen the
workforce by attracting knowledgeable
talent.
3) What are the policy implications?
Fooks discusses specific policies that make
it conducive for Hawaii to invest in clean
technology, dual-use technology, and UH
technology.
Faruq Ahmad
Palo Alto Capital Advisors
Steven Baker
Micronesia Registration
Advisors
Russel Cheng
Entrepreneur
John Davidson
Startup Capital Ventures
Tim Dick
Startup Capital Ventures
Susan Eichor
AIO Group
Chenoa Farnsworth
Farnsworth Consulting
Lena Gan
Merrill Lynch Global
Private Client Group
Larry Gilbert
Sennet Capital
Brian Goldstein
Better Place
Debra Guerin-Beresini
Invencor, inc.
DJ Halcro
SCORE - Hawaii
Davis Hawkins
Consultant
Mel Horikami
Oceanic Time Warner
Cable
Martin Hsia
Cades Schutte
Kathryn Inkinen
Kathryn Inkinen &
Associates
Kristi Inkinen Yanagihara
Remedy Staffing
Lincoln Jacobe
technology news bytes
Peter Kay
Cybercom, Inc.
Rob Kay
Pac-Tech Communications
Greg Kim
Virtual Law Partners LLP
Dave Kozuki
People Bridge
David Laeha
CFO Hawaii
Brendan Larsen
WeatherShot
Maria Lowder
Maria Lowder CPA Inc.
LeighAnn Miyasato
Entrepreneurs Foundation
of Hawaii
Henry Montgomery
Montgomery Professional
Services Corporation
Brian Nishida
Step Stone Business
Development
Mari Olson
Marriott International
Curt Otaguro
First Hawaiian Bank
Matthew Rappaport
IP Checkups
Bill Richardson
DragonBridge Capital
Mark Ritchie
Enterprise Honolulu
Kevin Robinson
Hawaii Opportunities
Group
Robert Robinson
Kolohala Ventures
Joelle Simonpietri
Simonpietri Enterprises
LLC
Bill Spencer
Hawaii Venture Capital
Association
Shan Steinmark
Strategic Transitions
Research
Tyler M. Tokioka
Island Insurance Company
David Watumull
Cardax Pharmaceuticals,
Todd Winter
Winter LLP
Bennett Wo
Wo Capital Group
Gwen Yamamoto Lau
Hawaii Central Credit
Union
Robert Yonover
SEE/RESCUE Corporation
Tal Ziv
Sopogy
Lunchroom with Tim Dick
A small group of students from various
disciplines met with Tim Dick, a partner in
Startup Capital Ventures, in a Lunchroom
session on November 12, 2009. Tim
answered questions from the students
about careers in venture capital, the
importance of IP to obtain funding, and
why his company is investing in the islands.
Students also asked for advice about
starting their own companies.
Lunchroom with Danny Lui and
John Dean
Entrepreneurs Club students met with
Danny Lui, founder of Lenovo, and John
Dean, managing general partner of Startup
Capital Ventures, in a Lunchroom session
on January 28. Danny shared how he
grew Lenovo to become the largest PC
manufacturer in China. Both Danny and
John held an open discussion with the
students on international business and
doing business in China.

4 VOLUME 5, SPRING 2010
(KIPAPA fromP1)
where people could come together to conduct Continuing with his desire to create
commerce. It would later be named eBay. opportunities and to make an impact as an
entrepreneur, Pierre spoke of his new startup When Jill Gerner
called Peer News, a local venture that is focused
on civic affairs in Hawaii. He explains that the
idea behind Peer News is to bring together
professional journalists to report on timely
issues with an interactive community component.
He believes that transparent journalism is
important in a democratic society, and is excited
about using technology to make this happen.
What eBay taught Pierre
Pierre launched the site with the belief that
people are basically good. Trust was the big
challenge with this novel idea of buying and
selling things online. He overcame online users’
fear of buying from strangers by tracking and
reporting the reputation of buyers and sellers.
Pierre appreciates everything he learned from
building eBay. The lasting lesson he came away
with - create opportunities for people to do
great things. The world will continue to benefit
from Pierre’s success and good will.
How his good fortune is re-invested
Locally, Pierre and his wife Pam founded the
Ulupono Initiative – an investment fund that
promotes sustainability of food, energy and
waste. The Initiative has been awarding grants
to local organizations that support this mission.
They also gave a $50M donation to the Hawaii
Community Foundation to fund the Community
Stabilization Initiative, providing help during this
economic crisis. The fund is helping local people
learn how to access and make use of existing
federal assistance programs that can improve
their lives. Pierre and Pam’s philanthropic goal is
to help people gain access to equal opportunity
to make better lives for themselves.
A true entrepreneur
ENTREPRENUERS CLUB UPDATE
Level Up
BY RAUL CASTELLANOS JR.
Entrepreneurs Club President
The Entrepreneurs Club had two main focuses
for the spring 2010 semester. The first was to
have our members start businesses. We are
The Entrepreneurs Club poses for a picture during their spring
2010 event, "Level Up"
Pierre’s hope for the future and thoughts
about Hawaii
The power of connection through technology
can lead to a greater understanding between
people from differing cultures. He believes
that Hawaii is ahead of the curve because of
the diversity of culture and thought, and its
sensitivity to the environment. He admits that
risk tolerance is weak in Hawaii and could be the
most major impediment to the formation of new
companies on the islands. He implores, “It’s not
failure if you learn something from it.” And says,
“Hawaii is a model for the future ” - this is the
reason he chooses to live and raise his children
here.
Lucky for us, he lives in Hawaii.
To view a video recording of this lecture and
other Kipapa lectures, visit www.shidler.hawaii.
edu/kipapa.
proud to say that we succeeded in helping some
of our members launch three businesses in the
spring. Joey Aquino started clothing company
“Geeky Pineapple.” Jordan Takemoto started a
publishing company called “Hanabi Studio,” and Jill
Gerner also started a clothing company named
“Polynesian Soul.” They worked very hard to get
their businesses into the market and we are sure
they will be successful in the future.
Our second focus was to have our members pitch
business ideas in our elevator pitch competition
called “Level Up.” Level Up gives our members a
real-world experience on how to pitch a business
idea in front of business professionals. A panel of
judges from the Hawai‘i community listened to
the pitches and gave feedback. The business ideas
were three clothing companies, a custom bike
shop, and an event planning company. This was a
great event which gave our members invaluable
experience. Overall, we are proud of our last
semester and look forward to empowering future
members of The Entrepreneurs Club.
MICROLOAN HELPS
STUDENTS FUND THEIR
BUSINESSES
met Tahitian
tattoo artist
Tinomana Vachot,
she declined his
offers to tattoo
her. Instead, she
asked him to draw
a picture for her.
“The
entrepreneur in
me knew I had
a valuable and
unique piece of
art,” she said and
instinctively sold
Jill Gerner poses with the
disbursement of her microloan
funding
the drawing. She realized there was a market
for traditional Polynesian tattoo art and
founded Polynesian Soul with Vachot.
This spring, Jill successfully applied for the
Hoku Scientific Microloan to help her
expand their product line to include textiles
and other apparel.
“Not everyone can afford a $5,000 piece of
art, but most people can afford a t-shirt,” she
said. Jill is excited to move their company
forward and allow people to enjoy Vachot’s
art on media other than their bodies.
The Hoku Scientific Microloan program
is helping students to bring their business
ideas to reality. The program allows UH
students to apply for loans up to $5,000 at a
nominal interest rate. Students must submit
a business plan with their application.
Joey Aquino, former Entrepreneurs Club
president, also successfully received a
microloan this spring to launch his business,
The Geeky Pineapple Clothing Co. The
company hopes to bring high quality t-shirts
to the market with a mission to foster a
community that encourages the idea of
constantly trying and learning new things.
Applying for the loan was learning
experience for Joey. “I wasn’t so caught up
in how great my business idea was, but I
focused on how to make the business model
work and repay my investors. It was a very
realistic experience.” He said he was able to
focus on his business rather than worrying
about securing initial capital.
To learn more about the Microloan program, visit
www.shidler.hawaii.edu/microloan.
The program is sponsored by the College
of Engineering, with administrative support
provided by PACE.